iShares MSCI Turkey ETF (TUR) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: October 31, 2022

Date of reporting period: April 30, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

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

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

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(9.65)%		0.21%
U.S. small cap equities (Russell 2000® Index)	(18.38)		(16.87)
International equities (MSCI Europe, Australasia, Far East Index)	(11.80)		(8.15)
Emerging market equities (MSCI Emerging Markets Index)	(14.15)		(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07		0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.29)		(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.47)		(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(7.90)		(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.40)		(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
Financial Statements
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	71
Notes to Financial Statements	76
Statement Regarding Liquidity Risk Management Program	85
Supplemental Information	86
General Information	87
Glossary of Terms Used in this Report	88

Fund Summary as of April 30, 2022 iShares^® International High Yield Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.69	)%		(17.48	)%		0.79	%		1.96	%		(17.48	)%		4.00	%		21.46	%
Fund Market		(15.22	)		(18.08	)		0.59			1.79			(18.08	)		3.01			19.41
Index		(14.68	)		(17.24	)		1.12			2.11			(17.24	)		5.73			23.16

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses     Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses     Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        853.10	$        1.84			$      1,000.00	$        1,022.80	$        2.01		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	3.4	%
Ba	48.7
B	27.5
Caa	4.7
Not Rated	15.7

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	18.5	%
Italy	15.7
United Kingdom	12.0
France	11.9
Germany	11.1
Spain	7.4
Luxembourg	4.0
Netherlands	2.8
Canada	2.7
Sweden	2.6

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

^(a)  Excludes money market funds.

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

Fund Summary as of April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.58	)%		(9.90	)%		1.68	%		2.98	%		(9.90	)%		8.67	%		34.10	%
Fund Market		(11.31	)		(10.92	)		1.49			2.90			(10.92	)		7.70			33.14
Index		(11.68	)		(10.68	)		2.02			3.44			(10.68	)		10.52			40.23

Index Performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses     Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses     Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        894.20	$        2.35			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	6.6	%
A	17.1
Baa	38.0
Ba	11.6
B	6.7
Caa	1.6
C	1.2
Not Rated	17.2

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	10.0	%
Hong Kong	6.7
Brazil	5.5
Colombia	4.5
United Arab Emirates	4.5
Mexico	4.5
India	4.5
Singapore	4.3
Turkey	4.3
Indonesia	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.

FUND   SUMMARY 5

Fund Summary as of April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.91	)%		(11.59	)%		0.03	%		3.02	%		(11.59	)%		0.14	%		34.66	%
Fund Market		(11.05	)		(11.98	)		(0.07	)		2.93			(11.98	)		(0.34	)		33.46
Index		(11.15	)		(11.59	)		0.31			3.35			(11.59	)		1.58			39.04

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        890.90	$       2.34			$      1,000.00	$      1,022.30	$       2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	0.3	%
Baa	15.3
Ba	36.9
B	24.9
Caa	4.9
Ca	3.3
C	0.9
Not Rated	13.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Turkey	12.8	%
Brazil	12.7
Mexico	7.2
Colombia	7.1
Egypt	5.9
South Africa	5.6
China	4.8
Oman	4.0
Argentina	3.8
Dominican Republic	2.7

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

^(a)  Excludes money market funds.

6 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2022 iShares^® J.P. Morgan EM Local Currency Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.32	)%		(15.42	)%		(2.82	)%		(1.66	)%		(15.42	)%		(13.32	)%		(15.39	)%
Fund Market		(12.67	)		(15.73	)		(2.90	)		(1.80	)		(15.73	)		(13.67	)		(16.61	)
Index		(12.39	)		(15.29	)		(2.32	)		(1.18	)		(15.29	)		(11.07	)		(11.20	)

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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        876.80	$        1.40			$      1,000.00	$      1,023.30	$        1.51		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	0.5	%
A	5.5
Baa	22.7
Ba	10.7
C	2.8
Not Rated	57.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	14.6	%
Philippines	4.9
Brazil	4.6
Indonesia	4.6
Malaysia	4.5
Dominican Republic	4.5
Chile	4.5
Turkey	4.5
Uruguay	4.5
Poland	4.5

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

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.45	)%		(9.29	)%		2.39	%		3.67	%		(9.29	)%		12.54	%		43.36	%
Fund Market		(10.16	)		(9.98	)		2.17			3.49			(9.98	)		11.34			40.88
Index		(9.37	)		(9.10	)		2.49			3.80			(9.10	)		13.11			45.14

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        905.50	$       1.89			$      1,000.00	$      1,022.80	$       2.01		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	2.6	%
Ba	45.8
B	36.4
Caa	9.0
Not Rated	6.2

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	66.5	%
United Kingdom	5.3
Italy	4.9
France	3.9
Germany	3.8
Canada	3.4
Spain	2.0
Luxembourg	1.7
Netherlands	1.5
Israel	1.1

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

^(a)  Excludes money market funds.

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

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

ABOUT  FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 9

Schedule of Investments (unaudited)  April 30, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 1.0%
Cellnex Finance Co. SA
1.00%, 09/15/27 (Call 06/15/27)(a)	EUR		100	$	91,738
2.00%, 09/15/32 (Call 06/15/32)(a)	EUR		200		167,703
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(b)	EUR		100		84,446
Eurobank SA, 2.25%, 03/14/28 (Call 03/14/27)(a)(b)	EUR		100		92,120
					436,007
Austria — 0.2%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/22)(a)	EUR		100		105,628
Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)	EUR		100		99,692
Canada — 2.7%
ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)(a)	EUR		200		137,243
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c)	CAD		250		176,057
AutoCanada Inc., 5.75%, 02/07/29 (Call 01/01/25)(c)	CAD		50		36,634
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)	CAD		100		74,473
4.00%, 09/30/26 (Call 08/30/26)	CAD		75		54,746
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a)	CAD		50		34,980
Parkland Corp./Canada
3.88%, 06/16/26 (Call 06/16/23)(c)	CAD		100		71,518
4.38%, 03/26/29 (Call 03/26/24)	CAD		100		68,462
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a)	EUR		100		94,109
Ritchie Bros Holdings Ltd., 4.95%, 12/15/29 (Call 12/15/24)(c)	CAD		75		54,782
Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)(f)	CAD		50		—
Tamarack Valley Energy Ltd., 7.25%, 05/10/27(c)	CAD		25		19,448
Videotron Ltd.
3.63%, 06/15/28 (Call 06/15/24)(c)	CAD		150		104,841
4.50%, 01/15/30 (Call 10/15/24)	CAD		150		106,948
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)	EUR		200		179,062
					1,213,303
Denmark — 0.2%
DKT Finance ApS, 7.00%, 06/17/23 (Call 05/30/22)(a)	EUR		100		104,934
Finland — 1.5%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)(a)	EUR		100		106,105
2.00%, 03/11/26	EUR		150		153,586
Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)(a)	EUR		100		94,503
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)	EUR		200		198,005
2.63%, 03/31/27	EUR		100		103,325
					655,524
France — 11.7%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)(a)	EUR		100		94,046
3.00%, 02/04/26 (Call 11/04/25)(a)	EUR		100		102,792
Altice France SA/France
2.13%, 02/15/25 (Call 05/30/22)(a)	EUR		150		146,317
3.38%, 01/15/28 (Call 09/15/22)(a)	EUR		100		90,097
4.00%, 07/15/29 (Call 04/15/24)(a)	EUR		100		90,157
4.25%, 10/15/29 (Call 10/15/24)(a)	EUR		100		90,816
5.88%, 02/01/27 (Call 05/31/22)(a)	EUR		150		158,879
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 05/30/22)(a)	EUR		200		201,728
CAB SELAS, 3.38%, 02/01/28	EUR		200		187,934

Security		Par (000)		Value
France (continued)
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)	EUR		200	$	173,025
5.25%, 04/15/27 (Call 04/15/23)(a)	EUR		100		82,165
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR		100		95,184
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a)	EUR		100		91,999
Elis SA
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		100		92,964
1.75%, 04/11/24 (Call 01/11/24)(a)	EUR		100		103,724
Faurecia SE
2.63%, 06/15/25 (Call 05/30/22)(a)	EUR		100		99,338
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR		125		115,391
3.13%, 06/15/26 (Call 06/15/22)(a)	EUR		100		97,087
3.75%, 06/15/28 (Call 06/15/23)(a)	EUR		100		94,020
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(a)	EUR		150		153,012
5.63%, 10/15/28 (Call 10/15/24)(a)	EUR		100		99,991
La Banque Postale SA, 3.00%, 06/09/28(a)	EUR		100		102,419
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/09/22)(a)	EUR		100		85,016
Loxam SAS
2.88%, 04/15/26 (Call 05/09/22)(a)	EUR		100		97,953
4.50%, 02/15/27 (Call 02/15/24)(a)	EUR		175		176,280
Orano SA
3.38%, 04/23/26 (Call 01/23/26)(a)	EUR		100		105,720
4.88%, 09/23/24	EUR		100		111,629
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)(a)	EUR		100		97,808
4.00%, 03/31/25 (Call 05/30/22)(a)	EUR		100		105,094
Parts Europe SA, 6.50%, 07/16/25 (Call 05/30/22)(a)	EUR		100		108,425
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)	EUR		100		98,763
Quatrim SASU, 5.88%, 01/15/24 (Call 05/09/22)(a)	EUR		100		103,138
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(b)	EUR		200		193,737
Renault SA
1.00%, 04/18/24 (Call 01/18/24)(a)	EUR		100		100,585
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		200		193,713
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		100		95,894
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR		100		92,806
2.50%, 06/02/27 (Call 03/02/27)(a)	EUR		100		91,675
2.50%, 04/01/28 (Call 01/01/28)(a)	EUR		100		88,859
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a)	EUR		100		95,690
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)(a)	EUR		100		100,958
3.13%, 03/22/24 (Call 09/22/23)(a)	EUR		100		106,272
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/22)(a)	EUR		100		107,897
Valeo
1.50%, 06/18/25 (Call 03/18/25)(a)	EUR		100		101,058
3.25%, 01/22/24(a)	EUR		100		107,583
Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)(a)	EUR		100		88,279
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(a)	EUR		100		94,865
					5,312,782
Germany — 11.0%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)(a)	EUR		100		78,066
1.88%, 01/14/26 (Call 10/14/25)(a)	EUR		100		72,390
ADLER Real Estate AG, 1.88%, 04/27/23 (Call 03/27/23)(a)	EUR		100		90,571
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(a)(b)	EUR		100		99,706
3.13%, 11/12/79	EUR		100		97,170
3.75%, 07/01/74 (Call 07/01/24)(a)(b)	EUR		200		210,449

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Germany (continued)
Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(b)		EUR	100	$	103,732
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(b)		EUR	100		100,236
Commerzbank AG
4.00%, 03/23/26(a)		EUR	200		212,729
4.00%, 03/30/27(a)		EUR	100		105,575
4.00%, 12/05/30 (Call 09/05/25)(a)(b)		EUR	100		104,478
Deutsche Bank AG
2.75%, 02/17/25(a)		EUR	125		131,291
4.00%, 06/24/32(a)		EUR	200		201,682
4.50%, 05/19/26(a)		EUR	100		108,269
5.63%, 05/19/31 (Call 02/19/26)(a)(b)		EUR	200		218,256
Deutsche Lufthansa AG
2.88%, 05/16/27 (Call 02/16/27)(a)		EUR	100		93,339
3.00%, 05/29/26 (Call 03/02/26)(a)		EUR	300		292,944
3.50%, 07/14/29 (Call 04/14/29)(a)		EUR	100		91,676
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a)		EUR	100		94,597
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(b)		EUR	100		93,345
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)		EUR	150		146,586
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)(a)		EUR	100		106,567
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 05/30/22)(a)		EUR	100		94,375
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 05/09/22)(a)		EUR	200		195,761
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)(a)		EUR	100		105,459
2.75%, 10/12/25		EUR	100		103,304
2.88%, 03/26/27 (Call 12/26/26)(a)		EUR	100		99,571
3.38%, 10/12/28		EUR	100		96,498
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 05/30/22)(a)		EUR	150		146,586
thyssenkrupp AG, 2.88%, 02/22/24 (Call 11/22/23)(a)		EUR	300		310,904
TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)		EUR	90		86,476
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)		EUR	100		97,443
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)		EUR	100		94,367
2.50%, 10/23/27 (Call 07/23/27)(a)		EUR	100		90,760
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(a)		EUR	100		90,264
2.75%, 05/25/27 (Call 02/25/27)(a)		EUR	100		92,758
3.00%, 09/21/25 (Call 06/21/25)(a)		EUR	100		100,054
3.75%, 09/21/28 (Call 06/21/28)(a)		EUR	100		93,799
ZF North America Capital Inc., 2.75%, 04/27/23(a)		EUR	200		211,866
					4,963,899
Greece — 1.1%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)(a)(b)		EUR	100		91,238
Mytilineos SA, 2.25%, 10/30/26(a)		EUR	100		94,178
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(b)		EUR	100		107,679
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)(a)		EUR	100		93,281
3.88%, 03/30/26 (Call 03/30/23)(a)		EUR	100		100,058
					486,434
Ireland — 1.1%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(a)(b)		EUR	100		100,958
2.88%, 05/30/31 (Call 05/30/26)(a)(b)		EUR	100		100,951
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)(a)(b)		EUR	100		95,143

Security	Par (000)			Value
Ireland (continued)
eircom Finance DAC
1.75%, 11/01/24 (Call 05/30/22)(a)		EUR	100	$	101,915
3.50%, 05/15/26 (Call 05/30/22)(a)		EUR	100		99,829
					498,796
Israel — 1.7%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)		EUR	100		97,665
1.25%, 03/31/23 (Call 12/31/22)(a)		EUR	100		104,034
1.63%, 10/15/28(a)		EUR	150		123,308
3.75%, 05/09/27 (Call 02/09/27)		EUR	150		142,719
4.38%, 05/09/30 (Call 02/09/30)		EUR	200		186,471
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		103,674
					757,871
Italy — 15.5%
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(b)		EUR	100		95,565
Atlantia SpA
1.63%, 02/03/25(a)		EUR	100		101,756
1.88%, 07/13/27 (Call 04/13/27)(a)		EUR	175		167,931
1.88%, 02/12/28 (Call 11/12/27)(a)		EUR	100		94,409
Autostrade per l’Italia SpA
1.63%, 01/25/28 (Call 10/25/27)(a)		EUR	100		97,160
1.75%, 06/26/26(a)		EUR	100		100,586
1.75%, 02/01/27(a)		EUR	100		99,187
1.88%, 09/26/29 (Call 06/26/29)(a)		EUR	200		190,075
4.38%, 09/16/25(a)		EUR	100		111,194
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25(a)		EUR	100		98,644
3.63%, 09/24/24(a)		EUR	200		202,745
10.50%, 07/23/29(a)		EUR	100		77,644
Banca Popolare di Sondrio SCPA
2.38%, 04/03/24(a)		EUR	100		105,267
3.88%, 02/25/32 (Call 11/25/26)(a)(b)		EUR	100		97,941
Banco BPM SpA
0.88%, 07/15/26(a)		EUR	100		97,171
3.25%, 01/14/31 (Call 01/14/26)(a)(b)		EUR	100		100,902
4.25%, 10/01/29 (Call 10/01/24)(a)(b)		EUR	200		210,856
BPER Banca
1.88%, 07/07/25(a)		EUR	100		101,816
3.88%, 07/25/32 (Call 01/25/27)(a)(b)		EUR	200		193,413
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a)		EUR	100		102,731
Deutsche Lufthansa AG, 2.00%, 07/14/24 (Call 06/14/24)(a)		EUR	100		101,579
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(a)		EUR	100		104,553
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(a)		EUR	200		202,931
Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)(a)		EUR	100		95,485
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26)(a)(b)		EUR	100		100,065
4.13%, 11/28/29 (Call 11/28/24)(a)(b)		EUR	100		103,397
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)		EUR	100		93,593
Infrastrutture Wireless Italiane SpA
1.75%, 04/19/31 (Call 01/19/31)(a)		EUR	100		91,030
1.88%, 07/08/26 (Call 04/08/26)(a)		EUR	150		152,947
Intesa Sanpaolo SpA
3.93%, 09/15/26(a)		EUR	175		187,998
5.15%, 06/10/30(a)		GBP	100		123,197
5.88%, 03/04/29 (Call 03/04/24)(a)(b)		EUR	150		165,043
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a)		EUR	100		104,296
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26		EUR	75		81,451

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Italy (continued)
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)		EUR	100	$	96,878
2.13%, 04/30/29 (Call 01/30/29)(a)		EUR	150		135,294
Rossini Sarl, 6.75%, 10/30/25 (Call 05/30/22)(a)		EUR	100		106,819
Saipem Finance International BV
2.63%, 01/07/25(a)		EUR	100		95,398
3.75%, 09/08/23(a)		EUR	200		206,300
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)		EUR	100		84,141
2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	100		91,678
2.50%, 07/19/23(a)		EUR	100		105,169
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	418		409,981
3.63%, 01/19/24(a)		EUR	100		104,596
3.63%, 05/25/26(a)		EUR	100		101,342
4.00%, 04/11/24 (Call 01/11/24)(a)		EUR	225		237,266
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(b)		EUR	200		200,456
2.73%, 01/15/32 (Call 01/15/27)(a)(b)		EUR	200		189,258
Unione di Banche Italiane SpA, 4.38%, 07/12/29 (Call 07/12/24)(a)(b)		EUR	150		160,537
Unipol Gruppo SpA
3.00%, 03/18/25(a)		EUR	175		187,544
3.25%, 09/23/30 (Call 06/23/30)(a)		EUR	100		104,764
Webuild SpA, 1.75%, 10/26/24(a)		EUR	250		248,076
					7,020,055
Japan — 1.8%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(a)		EUR	175		171,624
2.88%, 01/06/27 (Call 10/06/26)(a)		EUR	100		89,624
3.13%, 09/19/25 (Call 06/21/25)(a)		EUR	100		96,726
3.38%, 07/06/29 (Call 04/06/29)(a)		EUR	125		105,696
3.88%, 07/06/32 (Call 04/06/32)(a)		EUR	100		82,699
4.00%, 04/20/23 (Call 01/20/23)(a)		EUR	100		104,520
4.00%, 09/19/29 (Call 06/21/29)(a)		EUR	100		87,798
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	100		96,566
					835,253
Luxembourg — 3.9%
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(a)		EUR	100		99,915
Altice Financing SA
2.25%, 01/15/25 (Call 05/30/22)(a)		EUR	100		98,102
3.00%, 01/15/28 (Call 01/15/23)(a)		EUR	100		88,784
4.25%, 08/15/29 (Call 08/15/24)(a)		EUR	100		89,495
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)		EUR	100		88,406
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)		EUR	100		87,554
8.00%, 05/15/27 (Call 05/15/22)(a)		EUR	100		106,977
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/22)(a)		EUR	100		103,026
INEOS Finance PLC
2.13%, 11/15/25 (Call 05/09/22)(a)		EUR	100		99,060
2.88%, 05/01/26 (Call 05/09/22)(a)		EUR	175		170,308
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a)		EUR	100		97,776
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)		EUR	100		100,748
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)		EUR	100		105,067
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)		EUR	90		93,943
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)		EUR	150		156,023

Security	Par (000)			Value
Luxembourg (continued)
Vivion Investments Sarl
3.00%, 08/08/24(a)		EUR	100	$	96,306
3.50%, 11/01/25(a)		EUR	100		95,295
					1,776,785
Netherlands — 2.8%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 05/31/22)(a)		EUR	200		209,142
PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)(a)		EUR	100		100,510
3.25%, 09/29/27 (Call 06/29/27)(a)		EUR	100		99,253
3.50%, 05/20/24 (Call 02/20/24)(a)		EUR	100		105,788
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)		EUR	100		92,093
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/09/22)(a)		EUR	100		76,966
SNS Bank NV, 6.25%, 10/26/20(e)(f)		EUR	50		—
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)		EUR	100		101,008
United Group BV
3.13%, 02/15/26 (Call 05/30/22)(a)		EUR	100		93,649
3.63%, 02/15/28 (Call 02/15/23)(a)		EUR	100		91,634
4.88%, 07/01/24 (Call 05/30/22)(a)		EUR	100		102,209
5.25%, 02/01/30 (Call 02/01/25)(a)		EUR	100		92,561
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)		EUR	100		95,383
					1,260,196
Norway — 0.2%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(a)		EUR	100		100,471
Portugal — 1.5%
Banco Comercial Portugues SA, 4.00%, 05/17/32 (Call 11/17/26)(a)(b)		EUR	100		92,632
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(b)		EUR	100		109,138
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(a)(b)		EUR	100		90,557
1.70%, 07/20/80 (Call 04/20/25)(a)(b)		EUR	100		96,866
1.88%, 08/02/81 (Call 05/02/26)(a)(b)		EUR	100		93,797
4.50%, 04/30/79 (Call 01/30/24)(a)(b)		EUR	100		107,612
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(b)		EUR	100		102,960
					693,562
Spain — 7.3%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(b)		EUR	100		104,908
Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)(a)(b)		EUR	100		92,410
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)(a)(b)		EUR	100		91,930
1.75%, 05/10/24(a)		EUR	100		103,974
2.50%, 04/15/31		EUR	100		96,762
2.63%, 03/24/26 (Call 03/24/25)(a)(b)		EUR	100		103,620
5.38%, 12/12/28 (Call 12/12/23)(a)(b)		EUR	100		109,064
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)		EUR	100		94,881
1.25%, 01/15/29 (Call 10/15/28)(a)		EUR	200		176,012
1.50%, 06/08/28 (Call 03/08/28)(a)		EUR	100		91,724
2.00%, 02/15/33 (Call 11/15/32)(a)		EUR	100		82,948
2.25%, 04/12/26 (Call 01/12/26)(a)		EUR	200		205,607
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100		93,596
1.88%, 06/26/29 (Call 03/26/29)		EUR	100		91,081
2.38%, 01/16/24 (Call 10/16/23)(a)		EUR	100		106,809

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Spain (continued)
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)		EUR	100	$	94,843
6.25%, 12/20/23 (Call 05/09/22)(a)		EUR	85		89,094
ContourGlobal Power Holdings SA, 4.13%, 08/01/25 (Call 05/30/22)(a)		EUR	100		103,642
El Corte Ingles SA, 3.00%, 03/15/24 (Call 05/09/22)(a)		EUR	100		106,026
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)		EUR	150		141,949
Grifols SA
1.63%, 02/15/25 (Call 05/30/22)(a)		EUR	150		147,998
3.20%, 05/01/25 (Call 05/30/22)(a)		EUR	100		100,637
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(b)		EUR	100		99,691
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)(a)		EUR	100		98,617
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)		EUR	100		92,788
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)		EUR	300		289,661
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(b)		EUR	175		184,884
Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)(a)(b)		EUR	100		100,731
					3,295,887
Sweden — 2.6%
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)		EUR	100		105,659
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(b)		EUR	100		89,465
Intrum AB
3.00%, 09/15/27 (Call 09/15/22)(a)		EUR	100		93,549
3.13%, 07/15/24 (Call 07/15/22)(a)		EUR	100		102,685
3.50%, 07/15/26 (Call 07/15/22)(a)		EUR	175		171,612
4.88%, 08/15/25 (Call 08/15/22)(a)		EUR	100		103,875
Verisure Holding AB, 3.25%, 02/15/27 (Call 02/15/23)(a)		EUR	150		142,609
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)		EUR	150		138,893
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)(a)		EUR	100		102,648
2.13%, 04/02/24 (Call 01/02/24)(a)		EUR	100		105,149
					1,156,144
Switzerland — 0.6%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/23)(a)		EUR	100		91,095
2.50%, 10/15/24 (Call 05/30/22)(a)		EUR	100		101,052
3.38%, 04/15/28 (Call 04/15/24)(a)		EUR	100		93,800
					285,947
United Kingdom — 11.8%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 05/30/22)(a)		GBP	150		187,443
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)(a)		EUR	100		95,095
6.13%, 11/30/28 (Call 11/30/24)(a)		GBP	100		112,948
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/23)(a)		GBP	200		221,051
4.50%, 02/16/26 (Call 02/24/23)(a)		GBP	100		113,799
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)		GBP	100		104,641
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b)		EUR	100		97,397
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)		EUR	100		94,756
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a)		GBP	100		114,896
eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/30/22)(a)		EUR	225		227,200
Heathrow Finance PLC, 4.38%, 03/01/27(a)(g)		GBP	100		115,128
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)(a)		GBP	100		96,928
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)		EUR	100		92,966
International Consolidated Airlines Group SA, 1.50%, 07/04/27 (Call 04/04/27)(a)		EUR	100		85,594

Security	Par (000)			Value
United Kingdom (continued)
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)		EUR	100	$	98,834
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		144,004
4.50%, 07/15/28 (Call 07/15/24)(a)		EUR	100		87,974
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)(a)		GBP	100		119,595
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)(a)		GBP	100		120,529
6.00%, 06/12/25(a)		GBP	100		129,113
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/30/22)(a)		EUR	100		108,348
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(a)(b)		EUR	100		100,815
2.13%, 09/05/82		EUR	100		93,785
5.63%, 06/18/73 (Call 06/18/25)(a)(b)		GBP	100		126,256
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a)		GBP	175		201,649
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/22)(a)		EUR	100		105,375
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)		EUR	100		100,504
1.63%, 05/09/28 (Call 02/09/28)(a)		EUR	100		88,683
4.63%, 02/16/26 (Call 11/16/25)(a)		EUR	100		105,935
5.75%, 10/15/27 (Call 07/15/27)(a)		GBP	100		126,741
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a)		EUR	100		99,376
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(a)		GBP	200		254,387
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)		GBP	100		119,575
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)		EUR	100		89,428
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)		GBP	100		109,061
4.25%, 01/15/30 (Call 10/15/24)(a)		GBP	100		108,665
5.00%, 04/15/27 (Call 05/09/22)(a)		GBP	100		122,451
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)		EUR	100		92,011
4.00%, 01/31/29 (Call 01/31/24)(a)		GBP	100		108,581
4.50%, 07/15/31 (Call 07/15/26)(a)		GBP	100		108,468
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(a)(b)		EUR	200		196,942
3.10%, 01/03/79 (Call 10/03/23)(a)(b)		EUR	300		315,917
					5,342,844
United States — 18.2%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)		EUR	111		110,186
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)(a)		EUR	100		90,698
4.88%, 06/01/28 (Call 06/01/24)(a)		GBP	100		109,482
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)(a)		EUR	100		89,896
3.00%, 09/01/29 (Call 05/15/24)(a)		EUR	100		86,364
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 2.13%, 08/15/26 (Call 08/15/22)(a)		EUR	100		94,286
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		95,374
Autostrade per l’Italia SpA, 2.00%, 01/15/30 (Call 10/15/29)(a)		EUR	200		189,776
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/22)(a)		EUR	100		102,574
Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/22)(a)		EUR	100		104,891
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/09/22)(a)		EUR	100		101,605
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		102,513
4.38%, 12/15/23		EUR	100		109,526
Banco BPM SpA, 1.75%, 01/28/25(a)		EUR	100		103,677

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Banco Comercial Portugues SA, 1.75%, 04/07/28 (Call 04/07/27)(a)(b)		EUR	100	$	90,089
Banco de Sabadell SA, 1.13%, 03/27/25(a)		EUR	100		100,170
Bayer AG, 5.38%, 03/25/82 (Call 06/25/30)(b)		EUR	100		105,137
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a)		EUR	150		150,656
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)		EUR	100		105,314
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		72,941
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)		EUR	150		139,452
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)		EUR	150		147,563
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/31/22)(a)		EUR	125		126,047
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a)		EUR	100		92,415
Coty Inc., 3.88%, 04/15/26 (Call 04/15/23)(a)		EUR	100		98,690
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)(a)		EUR	100		104,261
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		104,869
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/09/22)(a)		EUR	100		104,873
Deutsche Lufthansa AG, 2.88%, 02/11/25 (Call 01/11/25)(a)		EUR	200		201,751
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(a)		GBP	100		123,619
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a)		EUR	100		87,780
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)(a)		EUR	100		88,910
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100		70,108
Ford Credit Canada Co.
3.50%, 11/30/23		CAD	50		38,006
3.74%, 05/08/23		CAD	75		57,718
4.46%, 11/13/24		CAD	100		76,218
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100		98,592
1.74%, 07/19/24		EUR	100		101,410
2.33%, 11/25/25		EUR	100		99,786
2.39%, 02/17/26		EUR	125		123,997
2.75%, 06/14/24		GBP	100		119,975
3.02%, 03/06/24		EUR	100		104,509
3.25%, 09/15/25		EUR	100		103,172
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)		EUR	100		106,929
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)		EUR	100		97,172
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)(a)		EUR	100		106,404
3.50%, 06/15/26		EUR	150		153,799
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)(a)		EUR	100		99,050
2.25%, 01/15/28 (Call 07/15/22)(a)		EUR	150		142,353
2.25%, 03/15/29 (Call 03/15/24)(a)		EUR	100		92,352
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/09/22)(a)		GBP	100		123,725
Levi Strauss & Co., 3.38%, 03/15/27 (Call 05/09/22)		EUR	100		103,912
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(b)		EUR	100		101,038
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(a)		EUR	100		83,657
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 05/31/22)(a)		EUR	100		103,319
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26 (Call 02/24/26)		GBP	200		233,768
3.33%, 03/24/25 (Call 12/24/24)		EUR	100		105,786
3.38%, 04/24/30 (Call 01/24/30)		GBP	100		112,440
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(b)		EUR	100		98,511

Security	Par/ Shares (000)				Value
United States (continued)
Nexi SpA, 1.75%, 10/31/24 (Call 07/31/24)(a)		EUR	100		$	103,199
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)		EUR	100			95,232
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	200			207,543
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a)		EUR	100			94,126
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)(a)		EUR	200			189,898
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a)		EUR	100			96,505
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)		EUR	100			108,140
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 05/31/22)		EUR	100			104,095
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 05/31/22)(a)		EUR	100			103,813
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)		EUR	100			93,314
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)		EUR	100			107,170
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)(a)		EUR	100			99,167
Vodafone Group PLC, 3.00%, 08/27/80 (Call 05/27/30)(a)(b)		EUR	150			137,541
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)		EUR	100			88,616
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)(a)		EUR	100			88,068
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)		EUR	150			131,598
						8,241,116
Total Corporate Bonds & Notes — 98.6% (Cost: $52,900,023)						44,643,130
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd.Class A			0	(h)		—
Total Common Stocks — 0.0% (Cost: $159,437)						—
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(i)(j)			10			10,000
Total Short-Term Investments — 0.0% (Cost: $10,000)						10,000
Total Investments in Securities — 98.6% (Cost: $53,069,460)						44,653,130
Other Assets, Less Liabilities — 1.4%						640,413
Net Assets — 100.0%					$	45,293,543

^(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.

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® International High Yield Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—		$(10,000)	(a)	$	—	$	—	$	10,000		10	$	7	$	—

^(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
Corporate Bonds & Notes	$	—	$	44,643,130	$	—	$	44,643,130
Common Stocks		—		—		—		—
Money Market Funds		10,000		—		—		10,000
	$	10,000	$	44,643,130	$	—	$	44,653,130

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 1.2%
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 05/30/22)(a)	$	400	$	403,825
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(a)(b)(c)		200		40,000
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		400		394,600
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(d)		200		162,600
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 05/30/22)(a)(d)		350		276,894
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 05/31/22)(a)(b)		266		71,865
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/30/22)(a)		300		280,072
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 05/30/22)(a)		200		168,038
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/30/22)(a)		400		357,500
5.50%, 10/01/27 (Call 10/01/22)(a)		600		489,000
YPF SA
6.95%, 07/21/27(a)		500		360,406
7.00%, 12/15/47 (Call 06/15/47)(a)		400		245,075
8.50%, 07/28/25(a)		775		631,625
				3,881,500
Bahrain — 0.5%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		400		378,000
BBK BSC, 5.50%, 07/09/24(a)		200		201,788
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)(a)		200		204,537
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		400		392,950
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		400		375,325
				1,552,600
Barbados — 0.1%
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)		400		391,000
Brazil — 5.4%
Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(a)(d)		250		225,481
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(a)		150		147,227
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)(a)		1,400		1,179,920
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(a)		200		189,850
Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(e)		200		194,675
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(a)		200		182,413
4.50%, 01/10/25 (Call 12/10/24)(a)(d)		200		196,415
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(f)(g)		200		178,600
Banco do Brasil SA/Cayman
3.25%, 09/30/26(a)		200		186,413
4.88%, 01/11/29(a)		200		194,100
6.25%, (Call 04/15/24)(a)(f)(g)		200		185,538
9.00%, (Call 06/18/24)(a)(f)(g)		400		406,750
Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (Call 01/24/32)(a)(f)(g)		200		178,975
Banco Votorantim SA, 4.38%, 07/29/25(a)		200		196,500
BBVA Bancomer SA/Texas, 1.88%, 09/18/25(a)		200		184,750
Braskem Finance Ltd., 6.45%, 02/03/24(d)		200		203,780
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)(a)		200		187,830
4.50%, 01/31/30(a)		200		180,800
5.88%, 01/31/50(a)		200		178,350
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 05/30/22)(a)		200		205,250
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		200		198,663

Security	Par (000)		Value
Brazil (continued)
CSN Resources SA, 4.63%, 06/10/31 (Call 06/10/26)(a)	$	200	$	168,913
Embraer Netherlands Finance BV
5.05%, 06/15/25(d)		227		223,765
5.40%, 02/01/27		250		242,031
Fibria Overseas Finance Ltd., 5.50%, 01/17/27(d)		200		204,287
Gol Finance SA, 8.00%, 06/30/26 (Call 12/24/22)(a)		200		174,850
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)(a)		200		213,537
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(a)		200		194,050
4.50%, 11/21/29 (Call 11/21/24)(a)(g)		200		189,750
6.13%, (Call 12/12/22)(a)(d)(f)(g)		200		192,550
6.50%, (Call 03/19/23)(a)(d)(f)(g)		200		192,475
JBS Finance Luxembourg Co., 3.63%, 01/15/32 (Call 01/15/27)(a)		200		171,500
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 02/02/29 (Call 12/02/28)(e)		200		178,712
3.00%, 05/15/32 (Call 02/15/32)(d)(e)		100		83,337
3.75%, 12/01/31 (Call 12/01/26)(a)		100		89,000
4.38%, 02/02/52 (Call 08/02/51)(d)(e)		200		162,058
Klabin Austria GmbH, 7.00%, 04/03/49 (Call 10/03/48)(a)		200		192,776
Korea East-West Power Co. Ltd., 1.75%, 05/06/25(a)		400		379,720
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(a)		200		185,010
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		200		165,985
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)(d)		400		348,000
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a)		600		504,000
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)		200		165,025
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)(d)		200		178,720
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(a)(d)		200		204,850
7.00%, 05/14/26 (Call 05/31/22)(a)		200		206,037
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(a)		400		384,000
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/30/22)(a)(h)		194		111,362
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/31/22)(a)(i)		400		2,000
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 05/30/22)(a)(d)(h)		292		63,756
Oi SA, 10.00%, (12.00% PIK), 07/27/25(h)		300		239,212
Petrobras Global Finance BV
5.09%, 01/15/30(d)		200		194,000
5.30%, 01/27/25		50		51,619
5.50%, 06/10/51 (Call 12/10/50)		250		204,719
5.60%, 01/03/31 (Call 10/03/30)(d)		250		245,375
5.75%, 02/01/29		150		151,763
6.00%, 01/27/28(d)		300		307,350
6.25%, 03/17/24		50		52,150
6.75%, 01/27/41(d)		200		195,975
6.75%, 06/03/50 (Call 12/03/49)		150		139,470
6.85%, 06/05/2115(d)		375		329,297
6.88%, 01/20/40		148		147,519
6.90%, 03/19/49(d)		200		190,038
7.25%, 03/17/44(d)		150		149,625
7.38%, 01/17/27(d)		250		273,310
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)		200		192,250
Raizen Fuels Finance SA, 5.30%, 01/20/27(a)(d)		200		200,163
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a)		200		187,750
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(a)		200		204,537

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Suzano Austria GmbH
3.13%, 01/15/32 (Call 10/15/31)(d)	$	300	$	242,250
3.75%, 01/15/31 (Call 10/15/30)(d)		250		216,937
5.00%, 01/15/30 (Call 10/15/29)(d)		200		189,535
6.00%, 01/15/29 (Call 10/15/28)		200		201,426
7.00%, 03/16/47 (Call 09/16/46)(a)		200		201,200
Ultrapar International SA, 5.25%, 06/06/29(a)(d)		200		195,725
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		200		200,287
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		300		269,812
6.25%, 08/10/26		300		314,681
6.88%, 11/21/36		350		383,521
6.88%, 11/10/39		250		274,675
Vale SA, 5.63%, 09/11/42(d)		100		97,363
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)(a)		800		643,000
				18,040,870
Chile — 3.0%
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(e)		250		226,250
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a)		400		351,075
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)(a)		200		176,163
3.50%, 10/12/27(a)(d)		400		389,700
Banco Santander Chile
2.70%, 01/10/25 (Call 12/10/24)(a)(d)		300		287,400
3.18%, 10/26/31 (Call 07/28/31)(a)		400		360,325
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30 (Call 10/29/29)(a)		200		185,475
4.25%, 04/30/29 (Call 01/30/29)(a)		200		186,537
4.50%, 08/01/24 (Call 05/01/24)(d)		400		402,700
5.15%, 01/29/50 (Call 07/29/49)(a)		400		358,950
5.50%, 04/30/49 (Call 10/30/48)(a)(d)		200		182,975
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)(a)		600		579,375
5.15%, 02/12/25 (Call 11/12/24)(a)(d)		400		404,950
Cia Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)(d)(e)		400		353,825
Colbun SA
3.15%, 03/06/30 (Call 12/06/29)(a)		200		174,038
3.15%, 01/19/32 (Call 10/19/31)(e)		400		338,700
3.95%, 10/11/27 (Call 07/11/27)(a)		400		386,950
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)(a)		400		399,460
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)(d)		300		295,470
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)(d)		600		584,970
GNL Quintero SA, 4.63%, 07/31/29(a)		706		685,448
Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(a)		200		67,900
HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)(a)		200		180,350
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)		700		599,069
Inversiones CMPC SA
3.00%, 04/06/31 (Call 01/06/31)(a)		200		169,413
3.85%, 01/13/30 (Call 10/13/29)(a)		200		183,912
4.38%, 04/04/27(a)(d)		400		400,880
4.75%, 09/15/24 (Call 06/15/24)(a)		400		403,325
Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(e)		400		351,950
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(a)		200		181,000
				9,848,535
China — 9.9%
Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49(a)		200		193,100

