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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(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, 2023

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 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,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		8.63%		2.66%
U.S. small cap equities (Russell 2000® Index)		(3.45)		(3.65)
International equities (MSCI Europe, Australasia, Far East Index)		24.19		8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36		(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09		2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14		(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91		(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65		2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21		1.21
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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		66
Statements of Operations		68
Statements of Changes in Net Assets		70
Financial Highlights		73
Notes to Financial Statements		78
Statement Regarding Liquidity Risk Management Program		87
Supplemental Information		88
General Information		89
Glossary of Terms Used in this Report		90

Fund Summary as of April 30, 2023  �� 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.64	%		3.23	%		(1.17	)%		0.77	%		3.23	%		(5.73	)%		7.98	%
Fund Market		17.97			5.26			(0.96	)		0.85			5.26			(4.70	)		8.87
Index		17.73			3.54			(0.83	)		1.03			3.54			(4.10	)		10.77

Past performance is not an indication 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” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,176.40	$         2.16			$        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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of    Total Investments(a)
Baa		5.8%
Ba		46.5
B		29.1
Caa		3.5
Not Rated		15.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
Italy		16.5%
France		14.5
United States		13.1
United Kingdom		12.1
Germany		11.1
Spain		8.1
Luxembourg		4.2
Netherlands		3.9
Sweden		3.0
Greece		2.4

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

^(a)  Excludes money market funds.

4 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.28	%		0.61	%		1.62	%		2.15	%		0.61	%		8.37	%		23.65	%
Fund Market		11.60			1.80			1.77			2.12			1.80			9.15			23.35
Index		10.63			1.19			1.95			2.60			1.19			10.15			29.21

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 not an indication 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” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,102.80	$         2.61			$        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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of    Total Investments(a)
Aaa		0.4%
Aa		7.8
A		18.7
Baa		34.9
Ba		12.8
B		6.8
Caa		2.1
C		0.8
Not Rated		15.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
China		9.2%
Brazil		5.5
Mexico		5.0
United Arab Emirates		5.0
Hong Kong		4.7
Saudi Arabia		4.7
India		4.6
South Korea		4.6
Singapore		4.2
Colombia		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, 2023  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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.11	%		(1.92	)%		(0.37	)%		1.51	%		(1.92	)%		(1.86	)%		16.15	%
Fund Market		12.42			(1.23	)		(0.23	)		1.50			(1.23	)		(1.14	)		16.03
Index		11.39			(1.44	)		(0.06	)		1.82			(1.44	)		(0.29	)		19.78

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

Past performance is not an indication 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” for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22	)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,111.10		$         2.62			$        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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.1	%
Aa	0.2
A	0.2
Baa	10.7
Ba	34.2
B	29.7
Caa	4.4
Ca	1.2
C	0.7
Not Rated	18.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	13.6	%
Turkey	13.3
Mexico	8.3
Colombia	7.1
China	4.9
Oman	4.0
South Africa	3.8
Dominican Republic	3.4
Hong Kong	3.4
Argentina	3.0

* 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 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023  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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.87	%		3.85	%		(3.37	)%		(2.15	)%		3.85	%		(15.74	)%		(19.52	)%
Fund Market		13.23			3.76			(3.40	)		(2.28	)		3.76			(15.86	)		(20.59	)
Index		14.34			4.53			(2.91	)		(1.63	)		4.53			(13.73	)		(15.14	)

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 not an indication 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” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22	)		Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,138.70		$        1.59		$	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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	3.6	%
A	5.1
Baa	19.1
Ba	10.2
C	2.9
Not Rated	59.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	15.1	%
Indonesia	6.7
Mexico	5.8
Brazil	5.4
Peru	4.6
Poland	4.6
Czech Republic	4.6
Serbia	4.6
Romania	4.6
Thailand	4.6

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

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of April 30, 2023  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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.86	%		1.64	%		1.67	%		2.55	%		1.64	%		8.64	%		28.60	%
Fund Market		9.37			2.80			1.70			2.54			2.80			8.79			28.56
Index		9.06			2.01			1.82			2.70			2.01			9.44			30.56

Past performance is not an indication 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” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22	)		Ending Account Value (04/30/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,088.60		$        2.07		$	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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	4.3	%
Ba	42.6
B	39.1
Caa	8.0
Ca	0.4
Not Rated	5.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	63.8	%
United Kingdom	5.5
Italy	5.0
France	4.9
Canada	3.8
Germany	3.4
Spain	2.4
Netherlands	1.8
Luxembourg	1.7
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 3   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.