Security	Par (000)		Value
China (continued)
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)(a)(f)(g)	$	200	$	45,000
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(a)		200		189,620
AIA Group Ltd., 2.70%, (Call 04/07/26)(a)(f)(g)		200		185,800
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)(d)		200		165,312
2.70%, 02/09/41 (Call 08/09/40)		200		140,374
3.25%, 02/09/61 (Call 08/09/60)		200		133,820
3.40%, 12/06/27 (Call 09/06/27)(d)		300		286,953
3.60%, 11/28/24 (Call 08/28/24)		400		398,272
4.00%, 12/06/37 (Call 06/06/37)		200		172,850
4.20%, 12/06/47 (Call 06/06/47)		200		169,725
Amipeace Ltd., 2.50%, 12/05/24(a)		200		195,850
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		300		292,837
Axiata SPV2 Bhd, 2.16%, 08/19/30 (Call 05/19/30)(a)		400		347,575
Baidu Inc.
2.38%, 08/23/31 (Call 05/23/31)(d)		200		164,878
3.08%, 04/07/25 (Call 03/07/25)		200		195,222
4.13%, 06/30/25		200		200,416
Bank of China Ltd., 5.00%, 11/13/24(a)		400		411,748
Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a)		200		202,912
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a)		200		184,000
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(a)(f)(g)		400		396,800
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)(a)(f)(g)		200		199,500
BOCOM International Blossom Ltd., 1.75%, 06/28/26(a)		200		182,784
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a)		200		181,975
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(a)(f)(g)		200		198,000
Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a)		200		182,966
China Cinda 2020 I Management Ltd., 2.50%, 03/18/25 (Call 02/18/25)(a)		200		190,475
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a)		400		400,200
China Cinda Finance 2017 I Ltd.
4.75%, 02/08/28(a)		200		201,475
4.75%, 02/21/29(a)		200		197,162
China Construction Bank Corp.
0.78%, 12/21/24(a)(g)		200		199,472
4.25%, 02/27/29 (Call 02/27/24)(a)(g)		200		201,834
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(a)		400		372,520
China Overseas Finance Cayman VI Ltd.
5.95%, 05/08/24(a)		200		207,037
6.45%, 06/11/34(a)		200		221,037
China Resources Land Ltd.
3.75%, (Call 12/09/24)(a)(f)(g)		200		196,475
4.13%, 02/26/29(a)		200		192,100
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 05/30/22)(a)		200		135,000
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24(a)		200		192,774
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(a)		200		157,200
CITIC Ltd.
2.85%, 02/25/30(a)		200		177,808
3.88%, 02/28/27(a)		200		196,912
CMB International Leasing Management Ltd., 1.88%, 08/12/25(a)		200		186,100
CMHI Finance BVI Co. Ltd., 3.50%, (Call 10/09/23)(a)(f)(g)		200		199,975
CMS International Gemstone Ltd., 1.30%, 09/16/24(a)		200		187,440
CNOOC Finance 2013 Ltd., 3.30%, 09/30/49 (Call 03/30/49)		200		146,256

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
CNOOC Finance 2014 ULC, 4.25%, 04/30/24	$	600	$	609,112
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25(d)		200		198,850
4.38%, 05/02/28(d)		200		203,600
CNOOC Petroleum North America ULC
5.88%, 03/10/35(d)		100		104,363
6.40%, 05/15/37		175		192,533
7.50%, 07/30/39		150		186,254
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(f)(g)		200		200,500
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a)		200		203,606
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)(a)		200		138,750
7.25%, 04/08/26 (Call 04/08/23)(a)		200		143,500
CSCIF Asia Ltd., 1.13%, 06/10/24(a)		200		190,163
DIB Sukuk Ltd., 2.95%, 02/20/25(a)		400		392,000
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(f)(g)		400		398,500
Doha Finance Ltd., 2.38%, 03/31/26(a)		700		659,750
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)(a)(f)(g)		200		201,080
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)		200		184,354
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(a)		200		171,288
Fab Sukuk Co. Ltd., 2.50%, 01/21/25(a)		200		194,750
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(a)		200		179,000
Haidilao International Holding Ltd., 2.15%, 01/14/26(a)		200		162,000
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)		200		183,000
4.75%, 04/27/27(a)		200		189,000
Huarong Finance 2019 Co. Ltd.
3.38%, 02/24/30 (Call 11/28/29)(a)		200		160,000
3.75%, 05/29/24(a)		400		385,500
3.88%, 11/13/29 (Call 08/13/29)(a)		200		168,100
4.50%, 05/29/29(a)		200		176,000
ICBCIL Finance Co. Ltd.
1.63%, 11/02/24(a)		400		380,092
3.75%, 03/05/24(a)		200		200,287
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		400		380,000
6.25%, 11/29/28 (Call 11/29/24)(a)		600		564,000
Indian Oil Corp. Ltd., 4.75%, 01/16/24(a)		400		405,950
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(a)(f)(g)		800		763,200
Industrial & Commercial Bank of China Ltd./Hong Kong, 1.63%, 10/28/26(a)		200		185,970
Industrial & Commercial Bank of China Ltd./London, 2.03%, 10/25/23, (3 mo. LIBOR US + 0.850%)(a)(g)		200		200,960
Industrial & Commercial Bank of China Ltd./Singapore
1.00%, 10/28/24(a)		200		188,866
1.20%, 09/09/25(a)		200		185,380
2.01%, 04/25/24, (3 mo. LIBOR US + 0.830%)(a)(g)		200		201,142
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(a)(g)		400		388,700
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(a)		200		189,754
JD.com Inc., 3.88%, 04/29/26(d)		200		195,538
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		381,700
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a)		200		178,902
Legend Fortune Ltd., 1.38%, 06/02/24(a)		200		189,990
Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)(a)		200		175,288

Security	Par (000)		Value
China (continued)
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(e)	$	250	$	247,234
6.75%, 06/30/30 (Call 12/30/29)(e)		325		316,485
Longfor Group Holdings Ltd., 3.95%, 09/16/29(a)		200		176,000
Meituan, 2.13%, 10/28/25 (Call 09/28/25)(a)		200		178,260
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(a)		400		377,000
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)(e)(g)		400		365,000
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)(a)(f)(g)		400		363,825
NWD Finance BVI Ltd., 4.13%, (Call 03/10/28)(a)(f)(g)		200		180,000
Ooredoo International Finance Ltd., 2.63%, 04/08/31(a)		800		720,000
Pioneer Reward Ltd., 1.30%, 04/09/24(a)		200		191,688
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(a)		200		197,912
Prosus NV, 4.85%, 07/06/27 (Call 04/06/27)(a)		400		378,000
QIB Sukuk Ltd., 1.67%, 02/07/25, (3 mo. LIBOR US + 1.350%)(a)(g)		400		400,575
QNB Finance Ltd., 2.75%, 02/12/27(a)		700		666,006
REC Ltd., 2.25%, 09/01/26(a)		200		181,038
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)(a)		200		144,000
Saudi Arabian Oil Co.
1.63%, 11/24/25 (Call 10/24/25)(a)		200		185,600
3.50%, 11/24/70 (Call 05/24/70)(a)		800		610,000
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a)		200		171,288
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(a)		200		174,414
Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24(a)		200		189,526
Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(a)		400		96,000
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/22)(a)		200		185,000
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		160,475
SK Hynix Inc., 3.00%, 09/17/24(a)		400		392,200
State Elite Global Ltd., 1.95%, 10/24/24, (3 mo. LIBOR US + 0.770%)(a)(g)		200		199,568
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)(a)		400		94,000
6.50%, 01/10/25 (Call 01/10/23)(a)		200		45,000
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)(a)(d)		200		183,548
2.39%, 06/03/30 (Call 03/03/30)(a)(d)		200		168,663
2.88%, 04/22/31 (Call 01/22/31)(a)(d)		200		174,210
3.24%, 06/03/50 (Call 12/03/49)(a)		200		142,350
3.58%, 04/11/26 (Call 02/11/26)(a)		200		195,100
3.60%, 01/19/28 (Call 10/19/27)(a)(d)		300		284,865
3.84%, 04/22/51 (Call 10/22/50)(a)		200		158,594
3.94%, 04/22/61 (Call 10/22/60)(a)		200		156,850
3.98%, 04/11/29 (Call 01/11/29)(a)		400		382,700
4.53%, 04/11/49 (Call 10/11/48)(a)		200		178,850
Times China Holdings Ltd., 5.55%, 06/04/24 (Call 06/04/23)(a)		200		103,000
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(a)		400		371,075
6.50%, 01/08/26(a)		500		467,500
Vanke Real Estate Hong Kong Co. Ltd., 4.20%, 06/07/24(a)		400		393,120
Vigorous Champion International Ltd., 2.75%, 06/02/25(a)		200		187,020
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		164,702
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(a)(f)(g)		200		199,000

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)(a)	$	200	$	174,896
				32,980,950
Colombia — 4.4%
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)		997		779,465
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		1,000		950,625
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)		600		562,500
4.63%, 12/18/29 (Call 12/18/24)(g)		400		373,080
4.88%, 10/18/27 (Call 10/18/22)(g)		400		389,575
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(e)		200		181,413
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		400		358,870
DBS Group Holdings Ltd., 1.17%, 11/22/24(a)		400		379,450
Ecopetrol SA
4.13%, 01/16/25		783		757,210
4.63%, 11/02/31 (Call 08/02/31)(d)		700		584,850
5.38%, 06/26/26 (Call 03/26/26)(d)		935		921,150
5.88%, 09/18/23		850		858,925
5.88%, 05/28/45		1,150		908,500
5.88%, 11/02/51 (Call 05/02/51)		450		340,875
6.88%, 04/29/30 (Call 01/29/30)		1,150		1,134,187
7.38%, 09/18/43(d)		475		432,250
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(a)(f)(g)		200		190,600
Guara Norte Sarl, 5.20%, 06/15/34(a)		192		169,743
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(a)		200		169,560
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(e)		200		177,500
5.05%, 04/05/32 (Call 10/05/31)(e)		200		172,500
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 05/30/22)(a)		200		191,225
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(a)		200		166,520
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		400		344,750
6.25%, 03/25/29 (Call 03/25/24)(a)(d)		540		533,250
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(a)		200		165,785
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)(a)		400		361,450
National Central Cooling Co. PJSC, 2.50%, 10/21/27(a)		200		181,662
Nexa Resources SA, 6.50%, 01/18/28 (Call 10/18/27)(a)		200		199,500
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a)		400		346,500
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		400		350,890
SURA Asset Management SA, 4.88%, 04/17/24(a)(d)		400		400,325
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(a)		340		329,864
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a)(d)		400		391,450
				14,755,999
Egypt — 1.9%
Axis Bank., 4.10%, (Call 09/08/26)(a)(f)(g)		200		184,500
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)(a)		200		170,725
Banco do Brasil SA/Cayman
4.63%, 01/15/25(a)		200		200,000
9.25%, 10/29/49 (Call 04/15/23)(a)(g)		200		204,163
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(a)(g)		800		723,800
5.00%, (Call 09/23/25)(a)(f)(g)		600		583,612
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		197		179,498

Security	Par (000)		Value
Egypt (continued)
Delhi International Airport Ltd., 6.13%, 10/31/26(a)	$	400	$	390,800
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25 (Call 06/13/22)(a)		200		195,500
5.95%, 07/29/26 (Call 07/29/22)(a)		400		388,000
Itau Unibanco Holding SA/Cayman Island, 4.63%, (Call 02/27/25)(a)(f)(g)		200		172,750
Minsur SA, 4.50%, 10/28/31(a)		400		358,450
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(a)		200		181,538
Pampa Energia SA, 7.50%, 01/24/27 (Call 05/30/22)(a)		450		416,419
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(a)		200		189,500
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 05/23/22)(a)		400		401,950
Vedanta Resources Finance II PLC, 13.88%, 01/21/24 (Call 12/21/22)(a)		400		417,325
YPF Sociedad Anonima
1.50%, 09/30/33 (Call 03/30/33)(a)(j)		425		251,387
2.50%, 06/30/29 (Call 12/30/28)(a)(j)		525		381,937
4.00%, 02/12/26 (Call 11/12/25)(a)(j)		480		428,400
				6,420,254
Ghana — 0.6%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/31/22)(a)		400		390,575
Tullow Oil PLC
7.00%, 03/01/25 (Call 05/30/22)(a)		400		323,000
10.25%, 05/15/26 (Call 05/15/23)(a)		1,300		1,280,500
				1,994,075
Guatemala — 0.4%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(d)(e)		800		756,000
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(e)		600		556,680
				1,312,680
Hong Kong — 6.6%
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		200		190,000
AIA Group Ltd.
3.20%, 03/11/25 (Call 12/11/24)(a)		200		198,600
3.20%, 09/16/40 (Call 03/16/40)(a)		600		497,362
3.38%, 04/07/30 (Call 01/07/30)(a)		200		190,413
3.60%, 04/09/29 (Call 01/09/29)(a)		200		195,100
3.90%, 04/06/28 (Call 01/06/28)(a)(d)		200		199,725
4.50%, 03/16/46 (Call 09/16/45)(a)		200		192,750
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a)		200		194,662
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(a)(f)(g)		800		828,000
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(a)(f)(g)		250		246,250
Bank of East Asia Ltd. (The), 5.83%, (Call 10/21/25)(a)(f)(g)		250		249,375
Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)(e)		200		169,038
Bocom Leasing Management Hong Kong Co. Ltd., 1.78%, 12/10/24, (3 mo. LIBOR US + 1.075%)(a)(g)		200		198,662
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(a)(f)(g)		200		186,700
Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27(a)		200		194,037
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		200		190,500
Celestial Dynasty Ltd., 4.25%, 06/27/29(a)		200		178,850
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(f)(g)		200		200,037
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(a)		200		187,400
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a)		200		192,154
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a)(d)		200		194,037
CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a)		200		196,912
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a)		200		182,560

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hong Kong (continued)
CK Hutchison International 19 Ltd.
3.25%, 04/11/24 (Call 03/11/24)(a)(d)	$	200	$	199,684
3.38%, 09/06/49 (Call 03/06/49)(a)		200		172,225
3.63%, 04/11/29 (Call 01/11/29)(a)		200		193,672
CK Hutchison International 20 Ltd.
2.50%, 05/08/30 (Call 02/08/30)(a)		200		177,962
3.38%, 05/08/50 (Call 11/08/49)(a)		200		167,510
CK Hutchison International 21 Co.
1.50%, 04/15/26 (Call 03/15/26)(a)		200		183,820
2.50%, 04/15/31 (Call 01/15/31)(a)(d)		200		175,688
3.13%, 04/15/41 (Call 10/15/40)(a)		200		168,406
CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25)(a)(f)(g)		200		197,225
Country Garden Holdings Co. Ltd., 3.30%, 01/12/31 (Call 10/12/30)(a)		200		120,000
Elect Global Investments Ltd.
4.10%, (Call 06/03/25)(a)(f)(g)		200		192,475
4.85%, (Call 08/25/23)(a)(f)		200		184,750
Emirates NBD Bank PJSC, 4.25%, (Call 02/27/27)(a)(f)(g)		200		189,000
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)(a)		400		287,502
Equate Petrochemical BV, 2.63%, 04/28/28 (Call 01/28/28)(a)		600		546,000
Esic Sukuk Ltd., 3.94%, 07/30/24(a)		200		195,912
FWD Group Ltd.
0.00%, (Call 06/15/22)(a)(f)(g)(i)		200		196,600
5.75%, 07/09/24(a)		200		200,912
6.38%, (Call 09/13/24)(a)(f)(g)		200		196,850
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 03/31/34(a)		577		501,627
GEMS MENASA Cayman Ltd./GEMS Education
Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(a)		400		398,920
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a)		400		384,825
Hongkong Electric Finance Ltd.
1.88%, 08/27/30 (Call 02/27/30)(a)		200		166,163
2.88%, 05/03/26(a)		200		193,538
Hongkong Land Finance Cayman Islands Co. Ltd. (The)
2.25%, 07/15/31 (Call 04/15/31)(a)		200		169,538
2.88%, 05/27/30 (Call 02/27/30)(a)		200		181,038
HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)(a)		200		186,240
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a)		400		401,628
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a)		100		127,515
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a)		200		193,038
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		850		796,025
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(a)		200		174,356
Li & Fung Ltd.
4.38%, 10/04/24 (Call 09/04/24)(a)		200		193,850
5.25%, (Call 11/03/22)(a)(f)		200		124,000
Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24(a)		200		200,662
MTR Corp. Ltd., 1.63%, 08/19/30(a)		400		339,575
Nanyang Commercial Bank Ltd.
3.80%, 11/20/29 (Call 11/20/24)(a)(g)		250		244,969
5.00%, (Call 06/02/22)(a)(f)(g)		350		350,437
New World China Land Ltd., 4.75%, 01/23/27(a)		200		193,413
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(f)		400		372,075
NWD MTN Ltd.
4.13%, 07/18/29(a)		200		177,538
4.50%, 05/19/30(a)		200		178,038
Petron Corp., 5.95%, (Call 04/19/26)(a)(f)(g)		400		384,950
Philippine National Bank, 3.28%, 09/27/24(a)		600		592,800
Phoenix Lead Ltd., 4.85%, (Call 08/23/22)(a)(f)		200		187,600
Prudential PLC, 3.13%, 04/14/30		400		368,917
QNB Finance Ltd., 1.63%, 09/22/25(a)		400		373,500

Security	Par (000)		Value
Hong Kong (continued)
SABIC Capital I BV, 3.00%, 09/14/50 (Call 03/14/50)(a)	$	200	$	153,500
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)		600		553,992
5.13%, 08/08/25 (Call 06/08/25)		1,200		1,159,500
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		200		178,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 06/13/22)(a)		340		284,389
SingTel Group Treasury Pte Ltd., 1.88%, 06/10/30 (Call 03/10/30)(a)		300		260,025
SMC Global Power Holdings Corp., 5.70%, (Call 01/21/26)(a)(f)(g)		400		367,450
Sun Hung Kai Properties Capital Market Ltd.
2.88%, 01/21/30(a)		200		182,913
3.75%, 02/25/29(a)		200		196,037
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(a)		200		203,850
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a)		200		198,475
Westwood Group Holdings Ltd., 2.80%, 01/20/26(a)		200		182,225
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a)		200		193,038
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a)		200		187,725
				21,857,211
India — 4.4%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(a)		200		197,000
5.95%, 07/31/24(a)		400		409,000
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a)		200		171,288
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		202,037
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31(a)		200		161,350
3.38%, 07/24/24(a)		200		195,788
4.00%, 07/30/27 (Call 06/30/27)(a)		200		187,913
4.20%, 08/04/27 (Call 02/04/27)(a)		200		189,538
4.38%, 07/03/29(a)		200		182,663
Adani Transmission Ltd., 4.00%, 08/03/26(a)		200		190,950
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a)		200		197,537
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(a)		200		204,700
Bharti Airtel Ltd.
3.25%, 06/03/31 (Call 03/05/31)(a)		200		171,210
4.38%, 06/10/25(a)		200		199,600
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(a)		200		195,913
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 05/16/22)(a)		450		439,312
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		200		180,538
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		200		176,000
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(e)		200		195,198
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(a)(f)(g)		200		183,000
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a)		200		193,163
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)(d)		450		445,022
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31(a)		200		166,150
3.25%, 02/13/30(a)		200		176,163
3.57%, 01/21/32(a)		200		174,913
3.73%, 03/29/24(a)		200		199,912
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a)		193		167,910
LG Chem Ltd.
1.38%, 07/07/26(a)		400		361,100
2.38%, 07/07/31(a)		200		171,204
MAR Sukuk Ltd., 2.21%, 09/02/25(a)		400		382,000
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Call 12/04/24)(a)		800		644,000

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Network i2i Ltd.
3.98%, (Call 03/03/26)(a)(f)	$	200	$	182,913
5.65%, (Call 01/15/25)(a)(f)(g)		400		394,700
NTPC Ltd.
4.25%, 02/26/26(a)		200		197,975
4.38%, 11/26/24(a)		200		201,100
Oil India Ltd.
5.13%, 02/04/29(a)		200		198,412
5.38%, 04/17/24(a)		200		205,475
ONGC Videsh Ltd., 4.63%, 07/15/24(a)		200		201,850
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a)		200		193,100
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		200		196,500
POSCO, 2.75%, 07/15/24(a)		600		589,987
Power Finance Corp. Ltd.
3.95%, 04/23/30(a)(d)		200		178,600
4.50%, 06/18/29(a)		400		375,500
REC Ltd., 3.38%, 07/25/24(a)		200		196,287
Reliance Industries Ltd.
2.88%, 01/12/32(e)		350		297,304
3.63%, 01/12/52(e)		400		317,372
3.67%, 11/30/27(a)		250		242,000
3.75%, 01/12/62(e)		400		313,596
4.13%, 01/28/25(a)		250		250,750
6.25%, 10/19/40(a)		250		290,417
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/30/22)(a)		200		202,537
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)(d)		200		172,750
Samba Funding Ltd., 2.75%, 10/02/24(a)		600		586,237
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(a)		400		377,700
State Bank of India/London
4.38%, 01/24/24(a)		200		201,662
4.88%, 04/17/24(a)		200		203,912
Summit Digitel Infrastructure Pvt. Ltd., 2.88%, 08/12/31 (Call 08/12/30)(a)		200		163,666
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(a)		200		190,500
9.25%, 04/23/26 (Call 04/23/23)(a)(d)		200		166,000
Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a)		200		179,952
				14,780,826
Indonesia — 4.1%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(a)		500		493,531
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		400		329,000
Antofagasta PLC, 2.38%, 10/14/30 (Call 07/14/30)(a)		200		163,100
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		400		306,000
Bank Mandiri Persero Tbk PT
3.75%, 04/11/24(a)		200		199,850
4.75%, 05/13/25(a)		600		613,425
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26(a)		400		379,544
4.30%, (Call 03/24/27)(a)(f)(g)		400		367,920
Bank Rakyat Indonesia Persero Tbk PT
3.95%, 03/28/24(a)		500		500,055
4.63%, 07/20/23(a)		200		202,022
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 05/31/22)(a)		400		390,450
Freeport Indonesia PT
4.76%, 04/14/27 (Call 03/14/27)(e)		500		496,940
5.32%, 04/14/32 (Call 01/01/32)(e)		1,000		967,000
6.20%, 04/14/52 (Call 10/14/51)(e)		500		480,330

Security	Par (000)		Value
Indonesia (continued)
HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)(a)	$	200	$	172,470
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 05/30/22)(a)		250		245,047
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/22)(a)		500		498,125
Indofood CBP Sukses Makmur Tbk PT
3.40%, 06/09/31 (Call 12/09/30)(a)		800		666,088
4.75%, 06/09/51 (Call 12/09/50)(a)		400		315,044
Inventive Global Investments Ltd., 1.65%, 09/03/25(a)		200		185,450
Link Finance Cayman 2009 Ltd. (The), 2.75%, 01/19/32(a)		200		176,494
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)		523		510,860
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		400		374,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		400		396,000
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 05/30/22)(a)(d)		400		396,700
Minejesa Capital BV
4.63%, 08/10/30(a)		800		720,088
5.63%, 08/10/37(a)		600		503,175
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(a)		1,000		1,018,000
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(e)		600		457,800
Star Energy Geothermal Darajat II/Star Energy Geothermal
Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)		600		570,112
State Bank of India/London, 1.80%, 07/13/26(a)		400		362,400
Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(a)		200		181,413
				13,638,433
Israel — 3.4%
Bank Hapoalim BM, 3.26%, 01/21/32 (Call 01/21/27)(e)(g)		600		540,000
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(e)(g)		400		364,600
Bank of East Asia Ltd. (The), 5.88%, (Call 09/19/24)(a)(f)(g)		250		250,516
Country Garden Holdings Co. Ltd., 4.20%, 02/06/26 (Call 02/06/24)(a)		200		143,000
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(e)		350		313,250
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(e)		400		427,825
Israel Electric Corp. Ltd.
4.25%, 08/14/28(e)		400		396,325
6.88%, 06/21/23(a)(d)		200		207,288
Series 6, 5.00%, 11/12/24(e)		700		719,250
Leviathan Bond Ltd., 5.75%, 06/30/23 (Call 03/30/23)(e)		300		297,712
OCP SA, 3.75%, 06/23/31 (Call 03/23/31)(a)		300		253,470
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		350		314,198
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27)(a)(g)		200		194,750
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(d)		480		453,540
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		800		773,340
3.15%, 10/01/26		1,801		1,545,258
4.10%, 10/01/46		1,040		739,440
4.75%, 05/09/27 (Call 02/09/27)		600		549,000
5.13%, 05/09/29 (Call 02/09/29)		350		317,800
6.00%, 04/15/24 (Call 01/15/24)		600		597,862
6.75%, 03/01/28 (Call 12/01/27)		700		703,194
7.13%, 01/31/25 (Call 10/31/24)		600		606,750
Turkiye Is Bankasi AS, 7.75%, 01/22/30 (Call 01/22/25)(a)(g)		500		493,075
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(a)		200		200,663
				11,402,106

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Jamaica — 0.3%
Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 05/16/22)(d)(h)	$	767	$	758,445
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 05/16/22)(a)(d)		250		244,656
				1,003,101
Jordan — 0.4%
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 09/30/40(a)		786		651,305
Hikma Finance USA LLC, 3.25%, 07/09/25(a)		200		191,225
SMC Global Power Holdings Corp., 7.00%, (Call 10/21/25)(a)(f)(g)		400		387,325
				1,229,855
Kazakhstan — 0.9%
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)(a)(g)		200		193,250
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(e)		350		321,125
SA Global Sukuk Ltd., 2.69%, 06/17/31 (Call 03/17/31)(a)		1,200		1,078,500
SNB Sukuk Ltd., 2.34%, 01/19/27(a)		200		189,500
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)(a)		200		176,225
3.25%, 08/15/30 (Call 02/15/30)(a)		600		482,100
4.00%, 08/15/26(a)		700		631,881
				3,072,581
Kuwait — 1.9%
Abu Dhabi National Energy Co. PJSC, 2.00%, 04/29/28 (Call 01/29/28)(a)		400		357,325
Agricultural Bank of China Ltd./New York, 0.85%, 01/19/24(a)		200		192,134
Boubyan Sukuk Ltd., 2.59%, 02/18/25(a)		400		390,000
Burgan Bank SAK, 5.75%, (Call 07/09/24)(a)(f)(g)		400		382,200
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(f)(g)		200		208,500
Equate Petrochemical BV, 4.25%, 11/03/26(a)		800		794,400
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(a)		400		401,700
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		400		360,075
4.50%, 02/23/27(a)		200		176,600
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(e)		300		294,338
MEGlobal Canada ULC
5.00%, 05/18/25(a)		600		609,675
5.88%, 05/18/30(a)		400		431,825
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26)(a)(g)		800		721,000
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)(a)(f)(g)		400		382,325
SABIC Capital I BV, 2.15%, 09/14/30 (Call 06/14/30)(a)		200		172,000
Warba Sukuk Ltd., 2.98%, 09/24/24(a)		400		395,950
				6,270,047
Luxembourg — 0.0%
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/23)(a)		200		166,946
Macau — 1.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		400		306,000
4.85%, 01/27/28 (Call 01/27/25)(a)		300		214,275
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/30/22)(a)(d)		804		718,286
5.25%, 04/26/26 (Call 05/30/22)(a)		400		348,500
5.63%, 07/17/27 (Call 07/17/22)(a)(d)		400		341,500
5.75%, 07/21/28 (Call 07/21/23)(a)		400		333,500
MGM China Holdings Ltd.
5.38%, 05/15/24 (Call 05/09/22)(a)		500		465,625
5.88%, 05/15/26 (Call 05/15/22)(a)		500		445,562

Security	Par (000)		Value
Macau (continued)
Sands China Ltd.
4.38%, 06/18/30 (Call 03/18/30)	$	200	$	170,575
5.40%, 08/08/28 (Call 05/08/28)		1,300		1,213,725
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		700		477,225
6.00%, 07/15/25 (Call 07/15/22)(a)		200		169,250
6.50%, 01/15/28 (Call 07/15/23)(a)		400		306,000
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)(a)		600		474,000
				5,984,023
Malaysia — 1.8%
Axiata SPV2 Bhd, 4.36%, 03/24/26(a)		400		407,200
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(a)		600		459,675
CIMB Bank Bhd
1.77%, 10/09/24, (3 mo. LIBOR US + 0.780%)(a)(g)		600		601,237
2.13%, 07/20/27(e)		200		184,538
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(a)		800		659,650
Gohl Capital Ltd., 4.25%, 01/24/27(a)		900		829,350
Malayan Banking Bhd, 1.26%, 08/16/24, (3 mo. LIBOR US + 0.800%)(a)(g)		600		601,425
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(e)		400		386,612
NWD Finance BVI Ltd., 4.80%, (Call 09/09/23)(a)(f)		200		163,413
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(a)(f)(g)		400		393,325
RBH Bank, 1.66%, 06/29/26(a)		200		183,882
TNB Global Ventures Capital Bhd
3.24%, 10/19/26(a)		600		581,175
4.85%, 11/01/28(a)		500		516,656
				5,968,138
Mexico — 4.4%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)(a)(d)		200		201,912
6.88%, 03/25/44 (Call 09/25/43)(a)(d)		200		208,500
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(a)		200		185,776
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)(d)		200		200,850
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		200		178,975
3.63%, 04/22/29 (Call 01/22/29)		200		190,537
4.38%, 07/16/42		400		375,700
4.38%, 04/22/49 (Call 10/22/48)(d)		400		383,000
6.13%, 03/30/40		500		572,210
6.38%, 03/01/35		250		289,375
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24(a)		300		299,869
4.38%, 04/11/27 (Call 01/11/27)(a)		150		148,059
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(a)(d)(f)(g)		200		192,225
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25(a)		500		510,937
5.95%, 10/01/28 (Call 10/01/23)(a)(g)		200		199,500
BBVA Bancomer SA/Texas
4.38%, 04/10/24(a)		200		200,850
5.13%, 01/18/33 (Call 01/17/28)(a)(g)		200		185,000
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(a)		200		188,500
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(e)		600		520,237
Cemex SAB de CV 5.45%, 11/19/29 (Call 11/19/24)(a)		200		191,610

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
7.38%, 06/05/27 (Call 06/05/23)(a)	$	200	$	209,790
Cemex SAB De CV, 5.13%, (Call 06/08/26)(a)(d)(f)(g)		400		363,114
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(a)		200		195,225
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(e)		200		161,288
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		150		118,890
2.75%, 01/22/30 (Call 10/22/29)		350		313,950
5.25%, 11/26/43		150		156,152
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(d)		175		176,054
FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)(a)		193		166,054
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		600		481,500
4.38%, 05/10/43		150		140,985
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)		200		164,413
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(e)		200		201,500
Grupo Bimbo SAB de CV
3.88%, 06/27/24(a)		200		200,000
4.00%, 09/06/49(a)		200		171,625
4.70%, 11/10/47 (Call 05/10/47)(a)(d)		200		192,540
4.88%, 06/27/44(a)		200		192,725
5.95%, (Call 04/17/23)(a)(d)(f)(g)		200		200,125
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		200		189,310
5.25%, 05/24/49 (Call 11/24/48)		200		202,537
6.13%, 01/31/46 (Call 07/31/45)(d)		200		224,306
6.63%, 01/15/40		320		358,160
Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)(a)		200		190,200
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(a)		200		163,725
4.88%, 01/14/48(a)		200		167,538
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)		200		173,500
Orbia Advance Corp. SAB de CV
1.88%, 05/11/26 (Call 04/11/26)(a)		200		178,288
2.88%, 05/11/31 (Call 02/11/31)(a)		200		164,475
4.00%, 10/04/27 (Call 07/04/27)(a)		200		190,576
5.50%, 01/15/48 (Call 07/15/47)(a)		200		178,475
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)(d)		400		393,575
Southern Copper Corp.
3.88%, 04/23/25		200		198,285
5.25%, 11/08/42		350		356,414
5.88%, 04/23/45		400		439,500
6.75%, 04/16/40		300		351,244
7.50%, 07/27/35		200		241,475
Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(e)		200		167,475
Trust Fibra Uno
4.87%, 01/15/30 (Call 10/30/29)(a)		200		187,601
5.25%, 01/30/26 (Call 10/30/25)(a)		400		398,575
6.39%, 01/15/50 (Call 07/15/49)(a)		200		185,787
6.95%, 01/30/44 (Call 07/30/43)(a)		200		198,850
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(a)(d)		200		116,250
				14,845,673
Morocco — 0.4%
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 06/18/22)(a)		200		179,350

Security	Par (000)		Value
Morocco (continued)
OCP SA
4.50%, 10/22/25(a)	$	400	$	399,200
5.63%, 04/25/24(a)		525		536,484
6.88%, 04/25/44(a)		400		383,825
				1,498,859
Nigeria — 0.5%
Access Bank PLC
6.13%, 09/21/26(a)		400		373,700
9.13%, (Call 10/07/26)(a)(f)(g)		400		368,000
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(a)		600		588,863
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/22)(a)		400		400,075
				1,730,638
Oman — 0.5%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		400		399,500
DIB Sukuk Ltd., 1.96%, 06/22/26(a)		400		372,500
Oztel Holdings SPC Ltd.
5.63%, 10/24/23(a)		200		201,662
6.63%, 04/24/28(a)		700		724,194
				1,697,856
Panama — 0.9%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a)		1,000		890,000
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a)(d)		400		398,200
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(a)(d)		800		774,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		400		372,430
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a)		200		176,913
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(a)		300		295,407
				2,906,950
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(i)		430		287,938
Peru — 2.3%
Banco de Credito del Peru
2.70%, 01/11/25 (Call 12/11/24)(a)(d)		500		480,000
3.13%, 07/01/30 (Call 07/01/25)(a)(g)		550		499,916
3.25%, 09/30/31 (Call 09/30/26)(a)(d)(g)		400		358,700
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		400		384,000
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)(e)		400		365,325
Consorcio Transmantaro SA
4.70%, 04/16/34(a)		400		374,325
5.20%, 04/11/38 (Call 01/11/38)(e)		400		372,600
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)(d)		383		367,225
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(a)(d)		400		376,200
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		400		353,075
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a)		400		371,075
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36(a)		381		356,470
5.88%, 07/05/34(a)		389		397,520
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a)		200		163,200
Peru LNG Srl, 5.38%, 03/22/30(a)		600		516,000
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a)		600		582,113
Wynn Macau Ltd., 5.50%, 01/15/26 (Call 06/15/22)(a)		800		692,000
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		200		182,950
YPF SA, 8.75%, 04/04/24(a)		441		410,262
				7,602,956

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Philippines — 0.8%
Bank of the Philippine Islands, 4.25%, 09/04/23(a)	$	400	$	406,825
BDO Unibank Inc., 2.13%, 01/13/26(a)		400		379,500
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 09/30/27(a)		357		335,622
Globe Telecom Inc., 4.20%, (Call 08/02/26)(a)(f)(g)		400		384,000
Petron Corp., 4.60%, (Call 07/19/23)(a)(f)(g)		200		191,975
San Miguel Crop., 5.50%, (Call 07/29/25)(a)(f)(g)		400		388,000
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)(a)(f)(g)		500		485,094
				2,571,016
Qatar — 3.1%
ABQ Finance Co., 2.00%, 07/06/26(a)		400		369,000
ABQ Finance Ltd.
1.88%, 09/08/25(a)		200		186,750
3.13%, 09/24/24(a)		400		393,000
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		334,000
AKCB Finance Ltd., 4.75%, 10/09/23(a)		200		202,750
Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25(a)		200		190,410
Braskem Idesa SAPI, 6.99%, 02/20/32 (Call 02/20/27)(a)		400		356,000
CBQ Finance Ltd., 2.00%, 09/15/25(a)		400		376,500
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(a)		200		176,100
Industrias Penoles SAB de CV, 4.75%, 08/06/50 (Call 02/06/50)(a)		200		168,163
Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)(a)		400		383,000
MAR Sukuk Ltd., 3.03%, 11/13/24(a)		400		394,825
Nakilat Inc., 6.07%, 12/31/33(a)		616		673,357
Ooredoo International Finance Ltd.
3.75%, 06/22/26(a)		400		399,825
3.88%, 01/31/28(a)		200		202,850
4.50%, 01/31/43(a)		200		206,225
5.00%, 10/19/25(a)		600		625,425
QIB Sukuk Ltd.
1.95%, 10/27/25(a)		500		473,125
3.98%, 03/26/24(a)		600		604,800
QNB Finance Ltd.
2.63%, 05/12/25(a)		800		774,008
3.50%, 03/28/24(a)		600		598,920
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27(a)		521		548,040
6.33%, 09/30/27(a)		695		734,291
SingTel Group Treasury Pte Ltd., 2.38%, 08/28/29 (Call 05/28/29)(a)		400		365,575
SMC Global Power Holdings Corp., 5.45%, (Call 12/09/26)(a)(f)(g)		600		528,000
				10,264,939
Russia — 0.2%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)(a)		400		20,000
6.95%, (Call 04/30/23)(a)(f)(g)		200		24,000
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(a)		600		609,000
				653,000
Saudi Arabia — 3.4%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)		399		422,770
Almarai Sukuk Ltd., 4.31%, 03/05/24(a)		200		203,225
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		200		188,413
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(a)		200		185,800

Security	Par (000)		Value
Saudi Arabia (continued)
Country Garden Holdings Co. Ltd., 5.40%, 05/27/25 (Call 05/27/23)(a)	$	200	$	144,500
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		200		201,788
EIG Pearl Holdings Sarl
3.55%, 08/31/36(e)		400		353,936
4.39%, 11/30/46(e)		500		421,250
GLP China Holdings Ltd., 2.95%, 03/29/26(a)		200		181,975
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)		200		188,225
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25)(a)(g)		600		584,362
SABIC Capital II BV
4.00%, 10/10/23(a)		400		403,500
4.50%, 10/10/28(a)		200		204,350
Saudi Arabian Oil Co.
1.25%, 11/24/23 (Call 10/24/23)(a)		200		194,052
2.25%, 11/24/30 (Call 08/24/30)(a)		800		694,000
3.25%, 11/24/50 (Call 05/24/50)(a)		900		704,250
3.50%, 04/16/29(a)		1,100		1,062,875
4.25%, 04/16/39(a)		1,000		950,000
4.38%, 04/16/49(a)		1,000		943,750
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)		400		399,200
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24(a)		600		606,000
5.50%, 04/08/44(a)		400		418,700
Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24(a)		400		403,200
4.72%, 09/27/28(a)		400		424,000
Saudi Electricity Global Sukuk Co. 5, 1.74%, 09/17/25(a)		200		188,500
Saudi Telecom Co., 3.89%, 05/13/29(a)		400		402,825
Yapi ve Kredi Bankasi AS, 7.88%, 01/22/31 (Call 01/22/26)(a)(g)		400		387,200
				11,462,646
Singapore — 4.3%
Africa Finance Corp., 2.88%, 04/28/28(a)		400		364,000
BOC Aviation Ltd.
2.09%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(a)(g)		300		300,150
2.63%, 09/17/30 (Call 06/17/30)(a)		400		341,825
3.00%, 09/11/29 (Call 06/11/29)(a)		300		268,369
3.25%, 04/29/25 (Call 03/29/25)(a)		600		586,987
3.50%, 10/10/24 (Call 09/10/24)(a)		400		396,950
3.50%, 09/18/27 (Call 06/18/27)(a)(d)		400		386,660
3.88%, 04/27/26 (Call 01/27/26)(a)		300		296,212
4.00%, 01/25/24 (Call 12/25/23)(a)		200		200,413
BOC Aviation USA Corp., 1.63%, 04/29/24 (Call 03/29/24)(a)		600		575,334
Burgan Bank SAK, 2.75%, 12/15/31 (Call 09/15/26)(a)(g)		400		350,450
China Great Wall International Holdings V Ltd., 2.38%, 08/18/30(a)		200		162,788
China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26)(a)(f)(g)		200		193,000
DBS Group Holdings Ltd.
1.19%, 03/15/27(a)		400		357,032
3.30%, (Call 02/27/25)(a)(f)(g)		600		577,500
4.52%, 12/11/28 (Call 12/11/23)(a)(g)		400		405,108
Empresa Nacional de Telecomunicaciones SA, 3.05%, 09/14/32 (Call 06/14/32)(e)		600		503,925
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(e)		400		362,000
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		300		292,838
4.75%, 06/15/25 (Call 03/15/25)		284		288,526
4.88%, 06/15/29 (Call 03/15/29)(d)		399		398,576

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Singapore (continued)
4.88%, 05/12/30 (Call 02/12/30)	$	415	$	411,248
GLP Pte Ltd.
3.88%, 06/04/25(a)		600		582,300
4.50%, (Call 05/17/26)(a)(f)(g)		400		354,950
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25)(a)(d)(g)		400		371,808
4.25%, 06/19/24(a)(d)		600		606,487
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(a)		200		190,654
Singapore Telecommunications Ltd., 7.38%, 12/01/31(a)		300		385,556
SingTel Group Treasury Pte Ltd.
2.38%, 10/03/26(a)		400		381,325
3.25%, 06/30/25(a)		300		298,087
3.88%, 08/28/28 (Call 05/28/28)(a)		200		202,413
United Overseas Bank Ltd.
1.25%, 04/14/26(a)(d)		400		366,096
1.75%, 03/16/31 (Call 03/16/26)(a)(g)		400		364,040
2.00%, 10/14/31 (Call 10/14/26)(a)(g)		400		363,536
3.06%, 04/07/25(e)		400		398,232
3.75%, 04/15/29 (Call 04/15/24)(a)(g)		200		199,913
3.86%, 10/07/32 (Call 10/07/27)(e)(g)		400		390,532
3.88%, (Call 10/19/23)(a)(f)(g)		400		393,200
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a)		400		383,950
				14,252,970
South Africa — 2.8%
Absa Group Ltd., 6.38%, (Call 05/27/26)(a)(f)(g)		200		190,000
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)(a)(g)		400		387,075
Amipeace Ltd., 1.75%, 11/09/26(a)		200		183,984
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)		400		356,000
3.75%, 10/01/30 (Call 07/01/30)		500		442,500
Arcor SAIC, 6.00%, 07/06/23 (Call 06/13/22)(a)		275		274,312
Banco de Bogota SA, 6.25%, 05/12/26(a)		600		596,175
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(e)		600		549,000
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25)(a)(g)		200		205,730
China CITIC Bank International Ltd., 4.63%, 02/28/29 (Call 02/28/24)(a)(g)		250		250,828
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(g)		400		400,950
Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a)		200		209,350
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(a)		194		176,540
HPHT Finance 19 Ltd., 2.88%, 11/05/24(a)		200		196,350
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/30/22)(a)		200		172,038
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a)		500		446,250
MTN Mauritius Investments Ltd.
4.76%, 11/11/24(a)		400		395,825
6.50%, 10/13/26(a)		400		412,825
NWD Finance BVI Ltd., 5.25%, (Call 03/22/26)(a)(f)(g)		200		197,725
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)(d)		600		558,000
5.50%, 03/18/31 (Call 03/18/30)		500		447,500
5.88%, 03/27/24 (Call 02/27/24)		900		893,250
6.50%, 09/27/28 (Call 06/27/28)		600		589,500
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		600		547,500
4.50%, 11/16/29 (Call 11/16/25)(a)		400		353,000
				9,432,207

Security	Par (000)		Value
South Korea — 3.9%
Hana Bank
1.25%, 12/16/26(a)	$	400	$	359,192
3.25%, 03/30/27(e)		200		195,150
Hanwha Life Insurance Co. Ltd.
3.38%, 02/04/32 (Call 02/04/27)(e)(g)		400		374,096
4.70%, (Call 04/23/23)(a)(f)(g)		400		402,325
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)(a)(f)(g)		200		198,800
Hyundai Capital Services Inc., 1.25%, 02/08/26(a)		400		360,910
Kookmin Bank
1.38%, 05/06/26(a)		200		183,028
1.75%, 05/04/25(a)		400		380,380
2.50%, 11/04/30(a)		200		170,224
4.35%, (Call 07/02/24)(a)(f)(g)		200		197,913
Korea Electric Power Corp.
1.13%, 06/15/25(a)		200		186,225
2.50%, 06/24/24(a)		400		395,325
Korea Gas Corp.
2.88%, 07/16/29(a)		200		189,475
3.50%, 07/21/25(a)		200		199,662
3.50%, 07/02/26(a)(d)		200		198,975
3.88%, 02/12/24(a)		200		202,600
6.25%, 01/20/42(a)		600		776,925
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(a)		400		403,700
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(a)(f)(g)		200		200,287
LG Chem Ltd.
3.25%, 10/15/24(a)		200		198,646
3.63%, 04/15/29(a)		200		193,538
NAVER Corp., 1.50%, 03/29/26(a)		400		364,560
NongHyup Bank
1.25%, 07/20/25(a)		400		370,548
3.88%, 07/30/23(a)		200		201,850
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		200		194,000
Sands China Ltd.
2.55%, 03/08/27 (Call 02/08/27)(e)		400		331,924
3.10%, 03/08/29 (Call 01/08/29)(e)		600		477,504
3.25%, 08/08/31 (Call 05/08/31)(e)		500		383,250
Shinhan Bank Co. Ltd.
1.38%, 10/21/26(a)(d)		200		181,240
2.88%, 04/24/25, (3 mo. LIBOR US + 1.700%)(a)(g)		200		205,162
3.88%, 11/05/23(a)		400		404,520
3.88%, 03/24/26(a)		200		196,828
4.38%, 04/13/32(e)		200		196,140
Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26(a)		200		183,814
2.88%, (Call 05/12/26)(a)(f)(g)		200		179,000
3.34%, 02/05/30 (Call 02/05/25)(a)(d)(g)		200		194,788
5.88%, (Call 08/13/23)(a)(f)(g)		400		407,075
SK Hynix Inc.
1.00%, 01/19/24(a)		200		190,318
1.50%, 01/19/26(a)		600		543,480
2.38%, 01/19/31(a)		400		331,868
Woori Bank
0.75%, 02/01/26(a)(d)		400		360,120
2.00%, 01/20/27(e)		200		185,406
4.25%, (Call 10/04/24)(a)(f)(g)		200		195,850
4.75%, 04/30/24(a)		400		407,950
5.25%, (Call 05/16/22)(a)(f)(g)		400		399,075
				13,053,646

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational — 0.4%
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(a)	$	400	$	368,700
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28(a)		400		369,697
4.88%, 05/23/24(a)		600		597,831
				1,336,228
Switzerland — 0.1%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(a)		400		291,000
Taiwan — 3.8%
Banco Mercantil del Norte SA/Grand Cayman, 5.88%, (Call 01/24/27)(a)(f)(g)		200		177,475
CDBL Funding 2, 2.00%, 03/04/26(a)		200		184,414
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(a)(f)(g)		400		380,000
Competition Team Technologies Ltd., 3.75%, 03/12/24(a)		400		401,950
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a)		600		525,000
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a)		800		782,900
Foxconn Far East Ltd.
1.63%, 10/28/25(a)		600		553,086
2.50%, 10/28/30(a)		400		340,575
Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a)		200		195,475
TSMC Arizona Corp.
1.75%, 10/25/26 (Call 09/25/26)		1,000		916,035
2.50%, 10/25/31 (Call 07/25/31)(d)		800		690,856
3.13%, 10/25/41 (Call 04/25/41)		600		504,750
3.25%, 10/25/51 (Call 04/25/51)(d)		800		660,920
3.88%, 04/22/27 (Call 03/22/27)		600		597,330
4.13%, 04/22/29 (Call 02/22/29)		400		398,200
4.25%, 04/22/32 (Call 01/22/32)		600		596,658
4.50%, 04/22/52 (Call 10/22/51)		700		701,813
TSMC Global Ltd.
0.75%, 09/28/25 (Call 08/28/25)(a)		600		544,800
1.00%, 09/28/27 (Call 07/28/27)(a)		600		513,414
1.25%, 04/23/26 (Call 03/23/26)(a)		800		730,360
1.38%, 09/28/30 (Call 06/28/30)(a)		800		645,360
1.75%, 04/23/28 (Call 02/23/28)(a)		600		526,824
2.25%, 04/23/31 (Call 01/23/31)(a)		900		766,332
Turk Telekomunikasyon AS, 6.88%, 02/28/25(a)		400		389,200
				12,723,727
Thailand — 2.3%
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36 (Call 09/23/31)(e)(g)		600		514,305
3.47%, 09/23/36 (Call 09/23/31)(a)(g)		200		171,435
4.05%, 03/19/24(a)		400		404,575
4.45%, 09/19/28(a)		400		408,575
5.00%, 10/03/23(a)		200		204,913
GC Treasury Center Co. Ltd.
2.98%, 03/18/31 (Call 12/18/30)(a)		400		343,825
4.30%, 03/18/51 (Call 09/18/50)(a)		400		338,950
4.40%, 03/30/32 (Call 09/30/31)(d)(e)		800		756,300
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31 (Call 10/02/26)(a)(g)		600		553,425
5.28%, (Call 10/14/25)(a)(f)(g)		400		390,250
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(a)(f)(g)		400		367,500
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(d)		400		296,825
PTTEP Treasury Center Co. Ltd. 2.59%, 06/10/27 (Call 04/10/27)(a)		400		373,950

Security	Par (000)		Value
Thailand (continued)
3.90%, 12/06/59(a)	$	400	$	331,304
QNB Finance Ltd., 1.38%, 01/26/26(a)		650		595,562
Siam Commercial Bank PCL/Cayman Islands
3.90%, 02/11/24(a)		400		402,950
4.40%, 02/11/29(a)		200		202,600
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(a)		400		273,575
3.75%, 06/18/50(a)		400		280,168
5.38%, 11/20/48(a)		400		359,284
				7,570,271
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(a)		200		206,050
Turkey — 4.2%
Akbank TAS
5.13%, 03/31/25(a)		400		374,000
6.80%, 02/06/26(a)		300		287,250
6.80%, 06/22/31 (Call 06/22/26)(a)(g)		400		367,000
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(e)		600		491,811
Banco do Brasil SA/Cayman, 4.75%, 03/20/24(a)		200		201,850
Banco Mercantil del Norte SA/Grand Cayman, 8.38%, (Call 10/14/30)(a)(f)(g)		200		205,275
BBVA Bancomer SA/Texas, 5.88%, 09/13/34 (Call 09/13/29)(a)(g)		200		191,118
BRF SA, 5.75%, 09/21/50 (Call 03/21/50)(a)		200		158,100
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)		400		340,000
5.20%, 09/17/30 (Call 09/17/25)(a)		200		188,500
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		200		215,148
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)		200		182,288
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(e)		400		370,000
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		200		194,038
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a)		400		376,950
DBS Group Holdings Ltd., 1.82%, 03/10/31 (Call 03/10/26)(a)(g)		200		183,312
First Quantum Minerals Ltd., 6.88%, 10/15/27 (Call 10/15/23)(a)		1,000		995,812
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)		500		498,531
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a)		400		389,950
Nan Fung Treasury Ltd., 5.00%, 09/05/28(a)		200		197,288
National Bank of Oman SAOG, 5.63%, 09/25/23(a)		400		402,700
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		409,825
SA Global Sukuk Ltd., 1.60%, 06/17/26 (Call 05/17/26)(a)		700		642,320
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)(a)		400		380,160
Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(a)		200		165,350
Singapore Airlines Ltd., 3.38%, 01/19/29 (Call 11/19/28)(a)		400		367,844
Turk Telekomunikasyon AS, 4.88%, 06/19/24(a)		200		189,000
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		200		189,257
5.80%, 04/11/28 (Call 01/11/28)(a)		365		326,492
Turkiye Garanti Bankasi AS, 6.13%, 05/24/27(a)(g)		600		571,608
Turkiye Is Bankasi AS
6.13%, 04/25/24(a)		800		786,650
7.00%, 06/29/28 (Call 06/29/23)(a)(g)		400		391,200
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		400		378,950
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		400		388,825

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
Turkiye Vakiflar Bankasi TAO, 8.13%, 03/28/24(a)	$	400	$	404,325
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		400		341,700
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		400		390,200
8.25%, 10/15/24(a)		200		204,225
13.88%, (Call 01/15/24)(a)(f)(g)		500		534,625
				13,873,477
Ukraine — 0.2%
DTEK Finance PLC, 7.50%, (5.00% PIK), 12/31/27 (Call 05/30/22)(a)(h)		1,052		231,528
Metinvest BV
7.75%, 10/17/29(a)		400		212,000
8.50%, 04/23/26 (Call 01/23/26)(a)		400		214,000
Prudential PLC, 2.95%, 11/03/33 (Call 08/03/28)(a)(g)		200		179,000
				836,528
United Arab Emirates — 4.5%
Abu Dhabi National Energy Co. PJSC
3.40%, 04/29/51 (Call 10/29/50)(a)		200		173,350
3.88%, 05/06/24(a)		200		201,600
4.38%, 04/23/25(a)		200		203,520
4.38%, 06/22/26(a)		400		410,825
4.88%, 04/23/30(a)		400		425,824
6.50%, 10/27/36(a)		300		369,900
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)(a)		300		263,587
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(f)(g)		200		206,412
AHB Sukuk Co. Ltd., 4.38%, 09/19/23(a)		200		203,100
Aldar Sukuk Ltd., 4.75%, 09/29/25(a)		200		204,850
BOC Aviation Ltd., 1.75%, 01/21/26 (Call 12/21/25)(a)		300		273,768
BOS Funding Ltd., 4.00%, 09/18/24(a)		200		197,975
CBQ Finance Ltd., 2.00%, 05/12/26(a)		400		372,000
China Construction Bank Corp., 2.85%, 01/21/32 (Call 01/21/27)(a)(g)		200		186,746
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24(a)		200		188,606
DIB Sukuk Ltd., 2.95%, 01/16/26(a)		600		580,987
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(f)(g)		200		207,000
EI Sukuk Co. Ltd., 1.83%, 09/23/25(a)		400		378,000
Emaar Sukuk Ltd.
3.64%, 09/15/26(a)		200		196,788
3.70%, 07/06/31(a)		200		193,225
3.88%, 09/17/29(a)		200		196,413
EMG Sukuk Ltd., 4.56%, 06/18/24 (a)		400		403,200
Emirates NBD Bank PJSC
1.64%, 01/13/26(a)		400		371,000
6.13%, (Call 03/20/25)(a)(f)(g)		400		401,500
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a)		200		200,600
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(e)		350		339,500
4.88%, 03/30/26 (Call 12/30/25)(e)		350		323,050
Fab Sukuk Co. Ltd.
1.41%, 01/14/26(a)		200		185,250
3.88%, 01/22/24(a)		400		402,500
First Abu Dhabi Bank PJSC
1.89%, 07/08/24, (3 mo. LIBOR US + 0.900%)(a)(g)		200		199,600
4.50%, (Call 04/05/26)(a)(f)(g)		400		395,500
Galaxy Pipeline Assets Bidco Ltd.
2.63%, 03/31/36(a)		600		500,850
3.25%, 09/30/40(a)		400		329,575

Security	Par (000)		Value
United Arab Emirates (continued)
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24 (Call 04/15/24)(a)	$	400	$	402,325
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(a)		200		198,000
Indofood CBP Sukses Makmur Tbk PT, 3.54%, 04/27/32 (Call 10/27/31)(a)		400		333,044
Israel Electric Corp. Ltd., 3.75%, 02/22/32(e)		200		186,500
MAF Global Securities Ltd.
4.75%, 05/07/24(a)		200		202,350
5.50%, (Call 09/07/22)(a)(f)(g)		200		197,788
MAF Sukuk Ltd.
3.93%, 02/28/30(a)		200		195,788
4.64%, 05/14/29(a)		200		203,288
Mashreqbank PSC, 4.25%, 02/26/24(a)		200		202,413
MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)(a)(f)(g)		200		196,100
OCP SA, 5.13%, 06/23/51 (Call 12/23/50)(a)		600		463,005
Petrofac Ltd.
9.75%, 11/15/26 (Call 11/15/23)(e)		200		186,000
9.75%, 11/15/26 (Call 11/15/23)(a)		100		93,000
Rakfunding Cayman Ltd., 4.13%, 04/09/24(a)		200		201,038
REC Ltd., 5.25%, 11/13/23(a)		200		203,662
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)		200		244,562
SA Global Sukuk Ltd., 0.95%, 06/17/24 (Call 05/17/24)(a)		400		378,500
SF Holding Investment Ltd., 2.88%, 02/20/30(a)		200		174,136
SIB Sukuk Co. III Ltd., 2.85%, 06/23/25(a)		200		194,975
SMC Global Power Holdings Corp., 5.95%, (Call 05/05/25)(a)(f)(g)		400		375,825
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(e)		200		173,750
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(a)		200		210,287
				14,902,937
United States — 0.2%
JBS Finance Luxembourg Co., 2.50%, 01/15/27 (Call 12/15/26)(a)		200		179,500
SK Battery America Inc., 2.13%, 01/26/26(a)		400		364,848
				544,348
Zambia — 0.8%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 05/09/22)(a)		600		601,500
6.88%, 03/01/26 (Call 05/09/22)(a)		650		647,684
7.50%, 04/01/25 (Call 05/09/22)(a)		1,000		1,010,000
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		600		507,555
				2,766,739
Total Corporate Bonds & Notes — 97.2% (Cost: $359,825,456)				323,864,329
Foreign Government Obligations(k)
Colombia — 0.0%
Korea Hydro & Nuclear Power Co. Ltd., 1.25%, 04/27/26(a)		200		182,556
Nigeria — 0.5%
Africa Finance Corp.
3.13%, 06/16/25(a)		600		576,000
3.75%, 10/30/29(a)		200		189,500
3.88%, 04/13/24(a)		400		397,500
4.38%, 04/17/26(a)		400		399,000
				1,562,000

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Qatar — 0.2%
African Export-Import Bank (The), 3.99%, 09/21/29(Call 06/23/29)(a)	$	600	$	566,250
South Korea — 0.2%
Industrial Bank of Korea
0.63%, 09/17/24(e)		200		188,148
1.04%, 06/22/25(a)		200		185,278
Korea Expressway Corp., 1.13%, 05/17/26(a)		200		181,750
				555,176
Supranational — 0.3%
African Export-Import Bank (The)
3.80%, 05/17/31 (Call 02/17/31)(a)		400		364,000
4.13%, 06/20/24(a)		600		597,750
5.25%, 10/11/23(a)		200		202,750
				1,164,500
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)		400		356,000
Total Foreign Government Obligations — 1.3% (Cost: $4,713,837)				4,386,482
Short-Term Investments
Money Market Funds — 9.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(l)(m)(n)		27,384		27,383,800
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(l)(m)		3,887		3,887,000
				31,270,800
Total Short-Term Investments — 9.4% (Cost: $31,266,205)				31,270,800
Total Investments in Securities — 107.9% (Cost: $395,805,498)				359,521,611
Other Assets, Less Liabilities — (7.9)%				(26,192,177	)
Net Assets — 100.0%			$	333,329,434

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

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

^(c)  Non-income producing security.

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

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

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

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

^(h)  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.

⁽ⁱ⁾  Zero-coupon bond.

^(j)  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.

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

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,898,642	$	—	$	(14,492,274	)(a)	$	(20,606	)	$	(1,962	)	$	27,383,800		27,384	$	78,580	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,007,000		—		(2,120,000	)(a)		—			—			3,887,000		3,887		1,491			—
								$	(20,606	)	$	(1,962	)	$	31,270,800			$	80,071		$	—

^(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.

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Corporate 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	$	—	$	323,864,329	$	—	$	323,864,329
Foreign Government Obligations		—		4,386,482		—		4,386,482
Money Market Funds		31,270,800		—		—		31,270,800
	$	31,270,800	$	328,250,811	$	—	$	359,521,611

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited)  April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 0.9%
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 05/30/22)(a)	$	300	$	302,869
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(a)(b)(c)		200		40,000
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		400		394,600
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(d)		400		325,200
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 05/30/22)(a)		300		237,338
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/30/22)(a)		300		280,073
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 05/30/22)(a)		600		504,112
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/30/22)(a)		400		357,500
5.50%, 10/01/27 (Call 10/01/22)(a)		400		326,000
YPF SA
6.95%, 07/21/27(a)		600		432,487
7.00%, 12/15/47 (Call 06/15/47)(a)		300		183,806
8.50%, 07/28/25(a)		600		489,000
				3,872,985
Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a)		1,400		1,482,250
Bahrain — 0.5%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		400		378,000
BBK BSC, 5.50%, 07/09/24(a)		200		201,787
FS Luxembourg Sarl, 10.00%, 12/15/25(a)		400		409,075
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		400		392,950
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		200		187,663
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a)		600		629,175
				2,198,650
Barbados — 0.1%
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)		200		195,500
Brazil — 7.9%
Acu Petroleo Luxembourg Sarl, 7.50%, 07/13/35 (Call 01/13/27)(e)		400		360,771
Adecoagro SA, 6.00%, 09/21/27(a)		200		196,302
Altice Financing SA, 5.75%, 08/15/29		1,200		1,011,360
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28(a)		400		379,700
Atento Luxco 1 SA, 8.00%, 02/10/26(a)		300		294,450
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(a)(d)		400		330,700
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(e)		400		348,200
Banco Bradesco SA/Cayman Islands
3.20%, 01/27/25(a)		400		386,600
4.38%, 03/18/27(e)		400		389,350
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(a)(d)		400		364,825
4.50%, 01/10/25 (Call 12/10/24)(a)		600		589,245
7.75%, 02/15/29 (Call 02/15/24)(a)(d)(f)		200		204,225
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(f)(g)		200		178,600
Banco do Brasil SA/Cayman
3.25%, 09/30/26(e)		400		372,825
3.25%, 09/30/26(a)		200		186,413
4.88%, 01/11/29(a)		200		194,100
6.25%, (Call 04/15/24)(a)(f)(g)		1,000		927,687
9.00%, (Call 06/18/24)(a)(f)(g)		1,200		1,220,250
Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (Call 01/24/32)(a)(f)(g)		400		357,950
Banco Votorantim SA, 4.38%, 07/29/25(a)		400		393,000

Security	Par (000)		Value
Brazil (continued)
BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(a)	$	600	$	532,800
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(a)(d)		400		387,075
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 05/30/22)(a)		400		410,500
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		800		794,650
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)(a)		600		506,738
5.88%, 04/08/32 (Call 04/08/27)(e)		200		178,500
Embraer Netherlands Finance BV
5.05%, 06/15/25(d)		850		837,887
5.40%, 02/01/27(d)		300		290,438
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a)		200		172,913
Gol Finance SA, 8.00%, 06/30/26 (Call 12/24/22)(a)		400		349,700
Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)(a)		200		163,350
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(a)		400		388,100
3.88%, 04/15/31 (Call 01/15/26)(a)(f)		400		358,380
4.50%, 11/21/29 (Call 11/21/24)(a)(d)(f)		400		379,500
6.13%, (Call 12/12/22)(a)(d)(f)(g)		800		770,200
6.50%, (Call 03/19/23)(a)(d)(f)(g)		400		384,950
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(a)		400		319,000
5.75%, 04/03/29 (Call 01/03/29)(a)(d)		400		393,575
7.00%, 04/03/49 (Call 10/03/48)(a)		400		385,552
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(a)		400		370,020
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		1,000		829,925
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)		1,000		870,000
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a)		400		336,000
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)		400		330,050
Natura &Co Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(e)		400		389,120
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)(d)		600		536,160
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(a)(d)		200		204,850
7.00%, 05/14/26 (Call 05/31/22)(a)		400		412,075
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(a)		400		384,000
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/30/22)(a)(h)		439		252,829
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/31/22)(a)(i)		900		4,500
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 05/30/22)(a)(h)		1,052		229,594
Oi SA, 10.00%, (12.00% PIK), 07/27/25(h)		1,000		797,375
Petrobras Global Finance BV
5.09%, 01/15/30(d)		550		533,500
5.30%, 01/27/25		200		206,475
5.50%, 06/10/51 (Call 12/10/50)		700		573,212
5.60%, 01/03/31 (Call 10/03/30)(d)		1,025		1,006,037
5.75%, 02/01/29		400		404,700
6.00%, 01/27/28(d)		868		889,266
6.25%, 03/17/24		200		208,600
6.75%, 01/27/41(d)		500		489,938
6.75%, 06/03/50 (Call 12/03/49)		300		278,940
6.85%, 06/05/2115		1,300		1,141,562
6.88%, 01/20/40		475		473,456
6.90%, 03/19/49		600		570,112
7.25%, 03/17/44(d)		610		608,475
7.38%, 01/17/27(d)		700		765,268
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)		400		384,500

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Rede D’or Finance Sarl
4.50%, 01/22/30 (Call 10/22/29)(a)	$	300	$	262,013
4.95%, 01/17/28 (Call 10/17/27)(a)(d)		400		375,500
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(e)		300		247,369
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(a)		200		207,100
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		400		400,575
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)(a)		800		643,000
				33,306,457
Chile — 0.2%
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(e)		200		181,000
Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(a)		400		135,800
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(a)		400		362,000
				678,800
China — 4.7%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(a)(f)(g)		600		132,000
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		200		195,225
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(a)(f)(g)		1,700		1,686,400
Beijing Enterprises Water Capital Management Holdings Ltd., 4.95%, 05/02/23(a)		200		200,850
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(a)(f)(g)		200		169,000
China Hongqiao Group Ltd., 6.25%, 06/08/24(a)		200		194,475
China SCE Group Holdings Ltd.
7.00%, 05/02/25 (Call 05/02/23)(a)		400		244,000
7.38%, 04/09/24 (Call 05/30/22)(a)		200		135,000
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a)		400		392,152
CIFI Holdings Group Co. Ltd.
4.45%, 08/17/26 (Call 05/17/24)(a)		200		150,000
5.95%, 10/20/25 (Call 07/20/23)(a)		400		308,000
6.00%, 07/16/25 (Call 01/16/23)(a)		200		157,200
6.45%, 11/07/24 (Call 11/07/22)(a)		400		328,000
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(f)(g)		400		401,000
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(f)(g)		600		597,750
Ease Trade Global Ltd., 4.00%, 11/10/25(a)		200		196,162
Easy Tactic Ltd., 11.75%, 08/02/23(a)		400		84,825
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)(a)(f)(g)		400		402,160
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)		600		553,062
Fortune Star BVI Ltd.
5.00%, 05/18/26 (Call 05/18/24)(a)		200		173,000
5.05%, 01/27/27 (Call 01/27/25)(a)		400		338,000
5.95%, 10/19/25 (Call 10/19/23)(a)		400		358,000
Greenland Global Investment Ltd., 5.88%, 07/03/24(a)		200		110,250
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		200		190,000
6.25%, 11/29/28 (Call 11/29/24)(a)		400		376,000
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(a)(f)(g)		3,500		3,339,000
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		381,700
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 05/17/22)(a)		400		152,000
Lenovo Group Ltd., 5.88%, 04/24/25(a)		600		623,562
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(e)		400		395,575
6.75%, 06/30/30 (Call 12/30/29)(a)(e)		300		292,140
NWD Finance BVI Ltd., 4.13%, (Call 03/10/28)(a)(f)(g)		800		720,000
Overseas Chinese Town Asia Holdings Ltd., 4.50%, (Call 07/15/23)(a)(f)(g)		400		396,000

Security	Par (000)		Value
China (continued)
Powerlong Real Estate Holdings Ltd., 5.95%, 04/30/25 (Call 04/30/23)(a)	$	400	$	156,000
RKPF Overseas 2020 A Ltd.
5.13%, 07/26/26 (Call 07/26/24)(a)		400		284,000
5.20%, 01/12/26 (Call 01/12/24)(a)		200		144,000
Shimao Group Holdings Ltd.
3.45%, 01/11/31 (Call 01/11/26)(a)		400		80,000
5.20%, 01/30/25 (Call 05/17/22)(a)		400		94,000
5.20%, 01/16/27 (Call 09/16/24)(a)		400		88,000
5.60%, 07/15/26 (Call 07/15/23)(a)		600		144,000
6.13%, 02/21/24 (Call 05/17/22)(a)		600		150,000
Shui On Development Holding Ltd.
5.75%, 11/12/23 (Call 05/30/22)(a)		600		567,000
6.15%, 08/24/24 (Call 08/24/22)(a)		200		185,000
6.40%, (Call 06/20/22)(a)(f)(g)		200		193,000
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(a)(f)(g)		400		275,075
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)(a)		400		94,000
6.50%, 07/09/23 (Call 07/09/22)(a)		400		100,000
6.50%, 01/10/25 (Call 01/10/23)(a)		400		90,000
6.65%, 08/03/24 (Call 08/03/22)(a)		400		90,000
7.00%, 07/09/25 (Call 07/09/23)(a)		400		88,000
Times China Holdings Ltd.
5.55%, 06/04/24 (Call 06/04/23)(a)		200		103,000
6.75%, 07/08/25 (Call 07/08/23)(a)		400		178,000
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(a)		400		371,075
6.50%, 01/08/26(a)		400		374,000
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(a)		400		334,000
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(a)(f)(g)		600		597,000
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a)		400		358,000
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a)		400		364,000
				19,873,638
Colombia — 3.2%
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		950		903,094
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)		400		375,000
4.63%, 12/18/29 (Call 12/18/24)(d)(f)		400		373,080
4.88%, 10/18/27 (Call 10/18/22)(d)(f)		400		389,575
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(e)		200		181,412
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		400		358,870
Ecopetrol SA
4.13%, 01/16/25		750		725,297
4.63%, 11/02/31 (Call 08/02/31)		750		626,625
5.38%, 06/26/26 (Call 03/26/26)(d)		750		738,891
5.88%, 09/18/23		1,000		1,010,500
5.88%, 05/28/45		1,150		908,500
5.88%, 11/02/51 (Call 05/02/51)		500		378,750
6.88%, 04/29/30 (Call 01/29/30)		1,250		1,232,812
7.38%, 09/18/43(d)		400		364,000
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(a)(f)(g)		200		190,600
Gol Finance SA, 7.00%, 01/31/25 (Call 05/30/22)(a)		400		343,325
Guara Norte Sarl, 5.20%, 06/15/34(a)		576		509,228
JSM Global Sarl, 4.75%, 10/20/30(a)		200		169,560
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(e)		400		355,000
5.05%, 04/05/32 (Call 10/05/31)(e)		200		172,500
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 05/30/22)(a)		200		191,225

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(a)	$	200	$	166,520
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		600		517,125
6.25%, 03/25/29 (Call 03/25/24)(a)(d)		360		355,500
Minerva Luxembourg SA, 4.38%, 03/18/31(a)		800		663,140
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)(a)		200		180,725
Nexa Resources SA, 6.50%, 01/18/28 (Call 10/18/27)(a)		200		199,500
Rumo Luxembourg Sarl, 4.20%, 01/18/32(a)		200		166,025
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		400		350,890
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(a)		340		329,864
				13,427,133
Egypt — 2.0%
Axis Bank., 4.10%, (Call 09/08/26)(a)(f)(g)		400		369,000
Azul Investments LLP, 7.25%, 06/15/26		400		341,450
Banco do Brasil SA/Cayman
4.63%, 01/15/25(a)		800		800,000
9.25%, 10/29/49(a)		800		816,650
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(a)(f)		800		723,800
5.00%,(a)		400		389,075
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		395		358,995
Delhi International Airport Ltd., 6.13%, 10/31/26(a)		200		195,400
Greenko Investment Co., 4.88%, 08/16/23 (Call 05/31/22)(a)		400		394,825
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25(a)		200		195,500
5.95%, 07/29/26 (Call 07/29/22)(a)		200		194,000
Itau Unibanco Holding SA/Cayman Island, 4.63%, (Call 02/27/25)(a)(f)(g)		400		345,500
Minsur SA, 4.50%, 10/28/31(a)		400		358,450
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(a)		200		181,538
Pampa Energia SA, 7.50%, 01/24/27 (Call 05/30/22)(a)		400		370,150
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(a)		400		379,000
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27(a)		200		200,975
Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25 (Call 11/12/23)(a)		400		368,700
Vedanta Resources Finance II PLC, 13.88%, 01/21/24 (Call 12/21/22)(a)		600		625,987
YPF Sociedad Anonima
1.50%, 09/30/33(a)		300		177,450
2.50%, 06/30/29(a)		450		327,375
4.00%, 02/12/26(a)		500		446,250
				8,560,070
Ghana — 0.4%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/31/22)(a)		400		390,575
Tullow Oil PLC
7.00%, 03/01/25 (Call 05/30/22)(a)(d)		600		484,500
10.25%, 05/15/26 (Call 05/15/23)(a)		1,000		985,000
				1,860,075
Guatemala — 0.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(e)		600		567,000
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(e)		400		371,120
				938,120
Hong Kong — 2.6%
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		400		380,000