Disclosure of 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 the 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 the 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 / DISCLOSURE   OF   EXPENSES 9

Schedule of Investments (unaudited)  April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.2%
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(b)	EUR		100	$	91,626
Austria — 0.2%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/23)(a)	EUR		100		102,269
Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/23)(a)	EUR		100		99,673
Canada — 1.4%
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c)	CAD		325		212,649
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.13%, 06/15/29 (Call 06/15/24)(c)	CAD		75		44,673
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/24)(a)	CAD		50		32,522
Parkland Corp.
3.88%, 06/16/26 (Call 06/16/23)(c)	CAD		150		102,837
4.38%, 03/26/29 (Call 03/26/24)	CAD		75		48,516
Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)(f)	CAD		50		—
Tamarack Valley Energy Ltd., 7.25%, 05/10/27
(Call 05/10/24)(c)	CAD		25		17,634
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD		100		58,601
3.63%, 06/15/28 (Call 06/15/24)(c)	CAD		150		96,696
4.50%, 01/15/30 (Call 10/15/24)	CAD		150		98,147
					712,275
Cyprus — 0.2%
Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(b)	EUR		100		92,802
Czech Republic — 0.2%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(a)	EUR		100		111,101
France — 14.2%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)(a)	EUR		100		98,221
3.00%, 02/04/26 (Call 11/04/25)(a)	EUR		100		105,844
Adevinta ASA
2.63%, 11/15/25 (Call 11/15/23)(a)	EUR		100		104,611
3.00%, 11/15/27 (Call 11/15/23)(a)	EUR		100		100,272
Altice France SA/France
2.13%, 02/15/25 (Call 01/29/24)(a)	EUR		150		151,008
3.38%, 01/15/28 (Call 09/15/23)(a)	EUR		100		83,813
4.00%, 07/15/29 (Call 04/15/24)(a)	EUR		100		80,126
4.25%, 10/15/29 (Call 10/15/24)(a)	EUR		100		80,731
5.88%, 02/01/27 (Call 08/01/23)(a)	EUR		250		237,758
Atos SE
1.00%, 11/12/29 (Call 08/12/29)(a)	EUR		200		144,142
1.75%, 05/07/25 (Call 02/07/25)(a)	EUR		100		96,913
Banijay Entertainment SASU, 3.50%, 03/01/25
(Call 03/01/24)(a)	EUR		100		107,162
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/23)(a)	EUR		100		107,203
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)	EUR		200		175,154
Casino Guichard Perrachon SA
5.25%, 04/15/27 (Call 04/15/24)(a)	EUR		100		25,612
6.63%, 01/15/26 (Call 01/15/24)(a)	EUR		100		27,180
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)	EUR		100		95,875
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR		100		88,951
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a)	EUR		100		78,081