Security	Par (000)		Value
Hong Kong (continued)
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(a)(f)(g)	$	250	$	246,250
Bank of East Asia Ltd. (The)
5.63%, (Call 05/18/22)(a)(f)(g)		400		399,450
5.83%, (Call 10/21/25)(a)(f)(g)		250		249,375
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(a)(f)(g)		400		373,400
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		400		381,000
Celestial Dynasty Ltd., 4.25%, 06/27/29(a)		600		536,550
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(f)(g)		400		400,075
China Citic Bank, 3.25%, (Call 07/29/26)(a)(f)(g)		250		238,125
Emirates NBD Bank PJSC, 4.25%, (Call 02/27/27)(a)(f)(g)		400		378,000
EnfraGen Energia Sur SA, 5.38%, 12/30/30(a)		400		287,502
FWD Group Ltd.
0.00%, (Call 06/15/22)(a)(f)(g)(i)		400		393,200
5.75%, 07/09/24(a)		600		602,737
6.38%, (Call 09/13/24)(a)(f)(g)		400		393,700
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(a)		400		398,920
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		550		515,075
Li & Fung Ltd., 5.25%, (Call 11/03/22)(a)(g)		400		248,000
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(a)(f)(g)		800		801,000
New World China Land Ltd., 4.75%, 01/23/27(a)		400		386,825
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(g)		800		744,150
NWD MTN Ltd.
4.13%, 07/18/29(a)		600		532,612
4.50%, 05/19/30(a)		200		178,038
Petron Corp., 5.95%, (Call 04/19/26)(a)(f)(g)		400		384,950
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		400		356,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25(a)		550		460,041
SMC Global Power Holdings Corp., 5.70%, (Call 01/21/26)(a)(f)(g)		200		183,725
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a)		400		375,450
				10,824,150
India — 1.7%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(a)		625		639,062
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		400		404,075
Delhi International Airport Ltd., 6.45%, 06/04/29(a)		400		356,000
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 05/16/22)(a)		400		390,500
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		200		180,538
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		800		704,000
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(e)		400		390,396
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(a)(f)(g)		600		549,000
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a)		386		335,820
JSW Steel Ltd., 5.95%, 04/18/24(a)		200		202,000
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Call 12/04/24)(a)		600		483,000
Network i2i Ltd.
3.98%,(a)		200		182,913
5.65%, (Call 01/15/25)(a)(f)(g)		600		592,050
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		400		393,000
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24 (Call 08/10/22)(a)		200		83,000
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/30/22)(a)		200		202,537
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)(d)		400		345,500

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(a)	$	600	$	571,500
9.25%, 04/23/26 (Call 04/23/23)(a)		400		332,000
				7,336,891
Indonesia — 0.8%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(a)		500		493,531
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		200		164,500
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		200		153,000
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26(a)		400		379,544
4.30%, (Call 03/24/27)(a)(f)(g)		400		367,920
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 05/30/22)(a)		800		784,150
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		400		374,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		600		594,000
				3,310,645
Israel — 2.3%
Bank of East Asia Ltd. (The), 5.88%, (Call 09/19/24)(a)(f)(g)		250		250,516
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(e)		400		358,000
Leviathan Bond Ltd., 5.75%, 06/30/23 (Call 03/30/23)(a)(e)		300		297,713
OCP SA, 3.75%, 06/23/31 (Call 03/23/31)(a)		400		337,960
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		300		269,313
Riyad Tier 1 Sukuk Ltd., 4.00%,		400		389,500
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(d)		500		472,437
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		845		816,840
3.15%, 10/01/26(d)		2,000		1,712,450
4.10%, 10/01/46		1,100		782,100
4.75%, 05/09/27 (Call 02/09/27)		500		457,500
5.13%, 05/09/29 (Call 02/09/29)		600		544,800
6.00%, 04/15/24 (Call 01/15/24)(d)		800		797,150
6.75%, 03/01/28 (Call 12/01/27)		800		803,650
7.13%, 01/31/25 (Call 10/31/24)		600		606,750
Turkiye Is Bankasi AS, 7.75%, 01/22/30 (Call 01/22/25)(a)(f)		400		394,460
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(a)		200		200,663
				9,491,802
Jamaica — 0.2%
Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 05/16/22)(h)		505		499,634
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 05/16/22)(a)(d)		400		391,450
				891,084
Jordan — 0.1%
SMC Global Power Holdings Corp., 7.00%, (Call 10/21/25)(a)(f)(g)		400		387,325
Kazakhstan — 0.1%
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(e)		550		504,625
Kuwait — 0.4%
Burgan Bank SAK, 5.75%, (Call 07/09/24)(a)(f)(g)		400		382,200
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(f)(g)		400		417,000
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		400		360,075
4.50%, 02/23/27(a)		200		176,600

Security	Par (000)		Value
Kuwait (continued)
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(e)	$	300	$	294,337
				1,630,212
Luxembourg — 0.1%
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/23)(a)		600		500,838
Macau — 1.0%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		200		153,000
4.85%, 01/27/28 (Call 01/27/25)(a)		400		285,700
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/30/22)(a)		200		178,678
5.25%, 04/26/26 (Call 05/30/22)(a)		500		435,625
5.63%, 07/17/27 (Call 07/17/22)(a)		400		341,500
5.75%, 07/21/28 (Call 07/21/23)(a)		600		500,250
MGM China Holdings Ltd.
5.38%, 05/15/24 (Call 05/09/22)(a)		800		745,000
5.88%, 05/15/26 (Call 05/15/22)(a)		200		178,225
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		800		545,400
6.00%, 07/15/25 (Call 07/15/22)(a)		200		169,250
6.50%, 01/15/28 (Call 07/15/23)(a)		200		153,000
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)(a)		600		474,000
				4,159,628
Malaysia — 0.1%
NWD Finance BVI Ltd., 4.80%, (Call 09/09/23)(a)(g)		400		326,825
Mexico — 7.1%
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)(d)		400		401,700
Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)(a)(d)(f)(g)		300		288,338
7.50%, (Call 06/27/29)(a)(f)(g)		200		191,335
BBVA Bancomer SA/Texas, 5.13%, 01/18/33 (Call 01/17/28)(a)(f)		600		555,000
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(a)		600		565,500
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(e)		400		346,825
Cemex SAB de CV
5.45%, 11/19/29 (Call 11/19/24)(a)(d)		600		574,830
7.38%, 06/05/27 (Call 06/05/23)(a)		600		629,370
Cemex SAB De CV, 5.13%, (Call 06/08/26)(a)(d)(f)(g)		500		453,892
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(e)		400		322,575
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(e)		500		503,750
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(a)(d)(f)(g)		200		200,125
Petroleos Mexicanos
4.50%, 01/23/26(d)		600		560,700
5.35%, 02/12/28(d)		1,153		1,019,875
5.95%, 01/28/31 (Call 10/28/30)		2,203		1,848,736
6.35%, 02/12/48		950		661,722
6.38%, 01/23/45(d)		745		532,943
6.49%, 01/23/27 (Call 11/23/26)		898		859,566
6.50%, 03/13/27		2,279		2,177,106
6.50%, 01/23/29		700		640,500
6.50%, 06/02/41(d)		950		705,375
6.63%, 06/15/35(d)		1,650		1,338,150
6.75%, 09/21/47		3,300		2,383,194
6.84%, 01/23/30 (Call 10/23/29)		1,368		1,246,658
6.88%, 08/04/26(d)		1,450		1,444,200
6.95%, 01/28/60 (Call 07/28/59)		2,200		1,606,000
7.69%, 01/23/50 (Call 07/23/49)		4,675		3,648,837

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
Petroleos Mexicanos Co., 6.70%, 02/16/32 (Call 11/16/31)	$	4,159	$	3,583,727
Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(e)		200		167,475
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(a)(d)		400		232,500
				29,690,504
Morocco — 0.3%
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 06/18/22)(a)		200		179,350
OCP SA
4.50%, 10/22/25(a)		400		399,200
5.63%, 04/25/24(a)		300		306,563
6.88%, 04/25/44(a)		400		383,825
				1,268,938
Nigeria — 0.5%
Access Bank PLC
6.13%, 09/21/26(a)		200		186,850
9.13%, (Call 10/07/26)(a)(f)(g)		400		368,000
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(a)		600		588,862
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/22)(a)		400		400,075
Republic of Nigeria, 8.38%, 03/24/29(e)		800		742,000
				2,285,787
Oman — 0.3%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		400		399,500
Oztel Holdings SPC Ltd.
5.63%, 10/24/23(a)		400		403,325
6.63%, 04/24/28(a)		500		517,281
				1,320,106
Pakistan — 0.1%
Pakistan Global Sukuk Programme Co Ltd/The, 7.95%, 01/31/29(e)		600		570,488
Panama — 0.3%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(a)(d)		800		774,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		400		372,430
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(a)		200		196,938
				1,343,368
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(i)		621		415,910
Peru — 1.2%
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		600		576,000
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)(e)		400		365,325
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)(d)		383		367,225
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(a)(d)		400		376,200
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		400		353,075
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a)		400		326,400
Peru LNG Srl, 5.38%, 03/22/30(a)		400		344,000
Petroleos del Peru SA
4.75%, 06/19/32(a)		600		485,250
5.63%, 06/19/47(a)		1,100		799,150
Wynn Macau Ltd., 5.50%, 01/15/26 (Call 06/15/22)(a)		600		519,000
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		400		365,900
YPF SA, 8.75%, 04/04/24(a)		309		287,184
				5,164,709

Security	Par (000)		Value
Philippines — 0.4%
Globe Telecom Inc., 4.20%, (Call 08/02/26)(a)(f)(g)	$	400	$	384,000
Petron Corp., 4.60%, (Call 07/19/23)(a)(f)(g)		200		191,975
San Miguel Crop., 5.50%, (Call 07/29/25)(a)(f)(g)		200		194,000
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)(a)(f)(g)		800		776,150
				1,546,125
Qatar — 0.4%
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		334,000
Braskem Idesa SAPI, 6.99%, 02/20/32 (Call 02/20/27)(a)		700		623,000
Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)(a)		400		383,000
SMC Global Power Holdings Corp., 5.45%, (Call 12/09/26)(a)(f)(g)		400		352,000
				1,692,000
Russia — 0.0%
Alfa Bank AO Via Alfa Bond Issuance PLC, 5.95%, 04/15/30 (Call 04/15/25)(a)(f)		400		20,000
Saudi Arabia — 0.4%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		600		565,238
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		400		403,575
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)		400		376,450
Yapi ve Kredi Bankasi AS, 7.88%, 01/22/31 (Call 01/22/26)(a)(f)		200		193,600
				1,538,863
Singapore — 0.2%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(e)		200		181,000
GLP Pte Ltd., 4.50%, (Call 05/17/26)(a)(f)(g)		400		354,950
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(a)		400		381,308
				917,258
South Africa — 2.4%
Absa Group Ltd., 6.38%, (Call 05/27/26)(a)(f)(g)		200		190,000
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)(a)(f)		400		387,075
Arcor SAIC, 6.00%, 07/06/23(a)		300		299,250
Banco de Bogota SA, 6.25%, 05/12/26(a)		600		596,175
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(e)		400		366,000
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25)(a)(f)		400		411,460
Embraer Netherlands Finance BV, 6.95%, 01/17/28 (Call 10/17/27)(a)		400		400,620
Eskom Holdings SOC Ltd.
6.35%, 08/10/28(a)		600		590,625
6.75%, 08/06/23(a)		617		598,885
7.13%, 02/11/25(a)		660		628,155
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(f)		200		200,475
Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a)		200		209,350
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(a)		582		529,620
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/30/22)(a)		400		344,075
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a)		250		223,125
MTN Mauritius Investments Ltd.
4.76%, 11/11/24(a)		600		593,737
6.50%, 10/13/26(a)		200		206,413
NWD Finance BVI Ltd., 5.25%, (Call 03/22/26)(a)(f)(g)		600		593,175
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)		400		372,000
5.50%, 03/18/31 (Call 03/18/30)		400		358,000
5.88%, 03/27/24 (Call 02/27/24)		800		794,000

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Africa (continued)
6.50%, 09/27/28 (Call 06/27/28)	$	600	$	589,500
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		400		365,000
4.50%, 11/16/29 (Call 11/16/25)(a)		400		353,000
				10,199,715
South Korea — 0.3%
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		400		388,000
SK Innovation Co. Ltd., 4.13%, 07/13/23(a)		400		401,264
Woori Bank
4.25%, (Call 10/04/24)(a)(f)(g)		400		391,700
5.25%, (Call 05/16/22)(a)(f)(g)		200		199,538
				1,380,502
Supranational — 0.2%
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28(a)		400		369,697
4.88%, 05/23/24(a)		400		398,554
				768,251
Switzerland — 0.1%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(a)		400		291,000
Taiwan — 0.4%
Banco Mercantil del Norte SA/Grand Cayman, 5.88%, (Call 01/24/27)(a)(f)(g)		400		354,950
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(a)(f)(g)		600		570,000
Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a)		400		390,950
Turk Telekomunikasyon AS, 6.88%, 02/28/25(a)		400		389,200
				1,705,100
Thailand — 0.2%
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(a)(f)		600		553,425
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(a)(f)(g)		400		367,500
				920,925
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(a)		200		206,050
Turkey — 3.3%
Akbank TAS
5.13%, 03/31/25(a)		200		187,000
6.80%, 02/06/26(a)		400		383,000
6.80%, 06/22/31 (Call 06/22/26)(a)(f)		400		367,000
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(e)		400		327,874
Banco do Brasil SA/Cayman, 4.75%, 03/20/24(a)		400		403,700
Banco Mercantil del Norte SA/Grand Cayman
7.63%,(a)		400		393,750
8.38%, (Call 10/14/30)(a)(f)(g)		200		205,275
BBVA Bancomer SA/Texas, 5.88%, 09/13/34 (Call 09/13/29)(a)(f)		350		334,457
BRF SA, 5.75%, 09/21/50 (Call 03/21/50)(a)		400		316,200
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)		800		680,000
5.20%, 09/17/30 (Call 09/17/25)(a)		600		565,500
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		600		645,444
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)		400		364,575
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		600		582,113
First Quantum Minerals Ltd., 6.88%, 10/15/27 (Call 10/15/23)(a)		1,000		995,812

Security	Par (000)		Value
Turkey (continued)
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)	$	400	$	398,825
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a)		400		389,950
National Bank of Oman SAOG, 5.63%, 09/25/23(a)		200		201,350
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		409,825
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)(a)		400		380,160
Simpar Europe SA, 5.20%, 01/26/31(a)		400		330,700
Singapore Airlines Ltd., 3.38%, 01/19/29 (Call 11/19/28)(a)		400		367,844
Sunac China Holdings Ltd., 6.50%, 01/26/26 (Call 01/26/24)(a)		400		88,000
Turk Telekomunikasyon AS, 4.88%, 06/19/24(a)		200		189,000
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		200		189,257
5.80%, 04/11/28 (Call 01/11/28)(a)		400		357,800
Turkiye Garanti Bankasi AS, 6.13%, 05/24/27(a)(f)		400		381,072
Turkiye Is Bankasi AS
6.13%, 04/25/24(a)		800		786,650
7.00%, 06/29/28 (Call 06/29/23)(a)(f)		200		195,600
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		400		378,950
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		300		291,619
Turkiye Vakiflar Bankasi TAO, 8.13%, 03/28/24(a)		400		404,325
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		400		341,700
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		300		292,650
8.25%, 10/15/24(a)		400		408,450
13.88%, (Call 01/15/24)(a)(f)(g)		400		427,700
				13,963,127
Ukraine — 0.1%
DTEK Finance PLC, 7.50%, (5.00% PIK), 12/31/27 (Call 05/30/22)(a)(h)		1,007		221,438
Metinvest BV
7.75%, 10/17/29(a)		200		106,000
8.50%, 04/23/26 (Call 01/23/26)(a)		400		214,000
				541,438
United Arab Emirates — 1.5%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(f)(g)		400		412,825
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(f)(g)		400		414,000
DP World Salaam, 6.00%, (Call 10/01/25)(a)(f)(g)		1,000		1,012,187
Emaar Sukuk Ltd.
3.64%, 09/15/26(a)		400		393,575
3.70%, 07/06/31(a)		200		193,225
3.88%, 09/17/29(a)		400		392,825
EMG Sukuk Ltd., 4.56%, 06/18/24(a)		600		604,800
Emirates NBD Bank PJSC, 6.13%, (Call 03/20/25)(a)(f)(g)		600		602,250
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)(e)		300		291,000
4.88%, 03/30/26 (Call 12/30/25)(a)(e)		300		276,900
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24 (Call 04/15/24)(a)		400		402,325
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(a)		400		396,000
OCP SA, 5.13%, 06/23/51 (Call 12/23/50)(a)		400		308,670
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(e)		400		372,000
SMC Global Power Holdings Corp., 5.95%, (Call 05/05/25)(a)(f)(g)		200		187,913
				6,260,495
Zambia — 0.6%
First Quantum Minerals Ltd. 6.50%, 03/01/24 (Call 05/09/22)(a)		400		401,000

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Zambia (continued)
6.88%, 03/01/26 (Call 05/09/22)(a)	$	600	$	597,862
7.50%, 04/01/25 (Call 05/09/22)(a)		800		808,000
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		600		507,555
				2,314,417
Total Corporate Bonds & Notes — 50.4% (Cost: $235,919,451)				212,082,779
Foreign Government Obligations(j)
Angola — 1.1%
Angolan Government International Bond
8.00%, 11/26/29(a)		1,000		932,500
8.25%, 05/09/28(a)		1,200		1,152,000
8.75%, 04/14/32(e)		900		848,250
9.13%, 11/26/49(a)		800		706,400
9.38%, 05/08/48(a)		1,000		900,000
				4,539,150
Argentina — 2.8%
Argentine Republic Government International Bond
0.50%, 07/09/30 (Call 05/30/22)(k)		9,430		2,961,154
1.00%, 07/09/29 (Call 05/31/22)(d)		1,528		487,422
1.13%, 07/09/35 (Call 05/30/22)(k)		12,038		3,412,854
1.13%, 07/09/46 (Call 05/30/22)(k)		1,190		342,720
2.00%, 01/09/38 (Call 05/30/22)(k)		6,664		2,382,176
2.50%, 07/09/41 (Call 05/30/22)(d)(k)		6,178		2,060,442
				11,646,768
Azerbaijan — 0.3%
Republic of Azerbaijan International Bond
3.50%, 09/01/32(a)		650		571,513
4.75%, 03/18/24(a)		600		598,612
				1,170,125
Bahrain — 2.1%
Bahrain Government International Bond
5.25%, 01/25/33(a)		600		527,738
5.45%, 09/16/32(a)		600		537,675
5.63%, 09/30/31(a)		600		552,113
5.63%, 05/18/34(a)		800		718,150
6.00%, 09/19/44(a)		600		496,238
6.75%, 09/20/29(a)		800		807,650
7.00%, 10/12/28(a)		900		944,606
7.38%, 05/14/30(a)		600		624,112
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(a)		800		811,400
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(a)		600		647,175
CBB International Sukuk Programme Co. WLL
3.88%, 05/18/29(d)(e)		600		559,237
3.95%, 09/16/27(a)		500		481,656
4.50%, 03/30/27(a)		400		396,825
6.25%, 11/14/24(a)		600		622,237
				8,726,812
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(a)		600		507,300
Brazil — 4.5%
Brazilian Government International Bond
2.88%, 06/06/25(d)		1,000		956,500
3.75%, 09/12/31(d)		900		776,250
3.88%, 06/12/30(d)		1,900		1,673,544
4.25%, 01/07/25		2,548		2,575,550
4.50%, 05/30/29 (Call 02/28/29)(d)		1,200		1,131,600

Security	Par (000)		Value
Brazil (continued)
4.63%, 01/13/28 (Call 10/13/27)(d)	$	1,800	$	1,755,338
4.75%, 01/14/50 (Call 07/14/49)		2,250		1,710,422
5.00%, 01/27/45(d)		1,926		1,551,995
5.63%, 01/07/41		1,300		1,157,650
5.63%, 02/21/47		1,700		1,459,663
6.00%, 04/07/26		1,214		1,281,756
7.13%, 01/20/37		960		1,036,380
8.25%, 01/20/34		900		1,045,856
8.88%, 04/15/24		650		725,684
				18,838,188
Burkina Faso — 0.2%
Bahrain Government International Bond, 6.13%, 08/01/23(a)		800		817,900
Chile — 0.1%
Egypt Government International Bond, 8.70%, 03/01/49(a)		800		582,000
Colombia — 3.7%
Colombia Government International Bond
3.00%, 01/30/30 (Call 10/30/29)		900		719,888
3.13%, 04/15/31 (Call 01/15/31)		1,400		1,095,325
3.25%, 04/22/32 (Call 01/22/32)		1,200		925,200
3.88%, 04/25/27 (Call 01/25/27)		1,400		1,279,075
3.88%, 02/15/61 (Call 08/15/60)		800		511,400
4.00%, 02/26/24 (Call 11/26/23)(d)		1,200		1,181,475
4.13%, 02/22/42 (Call 08/22/41)		600		418,200
4.13%, 05/15/51 (Call 11/15/50)		800		538,400
4.50%, 01/28/26 (Call 10/28/25)		800		768,650
4.50%, 03/15/29 (Call 12/15/28)		1,200		1,091,850
5.00%, 06/15/45 (Call 12/15/44)		2,600		1,942,362
5.20%, 05/15/49 (Call 11/15/48)		1,650		1,251,731
5.63%, 02/26/44 (Call 08/26/43)(d)		1,600		1,300,300
6.13%, 01/18/41		1,450		1,288,053
7.38%, 09/18/37		1,000		1,036,750
8.13%, 05/21/24		375		396,750
				15,745,409
Costa Rica — 0.2%
Costa Rica Government International Bond
6.13%, 02/19/31(a)(d)		400		395,575
7.16%, 03/12/45(a)		600		578,925
				974,500
Dominican Republic — 2.6%
Dominican Republic International Bond
4.50%, 01/30/30(a)		1,150		988,137
5.50%, 02/22/29 (Call 12/22/28)(e)		1,000		931,438
5.88%, 01/30/60(a)		1,850		1,402,878
5.95%, 01/25/27(a)		1,050		1,053,806
6.00%, 07/19/28(a)		800		788,150
6.00%, 02/22/33 (Call 11/22/32)(e)		1,000		905,188
6.40%, 06/05/49(a)		900		759,825
6.50%, 02/15/48(a)(d)		600		516,113
6.85%, 01/27/45(a)		1,190		1,067,132
6.88%, 01/29/26(a)		900		947,250
7.45%, 04/30/44(a)		950		918,709
Sri Lanka Government International Bond
7.55%, 03/28/30(a)(b)(c)		1,000		422,610
7.85%, 03/14/29(a)(b)(c)		900		380,349
				11,081,585
Ecuador — 1.5%
Ecuador Government International Bond
0.00%, 07/31/30(a)(i)		600		326,737

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ecuador (continued)
0.50%, 07/31/40(a)(k)	$	2,000	$	1,082,250
1.00%, 07/31/35(a)(k)		4,850		3,030,644
5.00%, 07/31/30(a)(k)		2,275		1,841,044
				6,280,675
Egypt — 3.7%
Costa Rica Government International Bond, 7.00%, 04/04/44(a)		862		817,984
Dominican Republic International Bond
4.88%, 09/23/32(a)		1,800		1,511,212
5.30%, 01/21/41(a)		850		670,862
5.50%, 01/27/25(a)		725		744,031
Egypt Government International Bond
5.75%, 05/29/24(a)		800		746,000
5.80%, 09/30/27(e)		600		490,500
5.88%, 06/11/25(a)		800		722,000
5.88%, 02/16/31(a)		800		585,000
6.59%, 02/21/28(a)		814		677,655
7.05%, 01/15/32(a)		600		462,000
7.30%, 09/30/33(a)		800		599,000
7.50%, 01/31/27(a)		1,200		1,068,000
7.50%, 02/16/61(a)		800		534,000
7.60%, 03/01/29(a)		1,200		1,020,000
7.63%, 05/29/32(a)		1,000		778,750
7.90%, 02/21/48(a)		800		546,000
8.50%, 01/31/47(a)		1,500		1,083,750
8.88%, 05/29/50(a)		1,200		880,500
Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)(a)		600		588,488
5.40%, 03/30/50 (Call 09/30/49)(a)		600		529,988
Sri Lanka Government International Bond
6.75%, 04/18/28(a)(b)(c)		700		297,577
6.83%, 07/18/26(a)(b)(c)		600		258,488
				15,611,785
El Salvador — 0.1%
El Salvador Government International Bond, 7.12%, 01/20/50 (Call 07/20/49)(a)		700		259,000
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(a)		600		412,613
Ghana — 0.9%
Ghana Government International Bond
6.38%, 02/11/27(a)		800		536,000
7.63%, 05/16/29(a)		500		312,500
7.75%, 04/07/29(a)		600		375,487
7.88%, 02/11/35(a)		600		347,738
8.13%, 01/18/26(a)		670		510,163
8.13%, 03/26/32(a)		700		428,750
8.63%, 06/16/49(a)		600		343,050
8.95%, 03/26/51(a)		700		399,131
10.75%, 10/14/30(a)		400		394,000
				3,646,819
Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)(a)		900		861,638
India — 0.2%
Bahrain Government International Bond, 7.00%, 01/26/26(a)		600		638,363
Iraq — 0.3%
Iraq International Bond, 5.80%, 01/15/28(Call 06/13/22)(a)		1,125		1,078,453

Security	Par (000)		Value
Israel — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31(a)	$	600	$	538,988
Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33(a)		800		730,150
Jamaica — 0.7%
Jamaica Government International Bond
6.75%, 04/28/28		800		862,900
7.88%, 07/28/45		1,100		1,347,706
8.00%, 03/15/39		700		868,131
				3,078,737
Jordan — 0.5%
Jordan Government International Bond
5.75%, 01/31/27(a)		600		564,675
5.85%, 07/07/30(a)		700		613,944
6.13%, 01/29/26(a)		600		579,862
7.38%, 10/10/47(a)		600		517,238
				2,275,719
Kenya — 0.7%
Republic of Kenya Government International Bond
6.30%, 01/23/34(a)		600		450,000
6.88%, 06/24/24(a)		1,200		1,152,000
7.25%, 02/28/28(a)		600		523,500
8.00%, 05/22/32(a)		600		513,000
8.25%, 02/28/48(a)		600		459,000
				3,097,500
Lebanon — 0.1%
Lebanon Government International Bond
6.00%, 01/27/23(a)(b)(c)		500		59,000
6.10%, 10/04/22(a)(b)(c)		900		107,044
6.60%, 11/27/26(a)(b)(c)		1,000		112,375
6.65%, 02/26/30(a)(b)(c)		840		98,857
6.75%, 11/29/27(a)(b)(c)		700		78,662
6.85%, 03/23/27(a)(b)(c)		750		84,516
7.00%, 03/23/32(a)(b)(c)		500		56,344
				596,798
Morocco — 0.3%
Morocco Government International Bond
3.00%, 12/15/32(a)		800		632,000
4.00%, 12/15/50(a)		600		414,000
				1,046,000
Nigeria — 1.5%
Nigeria Government International Bond
6.13%, 09/28/28(e)		800		684,400
6.50%, 11/28/27(a)		1,000		885,000
7.14%, 02/23/30(a)		714		606,007
7.38%, 09/28/33(a)		800		634,400
7.63%, 11/21/25(a)		700		693,000
7.63%, 11/28/47(a)		800		566,000
7.70%, 02/23/38(a)		800		600,000
7.88%, 02/16/32(a)		800		670,000
8.25%, 09/28/51(e)		800		600,000
8.75%, 01/21/31(a)		400		362,500
				6,301,307
Oman — 3.5%
Oman Government International Bond
4.75%, 06/15/26(a)		1,500		1,470,000
4.88%, 02/01/25(a)		400		402,000

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oman (continued)
5.38%, 03/08/27(a)	$	1,200	$	1,203,000
5.63%, 01/17/28(a)		1,600		1,600,000
6.00%, 08/01/29(a)		1,200		1,212,000
6.25%, 01/25/31(a)		1,000		1,015,000
6.50%, 03/08/47(a)		1,000		912,500
6.75%, 10/28/27(a)		1,000		1,056,250
6.75%, 01/17/48(a)		1,600		1,492,000
7.00%, 01/25/51(a)		600		576,000
7.38%, 10/28/32(a)		800		877,000
Oman Sovereign Sukuk Co.
4.40%, 06/01/24(a)		1,200		1,200,000
4.88%, 06/15/30(a)		1,000		1,020,000
5.93%, 10/31/25(a)		800		842,000
				14,877,750
Pakistan — 0.3%
Pakistan Government International Bond
6.88%, 12/05/27(a)		750		611,859
8.25%, 04/15/24(a)		677		604,350
				1,216,209
Paraguay — 0.1%
Paraguay Government International Bond, 6.10%, 08/11/44(a)		600		588,488
Senegal — 0.3%
Senegal Government International Bond
6.25%, 05/23/33(a)		700		623,000
6.75%, 03/13/48(a)		600		474,862
				1,097,862
Serbia — 0.1%
Serbia International Bond, 2.13%, 12/01/30(a)		735		547,483
South Africa — 3.0%
El Salvador Government International Bond
7.65%, 06/15/35(a)		550		209,447
9.50%, 07/15/52 (Call 01/15/52)(a)		550		220,000
Pakistan Government International Bond
6.00%, 04/08/26(a)		800		652,088
7.38%, 04/08/31(a)		800		612,088
Republic of South Africa Government International Bond
4.30%, 10/12/28(d)		1,200		1,093,350
4.67%, 01/17/24		900		904,669
4.85%, 09/27/27		600		573,113
4.85%, 09/30/29		1,100		1,011,862
4.88%, 04/14/26		604		595,619
5.00%, 10/12/46		600		450,863
5.38%, 07/24/44		500		398,688
5.65%, 09/27/47		1,000		788,312
5.75%, 09/30/49		1,900		1,501,356
5.88%, 09/16/25		1,186		1,223,285
5.88%, 06/22/30		800		781,650
5.88%, 04/20/32		800		760,000
7.30%, 04/20/52		900		839,250
				12,615,640
Sri Lanka — 0.2%
Sri Lanka Government International Bond
6.20%, 05/11/27(a)(b)(c)		900		382,599
6.85%, 03/14/24(a)(b)(c)		400		171,044
6.85%, 11/03/25(a)(b)(c)		900		391,599
				945,242

Security	Par (000)		Value
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a)	$	600	$	591,488
Tunisia — 0.1%
Tunisian Republic, 5.75%, 01/30/25(a)		600		408,000
Turkey — 9.2%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(a)		600		623,175
Ghana Government International Bond, 8.63%, 04/07/34(a)		600		360,863
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24(a)		600		575,363
5.13%, 06/22/26(a)		1,600		1,499,800
7.25%, 02/24/27(e)		1,700		1,698,725
Republic of Turkey, 8.60%, 09/24/27		1,200		1,209,000
Turkey Government International Bond
4.25%, 03/13/25		1,200		1,101,600
4.25%, 04/14/26		700		615,038
4.75%, 01/26/26		1,000		896,250
4.88%, 10/09/26		1,710		1,504,052
4.88%, 04/16/43		1,779		1,203,382
5.13%, 02/17/28		1,200		1,025,100
5.25%, 03/13/30		1,200		978,975
5.60%, 11/14/24		1,500		1,434,187
5.75%, 03/22/24		1,450		1,414,928
5.75%, 05/11/47		2,226		1,582,964
5.88%, 06/26/31		1,100		909,081
5.95%, 01/15/31		1,200		1,004,475
6.00%, 03/25/27		1,921		1,740,666
6.00%, 01/14/41		1,703		1,272,247
6.13%, 10/24/28		1,500		1,333,406
6.35%, 08/10/24		1,250		1,220,156
6.38%, 10/14/25		1,400		1,338,575
6.50%, 09/20/33(d)		900		760,669
6.63%, 02/17/45		1,800		1,424,587
6.75%, 05/30/40		1,050		870,713
6.88%, 03/17/36(d)		1,561		1,336,411
7.25%, 12/23/23		1,200		1,217,100
7.25%, 03/05/38		650		573,950
7.38%, 02/05/25		1,970		1,956,826
7.63%, 04/26/29		1,800		1,715,400
8.00%, 02/14/34(d)		913		886,637
11.88%, 01/15/30		900		1,065,263
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)		400		356,000
				38,705,564
Ukraine — 0.7%
Ukraine Government International Bond
6.88%, 05/21/29(a)		1,000		307,500
7.25%, 03/15/33(a)		1,500		465,000
7.38%, 09/25/32(a)		1,700		527,000
7.75%, 09/01/23(a)		875		345,625
7.75%, 09/01/24(a)		600		202,500
7.75%, 09/01/25(a)		836		272,379
7.75%, 09/01/26(a)		950		311,125
7.75%, 09/01/27(a)		850		278,375
9.75%, 11/01/28(a)		800		262,000
				2,971,504

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
United Arab Emirates — 0.3%
Emirate of Dubai Government International Bonds
3.90%, 09/09/50(a)	$	800	$	630,900
5.25%, 01/30/43(a)		600		582,862
			1,213,762
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(a)		600		613,800
Zambia — 0.2%
Zambia Government International Bond
8.50%, 04/14/24(a)(b)(c)		600		450,000
8.97%, 07/30/27(a)(b)(c)		600		443,925
				893,925
Total Foreign Government Obligations — 47.1% (Cost: $244,995,171)				198,370,999
Short-Term Investments
Money Market Funds — 8.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(l)(m)(n)		32,022		32,022,029
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(l)(m)		5,369		5,369,000
				37,391,029
Total Short-Term Investments — 8.9% (Cost: $37,384,927)				37,391,029
Total Investments in Securities — 106.4% (Cost: $518,299,549)				447,844,807
Other Assets, Less Liabilities — (6.4)%				(26,848,750	)
Net Assets — 100.0%			$	420,996,057

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

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

^(c)  Non-income producing security.

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

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

^(f)  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.

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

^(h)  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.

⁽ⁱ⁾  Zero-coupon bond.

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

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,402,228	$	—		$	(1,365,914	)(a)	$	(20,386	)	$	6,101	$	32,022,029		32,022	$	82,061	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,999,000		2,370,000	(a)		—			—			—		5,369,000		5,369		1,426			—
									$	(20,386	)	$	6,101	$	37,391,029			$	83,487		$	—

^(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.

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM High Yield 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	$	—	$	212,082,779	$	—	$	212,082,779
Foreign Government Obligations		—		198,370,999		—		198,370,999
Money Market Funds		37,391,029		—		—		37,391,029
	$	37,391,029	$	410,453,778	$	—	$	447,844,807

See notes to financial statements.

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

Schedule of Investments (unaudited) April 30, 2022 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations
Brazil — 4.5%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/23(a)	BRL		23,246	$	4,074,600
0.00%, 01/01/24(a)	BRL		31,032		5,144,822
0.00%, 07/01/24(a)	BRL		10,263		1,612,747
0.00%, 07/01/25(a)	BRL		4,000		563,203
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/23	BRL		14,557		2,889,032
Series F, 10.00%, 01/01/25	BRL		11,399		2,193,475
Series F, 10.00%, 01/01/29	BRL		8,263		1,514,064
Series F, 10.00%, 01/01/31	BRL		4,000		717,034
Brazil Notas do Tesouro Nacional Serie F, Series F 10.00%, 01/01/27	BRL		12,728		2,392,861
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		95,148
10.25%, 01/10/28	BRL		1,420		270,309
					21,467,295
Chile — 4.4%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28(b)(c)	CLP		800,000		724,279
2.50%, 03/01/25	CLP		4,370,000		4,538,489
4.00%, 03/01/23(b)(c)	CLP		1,310,000		1,487,849
4.50%, 03/01/26	CLP		3,025,000		3,265,014
4.70%, 09/01/30(b)(c)	CLP		2,955,000		3,040,441
5.00%, 10/01/28(b)(c)	CLP		1,290,000		1,377,807
5.00%, 03/01/35	CLP		3,620,000		3,693,053
6.00%, 01/01/43	CLP		2,630,000		2,913,636
					21,040,568
China — 14.3%
China Government Bond
1.99%, 04/09/25	CNY		18,500		2,769,187
2.36%, 07/02/23	CNY		14,540		2,210,849
2.37%, 01/20/27	CNY		13,350		2,004,447
2.47%, 09/02/24	CNY		16,210		2,465,654
2.68%, 05/21/30	CNY		20,750		3,098,705
2.69%, 08/12/26	CNY		19,510		2,970,396
2.75%, 02/17/32	CNY		9,340		1,406,849
2.84%, 04/08/24	CNY		17,460		2,677,206
2.85%, 06/04/27	CNY		18,230		2,787,107
2.88%, 11/05/23	CNY		16,790		2,572,752
2.89%, 11/18/31	CNY		11,930		1,814,665
2.91%, 10/14/28	CNY		13,220		2,015,258
2.94%, 10/17/24	CNY		11,830		1,820,354
3.01%, 05/13/28	CNY		16,130		2,476,930
3.02%, 10/22/25	CNY		17,850		2,754,166
3.02%, 05/27/31	CNY		18,280		2,799,191
3.03%, 03/11/26	CNY		16,710		2,578,810
3.12%, 12/05/26	CNY		12,920		2,002,881
3.13%, 11/21/29	CNY		12,860		1,988,991
3.19%, 04/11/24	CNY		14,070		2,172,505
3.22%, 12/06/25	CNY		11,340		1,762,882
3.25%, 06/06/26	CNY		15,360		2,392,295
3.25%, 11/22/28	CNY		12,350		1,926,029
3.27%, 11/19/30	CNY		18,100		2,833,166
3.28%, 12/03/27	CNY		16,620		2,598,536
3.29%, 10/18/23	CNY		11,160		1,720,963
3.29%, 05/23/29	CNY		15,310		2,397,681
3.53%, 10/18/51	CNY		9,010		1,408,493
3.72%, 04/12/51	CNY		9,060		1,455,776

Security		Par (000)		Value
China (continued)
3.81%, 09/14/50	CNY		14,850	$	2,419,143
					68,301,867
Colombia — 4.2%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		188,402
Colombian TES
Series B, 5.75%, 11/03/27	COP		7,657,800		1,595,843
Series B, 6.00%, 04/28/28	COP		10,355,200		2,150,588
Series B, 6.25%, 11/26/25	COP		8,324,800		1,895,406
Series B, 6.25%, 07/09/36	COP		5,060,000		890,019
Series B, 7.00%, 06/30/32	COP		10,747,300		2,164,992
Series B, 7.25%, 10/18/34	COP		9,710,100		1,924,295
Series B, 7.25%, 10/26/50	COP		6,523,200		1,155,231
Series B, 7.50%, 08/26/26	COP		10,261,700		2,390,732
Series B, 7.75%, 09/18/30	COP		8,757,000		1,917,624
Series B, 10.00%, 07/24/24	COP		9,666,100		2,493,136
Titulos De Tesoreria Bonds, Series B 7.00%, 03/26/31	COP		6,442,800		1,325,177
					20,091,445
Czech Republic — 4.3%
Czech Republic Government Bond
0.00%, 12/12/24(a)	CZK		12,770		479,681
0.05%, 11/29/29	CZK		19,930		619,328
0.25%, 02/10/27	CZK		43,280		1,513,802
0.45%, 10/25/23(c)	CZK		34,840		1,388,394
0.95%, 05/15/30(c)	CZK		44,610		1,480,234
1.00%, 06/26/26(c)	CZK		47,350		1,743,155
1.20%, 03/13/31	CZK		37,600		1,247,936
1.25%, 02/14/25	CZK		38,560		1,488,966
1.50%, 04/24/40	CZK		13,730		384,326
1.75%, 06/23/32	CZK		34,180		1,162,853
2.00%, 10/13/33	CZK		49,240		1,675,764
2.40%, 09/17/25(c)	CZK		42,220		1,666,546
2.50%, 08/25/28(c)	CZK		46,550		1,780,492
2.75%, 07/23/29	CZK		44,590		1,719,765
4.20%, 12/04/36(c)	CZK		24,640		1,037,297
5.70%, 05/25/24(c)	CZK		27,220		1,175,175
					20,563,714
Dominican Republic — 4.4%
Dominican Republic International Bond
8.90%, 02/15/23(c)	DOP		421,800		7,644,407
9.75%, 06/05/26(c)	DOP		746,400		13,567,057
					21,211,464
Egypt — 4.4%
Egypt Government Bond
13.54%, 01/14/25	EGP		15,001		774,354
14.06%, 01/12/26	EGP		60,536		3,117,456
14.29%, 01/05/28	EGP		37,606		1,913,472
14.35%, 09/10/24	EGP		17,274		915,015
14.37%, 10/20/25	EGP		64,287		3,360,636
14.40%, 09/10/29	EGP		16,243		813,198
14.48%, 04/06/26	EGP		54,926		2,858,373
14.53%, 09/14/24	EGP		43,890		2,329,704
14.56%, 07/06/26	EGP		18,486		962,460
14.56%, 10/13/27	EGP		34,444		1,773,367
14.66%, 10/06/30	EGP		22,019		1,110,468
16.10%, 05/07/29	EGP		17,278		932,518
					20,861,021

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hungary — 4.3%
Hungary Government Bond
1.00%, 11/26/25	HUF		820,160	$	1,861,022
1.50%, 08/23/23	HUF		132,680		347,176
1.50%, 04/22/26	HUF		646,240		1,458,449
1.50%, 08/26/26	HUF		392,850		870,363
2.00%, 05/23/29	HUF		447,090		903,431
2.25%, 04/20/33	HUF		808,200		1,474,588
2.25%, 06/22/34	HUF		219,350		384,969
2.50%, 10/24/24	HUF		584,360		1,468,389
2.75%, 12/22/26	HUF		479,360		1,108,387
3.00%, 06/26/24	HUF		403,350		1,040,087
3.00%, 10/27/27	HUF		656,860		1,498,651
3.00%, 08/21/30	HUF		567,790		1,192,927
3.00%, 10/27/38	HUF		542,150		956,353
3.00%, 04/25/41	HUF		221,770		375,817
3.25%, 10/22/31	HUF		803,150		1,683,319
5.50%, 06/24/25	HUF		656,950		1,753,272
6.00%, 11/24/23	HUF		473,890		1,309,031
6.75%, 10/22/28	HUF		379,480		1,039,498
					20,725,729
Indonesia — 4.5%
Indonesia Treasury Bond
5.13%, 04/15/27	IDR		9,368,000		613,246
5.50%, 04/15/26	IDR		16,486,000		1,108,202
5.63%, 05/15/23	IDR		8,347,000		581,532
6.13%, 05/15/28	IDR		9,215,000		616,579
6.25%, 06/15/36	IDR		5,099,000		326,228
6.38%, 04/15/32	IDR		8,994,000		593,106
6.50%, 06/15/25	IDR		13,334,000		938,172
6.50%, 02/15/31	IDR		21,130,000		1,405,071
6.63%, 05/15/33	IDR		11,481,000		752,359
7.00%, 05/15/27	IDR		11,720,000		826,229
7.00%, 09/15/30	IDR		16,537,000		1,137,867
7.13%, 06/15/42	IDR		10,351,000		697,231
7.50%, 08/15/32	IDR		4,501,000		315,135
7.50%, 06/15/35	IDR		8,675,000		604,384
7.50%, 05/15/38	IDR		6,739,000		469,503
7.50%, 04/15/40	IDR		14,304,000		999,021
8.13%, 05/15/24	IDR		10,195,000		740,170
8.25%, 05/15/29	IDR		9,054,000		671,384
8.25%, 06/15/32	IDR		5,783,000		426,834
8.25%, 05/15/36	IDR		10,734,000		791,148
8.38%, 03/15/24	IDR		14,200,000		1,030,938
8.38%, 09/15/26	IDR		13,283,000		984,978
8.38%, 03/15/34	IDR		11,986,000		892,935
8.38%, 04/15/39	IDR		6,572,000		495,269
8.75%, 05/15/31	IDR		4,957,000		376,981
9.00%, 03/15/29	IDR		8,750,000		672,984
9.50%, 07/15/31	IDR		5,720,000		453,749
10.50%, 08/15/30	IDR		3,789,000		316,251
11.00%, 09/15/25	IDR		2,856,000		226,557
Perusahaan Penerbit SBSN Indonesia
6.63%, 10/15/24	IDR		6,528,000		466,685
8.25%, 09/15/23	IDR		6,739,000		488,412
8.88%, 11/15/31	IDR		5,023,000		398,471
					21,417,611
Malaysia — 4.4%
Malaysia Government Bond
2.63%, 04/15/31	MYR		3,385		666,550
3.48%, 03/15/23	MYR		3,487		807,412

Security		Par (000)		Value
Malaysia (continued)
3.48%, 06/14/24	MYR		4,078	$	936,896
3.50%, 05/31/27	MYR		3,561		793,923
3.73%, 06/15/28	MYR		4,532		1,009,875
3.76%, 04/20/23	MYR		1,119		259,944
3.76%, 05/22/40	MYR		4,040		792,967
3.80%, 08/17/23	MYR		1,841		428,929
3.83%, 07/05/34	MYR		3,230		673,029
3.89%, 08/15/29	MYR		3,848		848,071
3.90%, 11/30/26	MYR		4,397		1,008,073
3.90%, 11/16/27	MYR		3,235		733,212
3.91%, 07/15/26	MYR		1,647		377,401
3.96%, 09/15/25	MYR		4,509		1,041,921
4.06%, 09/30/24	MYR		1,945		451,744
4.07%, 06/15/50	MYR		3,527		689,642
4.18%, 07/15/24	MYR		1,373		319,472
4.25%, 05/31/35	MYR		2,715		583,744
4.76%, 04/07/37	MYR		2,616		593,838
Malaysia Government Investment Issue
3.15%, 05/15/23	MYR		2,423		559,886
3.42%, 09/30/27	MYR		3,094		688,363
3.45%, 07/15/36	MYR		2,694		528,924
3.47%, 10/15/30	MYR		4,719		999,483
3.66%, 10/15/24	MYR		3,114		716,696
3.73%, 03/31/26	MYR		4,357		994,859
4.09%, 11/30/23	MYR		1,591		373,486
4.13%, 08/15/25	MYR		2,835		657,641
4.13%, 07/09/29	MYR		2,100		469,911
4.26%, 07/26/27	MYR		2,796		644,804
4.37%, 10/31/28	MYR		4,846		1,114,263
Malaysia Investment Issue Bond, 4.42%, 09/30/41	MYR		2,188		463,996
					21,228,955
Mexico — 4.4%
Mexican Bonos
5.00%, 03/06/25	MXN		7,000		308,207
5.50%, 03/04/27	MXN		8,000		337,087
Series M, 5.75%, 03/05/26	MXN		62,062		2,715,760
Series M, 6.75%, 03/09/23	MXN		16,400		790,415
Series M, 7.75%, 05/29/31	MXN		45,036		2,022,129
Series M, 7.75%, 11/23/34	MXN		9,900		433,744
Series M, 7.75%, 11/13/42	MXN		29,102		1,233,372
Series M, 8.00%, 12/07/23	MXN		35,515		1,715,448
Series M, 8.00%, 09/05/24	MXN		42,104		2,018,464
Series M, 8.00%, 11/07/47	MXN		34,930		1,505,222
Series M 20, 7.50%, 06/03/27	MXN		41,970		1,928,473
Series M 20, 8.50%, 05/31/29	MXN		42,739		2,031,899
Series M 20, 10.00%, 12/05/24	MXN		35,683		1,786,570
Series M 30, 8.50%, 11/18/38	MXN		33,406		1,545,175
Series M 30, 10.00%, 11/20/36	MXN		10,223		534,073
					20,906,038
Peru — 4.3%
Peru Government Bond
5.35%, 08/12/40	PEN		5,534		1,049,052
5.40%, 08/12/34	PEN		8,909		1,841,139
5.70%, 08/12/24	PEN		4,213		1,082,678
5.94%, 02/12/29	PEN		12,481		2,943,737
6.15%, 08/12/32	PEN		12,082		2,751,658
6.35%, 08/12/28	PEN		11,062		2,694,991
6.90%, 08/12/37	PEN		12,502		2,890,547
6.95%, 08/12/31	PEN		10,945		2,680,688

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Peru (continued)
8.20%, 08/12/26	PEN		10,281	$	2,798,176
					20,732,666
Philippines — 4.7%
Philippine Government International Bond
3.90%, 11/26/22	PHP		199,000		3,711,886
6.25%, 01/14/36	PHP		957,000		18,923,841
					22,635,727
Poland — 4.4%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN		7,530		1,278,027
0.75%, 04/25/25	PLN		6,415		1,219,487
1.25%, 10/25/30	PLN		8,163		1,247,583
1.75%, 04/25/32	PLN		3,816		573,674
2.25%, 10/25/24	PLN		8,276		1,681,324
2.50%, 01/25/23	PLN		8,011		1,761,552
2.50%, 04/25/24	PLN		7,725		1,613,117
2.50%, 07/25/26	PLN		12,212		2,322,980
2.50%, 07/25/27	PLN		8,284		1,529,475
2.75%, 04/25/28	PLN		8,492		1,554,944
2.75%, 10/25/29	PLN		11,141		1,977,176
3.25%, 07/25/25	PLN		10,031		2,032,341
3.75%, 05/25/27	PLN		3,254		639,288
4.00%, 10/25/23	PLN		6,912		1,507,945
					20,938,913
Romania — 4.3%
Romania Government Bond
2.50%, 10/25/27	RON		4,125		707,158
3.25%, 04/29/24	RON		6,335		1,274,497
3.25%, 06/24/26	RON		5,555		1,036,302
3.50%, 12/19/22	RON		4,660		981,198
3.65%, 07/28/25	RON		6,310		1,234,887
3.65%, 09/24/31	RON		6,560		1,065,284
3.70%, 11/25/24	RON		5,360		1,071,851
4.00%, 10/25/23	RON		5,475		1,131,321
4.15%, 01/26/28	RON		5,825		1,080,474
4.15%, 10/24/30	RON		5,730		991,923
4.25%, 06/28/23	RON		5,660		1,183,150
4.40%, 09/25/23	RON		5,830		1,213,142
4.50%, 06/17/24	RON		5,675		1,165,955
4.75%, 02/24/25	RON		5,515		1,123,063
4.75%, 10/11/34	RON		3,410		572,521
4.85%, 04/22/26	RON		6,040		1,203,647
5.00%, 02/12/29	RON		5,990		1,136,114
5.80%, 07/26/27	RON		5,370		1,090,684
5.85%, 04/26/23	RON		5,780		1,232,515
					20,495,686
Serbia — 4.3%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD		906,590		7,920,105
4.50%, 08/20/32	RSD		857,000		6,845,378
5.88%, 02/08/28	RSD		657,470		5,984,368
					20,749,851
South Africa — 4.4%
Republic of South Africa Government Bond
0.00%, 02/28/31	ZAR		19,292		997,091
6.25%, 03/31/36	ZAR		15,900		685,735
6.50%, 02/28/41	ZAR		11,960		489,487
7.75%, 02/28/23	ZAR		8,660		557,946
8.00%, 01/31/30	ZAR		52,139		2,957,928

Security		Par (000)		Value
South Africa (continued)
8.25%, 03/31/32	ZAR		37,988	$	2,095,386
8.50%, 01/31/37	ZAR		33,123		1,732,774
8.75%, 01/31/44	ZAR		32,144		1,656,759
8.75%, 02/28/48	ZAR		50,217		2,579,499
8.88%, 02/28/35	ZAR		31,204		1,721,834
9.00%, 01/31/40	ZAR		27,985		1,497,987
10.50%, 12/21/26	ZAR		56,813		3,890,681
					20,863,107
Thailand — 4.3%
Thailand Government Bond
0.75%, 06/17/24	THB		47,831		1,373,922
0.75%, 09/17/24	THB		18,716		536,650
0.95%, 06/17/25	THB		43,071		1,222,304
1.00%, 06/17/27	THB		32,234		881,958
1.45%, 12/17/24	THB		43,287		1,255,174
1.59%, 12/17/35	THB		27,727		655,900
1.60%, 12/17/29	THB		32,655		881,665
1.60%, 06/17/35	THB		13,217		313,965
2.00%, 12/17/22	THB		24,013		706,909
2.00%, 12/17/31	THB		29,092		797,275
2.00%, 06/17/42	THB		20,662		441,730
2.13%, 12/17/26	THB		37,892		1,100,323
2.40%, 12/17/23	THB		35,125		1,045,566
2.88%, 12/17/28	THB		33,657		999,041
2.88%, 06/17/46	THB		26,540		632,443
3.30%, 06/17/38	THB		42,035		1,175,331
3.40%, 06/17/36	THB		30,513		883,012
3.63%, 06/16/23	THB		32,884		988,577
3.65%, 06/20/31	THB		36,601		1,141,376
3.78%, 06/25/32	THB		43,213		1,352,373
3.85%, 12/12/25	THB		34,200		1,058,927
4.26%, 12/12/37(c)	THB		470		14,719
4.88%, 06/22/29	THB		41,568		1,379,688
					20,838,828
Turkey — 4.4%
Turkey Government Bond
7.10%, 03/08/23	TRY		24,780		1,503,247
8.00%, 03/12/25	TRY		20,578		1,015,165
9.00%, 07/24/24	TRY		33,886		1,841,721
10.40%, 03/20/24	TRY		13,481		765,829
10.50%, 08/11/27	TRY		29,185		1,378,834
10.60%, 02/11/26	TRY		36,848		1,843,858
11.00%, 02/24/27	TRY		22,853		1,106,589
11.70%, 11/13/30	TRY		62,607		2,771,266
12.20%, 01/18/23	TRY		32,656		2,094,849
12.40%, 03/08/28	TRY		16,247		808,616
12.60%, 10/01/25	TRY		65,518		3,543,243
16.20%, 06/14/23	TRY		36,365		2,345,023
					21,018,240
Uruguay — 4.4%
Uruguay Government International Bond
8.25%, 05/21/31	UYU		580,856		12,679,644
8.50%, 03/15/28(c)	UYU		362,727		8,260,492
					20,940,136
Total Foreign Government Obligations — 97.6% (Cost: $545,211,945)					467,028,861

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) April 30, 2022 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 — 2.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(d)(e)		9,440		$	9,440,000
			��
Total Short-Term Investments — 2.0% (Cost: $9,440,000)					9,440,000
Total Investments in Securities — 99.6% (Cost: $554,651,945)					476,468,861
Other Assets, Less Liabilities — 0.4%					2,143,751
Net Assets — 100.0%				$	478,612,612

^(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 six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,000,000	$	8,440,000	(a)	$	—	$	—	$	—	$	9,440,000		9,440	$	1,053	$	—

^(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	$	—	$	467,028,861	$	—	$	467,028,861
Money Market Funds		9,440,000		—		—		9,440,000
	$	9,440,000	$	467,028,861	$	—	$	476,468,861

See notes to financial statements.

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

Schedule of Investments (unaudited) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.5%
Cellnex Finance Co. SA
1.00%, 09/15/27 (Call 06/15/27)(a)	EUR		100	$	91,737
2.00%, 09/15/32 (Call 06/15/32)(a)	EUR		100		83,852
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(b)(c)	USD		100		88,622
4.50%, 09/15/27 (Call 06/15/27)(b)	USD		50		47,671
5.13%, 05/15/24 (Call 02/15/24)(b)	USD		75		75,876
5.88%, 04/15/30 (Call 01/15/30)(b)	USD		70		69,475
6.13%, 04/15/32 (Call 01/15/32)(b)(c)	USD		65		64,479
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(b)	USD		25		24,934
8.50%, 05/01/30 (Call 05/01/25)(b)	USD		40		39,600
					586,246
Austria — 0.1%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/22)(a)	EUR		100		105,628
Wienerberger AG, 2.00%, 05/02/24(a)	EUR		50		53,378
					159,006
Belgium — 0.3%
Ontex Group NV, 3.50%, 07/15/26 (Call 07/15/23)(a)	EUR		100		91,397
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28 (Call 12/01/22)(a)	EUR		100		99,691
5.50%, 03/01/28 (Call 12/01/22)(b)	USD		200		189,850
					380,938
Canada — 3.3%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(b)	USD		60		52,988
3.88%, 01/15/28 (Call 09/15/22)(b)	USD		120		110,232
4.00%, 10/15/30 (Call 10/15/25)(b)	USD		225		192,656
4.38%, 01/15/28 (Call 11/15/22)(b)	USD		70		63,953
5.75%, 04/15/25 (Call 05/30/22)(b)	USD		40		40,834
Air Canada
3.88%, 08/15/26 (Call 02/15/26)(b)	USD		80		73,600
4.63%, 08/15/29 (Call 02/15/26)(b)	CAD		238		167,606
AutoCanada Inc., 5.75%, 02/07/29 (Call 02/07/25)(b)	CAD		50		36,634
Bausch Health Companies Inc.
5.00%, 02/15/29 (Call 02/15/24)(b)	USD		85		59,487
5.25%, 02/15/31 (Call 02/15/26)(b)	USD		80		55,600
6.13%, 02/01/27 (Call 02/01/24)(b)	USD		80		76,900
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(b)	USD		55		47,472
7.13%, 06/15/26 (Call 06/15/23)(b)	USD		90		83,258
7.50%, 12/01/24 (Call 05/30/22)(b)(c)	USD		60		59,943
7.50%, 03/15/25 (Call 05/30/22)(b)	USD		117		113,353
7.88%, 04/15/27 (Call 05/30/22)(b)	USD		170		158,369
Brookfield Property Finance ULC, 4.00%, 09/30/26 (Call 08/30/26)	CAD		75		54,746
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(b)	USD		75		62,625
6.25%, 09/15/27 (Call 09/15/22)(b)	USD		82		76,869
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 05/30/22)	CAD		40		31,546
Crew Energy Inc., 6.50%, 03/14/24 (Call 05/30/22)(b)	CAD		40		30,855
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(c)(d)	USD		100		101,727
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)(b)(c)	USD		50		45,388
6.00%, 06/01/29 (Call 06/01/24)(b)(c)	USD		50		41,750

Security		Par (000)		Value
Canada (continued)
9.50%, 11/01/27 (Call 11/01/22)(b)	USD		50	$	48,956
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(b)	USD		50		44,683
3.75%, 08/01/25 (Call 08/01/22)(b)	USD		60		56,975
4.00%, 08/01/28 (Call 08/01/23)(b)(c)	USD		60		52,776
4.25%, 06/01/25 (Call 06/01/22)(b)(c)	USD		15		14,528
4.38%, 08/15/29 (Call 08/15/24)(b)	USD		55		48,520
4.75%, 06/15/29 (Call 06/15/24)(b)(c)	USD		60		54,450
5.13%, 12/15/26 (Call 12/15/22)(b)	USD		59		58,064
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(b)	USD		35		31,022
7.00%, 12/31/27 (Call 12/31/23)(b)	USD		45		35,709
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(b)(c)	USD		20		16,946
5.25%, 12/15/27 (Call 12/15/22)(b)	USD		65		60,661
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(b)(c)	USD		50		48,938
7.13%, 02/01/27 (Call 02/01/23)(b)	USD		100		101,550
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(c)	USD		50		48,013
5.25%, 12/15/29 (Call 09/15/29)	USD		50		47,772
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(b)(c)	USD		57		49,326
4.88%, 06/01/24 (Call 03/03/24)(b)(c)	USD		80		78,900
5.00%, 05/01/25 (Call 01/31/25)(b)	USD		40		39,425
5.25%, 06/01/27 (Call 03/03/27)(b)	USD		65		61,903
NuVista Energy Ltd., 7.88%, 07/23/26 (Call 07/23/23)(b)	CAD		25		20,202
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)(b)	USD		65		59,059
3.88%, 12/01/29 (Call 12/01/24)(b)	USD		85		75,438
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(b)	USD		65		57,873
4.13%, 12/01/31 (Call 12/01/26)(b)(c)	USD		43		37,356
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(b)(c)	USD		60		52,575
4.63%, 05/01/30 (Call 05/01/25)(b)	USD		55		47,939
5.88%, 07/15/27 (Call 07/15/22)(b)	USD		40		38,639
Parkland Corp./Canada, 3.88%, 06/16/26 (Call 06/16/23)(b)	CAD		125		89,397
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a)	EUR		100		94,109
Ritchie Bros Holdings Ltd., 4.95%, 12/15/29 (Call 12/15/24)(b)	CAD		53		38,713
Superior Plus LP, 4.25%, 05/18/28 (Call 05/18/24)(b)	CAD		50		35,418
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(b)	CAD		25		19,448
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)(b)	USD		25		17,000
5.63%, 12/06/26 (Call 12/06/23)(b)	USD		35		24,947
6.50%, 10/15/27 (Call 10/15/22)(b)	USD		50		21,375
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/22)(b)(c)	USD		55		53,506
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD		25		15,970
3.63%, 06/15/28 (Call 06/15/24)(b)	CAD		50		34,947
3.63%, 06/15/29 (Call 06/15/24)(b)	USD		50		43,681
4.50%, 01/15/30 (Call 10/15/24)	CAD		110		78,428
5.13%, 04/15/27 (Call 05/30/22)(b)	USD		50		49,000
5.38%, 06/15/24 (Call 03/15/24)(b)	USD		50		50,661

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Canada (continued)
5.63%, 06/15/25 (Call 03/15/25)	CAD		50	$	39,274
					3,932,463
Cayman Islands — 0.0%
Seagate HDD Cayman, 4.13%, 01/15/31 (Call 10/15/30)	USD		25		21,731
China — 0.1%
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(b)	USD		45		44,624
6.75%, 06/30/30 (Call 12/30/29)(b)	USD		40		39,252
					83,876
Denmark — 0.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 05/30/22)(a)	EUR		100		104,934
Finland — 0.4%
Nokia OYJ
2.00%, 03/11/26 (Call 12/11/25)(a)	EUR		200		204,781
4.38%, 06/12/27(c)	USD		40		38,868
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)	EUR		100		99,003
2.63%, 03/31/27 (Call 12/31/26)(a)	EUR		150		154,987
					497,639
France — 3.8%
Accor SA, 3.00%, 02/04/26 (Call 11/04/25)(a)	EUR		100		102,792
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(b)	USD		100		85,333
Altice France SA/France
2.13%, 02/15/25 (Call 05/30/22)(a)	EUR		100		97,544
4.13%, 01/15/29 (Call 09/15/23)(a)	EUR		100		90,730
5.13%, 07/15/29 (Call 04/15/24)(b)	USD		200		168,515
5.50%, 01/15/28 (Call 09/15/22)(b)	USD		100		88,190
5.88%, 02/01/27 (Call 05/31/22)(a)	EUR		100		105,919
8.13%, 02/01/27 (Call 05/10/22)(b)	USD		150		150,516
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(a)	EUR		100		93,967
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)	EUR		100		86,512
5.25%, 04/15/27 (Call 04/15/23)(a)	EUR		100		82,165
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR		100		95,184
Electricite de France SA, 5.63%, (Call 01/22/24)(b)(c)(d)(e)	USD		100		97,912
Elis SA, 1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		100		92,964
Emeria SASU, 3.38%, 03/31/28 (Call 03/31/24)(a)	EUR		100		93,985
Faurecia SE
2.63%, 06/15/25 (Call 05/30/22)(a)	EUR		100		99,338
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR		100		92,312
3.13%, 06/15/26 (Call 06/15/22)(a)	EUR		100		97,087
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/30/22)(a)	EUR		100		104,214
Getlink SE, 3.50%, 10/30/25 (Call 10/30/22)(a)	EUR		100		104,465
Iliad Holding SAS, 7.00%, 10/15/28 (Call 10/15/24)(b)(c)	USD		150		141,894
Iliad Holding SASU, 5.63%, 10/15/28 (Call 10/15/24)(a)	EUR		100		99,991
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(a)	EUR		100		103,464
La Banque Postale SA, 3.00%, 06/09/28(a)	EUR		100		102,419
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/09/22)(a)	EUR		100		85,016
Loxam SAS, 3.25%, 01/14/25 (Call 05/09/22)(a)	EUR		125		127,595
Lune Holdings Sarl, 5.63%, 11/15/28 (Call 11/15/24)(a)	EUR		100		96,845
Orano SA, 4.88%, 09/23/24	EUR		150		167,444
Paprec Holding SA, 4.00%, 03/31/25 (Call 05/30/22)(a)	EUR		100		105,094
Parts Europe SA, 6.50%, 07/16/25 (Call 05/30/22)(a)	EUR		100		108,425
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)	EUR		100		98,763
Quatrim SASU, 5.88%, 01/15/24 (Call 05/09/22)(a)	EUR		100		103,138
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(d)	EUR		100		96,869

Security		Par (000)		Value
France (continued)
Renault SA
1.00%, 03/08/23 (Call 12/08/22)(a)	EUR		100	$	104,477
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		100		96,857
1.13%, 10/04/27 (Call 07/04/27)(a)	EUR		100		85,499
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		100		95,894
2.38%, 05/25/26 (Call 02/25/26)(a)	EUR		100		95,652
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a)	EUR		100		95,690
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(a)	EUR		100		100,958
Tereos Finance Groupe, 4.75%, 04/30/27 (Call 04/30/24)(a)	EUR		100		99,066
Valeo
1.63%, 03/18/26 (Call 12/18/25)(a)	EUR		100		100,278
3.25%, 01/22/24(a)	EUR		100		107,583
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(a)	EUR		100		94,865
					4,543,420
Germany — 3.7%
ADLER Group SA, 3.25%, 08/05/25 (Call 05/05/25)(a)	EUR		100		77,864
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/09/22)(a)	EUR		100		87,745
ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)(a)	EUR		100		82,841
Bayer AG
3.13%, 11/12/79 (Call 08/12/27)(a)(d)	EUR		100		97,170
3.75%, 07/01/74 (Call 07/01/24)(a)(d)	EUR		100		105,224
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(d)	EUR		100		100,236
Commerzbank AG
4.00%, 03/30/27(a)	EUR		80		84,460
4.00%, 12/05/30 (Call 09/05/25)(a)(d)	EUR		100		104,478
8.13%, 09/19/23(b)	USD		75		78,071
CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/23)(a)	EUR		100		98,679
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(a)	EUR		100		100,626
Deutsche Bank AG
2.75%, 02/17/25(a)	EUR		125		131,291
4.00%, 06/24/32 (Call 03/24/27)(a)(d)	EUR		100		100,841
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(d)	USD		200		196,131
4.50%, 05/19/26(a)	EUR		100		108,269
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 10/14/30)(d)	USD		175		144,371
3.74%, 01/07/33 (Call 10/07/31)(d)	USD		50		40,861
4.88%, 12/01/32 (Call 12/01/27)(d)	USD		100		91,474
5.88%, 07/08/31 (Call 04/08/30)(d)	USD		50		48,254
Deutsche Lufthansa AG
2.88%, 05/16/27 (Call 02/16/27)(a)	EUR		100		93,339
3.00%, 05/29/26 (Call 03/02/26)(a)	EUR		100		97,648
3.50%, 07/14/29 (Call 04/14/29)(a)	EUR		100		91,676
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a)	EUR		100		94,597
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(d)	EUR		100		93,345
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)	EUR		100		97,724
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(d)	EUR		100		106,642
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 05/30/22)(a)	EUR		100		94,375
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 05/09/22)(a)	EUR		100		97,881
ProGroup AG, 3.00%, 03/31/26 (Call 05/30/22)(a)	EUR		100		100,012
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(d)	EUR		50		52,616
Schaeffler AG
2.88%, 03/26/27 (Call 12/26/26)(a)	EUR		100		99,571
3.38%, 10/12/28 (Call 07/12/28)(a)	EUR		100		96,498

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23 (Call 05/09/22)(a)	EUR		100	$	103,739
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 05/09/22)(a)	EUR		88		91,232
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/30/22)(a)	EUR		100		95,829
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)(a)	EUR		175		182,358
2.88%, 02/22/24 (Call 11/22/23)(a)	EUR		25		25,909
TK Elevator Holdco GmbH
6.63%, 07/15/28 (Call 07/15/23)(a)	EUR		90		86,476
7.63%, 07/15/28 (Call 07/15/23)(b)	USD		25		23,862
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)	EUR		100		97,443
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(b)	USD		125		116,800
TUI Cruises GmbH, 6.50%, 05/15/26 (Call 05/15/23)(a)	EUR		100		95,559
ZF Europe Finance BV, 2.00%, 02/23/26 (Call 12/23/25)(a)	EUR		200		188,735
ZF North America Capital Inc.
2.75%, 04/27/23(a)	EUR		100		105,933
4.75%, 04/29/25(b)	USD		75		73,125
					4,381,810
Greece — 0.5%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)(a)(d)	EUR		100		91,237
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 05/30/22)(a)	EUR		100		93,539
Eurobank SA, 2.00%, 05/05/27 (Call 05/05/26)(a)(d)	EUR		100		93,388
Piraeus Bank SA, 3.88%, 11/03/27 (Call 11/03/26)(a)(d)	EUR		100		93,362
Public Power Corp. SA, 3.88%, 03/30/26 (Call 03/30/23)(a)	EUR		100		100,058
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)(a)	EUR		100		103,949
					575,533
Ireland — 0.5%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(c)(d)	USD		75		70,500
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(a)(d)	EUR		100		100,958
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)(a)(d)	EUR		100		95,143
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/30/22)(a)	EUR		125		124,786
Permanent TSB Group Holdings PLC, 3.00%, 08/19/31 (Call 05/19/26)(a)(d)	EUR		100		94,785
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)	USD		50		42,188
3.38%, 07/15/31 (Call 01/15/26)	USD		55		44,597
					572,957
Israel — 1.1%
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(b)	USD		50		44,933
Leviathan Bond Ltd., 5.75%, 06/30/23 (Call 03/30/23)(b)	USD		25		24,894
Teva Pharmaceutical Finance Netherlands II BV
1.25%, 03/31/23 (Call 12/31/22)(a)	EUR		100		104,035
1.63%, 10/15/28(a)	EUR		100		82,205
3.75%, 05/09/27 (Call 02/09/27)	EUR		100		95,146
4.38%, 05/09/30 (Call 02/09/30)	EUR		150		139,853
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23(c)	USD		125		121,381
3.15%, 10/01/26	USD		375		321,750
5.13%, 05/09/29 (Call 02/09/29)	USD		100		90,335
6.00%, 04/15/24 (Call 01/15/24)(c)	USD		150		149,881
6.75%, 03/01/28 (Call 12/01/27)	USD		100		101,456
					1,275,869

Security		Par (000)		Value
Italy — 4.7%
Almaviva-The Italian Innovation Co. SpA, 4.88%, 10/30/26 (Call 10/30/23)(a)	EUR		100	$	100,724
Atlantia SpA
1.88%, 07/13/27 (Call 04/13/27)(a)	EUR		100		95,960
1.88%, 02/12/28 (Call 11/12/27)(a)	EUR		100		94,409
Autostrade per l’Italia SpA
1.63%, 01/25/28 (Call 10/25/27)(a)	EUR		125		121,450
1.75%, 06/26/26(a)	EUR		100		100,586
1.88%, 09/26/29 (Call 06/26/29)(a)	EUR		100		95,037
2.00%, 12/04/28 (Call 09/04/28)(a)	EUR		100		97,322
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(a)	EUR		100		100,572
Banca Monte dei Paschi di Siena SpA
3.63%, 09/24/24(a)	EUR		100		101,373
10.50%, 07/23/29(a)	EUR		100		77,644
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)	EUR		100		105,267
Banco BPM SpA
0.88%, 07/15/26(a)	EUR		100		97,171
3.25%, 01/14/31 (Call 01/14/26)(a)(d)	EUR		100		100,902
BPER Banca, 1.38%, 03/31/27 (Call 03/31/26)(a)(d)	EUR		100		96,585
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 09/30/22)(a)	EUR		100		100,708
doValue SpA, 3.38%, 07/31/26 (Call 07/31/23)(a)	EUR		100		99,108
Esselunga SpA, 1.88%, 10/25/27 (Call 07/25/27)(a)	EUR		100		103,222
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(a)	EUR		100		101,465
Guala Closures SpA, 3.25%, 06/15/28 (Call 06/15/24)(a)	EUR		100		91,840
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26)(a)(d)	EUR		100		100,065
4.75%, 01/18/32 (Call 10/18/26)(a)(d)	EUR		100		98,591
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)	EUR		100		93,593
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)	EUR		100		95,427
1.88%, 07/08/26 (Call 04/08/26)(a)	EUR		100		101,965
Intesa Sanpaolo SpA
3.93%, 09/15/26(a)	EUR		100		107,427
4.20%, 06/01/32 (Call 06/01/31)(b)(d)	USD		50		41,468
5.02%, 06/26/24(b)	USD		200		195,145
5.71%, 01/15/26(b)	USD		200		199,039
5.88%, 03/04/29 (Call 03/04/24)(a)(d)	EUR		100		110,029
6.63%, 09/13/23(a)	EUR		100		111,917
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(a)	EUR		100		103,902
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23	EUR		115		126,125
Nexi SpA, 1.63%, 04/30/26 (Call 01/30/26)(a)	EUR		100		96,878
Rekeep SpA, 7.25%, 02/01/26 (Call 02/01/23)(a)	EUR		100		106,793
Rossini Sarl, 6.75%, 10/30/25 (Call 05/30/22)(a)	EUR		100		106,819
Sisal SpA/Milano, 7.00%, 07/31/23 (Call 05/09/22)(a)	EUR		69		72,412
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)	EUR		100		84,141
2.38%, 10/12/27 (Call 07/12/27)(a)	EUR		100		91,678
2.50%, 07/19/23(a)	EUR		100		105,169
3.00%, 09/30/25(a)	EUR		100		100,247
3.63%, 01/19/24(a)	EUR		100		104,596
3.63%, 05/25/26(a)	EUR		100		101,342
4.00%, 04/11/24 (Call 01/11/24)(a)	EUR		100		105,451
5.30%, 05/30/24(b)	USD		100		98,113
UniCredit SpA
2.73%, 01/15/32 (Call 01/15/27)(a)(d)	EUR		200		189,258
5.46%, 06/30/35 (Call 06/30/30)(b)(c)(d)	USD		125		112,863
5.86%, 06/19/32 (Call 06/19/27)(b)(d)	USD		75		71,277
7.30%, 04/02/34 (Call 04/02/29)(b)(d)	USD		100		101,081

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Italy (continued)
Unipol Gruppo SpA
3.00%, 03/18/25(a)	EUR		100	$	107,168
3.25%, 09/23/30 (Call 06/23/30)(a)	EUR		100		104,764
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a)	EUR		100		102,848
Verde Bidco SpA, 4.63%, 10/01/26 (Call 10/01/23)(a)	EUR		100		98,540
Webuild SpA, 1.75%, 10/26/24(a)	EUR		200		198,461
					5,625,937
Japan — 0.5%
Rakuten Group Inc.
5.13%, (Call 04/22/26)(b)(c)(d)(e)	USD		50		45,975
6.25%, (Call 04/22/31)(b)(c)(d)(e)	USD		75		70,864
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(a)	EUR		100		98,071
2.88%, 01/06/27 (Call 10/06/26)(a)	EUR		100		89,624
3.13%, 09/19/25 (Call 06/21/25)(a)	EUR		150		145,089
5.00%, 04/15/28 (Call 01/16/28)(a)	EUR		100		96,566
					546,189
Jersey — 0.1%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(b)(c)	USD		100		100,750
Kazakhstan — 0.0%
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(b)	USD		45		41,231
Kuwait — 0.0%
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(b)	USD		55		54,340
Luxembourg — 1.6%
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(b)	USD		75		70,643
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(a)	EUR		100		99,915
Altice Financing SA
4.25%, 08/15/29 (Call 08/15/24)(a)	EUR		100		89,495
5.75%, 08/15/29 (Call 08/15/24)(b)	USD		200		168,168
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)	EUR		100		88,406
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)	EUR		100		87,554
6.00%, 02/15/28 (Call 02/15/23)(b)(c)	USD		150		123,874
8.00%, 05/15/27 (Call 05/15/22)(a)	EUR		100		106,977
10.50%, 05/15/27 (Call 05/15/22)(b)	USD		150		151,109
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(b)	USD		150		131,148
4.00%, 09/01/29 (Call 05/15/24)(b)(c)	USD		50		42,506
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/22)(a)	EUR		100		103,026
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/09/22)(a)	EUR		100		97,319
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(a)	EUR		100		99,011
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)	EUR		100		100,748
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)	EUR		100		105,067
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)	EUR		100		104,015
Swissport Investments SA, 6.75%, 12/15/21(a)(f)(g)	EUR		100		1
Vivion Investments Sarl, 3.00%, 08/08/24(a)	EUR		100		96,306
ZF Finance GmbH, 2.25%, 05/03/28 (Call 02/03/28)(a)	EUR		100		87,881
					1,953,169