Security		Par (000)		Value
France (continued)
Elis SA
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		100	$	96,976
2.88%, 02/15/26 (Call 11/15/25)(a)	EUR		100		105,828
4.13%, 05/24/27 (Call 02/24/27)(a)	EUR		100		108,648
Emeria SASU
3.38%, 03/31/28 (Call 03/31/24)(a)	EUR		100		86,150
7.75%, 03/31/28 (Call 02/07/25)(a)	EUR		100		103,355
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)	EUR		100		94,928
2.63%, 06/15/25 (Call 06/15/23)(a)	EUR		200		209,351
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR		225		219,409
3.13%, 06/15/26 (Call 06/15/23)(a)	EUR		100		102,974
3.75%, 06/15/28 (Call 06/15/23)(a)	EUR		200		194,633
7.25%, 06/15/26 (Call 11/15/24)(a)	EUR		100		113,545
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(a)	EUR		150		156,570
5.63%, 10/15/28 (Call 10/15/24)(a)	EUR		100		100,302
iliad SA
1.50%, 10/14/24 (Call 07/14/24)(a)	EUR		100		105,131
1.88%, 04/25/25 (Call 01/25/25)(a)	EUR		200		206,457
5.38%, 06/14/27 (Call 03/14/27)(a)	EUR		200		216,142
5.63%, 02/15/30 (Call 11/15/29)(a)	EUR		100		105,484
La Financiere Atalian SASU, 4.00%, 05/15/24
(Call 05/08/23)(a)	EUR		100		78,813
Loxam SAS
2.88%, 04/15/26 (Call 04/10/24)(a)	EUR		100		101,791
4.50%, 02/15/27 (Call 02/15/24)(a)	EUR		175		182,267
6.38%, 05/15/28 (Call 05/15/25)(a)	EUR		100		109,560
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)(a)	EUR		100		97,769
4.00%, 03/31/25 (Call 05/29/23)(a)	EUR		100		107,594
Parts Europe SA, 6.50%, 07/16/25 (Call 01/15/24)(a)	EUR		100		110,245
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)	EUR		200		195,466
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(b)	EUR		100		101,172
Renault SA
1.00%, 04/18/24 (Call 01/18/24)(a)	EUR		100		106,185
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		70		71,555
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		200		204,826
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR		100		98,120
2.38%, 05/25/26 (Call 02/25/26)(a)	EUR		200		201,113
2.50%, 06/02/27 (Call 03/02/27)(a)	EUR		200		194,756
2.50%, 04/01/28 (Call 01/01/28)(a)	EUR		100		93,631
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a)	EUR		100		96,025
SPCM SA, 2.00%, 02/01/26 (Call 09/15/23)(a)	EUR		100		101,449
Tereos Finance Groupe I SA
7.25%, 04/15/28 (Call 04/15/25)(a)	EUR		100		109,449
7.50%, 10/30/25 (Call 10/30/23)(a)	EUR		100		113,057
Valeo
1.00%, 08/03/28 (Call 05/03/28)(a)	EUR		100		88,760
1.50%, 06/18/25 (Call 03/18/25)(a)	EUR		100		104,020
5.38%, 05/28/27 (Call 02/28/27)(a)	EUR		100		110,290
Verallia SA
1.63%, 05/14/28 (Call 02/14/28)(a)	EUR		100		97,324
1.88%, 11/10/31 (Call 08/11/31)	EUR		100		89,006
					7,278,783
Germany — 10.9%
ADLER Group SA, 5.00%, 01/14/29 (Call 10/14/28)(a)	EUR		200		75,682
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(a)(b)	EUR		100		102,123
3.13%, 11/12/79 (Call 08/12/27)(a)(b)	EUR		200		189,521

10 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Germany (continued)
3.75%, 07/01/74 (Call 07/01/24)(a)(b)			EUR	300	$	319,734
5.38%, 03/25/82 (Call 06/25/30)(a)(b)			EUR	100		100,743
Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(b)			EUR	100		102,227
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(b)			EUR	100		100,026
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)			EUR	150		150,589
Commerzbank AG
4.00%, 03/23/26(a)			EUR	200		213,392
4.00%, 03/30/27(a)			EUR	100		106,850
6.50%, 12/06/32 (Call 09/06/27)(a)(b)			EUR	100		110,161
8.63%, 02/28/33 (Call 11/28/27)(a)(b)			GBP	100		125,674
Deutsche Lufthansa AG
2.00%, 07/14/24 (Call 06/14/24)(a)			EUR	100		106,918
2.88%, 02/11/25 (Call 01/11/25)(a)			EUR	200		212,313
2.88%, 05/16/27 (Call 02/16/27)(a)			EUR	100		100,333
3.00%, 05/29/26 (Call 02/28/26)(a)			EUR	300		309,541
3.50%, 07/14/29 (Call 04/14/29)(a)			EUR	100		98,307
4.38%, 08/12/75 (Call 02/12/26)(a)(b)			EUR	100		98,208
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/24)(a)			EUR	200		195,491
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(b)			EUR	100		91,708
Gruenenthal GmbH
3.63%, 11/15/26 (Call 05/15/23)(a)			EUR	100		103,671
6.75%, 05/15/30 (Call 05/15/26)			EUR	100		110,752
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)			EUR	100		100,858
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(a)			EUR	200		214,064
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(b)			EUR	100		105,373
Schaeffler AG	��
1.88%, 03/26/24 (Call 12/26/23)(a)			EUR	100		107,736
2.75%, 10/12/25 (Call 07/12/25)			EUR	100		105,245
2.88%, 03/26/27 (Call 12/26/26)(a)			EUR	75		77,855
3.38%, 10/12/28 (Call 07/12/28)			EUR	100		99,163
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(a)			EUR	250		259,617
thyssenkrupp AG
2.50%, 02/25/25(a)			EUR	100		106,924
2.88%, 02/22/24 (Call 11/22/23)(a)			EUR	75		81,263
TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)			EUR	90		82,326
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)			EUR	100		98,205
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)			EUR	100		100,207
2.50%, 10/23/27 (Call 07/23/27)(a)			EUR	100		95,688
3.00%, 10/23/29 (Call 07/23/29)(a)			EUR	100		91,821
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(a)			EUR	100		95,135
2.25%, 05/03/28 (Call 02/03/28)(a)			EUR	100		92,331
2.75%, 05/25/27 (Call 02/25/27)(a)			EUR	100		97,760
3.00%, 09/21/25 (Call 06/21/25)(a)			EUR	100		104,353
3.75%, 09/21/28 (Call 06/21/28)(a)			EUR	100		98,024
5.75%, 08/03/26 (Call 07/03/26)(a)			EUR	200		221,093
						5,559,005
Gibraltar — 0.2%
888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a)			EUR	100		99,180
Greece — 2.4%
Alpha Bank SA
2.50%, 03/23/28 (Call 03/23/27)(a)(b)			EUR	100		90,131
7.50%, 06/16/27 (Call 06/16/26)(a)(b)			EUR	100		109,140