Security		Par (000)		Value
Macau — 0.7%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/30/22)(b)(c)	USD		200	$	178,678
5.38%, 12/04/29 (Call 12/04/24)(b)(c)	USD		150		120,522
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(b)	USD		75		63,000
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(b)	USD		125		85,383
6.50%, 01/15/28 (Call 07/15/23)(b)(c)	USD		50		38,854
Wynn Macau Ltd.
5.13%, 12/15/29 (Call 12/15/24)(b)	USD		125		98,634
5.50%, 01/15/26 (Call 06/15/22)(b)	USD		100		86,441
5.63%, 08/26/28 (Call 08/26/23)(b)(c)	USD		150		120,154
					791,666
Malaysia — 0.1%
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(b)	USD		75		65,763
Netherlands — 1.5%
Intertrust Group BV, 3.38%, 11/15/25 (Call 05/09/22)(a)	EUR		100		104,022
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(b)(d)	USD		50		50,418
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 05/31/22)(a)	EUR		125		130,713
Nobel Bidco BV, 3.13%, 06/15/28 (Call 06/15/24)(a)	EUR		100		87,665
Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)(a)	EUR		100		93,497
PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)(a)	EUR		175		173,693
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)	EUR		150		138,139
Sensata Technologies BV
4.88%, 10/15/23(b)(c)	USD		50		50,070
5.00%, 10/01/25(b)	USD		50		49,621
5.63%, 11/01/24(b)(c)	USD		50		50,675
Trivium Packaging Finance BV
3.75%, 08/15/26 (Call 08/15/22)(a)	EUR		100		101,007
8.50%, 08/15/27 (Call 08/15/22)(b)(c)	USD		150		147,363
United Group BV
3.63%, 02/15/28 (Call 02/15/23)(a)	EUR		100		91,634
4.63%, 08/15/28 (Call 08/15/24)(a)	EUR		100		93,923
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(b)	USD		75		65,906
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(b)	USD		100		86,291
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)	EUR		100		95,383
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(b)(c)	USD		175		155,094
					1,765,114
Norway — 0.1%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(a)	EUR		100		100,471
Portugal — 0.5%
Caixa Geral de Depositos SA, 1.25%, 11/25/24(a)	EUR		100		103,295
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(a)(d)	EUR		100		90,557
1.88%, 08/02/81 (Call 05/02/26)(a)(d)	EUR		100		93,797
4.50%, 04/30/79 (Call 01/30/24)(a)(d)	EUR		100		107,612
Novo Banco SA, 3.50%, 07/23/24 (Call 07/23/23)(a)(d)	EUR		100		101,031
Saipem Finance International BV, 3.13%, 03/31/28 (Call 12/31/27)(a)	EUR		100		85,967
					582,259
Singapore — 0.2%
Puma International Financing SA, 5.13%, 10/06/24 (Call 05/10/22)(b)	USD		200		191,248

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Spain — 1.9%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(d)	EUR		100	$	104,908
Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)(a)(d)	EUR		100		92,410
Banco de Sabadell SA
1.75%, 05/10/24(a)	EUR		100		103,974
2.63%, 03/24/26 (Call 03/24/25)(a)(d)	EUR		100		103,620
5.38%, 12/12/28 (Call 12/12/23)(a)(d)	EUR		100		109,064
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)	EUR		100		94,881
1.50%, 06/08/28 (Call 03/08/28)(a)	EUR		100		91,724
2.00%, 02/15/33 (Call 11/15/32)(a)	EUR		100		82,948
Cellnex Telecom SA
1.75%, 10/23/30 (Call 07/23/30)(a)	EUR		100		86,681
2.88%, 04/18/25 (Call 01/18/25)(a)	EUR		100		106,698
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)	EUR		100		94,843
6.25%, 12/20/23 (Call 05/09/22)(a)	EUR		85		89,094
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/23)(a)	EUR		100		96,475
eDreams ODIGEO SA, 5.50%, 07/15/27 (Call 01/15/24)(a)	EUR		100		99,103
El Corte Ingles SA, 3.00%, 03/15/24 (Call 05/09/22)(a)	EUR		100		106,026
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)	EUR		125		118,290
Grifols SA, 3.20%, 05/01/25 (Call 05/30/22)(a)	EUR		100		100,637
Grupo Antolin-Irausa SA, 3.50%, 04/30/28 (Call 04/30/24)(a)	EUR		100		80,825
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(d)	EUR		100		99,691
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)	EUR		100		92,788
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)	EUR		150		144,831
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(d)	EUR		100		105,648
Unicaja Banco SA, 3.13%, 07/19/32 (Call 01/19/27)(a)(d)	EUR		100		93,645
					2,298,804
Sweden — 0.7%
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)	EUR		100		105,659
Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)(a)	EUR		100		90,765
Heimstaden AB, 4.25%, 03/09/26 (Call 12/09/25)(a)	EUR		100		97,676
Intrum AB
3.13%, 07/15/24 (Call 07/15/22)(a)	EUR		100		102,685
3.50%, 07/15/26 (Call 07/15/22)(a)	EUR		100		98,064
4.88%, 08/15/25 (Call 08/15/22)(a)	EUR		100		103,875
Verisure Holding AB, 3.25%, 02/15/27 (Call 02/15/23)(a)	EUR		100		95,073
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)	EUR		100		92,595
Volvo Car AB, 2.00%, 01/24/25 (Call 10/24/24)(a)	EUR		100		102,649
					889,041
Switzerland — 0.3%
Dufry One BV
2.50%, 10/15/24 (Call 05/30/22)(a)	EUR		100		101,052
3.38%, 04/15/28 (Call 04/15/24)(a)	EUR		100		93,800
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(b)	USD		70		61,162
7.88%, 05/01/27 (Call 05/01/24)(b)	USD		50		46,900
					302,914

Security		Par (000)		Value
United Arab Emirates — 0.1%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(b)	USD		75	$	72,900
4.88%, 03/30/26 (Call 12/30/25)(b)	USD		45		41,816
					114,716
United Kingdom — 5.2%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 05/30/22)(a)	GBP		100		124,962
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/22)(a)	GBP		100		121,533
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a)	EUR		150		142,642
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(a)	GBP		175		193,420
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)	GBP		100		104,641
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26)(b)(d)	USD		50		46,672
4.88%, 11/23/81 (Call 08/23/31)(b)(d)	USD		25		23,090
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)	EUR		100		94,756
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(b)	USD		150		146,278
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)(a)	GBP		100		108,655
Cooperative Bank Finance, 6.00%, 04/06/27 (Call 04/06/26)(a)(d)	GBP		100		124,738
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a)	GBP		100		114,896
eG Global Finance PLC
4.38%, 02/07/25 (Call 05/30/22)(a)	EUR		100		100,978
6.25%, 10/30/25 (Call 05/30/22)(a)	EUR		100		103,160
6.75%, 02/07/25 (Call 05/10/22)(b)	USD		100		97,201
Heathrow Finance PLC, 4.38%, 03/01/27(a)(h)	GBP		100		115,128
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 05/23/22)(a)	GBP		100		107,954
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)	EUR		100		92,966
International Consolidated Airlines Group SA, 3.75%, 03/25/29 (Call 12/25/28)(a)	EUR		100		90,821
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26 (Call 10/15/25)(a)	EUR		100		96,002
4.50%, 07/15/28 (Call 07/15/24)(a)	EUR		100		87,974
5.88%, 01/15/28 (Call 01/15/24)(b)	USD		150		130,500
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 05/30/22)(a)	GBP		100		119,629
Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a)	GBP		100		111,913
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(a)(d)	GBP		100		80,017
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/30/22)(a)	EUR		100		108,348
NGG Finance PLC
2.13%, 09/05/82 (Call 06/05/27)(a)(d)	EUR		100		93,785
5.63%, 06/18/73 (Call 06/18/25)(a)(d)	GBP		100		126,256
Nomad Foods Bondco PLC, 2.50%, 06/24/28 (Call 06/24/24)(a)	EUR		100		94,225
Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)(a)	GBP		100		108,557
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 05/30/22)(a)	GBP		100		119,763
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/22)(a)	EUR		100		105,375
Playtech PLC, 4.25%, 03/07/26 (Call 05/30/22)(a)	EUR		100		104,869
Rolls-Royce PLC
1.63%, 05/09/28 (Call 02/09/28)(a)	EUR		100		88,683
3.38%, 06/18/26	GBP		100		115,399
5.75%, 10/15/27 (Call 07/15/27)(b)	USD		150		144,938
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(a)	GBP		100		127,194

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(d)	GBP		125	$	158,770
TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)(a)	EUR		100		88,276
Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)(a)	GBP		100		113,774
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)(a)	EUR		100		97,683
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(b)	USD		100		87,369
Virgin Media Secured Finance PLC
4.25%, 01/15/30 (Call 10/15/24)(a)	GBP		150		162,997
4.50%, 08/15/30 (Call 08/15/25)(b)	USD		50		43,200
5.00%, 04/15/27 (Call 05/09/22)(a)	GBP		100		122,451
5.50%, 05/15/29 (Call 05/15/24)(b)	USD		125		116,633
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(a)	GBP		100		114,100
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)	EUR		150		138,017
4.25%, 01/31/31 (Call 01/31/26)(b)	USD		100		84,489
4.75%, 07/15/31 (Call 07/15/26)(b)	USD		100		85,588
Vodafone Group PLC
3.10%, 01/03/79 (Call 10/03/23)(a)(d)	EUR		200		210,611
3.25%, 06/04/81 (Call 06/04/26)(d)	USD		50		45,071
4.13%, 06/04/81 (Call 03/04/31)(d)	USD		75		64,275
4.88%, 10/03/78 (Call 07/03/25)(a)(d)	GBP		100		123,968
7.00%, 04/04/79 (Call 01/04/29)(d)	USD		150		157,500
Zenith Finco PLC, 6.50%, 06/30/27 (Call 01/28/24)(a)	GBP		100		111,962
					6,144,652
United States — 64.9%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)	USD		45		39,263
6.00%, 08/01/29 (Call 08/01/24)(b)(c)	USD		35		30,581
7.00%, 11/15/25 (Call 05/31/22)(b)(c)	USD		90		87,543
10.13%, 08/01/26 (Call 08/01/22)(b)(c)	USD		30		31,240
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(b)(c)	USD		50		42,497
5.13%, 03/01/30 (Call 03/01/25)(b)(c)	USD		35		30,100
ADLER Group SA, 2.25%, 04/27/27 (Call 01/27/27)(a)	EUR		100		68,670
ADT Security Corp. (The)
4.13%, 06/15/23	USD		40		39,680
4.13%, 08/01/29 (Call 08/01/28)(b)	USD		75		63,844
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)(b)	USD		55		50,082
3.50%, 03/15/29 (Call 09/15/23)(b)(c)	USD		100		84,208
4.63%, 01/15/27 (Call 01/15/23)(b)	USD		95		88,966
4.88%, 02/15/30 (Call 02/15/25)(b)	USD		75		67,969
5.88%, 02/15/28 (Call 08/15/22)(b)	USD		75		72,694
7.50%, 03/15/26 (Call 05/31/22)(b)	USD		50		52,578
Alcoa Nederland Holding BV, 6.13%, 05/15/28 (Call 05/15/23)(b)	USD		150		151,766
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(b)	USD		90		82,855
5.88%, 11/01/29 (Call 11/01/24)(b)	USD		30		27,745
6.75%, 10/15/27 (Call 10/15/22)(b)	USD		80		75,493
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(b)(c)	USD		75		61,650
6.63%, 07/15/26 (Call 07/15/22)(b)	USD		170		164,492
9.75%, 07/15/27 (Call 07/15/22)(b)	USD		90		87,030

Security		Par (000)		Value
United States (continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(b)	USD		150	$	132,319
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(a)	EUR		100		90,698
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(b)	USD		60		51,900
4.75%, 10/01/27 (Call 10/01/22)(b)(c)	USD		50		47,833
5.88%, 06/01/29 (Call 06/01/24)(b)(c)	USD		45		44,178
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(c)	USD		80		82,212
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(b)	USD		70		64,015
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)	USD		75		65,395
4.75%, 08/01/25 (Call 05/31/22)(c)	USD		50		48,281
5.00%, 04/01/24 (Call 05/31/22)	USD		21		20,790
American Airlines Group Inc., 3.75%, 03/01/25(b)(c)	USD		65		58,204
American Airlines Inc., 11.75%, 07/15/25(b)	USD		175		201,250
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(b)	USD		255		250,917
5.75%, 04/20/29(b)	USD		260		250,952
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(c)	USD		50		43,000
6.25%, 03/15/26 (Call 05/10/22)(c)	USD		22		20,977
6.50%, 04/01/27 (Call 05/31/22)(c)	USD		35		32,439
6.88%, 07/01/28 (Call 07/01/23)(c)	USD		25		23,449
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(b)(c)	USD		25		22,094
4.00%, 01/15/28 (Call 01/15/23)(b)	USD		50		46,374
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	USD		40		39,438
5.63%, 05/20/24 (Call 03/20/24)	USD		60		59,946
5.75%, 05/20/27 (Call 02/20/27)	USD		50		48,663
5.88%, 08/20/26 (Call 05/20/26)	USD		50		49,250
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(b)	USD		70		65,728
5.75%, 03/01/27 (Call 05/16/22)(b)	USD		60		58,500
5.75%, 01/15/28 (Call 01/15/23)(b)	USD		30		28,993
7.88%, 05/15/26 (Call 05/15/23)(b)	USD		50		52,303
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(b)(c)	USD		60		58,575
7.63%, 02/01/29 (Call 02/01/24)(b)	USD		21		22,211
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)(c)	USD		75		69,705
4.38%, 10/15/28 (Call 07/15/28)	USD		25		23,404
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(b)	USD		65		53,099
6.75%, 02/15/27 (Call 02/15/23)(b)(c)	USD		30		29,657
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/31/22)(b)(c)	USD		50		49,505
5.00%, 02/01/28 (Call 02/01/23)(b)	USD		95		88,599
6.38%, 05/01/25 (Call 05/31/22)(b)	USD		95		96,626
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(b)	USD		55		48,908
6.13%, 12/01/28 (Call 12/01/23)(b)(c)	USD		50		43,217
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)(b)	USD		65		62,952
6.88%, 04/01/27 (Call 05/31/22)(b)(c)	USD		40		39,713

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Arconic Corp.
6.00%, 05/15/25 (Call 05/31/22)(b)	USD		70	$	70,414
6.13%, 02/15/28 (Call 02/15/23)(b)(c)	USD		65		62,969
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/15/24)(a)	EUR		100		89,896
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(a)	EUR		100		94,286
5.25%, 08/15/27 (Call 08/15/22)(b)	USD		225		193,286
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)(c)	USD		25		23,242
4.63%, 11/15/29 (Call 11/15/24)(b)	USD		60		53,951
4.75%, 03/01/30 (Call 03/01/25)	USD		25		22,328
5.00%, 02/15/32 (Call 11/15/26)(b)(c)	USD		50		44,409
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(b)(c)	USD		25		24,116
7.00%, 11/01/26 (Call 05/31/22)(b)	USD		50		50,396
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(b)	USD		30		24,489
ASP Unifrax Holdings Inc.
5.25%, 09/30/28 (Call 09/30/24)(b)	USD		60		52,694
7.50%, 09/30/29 (Call 09/30/24)(b)(c)	USD		40		32,868
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)(b)(c)	USD		75		65,959
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/16/22)(b)	USD		25		21,500
6.75%, 03/31/29 (Call 03/31/24)(b)	USD		50		43,305
Autostrade per l’Italia SpA, 2.00%, 01/15/30 (Call 10/15/29)(a)	EUR		100		94,888
Avantor Funding Inc.
2.63%, 11/01/25 (Call 11/01/22)(a)	EUR		100		102,574
3.88%, 11/01/29 (Call 11/01/24)(b)(c)	USD		85		76,394
4.63%, 07/15/28 (Call 07/15/23)(b)(c)	USD		105		100,012
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(b)(c)	USD		75		69,325
Avient Corp., 5.75%, 05/15/25 (Call 05/31/22)(b)	USD		45		45,418
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(b)(c)	USD		50		46,313
5.38%, 03/01/29 (Call 03/01/24)(b)(c)	USD		40		37,707
5.75%, 07/15/27 (Call 07/15/22)(b)	USD		30		29,660
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 05/30/22)(a)	EUR		100		104,573
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(b)(c)	USD		100		86,263
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/31/22)(c)	USD		65		61,636
5.25%, 09/15/27 (Call 05/31/22)	USD		45		41,086
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)	USD		125		104,544
3.13%, 09/15/31 (Call 06/15/31)	USD		70		58,712
4.00%, 11/15/23(c)	USD		75		74,812
4.38%, 12/15/23	EUR		100		109,526
4.88%, 03/15/26 (Call 12/15/25)	USD		45		45,107
5.25%, 07/01/25(c)	USD		75		76,905
Banco BPM SpA, 1.75%, 01/28/25(a)	EUR		100		103,677
Banco Comercial Portugues SA
1.75%, 04/07/28 (Call 04/07/27)(a)(d)	EUR		100		90,089
3.87%, 03/27/30 (Call 03/27/25)(a)(d)	EUR		100		95,613
Banco de Sabadell SA, 1.13%, 03/27/25(a)	EUR		100		100,170
Bath & Body Works Inc. 5.25%, 02/01/28(c)	USD		40		38,612

Security		Par (000)		Value
United States (continued)
6.63%, 10/01/30 (Call 10/01/25)(b)	USD		85	$	84,728
7.50%, 06/15/29 (Call 06/15/24)	USD		40		41,300
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)(b)(c)	USD		120		113,452
9.25%, 04/01/26 (Call 05/31/22)(b)(c)	USD		115		114,137
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)(b)(c)	USD		100		88,183
5.00%, 01/30/28 (Call 01/30/23)(b)	USD		130		95,819
5.25%, 01/30/30 (Call 01/30/25)(b)	USD		105		72,732
5.50%, 11/01/25 (Call 05/30/22)(b)	USD		170		164,475
5.75%, 08/15/27 (Call 08/15/22)(b)	USD		40		37,400
6.13%, 04/15/25 (Call 05/16/22)(b)	USD		268		268,788
6.25%, 02/15/29 (Call 02/15/24)(b)	USD		110		80,025
7.00%, 01/15/28 (Call 01/15/23)(b)	USD		70		57,593
7.25%, 05/30/29 (Call 05/30/24)(b)	USD		70		52,865
9.00%, 12/15/25 (Call 05/30/22)(b)	USD		140		140,350
Bayer AG, 5.38%, 03/25/82 (Call 06/25/30)(a)(d)	EUR		100		105,137
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a)	EUR		150		150,656
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/22)(b)(c)	USD		30		29,812
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(b)(c)	USD		75		69,375
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)(b)(c)	USD		75		68,349
3.50%, 06/01/31 (Call 03/01/31)(b)	USD		80		67,000
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)(b)	USD		50		46,000
4.00%, 07/01/29 (Call 07/01/24)(b)	USD		55		50,600
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)	EUR		100		105,314
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)(c)	USD		75		70,500
4.75%, 06/15/31 (Call 06/15/26)(b)(c)	USD		65		58,825
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 05/31/22)(b)	USD		85		76,712
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(b)	USD		65		64,982
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)(b)	USD		70		63,390
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)	USD		50		47,066
4.13%, 03/01/25 (Call 02/01/25)(b)	USD		25		23,919
4.13%, 12/01/27 (Call 09/01/27)(c)	USD		25		22,838
4.15%, 07/01/23 (Call 04/01/23)	USD		50		49,577
4.50%, 03/01/28 (Call 12/01/27)(b)	USD		50		45,571
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(b)(c)	USD		90		76,837
5.00%, 03/01/30 (Call 03/01/25)(b)	USD		50		46,282
6.75%, 06/01/27 (Call 06/01/22)(b)	USD		40		41,020
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(b)(c)	USD		120		103,566
6.25%, 07/01/25 (Call 07/01/22)(b)	USD		255		257,938
8.13%, 07/01/27 (Call 07/01/23)(b)(c)	USD		135		140,868
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(b)	USD		85		86,806
Callon Petroleum Co.
6.13%, 10/01/24 (Call 05/31/22)	USD		35		34,563
8.00%, 08/01/28 (Call 08/01/24)(b)(c)	USD		50		51,475
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(b)	USD		75		63,234
4.50%, 02/15/28 (Call 02/15/23)(b)	USD		105		97,356
4.63%, 02/01/29 (Call 02/01/24)(b)	USD		65		56,654
5.00%, 02/01/31 (Call 02/01/26)(b)(c)	USD		65		55,432

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.13%, 03/15/28 (Call 03/15/23)(b)	USD		100	$	90,711
5.25%, 06/01/26 (Call 05/31/22)(b)	USD		37		36,741
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 05/31/22)(b)	USD		45		45,423
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		72,941
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(b)(c)	USD		50		36,563
5.50%, 04/15/27 (Call 04/15/24)(b)(c)	USD		50		40,372
5.63%, 10/01/25 (Call 10/01/22)(b)(c)	USD		55		47,713
5.88%, 10/01/28 (Call 10/01/23)(b)	USD		40		31,683
10.25%, 05/01/30 (Call 05/01/27)(b)	USD		80		77,400
Catalent Pharma Solutions Inc.
2.38%, 03/01/28 (Call 03/01/23)(a)	EUR		100		92,968
3.13%, 02/15/29 (Call 02/15/24)(b)	USD		40		34,524
3.50%, 04/01/30 (Call 04/01/25)(b)	USD		60		52,050
5.00%, 07/15/27 (Call 07/15/22)(b)	USD		25		24,245
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(b)(c)	USD		225		190,057
4.25%, 01/15/34 (Call 01/15/28)(b)	USD		160		126,937
4.50%, 08/15/30 (Call 02/15/25)(b)	USD		210		183,225
4.50%, 05/01/32 (Call 05/01/26)	USD		235		198,134
4.50%, 06/01/33 (Call 06/01/27)(b)	USD		155		127,197
4.75%, 03/01/30 (Call 09/01/24)(b)	USD		210		187,377
4.75%, 02/01/32 (Call 02/01/27)(b)(c)	USD		95		81,616
5.00%, 02/01/28 (Call 08/01/22)(b)(c)	USD		190		180,975
5.13%, 05/01/27 (Call 05/31/22)(b)(c)	USD		280		272,588
5.38%, 06/01/29 (Call 06/01/24)(b)	USD		140		132,425
5.50%, 05/01/26 (Call 05/31/22)(b)(c)	USD		95		95,237
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(b)	USD		95		91,514
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)	USD		50		50,333
5.00%, 10/15/24 (Call 07/15/24)	USD		40		41,139
5.25%, 05/15/29 (Call 05/15/24)(b)	USD		40		40,316
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)	USD		45		42,522
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 05/31/22)	USD		60		58,350
5.50%, 05/01/25 (Call 05/31/22)(b)	USD		50		50,131
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)	USD		200		174,500
2.50%, 03/01/31 (Call 12/01/30)	USD		190		157,418
2.63%, 08/01/31 (Call 05/01/31)	USD		110		91,535
3.00%, 10/15/30 (Call 07/15/30)	USD		175		151,376
3.38%, 02/15/30 (Call 02/15/25)	USD		150		133,246
4.25%, 12/15/27 (Call 12/15/22)(c)	USD		190		182,954
4.63%, 12/15/29 (Call 12/15/24)(c)	USD		265		256,553
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)	USD		25		21,596
4.13%, 04/30/31 (Call 04/30/26)(b)(c)	USD		45		38,678
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)(b)	USD		50		42,151
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/10/22)(b)	USD		100		99,726
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(b)(c)	USD		50		45,160
4.00%, 03/15/31 (Call 03/15/26)(b)(c)	USD		40		35,573
4.25%, 05/01/28 (Call 05/01/23)(b)(c)	USD		40		38,100
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(b)(c)	USD		70		60,412
5.38%, 05/15/27 (Call 02/15/27)(c)	USD		40		38,631

Security		Par (000)		Value
United States (continued)
5.75%, 11/15/28 (Call 11/15/23)(b)(c)	USD		60	$	56,288
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)	USD		160		154,712
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)(b)	USD		90		76,351
4.00%, 03/01/31 (Call 03/01/26)	USD		125		113,371
4.50%, 10/01/29 (Call 10/01/24)	USD		115		110,112
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)	EUR		100		98,375
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)(b)	USD		30		29,725
5.88%, 02/01/29 (Call 02/05/24)(b)	USD		57		56,288
6.75%, 04/15/29 (Call 04/15/24)(b)	USD		75		75,469
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(b)	USD		85		71,545
5.25%, 05/15/30 (Call 05/15/25)(b)	USD		140		122,850
5.63%, 03/15/27 (Call 12/15/23)(b)(c)	USD		80		76,358
6.00%, 01/15/29 (Call 01/15/24)(b)(c)	USD		70		66,150
6.13%, 04/01/30 (Call 04/01/25)(b)(c)	USD		125		102,250
6.88%, 04/01/28 (Call 04/01/23)(b)(c)	USD		60		46,800
6.88%, 04/15/29 (Call 04/15/24)(b)(c)	USD		145		127,237
8.00%, 03/15/26 (Call 05/31/22)(b)	USD		185		191,475
8.00%, 12/15/27 (Call 12/15/22)(b)(c)	USD		64		66,400
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(b)	USD		40		37,306
5.50%, 04/01/27 (Call 05/31/22)(b)	USD		55		53,966
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(b)(c)	USD		65		57,622
5.88%, 03/15/26 (Call 03/15/23)(b)(c)	USD		35		32,543
Citgo Holding Inc., 9.25%, 08/01/24 (Call 05/31/22)(b)(c)	USD		100		99,375
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(b)(c)	USD		45		44,663
7.00%, 06/15/25 (Call 06/15/22)(b)	USD		100		99,324
Clarios Global LP, 6.75%, 05/15/25 (Call 05/30/22)(b)(c)	USD		27		27,558
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26 (Call 05/31/22)(a)	EUR		100		100,837
6.25%, 05/15/26 (Call 05/31/22)(b)(c)	USD		75		75,756
8.50%, 05/15/27 (Call 05/31/22)(b)(c)	USD		145		144,844
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(b)	USD		60		53,370
4.88%, 07/01/29 (Call 06/30/24)(b)	USD		85		74,513
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)(b)(c)	USD		80		74,747
7.50%, 06/01/29 (Call 06/01/24)(b)(c)	USD		100		93,337
7.75%, 04/15/28 (Call 04/15/24)(b)(c)	USD		65		61,032
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(b)(c)	USD		70		60,086
4.75%, 03/15/28 (Call 03/15/23)(b)	USD		60		57,005
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)(b)	USD		30		28,001
4.88%, 03/01/31 (Call 03/01/26)(b)(c)	USD		45		41,800
5.88%, 06/01/27 (Call 06/01/22)	USD		50		49,884
6.75%, 03/15/26 (Call 05/31/22)(b)	USD		70		73,325
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(b)	USD		37		36,908
8.75%, 04/15/30 (Call 04/15/25)(b)	USD		95		86,813
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)(b)(c)	USD		80		79,000
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(b)(c)	USD		80		62,613
3.63%, 10/01/31 (Call 10/01/26)(b)	USD		70		51,625

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(b)(c)	USD		60	$	59,361
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(b)	USD		90		75,433
6.00%, 03/01/26 (Call 05/31/22)(b)	USD		115		108,390
7.13%, 07/01/28 (Call 07/01/23)(b)(c)	USD		65		51,829
8.25%, 03/01/27 (Call 05/31/22)(b)	USD		75		63,750
CommScope Technologies LLC
5.00%, 03/15/27 (Call 05/10/22)(b)(c)	USD		65		51,025
6.00%, 06/15/25 (Call 05/10/22)(b)(c)	USD		131		114,625
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(b)	USD		75		67,094
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(b)(c)	USD		100		96,125
6.75%, 03/01/29 (Call 03/01/24)(b)(c)	USD		80		80,894
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(b)	USD		175		156,609
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(b)	USD		35		28,515
6.50%, 10/01/28 (Call 10/01/23)(b)(c)	USD		70		59,990
Constellium SE
3.13%, 07/15/29 (Call 07/15/24)(a)	EUR		100		92,415
3.75%, 04/15/29 (Call 04/15/24)(b)(c)	USD		25		21,625
Coty Inc.
3.88%, 04/15/26 (Call 04/15/23)(a)	EUR		100		98,690
5.00%, 04/15/26 (Call 04/15/23)(b)(c)	USD		70		66,587
6.50%, 04/15/26 (Call 05/31/22)(b)(c)	USD		25		24,313
Coty Inc/HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(b)	USD		50		44,326
Covanta Holding Corp, 4.88%, 12/01/29 (Call 12/01/24)(b)	USD		40		36,105
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25)	USD		35		31,665
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(b)	USD		100		91,625
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/16/22)(b)(c)	USD		50		48,538
5.75%, 04/01/25 (Call 05/31/22)(c)	USD		65		64,225
6.00%, 02/01/29 (Call 02/01/24)(b)	USD		60		58,318
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(b)	USD		45		44,606
Crown Americas LLC / Crown Americas Capital Corp VI, 4.25%, 09/30/26 (Call 03/31/26)	USD		25		24,246
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)(a)	EUR		100		104,261
2.88%, 02/01/26 (Call 08/01/25)(a)	EUR		100		104,869
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(b)(c)	USD		35		34,277
5.63%, 10/15/25 (Call 05/31/22)(b)	USD		75		75,000
CSC Holdings LLC
4.13%, 12/01/30 (Call 12/01/25)(b)(c)	USD		100		82,625
4.50%, 11/15/31 (Call 11/15/26)(b)(c)	USD		100		82,375
4.63%, 12/01/30 (Call 12/01/25)(b)(c)	USD		200		153,000
5.00%, 11/15/31 (Call 11/15/26)(b)(c)	USD		50		38,475
5.25%, 06/01/24(c)	USD		75		73,406
5.38%, 02/01/28 (Call 02/01/23)(b)	USD		200		184,000
5.50%, 04/15/27 (Call 05/31/22)(b)	USD		200		193,086
5.75%, 01/15/30 (Call 01/15/25)(b)	USD		250		205,187
7.50%, 04/01/28 (Call 04/01/23)(b)	USD		125		115,312
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(b)	USD		75		62,351

Security		Par (000)		Value
United States (continued)
CVR Energy Inc.
5.25%, 02/15/25 (Call 05/16/22)(b)	USD		45	$	43,364
5.75%, 02/15/28 (Call 02/15/23)(b)	USD		35		32,725
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/30/22)(b)	USD		25		24,706
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)(c)	USD		40		34,300
5.38%, 11/15/27 (Call 11/15/22)	USD		15		14,175
5.63%, 06/15/28 (Call 06/15/23)(c)	USD		35		33,381
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/09/22)(a)	EUR		100		104,873
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)(c)	USD		130		105,495
4.63%, 06/01/30 (Call 06/01/25)(b)	USD		215		186,580
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)(c)	USD		50		42,404
3.88%, 03/15/23 (Call 12/15/22)(c)	USD		40		39,915
5.13%, 05/15/29 (Call 02/15/29)(c)	USD		25		24,594
5.38%, 07/15/25 (Call 04/15/25)	USD		55		55,004
5.63%, 07/15/27 (Call 04/15/27)	USD		25		25,299
5.85%, 05/21/43 (Call 05/21/23)(b)(d)	USD		50		45,375
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)	USD		75		71,437
3.75%, 10/28/29 (Call 07/28/29)(c)	USD		50		44,125
3.80%, 04/19/23 (Call 03/19/23)	USD		40		39,937
4.38%, 04/19/28 (Call 01/19/28)(c)	USD		25		23,430
7.38%, 01/15/26 (Call 12/15/25)	USD		70		74,223
Deutsche Lufthansa AG, 2.88%, 02/11/25 (Call 01/11/25)(a)	EUR		100		100,876
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)(b)	USD		330		120,509
6.63%, 08/15/27 (Call 08/15/22)(b)	USD		200		42,288
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 05/31/22)(c)	USD		25		16,281
9.38%, 07/15/25 (Call 07/15/22)(b)	USD		70		61,950
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(b)	USD		275		259,187
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(b)	USD		235		215,178
5.75%, 12/01/28 (Call 12/01/27)(b)	USD		200		179,396
5.88%, 11/15/24(c)	USD		175		169,420
7.38%, 07/01/28 (Call 07/01/23)(c)	USD		55		48,435
7.75%, 07/01/26(c)	USD		150		141,282
5.13%, 06/01/29	USD		140		108,430
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(c)	USD		40		30,927
4.75%, 02/15/28 (Call 08/15/27)	USD		40		34,150
9.75%, 06/15/25 (Call 06/15/22)	USD		60		62,850
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)	USD		50		48,480
4.35%, 04/15/29 (Call 01/15/29)	USD		25		23,031
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(b)	USD		75		68,437
4.38%, 06/15/31 (Call 06/15/26)(b)	USD		90		80,775
Duke Energy Carolinas LLC, 4.75%, 02/01/26 (Call 05/31/22)	USD		75		74,374
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(b)(c)	USD		30		26,667
5.50%, 06/01/28 (Call 06/01/23)(b)(c)	USD		55		53,034
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)	USD		50		51,625

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(b)	USD		50	$	49,784
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)	USD		55		50,607
4.63%, 04/01/31 (Call 04/01/26)	USD		40		35,234
4.75%, 02/01/30 (Call 02/01/25)	USD		80		72,040
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(a)	GBP		100		123,619
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)(b)(c)	USD		50		50,177
6.63%, 07/15/25 (Call 07/15/22)(b)	USD		60		61,650
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)(b)	USD		91		39,541
9.50%, 07/31/27 (Call 07/31/23)(b)(c)	USD		72		56,520
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)(b)	USD		100		87,000
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a)	EUR		100		87,780
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(b)	USD		55		45,729
4.75%, 06/15/28 (Call 06/15/23)(b)	USD		50		43,569
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	USD		65		62,958
4.40%, 04/01/24 (Call 01/01/24)	USD		25		24,719
4.85%, 07/15/26 (Call 04/15/26)	USD		40		39,009
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)(d)	USD		25		23,203
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)	USD		50		48,349
4.13%, 12/01/26 (Call 09/01/26)	USD		25		23,111
4.50%, 01/15/29 (Call 07/15/28)(b)	USD		70		62,663
4.75%, 07/15/23 (Call 06/15/23)	USD		50		49,763
4.75%, 01/15/31 (Call 07/15/30)(b)	USD		75		66,937
5.50%, 07/15/28 (Call 04/15/28)	USD		75		71,625
6.00%, 07/01/25 (Call 04/01/25)(b)	USD		60		59,443
6.50%, 07/01/27 (Call 01/01/27)(b)	USD		75		75,377
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)(b)(c)	USD		75		68,182
5.25%, 05/15/26 (Call 02/15/26)(b)(c)	USD		25		25,125
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)(a)	EUR		100		88,910
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)(b)	USD		65		59,105
5.88%, 04/01/29 (Call 04/01/24)(b)	USD		60		52,289
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(b)	USD		75		68,017
6.75%, 01/15/30 (Call 01/15/25)(b)	USD		90		77,913
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(c)(d)(e)	USD		50		48,465
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)(b)	USD		50		45,500
5.63%, 01/01/30 (Call 01/01/25)(b)(c)	USD		35		32,550
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)	USD		50		42,352
Series B, 2.25%, 09/01/30 (Call 06/01/30)	USD		50		41,637
Series B, 4.15%, 07/15/27 (Call 04/15/27)	USD		100		97,125
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)	CAD		75		52,581
Ford Credit Canada Co.
3.50%, 11/30/23	CAD		100		76,013
3.74%, 05/08/23	CAD		100		76,957
4.46%, 11/13/24	CAD		50		38,109