Security	Par (000)			Value
Greece (continued)
Eurobank SA
2.25%, 03/14/28 (Call 03/14/27)(a)(b)		EUR	100	$	91,956
7.00%, 01/26/29 (Call 01/26/28)(a)(b)		EUR	100		108,568
National Bank of Greece SA
2.75%, 10/08/26 (Call 10/08/25)(a)(b)		EUR	100		100,901
7.25%, 11/22/27 (Call 11/22/26)(a)(b)		EUR	100		112,117
8.25%, 07/18/29 (Call 07/18/24)(a)(b)		EUR	100		108,360
Piraeus Bank SA, 8.25%, 01/28/27 (Call 01/28/26)(a)(b)		EUR	100		109,944
Piraeus Financial Holdings SA
5.50%, 02/19/30 (Call 02/19/25)(a)(b)		EUR	100		92,494
9.75%, 06/26/29 (Call 06/26/24)(a)(b)		EUR	100		104,942
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)(a)		EUR	100		95,965
4.38%, 03/30/26 (Call 03/30/24)(a)		EUR	100		104,280
					1,228,798
Ireland — 1.7%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(a)(b)		EUR	100		103,083
2.88%, 05/30/31 (Call 05/30/26)(a)(b)		EUR	100		99,940
Bank of Ireland Group PLC
1.38%, 08/11/31 (Call 05/11/26)(a)(b)		EUR	100		94,833
6.75%, 03/01/33 (Call 12/01/27)(a)(b)		EUR	100		111,405
7.59%, 12/06/32 (Call 09/06/27)(a)(b)		GBP	100		124,812
eircom Finance DAC
1.75%, 11/01/24 (Call 11/01/23)(a)		EUR	100		108,099
3.50%, 05/15/26 (Call 05/15/23)(a)		EUR	100		103,846
Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(a)(b)		EUR	100		108,970
					854,988
Israel — 2.1%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)		EUR	100		104,251
1.63%, 10/15/28(a)		EUR	150		126,506
1.88%, 03/31/27 (Call 12/31/26)(a)		EUR	100		92,877
3.75%, 05/09/27 (Call 02/09/27)		EUR	250		248,179
4.38%, 05/09/30 (Call 02/09/30)		EUR	200		184,952
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		108,441
7.38%, 09/15/29 (Call 06/15/29)		EUR	100		111,234
7.88%, 09/15/31 (Call 06/15/31)		EUR	100		112,876
					1,089,316
Italy — 16.2%
Atlantia SpA
1.63%, 02/03/25(a)		EUR	100		103,980
1.88%, 07/13/27 (Call 04/13/27)(a)		EUR	175		168,846
1.88%, 02/12/28 (Call 11/12/27)(a)		EUR	200		184,180
Banca IFIS SpA, 6.13%, 01/19/27(a)		EUR	100		109,554
Banca Monte dei Paschi di Siena SpA
1.88%, 01/09/26(a)		EUR	100		96,015
2.63%, 04/28/25(a)		EUR	100		102,255
3.63%, 09/24/24(a)		EUR	200		211,315
6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(a)(b)		EUR	125		136,704
7.68%, 01/18/28(a)(b)		EUR	100		93,080
10.50%, 07/23/29(a)		EUR	100		106,854
Banca Popolare di Sondrio SpA, 1.25%, 07/13/27 (Call 07/13/26)(a)(b)		EUR	100		96,496
Banco BPM SpA
1.75%, 01/28/25(a)		EUR	200		209,630
3.25%, 01/14/31 (Call 01/14/26)(a)(b)		EUR	100		98,558