Security		Par (000)		Value
United States (continued)
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)	USD		285	$	230,907
4.35%, 12/08/26 (Call 09/08/26)(c)	USD		200		192,000
Ford Motor Credit Co. LLC
1.51%, 02/17/23	EUR		100		105,103
1.74%, 07/19/24	EUR		100		101,410
2.30%, 02/10/25 (Call 01/10/25)	USD		100		92,823
2.70%, 08/10/26 (Call 07/10/26)(c)	USD		175		155,863
3.10%, 05/04/23	USD		50		49,375
3.25%, 09/15/25	EUR		100		103,172
3.37%, 11/17/23	USD		150		147,591
3.38%, 11/13/25 (Call 10/13/25)	USD		200		188,375
3.63%, 06/17/31 (Call 03/17/31)	USD		150		124,687
3.81%, 01/09/24 (Call 11/09/23)	USD		150		147,892
3.82%, 11/02/27 (Call 08/02/27)	USD		100		91,267
4.00%, 11/13/30 (Call 08/13/30)(c)	USD		125		108,748
4.06%, 11/01/24 (Call 10/01/24)(c)	USD		200		195,877
4.95%, 05/28/27 (Call 04/28/27)	USD		125		120,965
5.11%, 05/03/29 (Call 02/03/29)	USD		200		189,500
5.13%, 06/16/25 (Call 05/16/25)	USD		365		361,532
5.58%, 03/18/24 (Call 02/18/24)	USD		50		50,375
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(b)	USD		60		51,600
6.50%, 10/01/25 (Call 05/31/22)(b)	USD		85		80,962
9.75%, 08/01/27 (Call 08/01/23)(b)	USD		40		40,850
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(b)	USD		60		51,900
7.63%, 05/01/26 (Call 05/01/23)(b)(c)	USD		45		40,950
8.13%, 11/15/24 (Call 05/31/22)(b)	USD		30		29,066
8.25%, 04/15/25 (Call 05/31/22)(b)	USD		45		43,420
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(b)	USD		115		104,785
5.88%, 10/15/27 (Call 10/15/23)(b)(c)	USD		110		105,224
5.88%, 11/01/29 (Call 11/01/24)(c)	USD		75		65,156
6.00%, 01/15/30 (Call 10/15/24)(b)(c)	USD		80		69,700
6.75%, 05/01/29 (Call 05/01/24)(b)	USD		60		54,049
FXI Holdings Inc.
7.88%, 11/01/24 (Call 05/31/22)(b)(c)	USD		39		38,354
12.25%, 11/15/26 (Call 11/15/22)(b)	USD		49		51,960
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(b)(c)	USD		50		40,750
3.88%, 10/01/31 (Call 10/01/26)(b)(c)	USD		50		39,772
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(b)(c)	USD		40		35,977
3.75%, 10/01/30 (Call 10/01/25)(b)	USD		80		71,188
4.50%, 07/01/28 (Call 07/01/23)(b)	USD		50		47,926
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 05/31/22)(c)	USD		45		42,653
7.75%, 02/01/28 (Call 02/01/23)(c)	USD		55		52,938
8.00%, 01/15/27 (Call 01/15/24)(c)	USD		70		68,666
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(b)(c)(d)	USD		50		45,209
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(b)	USD		50		44,438
5.25%, 12/01/27 (Call 06/01/22)(b)	USD		50		49,348
Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a)	EUR		100		90,324
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(c)	USD		65		60,518
5.00%, 05/31/26 (Call 05/31/22)	USD		65		62,262
5.00%, 07/15/29 (Call 04/15/29)	USD		70		62,419

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.25%, 04/30/31 (Call 01/30/31)(c)	USD		50	$	43,533
5.25%, 07/15/31 (Call 04/15/31)(c)	USD		45		38,813
5.63%, 04/30/33 (Call 01/30/33)	USD		35		29,864
9.50%, 05/31/25 (Call 05/31/22)	USD		55		57,674
Grand Canyon University
4.13%, 10/01/24	USD		50		48,525
5.13%, 10/01/28 (Call 08/01/28)	USD		50		48,075
Graphic Packaging International LLC
3.50%, 03/15/28(b)	USD		25		22,651
3.75%, 02/01/30 (Call 08/01/29)(b)	USD		45		39,544
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(b)	USD		120		103,446
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(b)(c)	USD		50		43,500
5.88%, 07/15/26 (Call 05/31/22)(b)	USD		65		65,309
7.00%, 05/15/27 (Call 05/15/22)(b)(c)	USD		40		41,229
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		80		71,400
Grifols SA, 1.63%, 02/15/25 (Call 05/30/22)(a)	EUR		100		98,665
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/31/22)(b)	USD		25		24,691
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(b)	USD		100		87,062
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)	EUR		100		106,929
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(b)	USD		65		64,421
4.88%, 05/15/26 (Call 02/15/26)(b)(c)	USD		65		63,165
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)(b)	USD		95		87,120
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(b)	USD		100		97,625
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)	USD		190		169,803
5.38%, 02/01/25	USD		200		205,750
5.38%, 09/01/26 (Call 03/01/26)(c)	USD		75		76,801
5.63%, 09/01/28 (Call 03/01/28)	USD		115		118,881
5.88%, 05/01/23	USD		100		103,045
5.88%, 02/15/26 (Call 08/15/25)	USD		140		144,550
5.88%, 02/01/29 (Call 08/01/28)	USD		100		104,059
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(b)	USD		30		29,513
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(b)(c)	USD		100		97,970
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(b)	USD		50		45,522
5.00%, 12/01/29 (Call 12/01/24)(b)	USD		80		70,000
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(b)(c)	USD		70		63,932
5.13%, 06/15/28 (Call 06/15/23)(b)(c)	USD		45		43,652
5.50%, 10/15/30 (Call 10/15/25)(b)	USD		35		34,475
5.63%, 02/15/26 (Call 05/31/22)(b)	USD		50		50,003
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(b)	USD		45		43,980
6.00%, 04/15/30 (Call 04/15/25)(b)	USD		35		34,541
6.00%, 02/01/31 (Call 02/01/26)(b)	USD		45		43,492
6.25%, 11/01/28 (Call 11/01/23)(b)	USD		50		49,570
6.25%, 04/15/32 (Call 05/15/27)(b)	USD		40		39,050
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(b)	USD		105		88,987
3.75%, 05/01/29 (Call 05/01/24)(b)	USD		75		68,062
4.00%, 05/01/31 (Call 05/01/26)(b)(c)	USD		75		66,562
4.88%, 01/15/30 (Call 01/15/25)(c)	USD		105		101,456
5.38%, 05/01/25 (Call 05/10/22)(b)(c)	USD		10		10,164

Security		Par (000)		Value
United States (continued)
5.75%, 05/01/28 (Call 05/01/23)(b)(c)	USD		40	$	40,600
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(b)(c)	USD		55		48,043
5.00%, 06/01/29 (Call 06/01/24)(b)	USD		50		44,772
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 05/16/22)	USD		60		59,690
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(b)	USD		50		40,125
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(b)	USD		75		66,540
4.63%, 02/01/28 (Call 02/01/23)(b)(c)	USD		25		24,500
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(b)(c)	USD		40		35,956
4.38%, 02/01/31 (Call 02/01/26)(b)(c)	USD		65		57,731
5.38%, 08/01/28 (Call 08/01/23)(b)	USD		65		63,043
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)	USD		75		65,485
5.13%, 10/01/24 (Call 07/01/24)	USD		55		55,976
6.88%, 05/01/25 (Call 04/01/25)	USD		55		58,103
HUB International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(b)(c)	USD		40		36,666
7.00%, 05/01/26 (Call 05/10/22)(b)	USD		125		123,734
Hughes Satellite Systems Corp.
5.25%, 08/01/26	USD		70		68,600
6.63%, 08/01/26(c)	USD		50		49,959
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)	USD		60		51,681
4.75%, 09/15/24 (Call 06/15/24)	USD		100		97,500
5.25%, 05/15/27 (Call 11/15/26)(c)	USD		117		109,401
6.25%, 05/15/26 (Call 05/31/22)	USD		105		103,950
6.38%, 12/15/25 (Call 05/31/22)	USD		45		44,814
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(b)(c)	USD		40		36,157
5.25%, 08/15/27 (Call 08/15/22)(b)	USD		70		65,689
6.38%, 05/01/26 (Call 05/16/22)	USD		50		50,150
8.38%, 05/01/27 (Call 05/16/22)(c)	USD		105		103,950
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(b)(c)	USD		150		139,996
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)	EUR		100		97,172
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(b)(c)	USD		250		235,685
International Game Technology PLC
3.50%, 06/15/26 (Call 06/15/22)(a)	EUR		150		153,799
4.13%, 04/15/26 (Call 04/15/23)(b)	USD		50		47,030
6.25%, 01/15/27 (Call 07/15/26)(b)	USD		110		111,674
6.50%, 02/15/25 (Call 08/15/24)(b)(c)	USD		100		101,317
IQVIA Inc.
2.25%, 03/15/29 (Call 03/15/24)(a)	EUR		100		92,352
2.88%, 06/15/28 (Call 06/15/23)(a)	EUR		100		96,441
5.00%, 05/15/27 (Call 05/31/22)(b)(c)	USD		175		173,582
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)(b)	USD		50		51,316
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(b)	USD		85		73,049
4.88%, 09/15/27 (Call 09/15/22)(b)	USD		75		71,458
4.88%, 09/15/29 (Call 09/15/24)(b)	USD		60		54,996
5.00%, 07/15/28 (Call 07/15/23)(b)(c)	USD		55		51,966
5.25%, 03/15/28 (Call 12/27/22)(b)	USD		55		52,470
5.25%, 07/15/30 (Call 07/15/25)(b)(c)	USD		100		91,500
5.63%, 07/15/32 (Call 07/15/26)(b)	USD		60		54,335

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(b)	USD		55	$	48,400
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/09/22)(a)	GBP		100		123,725
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)(c)	USD		20		19,100
4.75%, 10/01/24 (Call 07/01/24)	USD		75		72,937
5.50%, 02/15/26 (Call 08/15/22)(c)	USD		50		48,603
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(b)	USD		90		79,650
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(b)(c)	USD		110		101,113
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(b)	USD		75		68,156
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/31/22)(b)	USD		25		23,564
4.88%, 12/15/27 (Call 12/15/22)(b)(c)	USD		25		22,674
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(b)(c)	USD		35		30,179
4.63%, 03/01/28 (Call 03/01/23)(b)(c)	USD		50		45,550
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)(c)	USD		30		27,673
4.75%, 02/01/30 (Call 09/01/24)	USD		50		45,082
5.00%, 03/01/31 (Call 03/01/26)	USD		61		55,233
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)(b)	USD		75		74,812
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/23)(a)	EUR		100		76,777
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(b)	USD		45		41,116
6.75%, 07/15/26 (Call 07/15/22)(b)	USD		40		38,400
8.25%, 11/01/29 (Call 11/01/24)(b)	USD		45		36,935
10.50%, 07/15/27 (Call 07/15/22)(b)(c)	USD		35		33,759
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)(b)	USD		60		55,001
4.75%, 06/15/29 (Call 06/15/24)(b)(c)	USD		45		40,332
5.25%, 10/01/25 (Call 05/16/22)(b)	USD		4		3,925
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)	USD		45		39,150
3.75%, 02/15/28 (Call 02/15/23)	USD		50		46,125
4.00%, 02/15/30 (Call 02/15/25)	USD		35		31,349
4.88%, 01/15/29 (Call 01/15/24)	USD		40		37,855
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(b)	USD		50		44,619
4.38%, 01/31/32 (Call 01/31/27)(b)(c)	USD		75		67,038
4.88%, 05/15/28 (Call 11/15/27)(b)	USD		35		33,816
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)(b)(c)	USD		25		24,462
9.50%, 01/15/25 (Call 05/31/22)	USD		50		51,375
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(b)	USD		75		61,197
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(b)	USD		65		56,875
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(b)	USD		75		68,064
6.75%, 10/15/27 (Call 10/15/22)(b)	USD		90		89,603
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(b)(c)	USD		40		30,200
6.50%, 11/01/25 (Call 11/01/22)(b)	USD		50		41,349
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 05/31/22)(b)(c)	USD		60		55,363
6.75%, 04/15/25 (Call 05/31/22)(b)(c)	USD		35		35,554
Level 3 Financing Inc. 3.63%, 01/15/29 (Call 01/15/24)(b)	USD		80		65,100

Security		Par (000)		Value
United States (continued)
3.75%, 07/15/29 (Call 01/15/24)(b)	USD		65	$	52,479
4.25%, 07/01/28 (Call 07/01/23)(b)	USD		100		84,217
4.63%, 09/15/27 (Call 09/15/22)(b)	USD		75		67,219
5.25%, 03/15/26 (Call 05/31/22)(c)	USD		50		48,500
5.38%, 05/01/25 (Call 05/31/22)	USD		45		44,502
Levi Strauss & Co., 3.38%, 03/15/27 (Call 05/09/22)	EUR		100		103,912
Liberty Mutual Group Inc.
3.63%, 05/23/59 (Call 05/23/24)(a)(d)	EUR		100		101,038
4.13%, 12/15/51 (Call 09/15/26)(b)(d)	USD		100		90,405
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(b)	USD		68		65,794
8.00%, 04/15/26 (Call 02/01/23)(b)(c)	USD		45		43,880
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(b)(c)	USD		45		38,835
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(b)(c)	USD		65		57,571
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(b)(c)	USD		100		90,332
4.38%, 01/15/31 (Call 10/15/25)(b)(c)	USD		40		36,704
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(b)	USD		35		31,763
4.75%, 10/15/27 (Call 10/15/22)(b)(c)	USD		100		93,200
6.50%, 05/15/27 (Call 05/15/23)(b)	USD		110		113,300
Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA, 3.88%, 04/01/24 (Call 01/01/24)(a)	EUR		100		108,747
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(b)	USD		60		54,600
4.38%, 05/15/31 (Call 05/15/26)(b)(c)	USD		35		31,894
4.63%, 11/15/27 (Call 11/15/22)(b)	USD		50		47,353
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)(b)	USD		80		71,000
4.50%, 01/15/29 (Call 01/15/24)(b)	USD		85		67,293
5.13%, 12/15/26 (Call 12/15/22)(b)(c)	USD		105		94,832
5.38%, 06/15/29 (Call 06/15/24)(b)	USD		90		73,443
5.63%, 04/01/25 (Call 01/01/25)	USD		65		63,200
Series W, 6.75%, 12/01/23(c)	USD		75		76,249
Series Y, 7.50%, 04/01/24 (Call 01/01/24)	USD		50		51,350
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(b)	USD		35		33,229
5.88%, 03/15/30 (Call 03/15/25)(b)	USD		35		32,813
6.13%, 03/15/32 (Call 03/15/27)(b)	USD		40		36,845
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(b)(c)	USD		50		43,875
5.88%, 06/30/29 (Call 06/30/24)(b)	USD		80		65,200
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(a)	EUR		100		83,657
Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)(b)	USD		35		30,984
6.13%, 09/15/25 (Call 05/31/22)(b)(c)	USD		7		7,166
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)	USD		80		78,253
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(b)(c)	USD		60		49,950
4.13%, 08/01/30 (Call 05/01/25)(b)(c)	USD		40		35,597
4.63%, 06/01/28 (Call 06/01/23)(b)(c)	USD		35		32,683
5.00%, 12/15/27 (Call 12/15/22)(b)(c)	USD		25		24,265
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)(b)	USD		40		38,907
3.75%, 04/01/29 (Call 04/01/24)(b)	USD		40		38,100
5.88%, 12/15/27 (Call 12/15/22)(b)	USD		60		61,323
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24 (Call 05/31/22)(a)	EUR		100		103,319
5.50%, 04/15/24 (Call 05/31/22)(b)(c)	USD		110		107,387

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
7.25%, 04/15/25 (Call 05/31/22)(b)(c)	USD		110	$	104,225
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(b)	USD		75		66,937
8.00%, 08/01/29 (Call 08/01/24)(b)(c)	USD		50		44,750
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(c)	USD		60		55,575
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(b)(c)	USD		40		35,700
6.00%, 06/01/25 (Call 03/01/25)	USD		25		25,469
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	USD		37		34,880
4.75%, 10/15/28 (Call 07/15/28)(c)	USD		65		59,556
5.50%, 04/15/27 (Call 01/15/27)(c)	USD		61		59,000
5.75%, 06/15/25 (Call 03/15/25)	USD		65		64,222
6.75%, 05/01/25 (Call 05/31/22)	USD		50		51,263
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)(b)	USD		65		55,819
7.88%, 05/01/29 (Call 05/01/24)(b)(c)	USD		115		90,774
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)(b)	USD		100		86,250
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(b)	USD		180		165,271
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(b)	USD		35		30,592
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)(b)	USD		50		49,000
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(b)(c)	USD		135		118,503
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(b)	USD		65		58,662
3.88%, 05/15/32 (Call 02/15/32)(b)(c)	USD		60		52,784
4.38%, 06/15/28 (Call 06/15/23)(b)	USD		30		28,050
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 05/31/22)(b)	USD		65		59,605
10.50%, 05/15/27 (Call 05/31/22)(b)	USD		40		39,097
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(b)	USD		355		309,826
5.25%, 10/01/29 (Call 10/01/24)(b)	USD		190		164,446
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(b)	USD		75		69,403
5.75%, 11/01/28 (Call 11/01/23)(b)(c)	USD		115		100,155
MPT Operating Partnership LP/MPT Finance Corp.
3.38%, 04/24/30 (Call 01/24/30)	GBP		125		140,549
3.50%, 03/15/31 (Call 03/15/26)	USD		85		72,356
4.63%, 08/01/29 (Call 08/01/24)	USD		65		59,736
5.00%, 10/15/27 (Call 10/15/22)(c)	USD		125		119,995
5.25%, 08/01/26 (Call 05/31/22)	USD		40		40,000
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)(b)(c)	USD		70		59,100
3.63%, 09/01/30 (Call 03/01/25)(b)(c)	USD		60		52,800
3.63%, 11/01/31 (Call 11/01/26)(b)	USD		50		43,775
3.88%, 02/15/31 (Call 06/01/25)(b)	USD		75		67,726
4.00%, 11/15/29 (Call 11/15/24)(b)(c)	USD		75		68,906
Murphy Oil Corp.
5.75%, 08/15/25 (Call 05/31/22)(c)	USD		25		25,034
5.88%, 12/01/27 (Call 12/01/22)(c)	USD		55		54,296
6.38%, 07/15/28 (Call 07/15/24)	USD		50		50,885
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)	USD		35		30,738
4.75%, 09/15/29 (Call 09/15/24)	USD		50		47,433
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(c)	USD		50		47,793

Security		Par (000)		Value
United States (continued)
7.38%, 05/15/27 (Call 05/15/24)(b)	USD		40	$	40,815
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(b)	USD		50		48,750
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(d)	EUR		150		147,766
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(b)	USD		55		47,713
5.50%, 08/15/28 (Call 08/15/23)(b)	USD		50		45,722
5.75%, 11/15/31 (Call 11/15/26)(b)(c)	USD		50		44,375
6.00%, 01/15/27 (Call 01/15/23)(b)	USD		60		58,222
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)	USD		45		39,545
5.00%, 03/15/27 (Call 09/15/26)(c)	USD		65		59,171
5.50%, 03/15/29 (Call 06/15/28)(c)	USD		65		57,281
5.88%, 10/25/24(c)	USD		40		39,850
6.13%, 03/25/24	USD		55		55,206
6.75%, 06/25/25	USD		40		40,090
6.75%, 06/15/26	USD		40		39,250
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 05/10/22)(b)	USD		50		46,500
5.88%, 03/15/26 (Call 12/15/25)(b)	USD		80		73,908
5.88%, 02/15/27 (Call 02/15/24)(b)	USD		75		71,506
7.75%, 02/15/29 (Call 11/15/28)(b)	USD		45		43,759
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(b)	USD		65		58,197
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(b)	USD		45		42,975
5.13%, 04/15/29 (Call 04/15/24)(b)(c)	USD		110		104,775
5.25%, 10/01/30 (Call 10/01/25)(b)	USD		45		42,525
5.75%, 09/01/27 (Call 09/01/22)(b)	USD		40		39,460
6.13%, 09/01/29 (Call 09/01/24)(b)(c)	USD		50		48,588
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)(b)	USD		100		96,875
6.75%, 09/15/25 (Call 09/15/22)(b)	USD		125		122,281
Newell Brands Inc.
4.10%, 04/01/23 (Call 02/01/23)	USD		37		36,945
4.45%, 04/01/26 (Call 01/01/26)	USD		150		148,650
4.88%, 06/01/25 (Call 05/01/25)(c)	USD		40		40,480
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(b)(c)	USD		85		76,500
5.13%, 02/15/32 (Call 02/15/27)(b)	USD		35		33,674
Nexi SpA, 1.75%, 10/31/24 (Call 07/31/24)(a)	EUR		150		154,798
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(b)	USD		100		90,775
5.63%, 07/15/27 (Call 07/15/22)(b)	USD		125		121,596
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(b)	USD		40		37,600
4.25%, 07/15/24 (Call 04/15/24)(b)	USD		45		44,615
4.50%, 09/15/27 (Call 06/15/27)(b)	USD		40		37,889
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(b)(c)	USD		60		54,570
6.88%, 08/15/28 (Call 08/15/23)(b)(c)	USD		170		150,909
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(b)	USD		165		155,511
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/31/22)	USD		40		37,183
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/30/22)(b)(c)	USD		40		40,050
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)(b)(c)	USD		55		51,978
4.75%, 07/15/31 (Call 07/15/26)(b)	USD		40		37,780
5.63%, 10/01/28 (Call 10/01/23)(b)	USD		70		67,832

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.88%, 10/01/30 (Call 10/01/25)(b)	USD		70	$	67,112
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(b)(c)	USD		85		84,787
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)	USD		25		21,375
4.38%, 04/01/30 (Call 01/01/30)(c)	USD		50		43,523
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/10/22)(b)	USD		90		89,914
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(b)	USD		55		50,170
3.88%, 08/15/31 (Call 08/15/26)(b)	USD		75		63,982
4.75%, 01/30/30 (Call 01/30/25)(b)	USD		120		109,915
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(b)(c)	USD		35		29,753
3.63%, 02/15/31 (Call 02/15/26)(b)	USD		70		58,293
3.88%, 02/15/32 (Call 02/15/27)(b)(c)	USD		100		83,250
5.25%, 06/15/29 (Call 06/15/24)(b)(c)	USD		40		37,555
5.75%, 01/15/28 (Call 01/15/23)	USD		80		78,029
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)	USD		25		23,954
5.75%, 10/01/25 (Call 07/01/25)	USD		60		59,515
6.00%, 06/01/26 (Call 03/01/26)	USD		40		39,770
6.38%, 10/01/30 (Call 04/01/30)(c)	USD		55		54,175
Occidental Petroleum Corp.
3.00%, 02/15/27 (Call 11/15/26)	USD		75		69,920
3.20%, 08/15/26 (Call 06/15/26)	USD		75		70,659
3.40%, 04/15/26 (Call 01/15/26)	USD		75		71,437
3.50%, 08/15/29 (Call 05/15/29)(c)	USD		100		93,375
5.50%, 12/01/25 (Call 09/01/25)	USD		45		45,765
5.55%, 03/15/26 (Call 12/15/25)	USD		95		97,375
5.88%, 09/01/25 (Call 06/01/25)	USD		85		87,403
6.13%, 01/01/31 (Call 07/01/30)(c)	USD		100		105,250
6.38%, 09/01/28 (Call 03/01/28)	USD		65		68,315
6.63%, 09/01/30 (Call 03/01/30)	USD		115		124,631
6.95%, 07/01/24	USD		50		52,440
7.50%, 05/01/31	USD		50		57,120
7.88%, 09/15/31	USD		50		58,404
8.00%, 07/15/25 (Call 04/15/25)	USD		55		59,476
8.50%, 07/15/27 (Call 01/15/27)	USD		40		45,194
8.88%, 07/15/30 (Call 01/15/30)	USD		100		120,000
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)(a)	EUR		100		103,771
4.75%, 02/15/30 (Call 11/15/24)(b)	USD		30		26,435
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)(c)	USD		40		37,772
5.13%, 09/15/27 (Call 05/31/22)	USD		40		39,394
5.63%, 08/01/29 (Call 08/01/24)	USD		45		44,325
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28 (Call 10/01/24)(a)	EUR		100		94,126
4.25%, 10/01/28 (Call 10/01/24)(b)(c)	USD		125		110,081
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)(c)	USD		65		57,200
3.88%, 09/15/28 (Call 09/15/24)	USD		50		42,388
4.00%, 09/15/30 (Call 09/15/25)(c)	USD		65		53,138
5.38%, 11/15/29 (Call 05/15/29)	USD		75		66,796
6.13%, 03/15/24 (Call 09/15/23)	USD		90		90,319
6.63%, 01/15/28 (Call 07/15/27)	USD		50		49,227
6.88%, 03/15/25	USD		105		105,824
7.13%, 03/15/26	USD		125		127,037
8.88%, 06/01/25 (Call 06/01/22)	USD		75		78,641

Security		Par (000)		Value
United States (continued)
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(b)	USD		175	$	162,312
5.13%, 04/30/31 (Call 04/30/26)(b)	USD		150		134,952
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)(a)	EUR		150		142,424
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(b)	USD		40		35,530
4.63%, 03/15/30 (Call 03/15/25)(b)(c)	USD		40		35,758
5.00%, 08/15/27 (Call 08/15/22)(b)	USD		55		51,920
6.25%, 06/15/25 (Call 06/15/22)(b)(c)	USD		30		30,460
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(b)(c)	USD		16		14,308
6.63%, 04/01/30 (Call 04/01/25)(b)	USD		40		39,050
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23(b)	USD		57		57,728
6.63%, 05/13/27 (Call 05/15/23)(b)	USD		60		59,473
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(b)(c)	USD		65		57,038
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(b)	USD		40		34,812
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 05/31/22)(b)	USD		161		146,792
Paramount Global
6.25%, 02/28/57 (Call 02/28/27)(d)	USD		55		52,947
6.38%, 03/30/62 (Call 03/30/27)(d)	USD		75		72,750
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(b)	USD		60		54,977
5.88%, 10/01/28 (Call 10/01/23)(b)	USD		55		53,327
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)(c)	USD		60		52,800
7.25%, 06/15/25 (Call 05/31/22)	USD		50		48,153
9.25%, 05/15/25 (Call 05/31/22)(b)	USD		100		103,669
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)	USD		40		32,200
5.38%, 10/15/25 (Call 10/15/22)(b)	USD		50		47,606
5.75%, 09/15/31 (Call 09/15/26)(b)	USD		50		41,244
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)	USD		45		43,548
3.75%, 06/15/29 (Call 06/15/24)	USD		25		21,375
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(b)	USD		85		75,380
5.50%, 10/15/27 (Call 10/15/22)(b)	USD		85		82,292
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)	USD		50		48,974
4.38%, 03/15/26 (Call 12/15/25)	USD		125		120,562
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(b)	USD		125		116,250
7.75%, 02/15/29 (Call 02/15/24)(b)(c)	USD		75		74,625
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(c)	USD		75		68,976
5.25%, 07/01/30 (Call 07/01/25)(c)	USD		70		63,700
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(b)(c)	USD		50		46,660
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(b)(c)	USD		45		45,805
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)(b)	USD		75		63,637
4.25%, 04/15/31 (Call 04/15/26)(b)(c)	USD		90		81,540
5.88%, 09/30/27 (Call 09/30/22)(b)	USD		55		55,344

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(b)	USD		155	$	128,668
4.63%, 04/15/30 (Call 04/15/25)(b)	USD		130		111,150
5.50%, 12/15/29 (Call 12/15/24)(b)	USD		85		77,456
5.63%, 01/15/28 (Call 12/01/22)(b)	USD		70		66,452
5.75%, 03/01/27 (Call 05/16/22)(b)(c)	USD		140		137,620
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(b)	USD		65		51,155
5.88%, 09/01/31 (Call 09/01/26)(b)	USD		60		46,381
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)(b)	USD		50		47,394
8.25%, 02/01/28 (Call 02/01/23)(b)	USD		45		43,594
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(b)	USD		45		38,226
5.13%, 01/15/28 (Call 01/15/23)(b)	USD		50		47,766
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(b)	USD		95		80,987
5.25%, 04/15/24(b)(c)	USD		70		69,912
5.75%, 04/15/26(b)	USD		110		105,387
6.25%, 01/15/28 (Call 01/15/23)(b)(c)	USD		85		75,969
PTC Inc.
3.63%, 02/15/25 (Call 05/31/22)(b)	USD		40		38,861
4.00%, 02/15/28 (Call 02/15/23)(b)	USD		40		37,000
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)(c)	USD		40		34,009
4.45%, 02/15/25 (Call 11/15/24)	USD		50		48,563
4.75%, 02/15/27 (Call 11/15/26)	USD		45		40,275
4.85%, 04/01/24	USD		50		49,715
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(b)(c)	USD		45		38,813
5.38%, 12/01/28 (Call 12/01/23)(b)	USD		50		40,774
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)	USD		25		24,334
4.88%, 03/15/27 (Call 09/15/26)	USD		25		23,923
6.63%, 03/15/25 (Call 09/15/24)	USD		45		45,783
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(b)	USD		65		59,800
6.50%, 09/15/28 (Call 09/15/23)(b)(c)	USD		80		70,056
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(b)(c)	USD		50		47,556
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(b)(c)	USD		35		33,347
4.88%, 05/15/25 (Call 02/15/25)	USD		70		69,376
5.00%, 03/15/23 (Call 12/15/22)	USD		40		40,100
8.25%, 01/15/29 (Call 01/15/24)	USD		55		58,652
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)(b)(c)	USD		50		49,753
5.25%, 04/15/30 (Call 04/15/25)(b)	USD		70		56,629
5.75%, 01/15/29 (Call 01/15/24)(b)(c)	USD		80		67,162
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 05/31/22)(b)	USD		105		107,895
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(b)	USD		40		36,094
4.75%, 10/15/27 (Call 10/15/22)	USD		55		51,216
Ritchie Bros Holdings Inc., 4.75%, 12/15/31 (Call 12/15/26)(b)	USD		60		60,000
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)(b)	USD		52		44,590
8.00%, 11/15/26 (Call 01/15/23)(b)(c)	USD		64		53,469

Security		Par (000)		Value
United States (continued)
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(b)	USD		70	$	62,436
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(b)	USD		65		55,725
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(b)	USD		85		75,203
3.63%, 03/01/29 (Call 03/01/24)(b)(c)	USD		45		38,359
3.88%, 03/01/31 (Call 03/01/26)(b)(c)	USD		105		88,078
4.00%, 10/15/33 (Call 10/15/27)(b)	USD		70		56,175
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(b)(c)	USD		50		46,795
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(b)	USD		70		65,490
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)(b)(c)	USD		55		55,601
9.25%, 04/15/25 (Call 03/16/25)(b)	USD		65		69,447
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)	USD		115		98,641
3.88%, 02/15/27 (Call 02/15/23)	USD		125		118,650
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(b)(c)	USD		85		87,162
7.25%, 11/15/29 (Call 11/15/24)(b)(c)	USD		65		68,169
8.63%, 07/01/25 (Call 07/01/22)(b)	USD		60		62,962
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(b)	USD		100		87,815
6.63%, 05/01/29 (Call 05/01/24)(b)(c)	USD		50		39,691
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)	USD		45		37,013
4.38%, 02/01/32 (Call 08/01/26)	USD		30		25,121
4.50%, 10/15/29 (Call 10/15/24)(c)	USD		25		21,973
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(b)	USD		20		17,766
5.38%, 01/15/31 (Call 01/15/26)(b)(c)	USD		45		39,938
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(b)(c)	USD		50		47,750
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)(c)	USD		50		44,375
4.88%, 03/01/24 (Call 01/01/24)	USD		50		50,290
4.88%, 06/01/27 (Call 03/01/27)	USD		50		48,678
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(b)(c)	USD		55		51,847
5.00%, 04/15/29 (Call 04/15/25)(b)	USD		16		15,880
5.13%, 12/01/24 (Call 09/01/24)(b)	USD		30		30,553
5.50%, 09/15/25 (Call 06/15/25)(b)	USD		25		25,625
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(b)(c)	USD		80		79,400
Sensata Technologies BV, 4.00%, 04/15/29 (Call 04/15/24)(b)	USD		75		66,866
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)(c)	USD		80		67,700
4.38%, 02/15/30 (Call 11/15/29)(b)	USD		30		27,204
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)(c)	USD		50		43,228
4.00%, 05/15/31 (Call 05/15/26)(c)	USD		75		67,244
4.63%, 12/15/27 (Call 12/15/22)(c)	USD		25		24,318
5.13%, 06/01/29 (Call 06/01/24)(c)	USD		75		73,607
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	USD		25		19,813
4.35%, 10/01/24 (Call 09/01/24)	USD		50		46,270
4.38%, 02/15/30 (Call 08/15/29)(c)	USD		35		26,775
4.75%, 10/01/26 (Call 08/01/26)	USD		50		43,138
4.95%, 02/15/27 (Call 08/15/26)(c)	USD		25		21,519
4.95%, 10/01/29 (Call 07/01/29)	USD		50		39,936
5.50%, 12/15/27 (Call 09/15/27)	USD		40		36,400

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
7.50%, 09/15/25 (Call 06/15/25)	USD		65	$	64,960
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 05/31/22)	EUR		100		104,095
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(b)(c)	USD		55		45,533
5.13%, 02/15/27 (Call 05/16/22)(b)	USD		25		21,844
5.50%, 03/01/30 (Call 12/01/24)(b)	USD		40		32,714
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(b)(c)	USD		105		96,313
3.88%, 09/01/31 (Call 09/01/26)(b)	USD		120		101,400
4.00%, 07/15/28 (Call 07/15/24)(b)	USD		145		131,007
4.13%, 07/01/30 (Call 07/01/25)(b)	USD		120		105,230
5.00%, 08/01/27 (Call 08/01/22)(b)(c)	USD		115		110,601
5.50%, 07/01/29 (Call 07/01/24)(b)(c)	USD		80		77,000
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 05/31/22)(b)(c)	USD		75		74,709
5.50%, 04/15/27 (Call 05/31/22)(b)	USD		65		63,537
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(b)	USD		35		36,281
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)	USD		50		45,656
4.20%, 10/29/25 (Call 09/29/25)	USD		25		24,341
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(c)	USD		45		44,360
6.63%, 01/15/27 (Call 05/31/22)	USD		50		49,750
10.00%, 01/15/25 (Call 06/17/22)(b)	USD		30		32,492
SoftBank Group Corp., 4.00%, 09/19/29 (Call 06/21/29)(a)	EUR		125		109,747
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(b)(c)	USD		40		34,200
4.88%, 11/15/31 (Call 11/15/26)(b)	USD		57		48,593
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(b)	USD		50		49,260
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(c)	USD		65		61,426
5.38%, 02/01/29 (Call 02/01/24)	USD		75		73,675
5.38%, 03/15/30 (Call 03/15/25)	USD		90		88,987
7.75%, 10/01/27 (Call 10/01/22)	USD		40		41,710
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(b)(c)	USD		30		24,864
5.75%, 07/15/25 (Call 05/31/22)	USD		41		41,343
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(c)	USD		75		64,744
5.50%, 01/15/25 (Call 10/15/22)(b)	USD		40		39,889
7.50%, 04/15/25 (Call 05/31/22)(b)	USD		75		76,161
Sprint Corp.
7.13%, 06/15/24	USD		190		199,718
7.63%, 02/15/25 (Call 11/15/24)	USD		115		122,331
7.63%, 03/01/26 (Call 11/01/25)	USD		140		151,995
7.88%, 09/15/23	USD		335		351,750
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(b)	USD		85		81,600
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(b)(c)	USD		30		27,387
6.00%, 12/01/29 (Call 12/01/24)(b)(c)	USD		60		52,320
6.13%, 07/01/29 (Call 07/01/24)(b)(c)	USD		50		44,000
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)(b)	USD		150		147,187
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(b)(c)	USD		75		65,967
Standard Industries Inc./NJ
2.25%, 11/21/26 (Call 08/21/26)(a)	EUR		100		93,314
3.38%, 01/15/31 (Call 07/15/25)(b)	USD		85		67,801
4.38%, 07/15/30 (Call 07/15/25)(b)(c)	USD		125		104,125

Security		Par (000)		Value
United States (continued)
4.75%, 01/15/28 (Call 01/15/23)(b)	USD		75	$	68,374
5.00%, 02/15/27 (Call 05/31/22)(b)	USD		85		80,112
Staples Inc.
7.50%, 04/15/26 (Call 05/31/22)(b)	USD		150		142,710
10.75%, 04/15/27 (Call 05/31/22)(b)(c)	USD		75		66,394
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(b)	USD		40		36,557
3.75%, 12/31/24 (Call 09/30/24)(b)(c)	USD		55		52,881
4.38%, 01/15/27 (Call 07/15/26)(b)	USD		50		46,688
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)(b)	USD		75		67,552
4.63%, 12/01/31 (Call 06/01/31)(b)(c)	USD		30		25,128
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(b)	USD		60		52,803
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(b)	USD		50		45,458
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(b)	USD		65		60,986
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)	USD		60		53,892
4.50%, 04/30/30 (Call 04/30/25)(b)	USD		73		65,609
5.88%, 03/15/28 (Call 03/15/23)	USD		25		24,755
6.00%, 04/15/27 (Call 05/31/22)	USD		50		50,250
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)(b)(c)	USD		25		23,438
4.13%, 06/15/29 (Call 06/15/24)(b)(c)	USD		55		52,621
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 05/31/22)(c)	USD		70		25,666
6.63%, 01/15/28 (Call 01/15/23)(b)	USD		35		33,119
7.25%, 05/15/27 (Call 05/31/22)(b)	USD		70		67,025
7.63%, 06/01/28 (Call 06/01/23)(b)	USD		15		14,381
10.50%, 01/15/26 (Call 05/31/22)(b)	USD		75		27,559
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)(b)	USD		45		42,019
6.00%, 03/01/27 (Call 03/01/23)(b)	USD		30		28,819
6.00%, 12/31/30 (Call 12/31/25)(b)	USD		65		59,678
6.00%, 09/01/31 (Call 09/01/26)(b)	USD		50		45,253
7.50%, 10/01/25 (Call 10/01/22)(b)	USD		50		50,780
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(b)	USD		50		45,475
5.75%, 01/15/28 (Call 10/15/27)(b)	USD		30		29,366
5.88%, 06/15/27 (Call 03/15/27)(b)	USD		40		39,650
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)(c)	USD		50		48,180
4.75%, 03/15/26 (Call 03/15/23)(b)(c)	USD		55		54,539
5.00%, 09/15/29 (Call 09/15/24)	USD		95		91,778
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(b)	USD		85		79,695
Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)(b)(c)	USD		130		107,900
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(b)	USD		125		112,656
4.38%, 01/15/30 (Call 12/01/24)(b)	USD		100		90,737
4.63%, 07/15/24 (Call 05/31/22)	USD		72		71,805
4.63%, 09/01/24 (Call 05/16/22)(b)	USD		50		49,813
4.63%, 06/15/28 (Call 06/15/23)(b)	USD		65		60,970
4.88%, 01/01/26 (Call 05/31/22)(b)	USD		165		160,776
5.13%, 11/01/27 (Call 11/01/22)(b)	USD		135		131,287
6.13%, 10/01/28 (Call 10/01/23)(b)(c)	USD		200		191,575
6.25%, 02/01/27 (Call 05/31/22)(b)	USD		110		109,013
6.75%, 06/15/23	USD		135		138,939

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Tenneco Inc.
5.00%, 07/15/26 (Call 05/31/22)(c)	USD		35	$	33,556
5.13%, 04/15/29 (Call 04/15/24)(b)	USD		80		77,900
7.88%, 01/15/29 (Call 01/15/24)(b)	USD		35		35,185
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(b)	USD		60		54,173
5.00%, 01/31/28 (Call 07/31/27)(b)	USD		50		46,462
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(b)(c)	USD		80		78,300
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)	EUR		100		107,170
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(b)	USD		45		42,958
10.50%, 05/15/29 (Call 05/15/24)(b)	USD		40		38,573
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)(c)	USD		100		91,990
2.25%, 02/15/26 (Call 02/15/23)(b)	USD		60		55,194
2.63%, 04/15/26 (Call 04/15/23)	USD		80		74,357
2.63%, 02/15/29 (Call 02/15/24)	USD		70		60,600
2.88%, 02/15/31 (Call 02/15/26)	USD		75		63,518
3.38%, 04/15/29 (Call 04/15/24)	USD		95		86,051
3.38%, 04/15/29 (Call 04/15/24)(b)	USD		82		74,276
3.50%, 04/15/31 (Call 04/15/26)(c)	USD		92		82,110
3.50%, 04/15/31 (Call 04/15/26)(b)	USD		105		93,240
4.75%, 02/01/28 (Call 02/01/23)(c)	USD		115		113,634
5.38%, 04/15/27 (Call 05/10/22)(c)	USD		65		66,364
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)	USD		90		78,300
4.88%, 05/01/29 (Call 05/01/24)(c)	USD		60		52,292
5.50%, 11/15/27 (Call 11/15/22)(c)	USD		210		192,837
6.25%, 03/15/26 (Call 05/31/22)(b)	USD		355		354,127
6.38%, 06/15/26 (Call 05/31/22)	USD		95		93,575
7.50%, 03/15/27 (Call 05/31/22)	USD		75		75,617
8.00%, 12/15/25 (Call 05/31/22)(b)	USD		105		109,286
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 05/30/22)(b)	USD		61		57,918
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(b)	USD		100		99,500
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 05/30/22)(b)	USD		108		106,082
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 05/30/22)(b)	USD		89		85,834
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 05/30/22)(b)	USD		37		36,936
Travel + Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)	USD		38		37,858
4.50%, 12/01/29 (Call 09/01/29)(b)	USD		70		62,475
6.00%, 04/01/27 (Call 01/01/27)	USD		25		25,042
6.63%, 07/31/26 (Call 04/30/26)(b)	USD		35		35,875
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		50		50,733
Triumph Group Inc.
6.25%, 09/15/24 (Call 05/31/22)(b)(c)	USD		50		47,808
7.75%, 08/15/25 (Call 05/31/22)(c)	USD		42		40,656
8.88%, 06/01/24 (Call 02/01/23)(b)	USD		32		33,074
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(b)	USD		80		71,400
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)	USD		40		35,250
3.88%, 03/15/31 (Call 03/15/26)(c)	USD		45		38,477
Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)(b)	USD		50		49,031
5.00%, 03/01/30 (Call 12/01/29)(b)	USD		80		81,800

Security		Par (000)		Value
United States (continued)
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(b)	USD		45	$	40,313
4.75%, 02/15/29 (Call 02/15/24)(b)	USD		55		50,735
6.25%, 04/15/25 (Call 05/31/22)(b)	USD		85		87,444
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(b)	USD		110		94,739
6.25%, 01/15/28 (Call 09/15/23)(b)	USD		50		49,500
7.50%, 05/15/25 (Call 05/31/22)(b)	USD		90		92,926
7.50%, 09/15/27 (Call 09/15/22)(b)	USD		100		102,897
8.00%, 11/01/26 (Call 05/31/22)(b)	USD		90		94,275
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(b)	USD		165		158,020
4.63%, 04/15/29 (Call 10/15/28)(b)	USD		140		128,450
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)(c)	USD		70		60,900
3.88%, 02/15/31 (Call 08/15/25)(c)	USD		75		65,812
4.00%, 07/15/30 (Call 07/15/25)(c)	USD		45		40,275
4.88%, 01/15/28 (Call 01/15/23)(c)	USD		135		131,091
5.25%, 01/15/30 (Call 01/15/25)	USD		75		72,781
5.50%, 05/15/27 (Call 05/31/22)	USD		75		76,545
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(c)	USD		65		66,126
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)(b)	USD		50		45,938
5.50%, 04/15/29 (Call 04/15/24)(b)(c)	USD		65		54,223
5.75%, 06/15/27 (Call 06/15/24)(b)	USD		40		34,460
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)(b)	USD		75		62,364
7.88%, 02/15/25 (Call 05/31/22)(b)	USD		160		163,104
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(b)	USD		55		48,888
6.50%, 02/15/29 (Call 02/15/24)(b)	USD		70		60,375
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(b)(c)	USD		80		71,800
5.13%, 02/15/25 (Call 05/10/22)(b)	USD		135		133,066
6.63%, 06/01/27 (Call 06/01/23)(b)	USD		115		115,214
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 05/31/22)	USD		40		39,167
6.88%, 09/01/27 (Call 09/01/22)	USD		70		68,372
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(b)	USD		40		32,350
4.25%, 02/15/30 (Call 02/15/25)(b)	USD		35		30,469
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(b)	USD		60		52,566
10.50%, 11/01/26 (Call 05/31/22)(b)	USD		45		45,776
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(b)	USD		110		95,800
3.88%, 08/15/29 (Call 02/15/29)(b)	USD		90		81,958
4.13%, 08/15/31 (Call 02/15/31)(b)	USD		90		81,672
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(b)	USD		91		85,735
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)(a)	EUR		100		99,167
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 05/31/22)(b)	USD		140		123,375
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 05/31/22)(b)(c)	USD		90		92,700
ViaSat Inc.
5.63%, 09/15/25 (Call 05/10/22)(b)(c)	USD		40		36,687
5.63%, 04/15/27 (Call 05/10/22)(b)(c)	USD		50		46,428
6.50%, 07/15/28 (Call 07/15/23)(b)	USD		30		25,769

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 05/31/22)(b)	USD		25	$	24,000
3.75%, 02/15/27 (Call 02/15/23)(b)	USD		45		41,499
3.88%, 02/15/29 (Call 11/15/28)(b)	USD		90		85,638
4.13%, 08/15/30 (Call 02/15/25)(b)	USD		50		44,919
4.25%, 12/01/26 (Call 12/01/22)(b)	USD		75		71,109
4.50%, 09/01/26 (Call 06/01/26)(b)	USD		65		64,629
4.63%, 06/15/25 (Call 03/15/25)(b)	USD		145		144,372
4.63%, 12/01/29 (Call 12/01/24)(b)	USD		50		46,783
5.63%, 05/01/24 (Call 02/01/24)(b)	USD		130		131,963
5.75%, 02/01/27 (Call 11/01/26)(b)	USD		120		124,111
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)(b)	USD		55		46,633
7.00%, 02/15/29 (Call 02/15/24)(b)(c)	USD		50		44,245
13.00%, 05/15/25 (Call 05/16/22)(b)	USD		65		71,136
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(b)	USD		100		90,500
5.00%, 07/31/27 (Call 07/31/22)(b)	USD		105		100,359
5.50%, 09/01/26 (Call 05/10/22)(b)	USD		75		74,766
5.63%, 02/15/27 (Call 05/10/22)(b)	USD		95		93,442
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(b)	USD		35		31,591
Vodafone Group PLC, 3.00%, 08/27/80 (Call 05/27/30)(a)(d)	EUR		100		91,694
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(b)	USD		60		60,600
8.63%, 04/30/30 (Call 10/30/24)(b)	USD		115		113,873
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 11/15/22)(b)(c)	USD		89		55,180
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)(b)	USD		80		83,100
7.25%, 06/15/28 (Call 06/15/23)(b)	USD		130		134,583
Western Midstream Operating LP
3.60%, 02/01/25 (Call 01/01/25)	USD		50		47,784
4.50%, 03/01/28 (Call 12/01/27)	USD		25		23,876
4.55%, 02/01/30 (Call 11/01/29)	USD		100		92,212
4.65%, 07/01/26 (Call 04/01/26)	USD		50		48,959
4.75%, 08/15/28 (Call 05/15/28)	USD		25		24,271
WeWork Companies Inc., 7.88%, 05/01/25(b)	USD		50		42,293
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(b)(c)	USD		55		44,183
William Carter Co. (The), 5.63%, 03/15/27 (Call 05/31/22)(b)	USD		50		49,823
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(b)(c)	USD		30		28,400
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(b)	USD		105		100,548
WMG Acquisition Corp.
2.75%, 07/15/28 (Call 07/15/23)(a)	EUR		100		97,923
3.00%, 02/15/31 (Call 02/15/26)(b)	USD		40		33,300
3.75%, 12/01/29 (Call 12/01/24)(b)	USD		50		44,813
3.88%, 07/15/30 (Call 07/15/25)(b)(c)	USD		50		44,813
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 05/31/22)(b)	USD		74		41,070
13.13%, 11/15/27 (Call 11/15/22)(b)	USD		65		24,131
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(b)	USD		70		65,814
5.63%, 08/15/29 (Call 08/15/24)(b)	USD		95		81,168
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)(b)	USD		40		39,292
5.25%, 05/15/27 (Call 02/15/27)(b)(c)	USD		65		59,881

Security		Par/ Shares (000)		Value
United States (continued)
5.50%, 03/01/25 (Call 12/01/24)(b)	USD		150	$	144,951
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(b)	USD		50		43,625
7.75%, 04/15/25 (Call 05/31/22)(b)	USD		50		51,490
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(b)	USD		50		48,000
5.50%, 08/15/28 (Call 07/15/28)(b)(c)	USD		65		58,500
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(b)	USD		60		55,125
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/31/22)(b)(c)	USD		45		46,069
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)	USD		60		51,520
4.63%, 01/31/32 (Call 10/01/26)	USD		70		63,589
4.75%, 01/15/30 (Call 10/15/29)(b)	USD		75		71,407
5.38%, 04/01/32 (Call 04/01/27)	USD		75		71,531
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 05/31/22)(b)(c)	USD		105		91,350
6.13%, 03/01/28 (Call 03/01/23)(b)(c)	USD		90		75,150
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)(a)	EUR		100		88,068
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)	EUR		100		87,732
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a)	EUR		100		90,517
					76,972,368
Total Corporate Bonds & Notes — 97.5% (Cost: $129,644,639)					115,657,054
Short-Term Investments
Money Market Funds — 20.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(i)(j)(k)			22,647		22,646,960
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(i)(j)			1,020		1,020,000
					23,666,960
Total Short-Term Investments — 20.0% (Cost: $23,665,827)					23,666,960
Total Investments in Securities — 117.5% (Cost: $153,310,466)					139,324,014
Other Assets, Less Liabilities — (17.5)%					(20,758,949	)
Net Assets — 100.0%				$	118,565,065

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

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

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

^(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.

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

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® US & Intl High Yield Corp Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,934,089	$	1,723,511	(a)	$	—		$	(8,075	)	$	(2,565	)	$	22,646,960		22,647	$	30,207	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		—			(270,000	)(a)		—			—			1,020,000		1,020		362			—
									$	(8,075	)	$	(2,565	)	$	23,666,960			$	30,569		$	—

^(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	$	—	$	115,657,054	$	—	$	115,657,054
Money Market Funds		23,666,960		—		—		23,666,960
	$	23,666,960	$	115,657,054	$	—	$	139,324,014

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 63

Statements of Assets and Liabilities (unaudited)

April 30, 2022

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	44,643,130		$	328,250,811		$	410,453,778		$	467,028,861
Affiliated(c)		10,000			31,270,800			37,391,029			9,440,000
Cash		7,227			18,289			32,702			1,109,584
Foreign currency, at value(d)		501,220			—			527			6,643,275
Receivables:
Investments sold		275,817			4,309,780			2,284,388			7,927,199
Securities lending income — Affiliated		—			12,971			15,259			—
Capital shares sold		—			198,433			194,391			—
Dividends		—			789			752			372
Interest		576,506			3,769,834			6,739,487			9,859,428
Total assets		46,013,900			367,831,707			457,112,313			502,008,719
LIABILITIES
Collateral on securities loaned, at value		—			27,410,444			32,049,909			—
Deferred foreign capital gain tax		—			—			—			18,051
Payables:
Investments purchased		704,768			6,946,692			3,890,857			7,446,660
Capital shares redeemed		—			—			—			15,802,632
Investment advisory fees		15,589			145,137			175,490			128,691
Foreign taxes		—			—			—			73
Total liabilities		720,357			34,502,273			36,116,256			23,396,107
NET ASSETS	$	45,293,543		$	333,329,434		$	420,996,057		$	478,612,612
NET ASSETS CONSIST OF:
Paid-in capital	$	60,435,877		$	397,979,539		$	568,462,326		$	634,464,294
Accumulated loss		(15,142,334	)		(64,650,105	)		(147,466,269	)		(155,851,682	)
NET ASSETS	$	45,293,543		$	333,329,434		$	420,996,057		$	478,612,612
Shares outstanding		1,000,000			7,400,000			11,150,000			13,600,000
Net asset value	$	45.29		$	45.04		$	37.76		$	35.19
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	$	—		$	25,821,626		$	30,423,774		$	—
(b) Investments, at cost — Unaffiliated	$	53,059,460		$	364,539,293		$	480,914,622		$	545,211,945
(c)  Investments, at cost — Affiliated	$	10,000		$	31,266,205		$	37,384,927		$	9,440,000
(d) Foreign currency, at cost	$	515,791		$	—		$	542		$	6,699,038

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	115,657,054
Affiliated(c)		23,666,960
Cash		6,340
Foreign currency, at value(d)		828,774
Receivables:
Investments sold		990,569
Securities lending income — Affiliated		5,678
Dividends		197
Interest		1,674,047
Total assets		142,829,619
LIABILITIES
Collateral on securities loaned, at value		22,653,228
Payables:
Investments purchased		1,571,257
Investment advisory fees		40,069
Total liabilities		24,264,554
NET ASSETS	$	118,565,065
NET ASSETS CONSIST OF:
Paid-in capital	$	141,125,877
Accumulated loss		(22,560,812	)
NET ASSETS	$	118,565,065
Shares outstanding		2,700,000
Net asset value	$	43.91
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	21,811,961
(b) Investments, at cost — Unaffiliated	$	129,644,639
(c)  Investments, at cost — Affiliated	$	23,665,827
(d) Foreign currency, at cost	$	864,045

See notes to financial statements.

FINANCIAL   STATEMENTS 65

Statements of Operations (unaudited)

Six Months Ended April 30, 2022

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	7		$	5,031		$	4,063		$	1,053
Interest — Unaffiliated		969,743			9,318,996			14,630,603			14,124,949
Securities lending income — Affiliated — net		—			75,040			79,424			—
Other income — Unaffiliated		280			16,200			10,500			—
Foreign taxes withheld		(330	)		(502	)		—			(264,580	)
Total investment income		969,700			9,414,765			14,724,590			13,861,422
EXPENSES
Investment advisory fees		124,002			1,184,079			1,178,860			787,646
Commitment fees		—			—			—			3,180
Professional fees		217			217			217			217
Total expenses		124,219			1,184,296			1,179,077			791,043
Net investment income		845,481			8,230,469			13,545,513			13,070,379
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(376,558	)		(15,789,546	)		(13,691,873	)		(46,279,209	)
Investments — Affiliated		—			(20,606	)		(20,386	)		—
In-kind redemptions — Unaffiliated		(1,607,110	)		(10,111,784	)		(4,369,034	)		(1,506,246	)
Foreign currency transactions		(66,047	)		—			—			(1,440,781	)
Net realized loss		(2,049,715	)		(25,921,936	)		(18,081,293	)		(49,226,236	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(8,191,934	)		(35,150,004	)		(50,743,840	)		(36,646,128	)
Investments — Affiliated		—			(1,962	)		6,101			—
Foreign currency translations		(41,412	)		—			(15	)		(227,945	)
Net change in unrealized appreciation (depreciation)		(8,233,346	)		(35,151,966	)		(50,737,754	)		(36,874,073	)
Net realized and unrealized loss		(10,283,061	)		(61,073,902	)		(68,819,047	)		(86,100,309	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,437,580	)	$	(52,843,433	)	$	(55,273,534	)	$	(73,029,930	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(25,430	)
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	91,523

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	1,944
Interest — Unaffiliated		3,568,464
Securities lending income — Affiliated — net		28,625
Other income — Unaffiliated		(409	)
Total investment income		3,598,624
EXPENSES
Investment advisory fees		314,562
Professional fees		217
Total expenses		314,779
Net investment income		3,283,845
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		363,028
Investments — Affiliated		(8,075	)
In-kind redemptions — Unaffiliated		(895,377	)
Foreign currency transactions		(38,859	)
Net realized loss		(579,283	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(16,901,426	)
Investments — Affiliated		(2,565	)
Foreign currency translations		(54,355	)
Net change in unrealized appreciation (depreciation)		(16,958,346	)
Net realized and unrealized loss		(17,537,629	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,253,784	)

See notes to financial statements.

FINANCIAL   STATEMENTS 67

Statements of Changes in Net Assets

	iShares International High Yield Bond ETF							iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	845,481			$	1,640,605			$	8,230,469			$	12,338,101
Net realized gain (loss)		(2,049,715	)			246,665				(25,921,936	)			(337,078	)
Net change in unrealized appreciation (depreciation)		(8,233,346	)			680,844				(35,151,966	)			(3,235,881	)
Net increase (decrease) in net assets resulting from operations		(9,437,580	)			2,568,114				(52,843,433	)			8,765,142
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,102,987	)			(736,269	)			(9,252,151	)			(11,947,480	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(14,326,435	)			22,578,514				(122,937,926	)			306,813,811
NET ASSETS
Total increase (decrease) in net assets		(25,867,002	)			24,410,359				(185,033,510	)			303,631,473
Beginning of period		71,160,545				46,750,186				518,362,944				214,731,471
End of period	$	45,293,543			$	71,160,545			$	333,329,434			$	518,362,944

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares J.P. Morgan EM High Yield Bond ETF								iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	13,545,513			$	21,702,643			$	13,070,379			$	24,130,068
Net realized loss			(18,081,293	)			(5,754,719	)			(49,226,236	)			(3,824,330	)
Net change in unrealized appreciation (depreciation)			(50,737,754	)			3,814,196				(36,874,073	)			(20,231,809	)
Net increase (decrease) in net assets resulting from operations			(55,273,534	)			19,762,120				(73,029,930	)			73,929
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(13,558,664	)			(22,290,589	)			(19,531,059	)			—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			14,473,144				174,299,553				53,746,261				17,252,960
NET ASSETS
Total increase (decrease) in net assets			(54,359,054	)			171,771,084				(38,814,728	)			17,326,889
Beginning of period			475,355,111				303,584,027				517,427,340				500,100,451
End of period		$	420,996,057			$	475,355,111			$	478,612,612			$	517,427,340

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

See notes to financial statements.

FINANCIAL   STATEMENTS 69

Statements of Changes in Net Assets (continued)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	3,283,845			$	7,955,550
Net realized gain (loss)			(579,283	)			2,777,006
Net change in unrealized appreciation (depreciation)			(16,958,346	)			4,307,320
Net increase (decrease) in net assets resulting from operations			(14,253,784	)			15,039,876
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(3,806,237	)			(8,596,496	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(56,839,215	)			10,169,888
NET ASSETS
Total increase (decrease) in net assets			(74,899,236	)			16,613,268
Beginning of period			193,464,301				176,851,033
End of period		$	118,565,065			$	193,464,301

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares International High Yield Bond ETF
	Six Months Ended
		04/30/22			Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)					10/31/21				10/31/20				10/31/19				10/31/18				10/31/17
Net asset value, beginning of period		$	54.74			$	51.94			$	51.05			$	50.66			$	53.04			$	46.91
Net investment income(a)			0.69				1.44				1.42				1.51				1.54				1.77
Net realized and unrealized gain (loss)(b)			(8.52	)			2.18				0.09				0.82				(3.92	)			4.85
Net increase (decrease) from investment operations			(7.83	)			3.62				1.51				2.33				(2.38	)			6.62
Distributions(c)
From net investment income			(1.62	)			(0.82	)			(0.62	)			(1.94	)			—				(0.40	)
Return of capital			—				—				—				—				—				(0.09	)
Total distributions			(1.62	)			(0.82	)			(0.62	)			(1.94	)			—				(0.49	)
Net asset value, end of period		$	45.29			$	54.74			$	51.94			$	51.05			$	50.66			$	53.04
Total Return(d)
Based on net asset value			(14.69	)%(e)			6.90	%			3.00	%			4.85	%			(4.49	)%			14.21	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Total expenses after fees waived			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.73	%(g)			2.56	%			2.85	%			3.03	%			2.87	%			3.62	%
Supplemental Data
Net assets, end of period (000)		$	45,294			$	71,161			$	46,750			$	40,838			$	65,858			$	90,160
Portfolio turnover rate(h)			10	%(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)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended
		04/30/22			Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)					10/31/21				10/31/20				10/31/19				10/31/18				10/31/17
Net asset value, beginning of period		$	51.32			$	51.13			$	51.29			$	47.68			$	51.33			$	50.40
Net investment income(a)			0.85				1.75				2.06				2.25				2.16				2.10
Net realized and unrealized gain (loss)(b)			(6.21	)			0.23				(0.13	)			3.61				(3.70	)			0.90
Net increase (decrease) from investment operations			(5.36	)			1.98				1.93				5.86				(1.54	)			3.00
Distributions(c)
From net investment income			(0.92	)			(1.79	)			(2.09	)			(2.25	)			(2.11	)			(2.07	)
Total distributions			(0.92	)			(1.79	)			(2.09	)			(2.25	)			(2.11	)			(2.07	)
Net asset value, end of period		$	45.04			$	51.32			$	51.13			$	51.29			$	47.68			$	51.33
Total Return(d)
Based on net asset value			(10.58	)%(e)			3.88	%			3.94	%			12.57	%			(3.09	)%			6.14	%
Ratios to Average Net Assets(f)
Total expenses			0.50	%(g)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			3.48	%(g)			3.36	%			4.08	%			4.51	%			4.37	%			4.16	%
Supplemental Data
Net assets, end of period (000)		$	333,329			$	518,363			$	214,731			$	166,685			$	71,515			$	87,269
Portfolio turnover rate(h)			9	%(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)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

72 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM High Yield Bond ETF
	Six Months Ended
		04/30/22			Year Ended				Year Ended				Year Ended				Year Ended					Year Ended
	(unaudited)					10/31/21				10/31/20				10/31/19					10/31/18				10/31/17
Net asset value, beginning of period		$	43.61			$	43.06			$	46.63			$	45.29				$	50.60			$	49.97
Net investment income(a)			1.17				2.43				2.52				2.66			��		2.44				2.87
Net realized and unrealized gain (loss)(b)			(5.84	)			0.68				(3.54	)			1.93					(5.40	)			0.77
Net increase (decrease) from investment operations			(4.67	)			3.11				(1.02	)			4.59					(2.96	)			3.64
Distributions(c)
From net investment income			(1.18	)			(2.56	)			(2.55	)			(3.25	)				(2.35	)			(3.01	)
Total distributions			(1.18	)			(2.56	)			(2.55	)			(3.25	)				(2.35	)			(3.01	)
Net asset value, end of period		$	37.76			$	43.61			$	43.06			$	46.63				$	45.29			$	50.60
Total Return(d)
Based on net asset value			(10.91	)%(e)			7.16	%			(2.08	)%			10.51	%				(5.96	)%(f)			7.60	%
Ratios to Average Net Assets(g)
Total expenses			0.50	%(h)			0.50	%			0.50	%			0.50	%				0.50	%			0.50	%
Total expenses after fees waived			0.50	%(h)			0.49	%			0.48	%			0.50	%				0.50	%			0.50	%
Net investment income			5.75	%(h)			5.40	%			5.75	%			5.75	%				5.11	%			5.73	%
Supplemental Data
Net assets, end of period (000)		$	420,996			$	475,355			$	303,584			$	333,378				$	398,541			$	624,867
Portfolio turnover rate(i)			8	%(e)			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)  Not annualized.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended
		04/30/22			Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)					10/31/21				10/31/20				10/31/19				10/31/18				10/31/17
Net asset value, beginning of period		$	41.73			$	41.68			$	45.43			$	43.24			$	46.85			$	45.14
Net investment income(a)			0.95				2.06				2.29				3.09				2.87				2.29
Net realized and unrealized gain (loss)(b)			(5.96	)			(2.01	)			(4.11	)			0.59				(6.48	)			(0.58	)
Net increase (decrease) from investment operations			(5.01	)			0.05				(1.82	)			3.68				(3.61	)			1.71
Distributions(c)
From net investment income			(1.53	)			—				(1.93	)			(1.49	)			—				—
Total distributions			(1.53	)			—				(1.93	)			(1.49	)			—				—
Net asset value, end of period		$	35.19			$	41.73			$	41.68			$	45.43			$	43.24			$	46.85
Total Return(d)
Based on net asset value			(12.32	)%(e)			0.12	%			(4.20	)%			8.75	%			(7.71	)%			3.79	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.42	%			0.50	%
Total expenses after fees waived			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.41	%			0.50	%
Net investment income			4.98	%(g)			4.72	%			5.46	%			6.95	%			6.19	%			5.04	%
Supplemental Data
Net assets, end of period (000)		$	478,613			$	517,427			$	500,100			$	536,078			$	423,732			$	309,217
Portfolio turnover rate(h)			23	%(e)			29	%			43	%			44	%			51	%			97	%

^(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)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended
		04/30/22			Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)					10/31/21				10/31/20				10/31/19				10/31/18				10/31/17
Net asset value, beginning of period		$	49.61			$	47.80			$	48.97			$	48.03			$	50.98			$	48.77
Net investment income(a)			0.99				2.09				2.21				2.42				2.46				2.45
Net realized and unrealized gain (loss)(b)			(5.60	)			1.99				(1.27	)			1.17			��	(2.80	)			2.08
Net increase (decrease) from investment operations			(4.61	)			4.08				0.94				3.59				(0.34	)			4.53
Distributions(c)
From net investment income			(1.09	)			(2.27	)			(2.11	)			(2.65	)			(2.61	)			(2.32	)
Total distributions			(1.09	)			(2.27	)			(2.11	)			(2.65	)			(2.61	)			(2.32	)
Net asset value, end of period		$	43.91			$	49.61			$	47.80			$	48.97			$	48.03			$	50.98
Total Return(d)
Based on net asset value			(9.45	)%(e)			8.56	%			2.04	%			7.74	%			(0.71	)%			9.58	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Total expenses after fees waived			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			4.18	%(g)			4.16	%			4.65	%			5.02	%			4.95	%			4.93	%
Supplemental Data
Net assets, end of period (000)		$	118,565			$	193,464			$	176,851			$	176,300			$	211,353			$	214,103
Portfolio turnover rate(h)			9	%(e)			31	%			33	%			24	%			20	%			22	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 75

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
International High Yield Bond		Diversified
J.P. Morgan EM Corporate Bond		Diversified
J.P. Morgan EM High Yield Bond		Non-diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the 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 April 30, 2022, 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.

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

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. 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.

NOTES   TO   FINANCIAL   STATEMENTS 77

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the 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:

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	(a)		Received		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Bank PLC	$	1,097,229	$	1,097,229		$	—	$	—
Barclays Capital, Inc.		3,894,559		3,894,559			—		—
BNP Paribas SA		498,957		498,957			—		—
BofA Securities, Inc.		927,831		927,831			—		—
Citigroup Global Markets, Inc.		2,556,041		2,556,041			—		—
Credit Suisse Securities (USA) LLC		701,043		701,043			—		—
HSBC Securities (USA), Inc.		964,660		964,660			—		—
J.P. Morgan Securities LLC		3,573,904		3,573,904			—		—
Jefferies LLC		5,190,461		5,190,461			—		—
Morgan Stanley		2,332,229		2,332,229			—		—
Nomura Securities International, Inc.		1,311,787		1,311,787			—		—
Pershing LLC		285,950		285,950			—		—
Scotia Capital (USA), Inc.		103,009		103,009			—		—
Wells Fargo Securities LLC		2,383,966		2,383,966			—		—
	$	25,821,626	$	25,821,626		$	—	$	—

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

Notes to Financial Statements (unaudited) (continued)

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	(a)		Received		Net Amount
J.P. Morgan EM High Yield Bond
Barclays Bank PLC	$	1,237,909	$	1,237,909		$	—	$	—
BNP Paribas SA		5,151,009		5,151,009			—		—
BofA Securities, Inc.		4,203,830		4,203,830			—		—
Citigroup Global Markets, Inc.		1,579,925		1,579,925			—		—
Credit Suisse Securities (USA) LLC		1,889,914		1,889,914			—		—
Goldman Sachs & Co. LLC		3,548,219		3,548,219			—		—
Jefferies LLC		6,659,106		6,659,106			—		—
Morgan Stanley		1,797,899		1,797,899			—		—
Nomura Securities International, Inc.		2,190,175		2,190,175			—		—
RBC Capital Markets LLC		467,713		467,713			—		—
Scotia Capital (USA), Inc.		894,855		894,855			—		—
UBS AG		1,912		1,912			—		—
UBS Securities LLC		499,386		499,386			—		—
Wells Fargo Securities LLC		301,922		301,922			—		—
	$	30,423,774	$	30,423,774		$	—	$	—
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	1,244,124	$	1,244,124		$	—	$	—
Barclays Capital, Inc.		571,712		571,712			—		—
BMO Capital Markets Corp.		129,013		129,013			—		—
BNP Paribas SA		4,151,320		4,151,320			—		—
BofA Securities, Inc.		1,464,858		1,464,858			—		—
Citadel Clearing LLC		264,724		264,724			—		—
Citigroup Global Markets, Inc.		911,193		911,193			—		—
Credit Suisse Securities (USA) LLC		179,968		179,968			—		—
Deutsche Bank Securities, Inc.		221,387		221,387			—		—
Goldman Sachs & Co. LLC		5,164,287		5,164,287			—		—
J.P. Morgan Securities LLC		4,093,513		4,093,513			—		—
Jefferies LLC		272,200		272,200			—		—
Morgan Stanley		1,200,250		1,200,250			—		—
Nomura Securities International, Inc.		397,213		397,213			—		—
RBC Capital Markets LLC		1,334,656		1,334,656			—		—
Scotia Capital (USA), Inc.		149,623		149,623			—		—
State Street Bank & Trust Co.		28,413		28,413			—		—
UBS AG		549		549			—		—
Wells Fargo Securities LLC		32,958		32,958			—		—
	$	21,811,961	$	21,811,961		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned 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).

NOTES   TO   FINANCIAL   STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
International High Yield Bond	0.40%
J.P. Morgan EM Corporate Bond	0.50
J.P. Morgan EM High Yield Bond	0.50
J.P. Morgan EM Local Currency Bond	0.30
US & Intl High Yield Corp Bond	0.40

Sub-Adviser: BFA has entered into 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, including any custodial costs. 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 six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid    to BTC
J.P. Morgan EM Corporate Bond	$	24,320
J.P. Morgan EM High Yield Bond		24,616
US & Intl High Yield Corp Bond		10,234

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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

Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2022, 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	$	1,070,743	$	206,063	$	(16,623)
J.P. Morgan EM High Yield Bond		2,874,501		941,778		(148,239)
J.P. Morgan EM Local Currency Bond		1,003,083		—		—
US & Intl High Yield Corp Bond		—		1,129,422		(28,826)

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 six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	6,117,377	$	7,134,006
J.P. Morgan EM Corporate Bond		40,431,697		43,008,751
J.P. Morgan EM High Yield Bond		58,626,414		37,953,851
J.P. Morgan EM Local Currency Bond		156,102,974		119,234,529
US & Intl High Yield Corp Bond		14,023,551		14,485,367

For the six months ended April 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
International High Yield Bond	$	—	$	13,781,317
J.P. Morgan EM Corporate Bond		41,040,605		159,249,340
J.P. Morgan EM High Yield Bond		61,442,827		67,358,062
J.P. Morgan EM Local Currency Bond		44,861,114		37,598,501
US & Intl High Yield Corp Bond		4,770,819		60,328,050

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
International High Yield Bond	$	5,076,573
J.P. Morgan EM Corporate Bond		2,807,271
J.P. Morgan EM High Yield Bond		60,420,371
J.P. Morgan EM Local Currency Bond		30,944,097
US & Intl High Yield Corp Bond		8,141,623

NOTES   TO   FINANCIAL   STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2022, 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	$	53,141,963	$	102,899	$	(8,591,732	)	$	(8,488,833	)
J.P. Morgan EM Corporate Bond		396,528,134		549,716		(37,556,239	)		(37,006,523	)
J.P. Morgan EM High Yield Bond		519,164,581		896,742		(72,216,516	)		(71,319,774	)
J.P. Morgan EM Local Currency Bond		560,682,407		3,251,582		(87,465,128	)		(84,213,546	)
US & Intl High Yield Corp Bond		153,522,151		451,302		(14,649,439	)		(14,198,137	)

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 $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 six months ended April 30, 2022, the Fund did not borrow under the 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.

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. Although vaccines have been developed and approved for use by various governments, 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

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

Notes to Financial Statements (unaudited) (continued)

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 as well as acts of war in the region. 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. 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. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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 ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 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.

NOTES   TO   FINANCIAL   STATEMENTS 83

Notes to Financial Statements (unaudited) (continued)

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:

iShares ETF	Six Months Ended 04/30/22						Year Ended 10/31/21
	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		—		$	—			400,000		$	22,578,514
Shares redeemed		(300,000	)		(14,326,435	)		—			—
Net increase (decrease)		(300,000	)	$	(14,326,435	)		400,000		$	22,578,514
J.P. Morgan EM Corporate Bond
Shares sold		850,000		$	43,070,166			5,900,000		$	306,813,811
Shares redeemed		(3,550,000	)		(166,008,092	)		—			—
Net increase (decrease)		(2,700,000	)	$	(122,937,926	)		5,900,000		$	306,813,811
J.P. Morgan EM High Yield Bond
Shares sold		2,000,000		$	84,500,354			4,250,000		$	192,187,348
Shares redeemed		(1,750,000	)		(70,027,210	)		(400,000	)		(17,887,795	)
Net increase		250,000		$	14,473,144			3,850,000		$	174,299,553
J.P. Morgan EM Local Currency Bond
Shares sold		3,400,000		$	133,655,838			2,800,000		$	123,271,919
Shares redeemed		(2,200,000	)		(79,909,577	)		(2,400,000	)		(106,018,959	)
Net increase		1,200,000		$	53,746,261			400,000		$	17,252,960
US & Intl High Yield Corp Bond
Shares sold		100,000		$	4,919,799			600,000		$	30,073,163
Shares redeemed		(1,300,000	)		(61,759,014	)		(400,000	)		(19,903,275	)
Net increase (decrease)		(1,200,000	)	$	(56,839,215	)		200,000		$	10,169,888

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.

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.

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

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT  REGARDING   LIQUIDITY   RISK   MANAGEMENT   P ROGRAM 85

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

iShares ETF	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International High Yield Bond(a)	$	1.558045	$	—	$	0.059637	$	1.617682		96	%		—	%		4	%		100	%
J.P. Morgan EM Corporate Bond		0.921221		—		—		0.921221		100			—			—			100
J.P. Morgan EM High Yield Bond		1.183103		—		—		1.183103		100			—			—			100
J.P. Morgan EM Local Currency Bond(a)		1.440662		—		0.085202		1.525864		94			—			6			100
US & Intl High Yield Corp Bond		1.086102		—		—		1.086102		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

86 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail 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.

GENERAL   INFORMATION 87

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
CAB	Capital Appreciation Bonds
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
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
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Counterparty Abbreviations
DBS	Deutsche Bank Securities Inc.

88 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., Markit Indices Limited or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1002-0422

                

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

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

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

(a) (3) 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: June 23, 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: June 23, 2022

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

Date: June 23, 2022