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Italy (continued)
4.25%, 10/01/29 (Call 10/01/24)(a)(b)		EUR	100	$	105,955
4.88%, 01/18/27(a)		EUR	100		109,666
5.00%, 09/14/30 (Call 09/14/25)(a)(b)		EUR	100		106,801
6.00%, 09/13/26(a)		EUR	150		169,621
6.00%, 01/21/28 (Call 01/21/27), (3-mo. EURIBOR + 3.300%)(a)(b)		EUR	150		166,275
BPER Banca
1.88%, 07/07/25(a)		EUR	100		104,124
3.38%, 06/30/25 (Call 05/31/24), (3-mo. EURIBOR + 2.450%)(a)(b)		EUR	100		108,554
3.88%, 07/25/32 (Call 01/25/27)(a)(b)		EUR	200		182,147
6.13%, 02/01/28 (Call 02/01/27), (3-mo. EURIBOR + 3.600%)(a)(b)		EUR	150		167,635
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)		EUR	100		96,849
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a)		EUR	100		96,630
Fiber Bidco Spa, 11.00%, 10/25/27 (Call 10/25/24)(a)		EUR	100		118,466
Grifols SA, 2.25%, 11/15/27 (Call 11/15/23)(a)		EUR	100		94,528
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26), (3-mo. EURIBOR + 2.280%)(a)(b)		EUR	100		98,729
4.13%, 11/28/29 (Call 11/28/24)(a)(b)		EUR	100		102,629
6.38%, 09/20/27 (Call 09/20/26), (3-mo. EURIBOR + 4.077%)(a)(b)		EUR	100		111,157
6.88%, 01/20/28 (Call 01/20/27), (3-mo. EURIBOR + 4.045%)(a)(b)		EUR	100		112,437
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(a)		EUR	100		95,675
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)		EUR	200		194,936
1.75%, 04/19/31 (Call 01/19/31)(a)		EUR	100		93,580
1.88%, 07/08/26 (Call 04/08/26)(a)		EUR	150		155,044
Intesa Sanpaolo SpA
2.86%, 04/23/25(a)		EUR	100		106,597
2.93%, 10/14/30(a)		EUR	100		89,465
3.93%, 09/15/26		EUR	200		215,853
5.15%, 06/10/30(a)		GBP	100		104,077
6.18%, 02/20/34 (Call 11/20/28)(a)(b)		EUR	200		217,385
Leonardo SpA
1.50%, 06/07/24 (Call 03/07/24)(a)		EUR	100		106,838
2.38%, 01/08/26 (Call 10/08/25)(a)		EUR	100		105,633
Lottomatica SpA
6.25%, 07/15/25 (Call 07/30/23)(a)		EUR	100		111,320
9.75%, 09/30/27 (Call 09/30/24)(a)		EUR	100		118,133
Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 07/15/23)(a)		EUR	100		111,138
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26		EUR	50		53,736
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)		EUR	200		200,820
2.13%, 04/30/29 (Call 01/30/29)(a)		EUR	150		136,736
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(a)		EUR	100		110,116
Saipem Finance International BV
2.63%, 01/07/25(a)		EUR	100		105,643
3.13%, 03/31/28 (Call 12/31/27)(a)		EUR	100		97,216
Telecom Italia SpA
6.88%, 02/15/28 (Call 11/15/27)(a)		EUR	200		221,001
Series APR, 6.88%, Series APR, 02/15/28 (Call 11/15/27)(a)		EUR	100		110,373
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)		EUR	100		84,963
2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	100		94,325
2.75%, 04/15/25 (Call 01/15/25)(a)		EUR	200		208,301

Security	Par (000)			Value
Italy (continued)
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	300	$	307,972
3.00%, 09/30/25(a)		EUR	100		103,728
3.63%, 05/25/26(a)		EUR	100		104,878
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(b)		EUR	200		204,192
2.73%, 01/15/32 (Call 01/15/27)(a)(b)		EUR	200		188,446
Webuild SpA
1.75%, 10/26/24(a)		EUR	150		155,882
3.88%, 07/28/26 (Call 01/28/26)(a)		EUR	100		97,968
5.88%, 12/15/25 (Call 06/15/25)(a)		EUR	100		106,479
					8,288,119
Japan — 1.7%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(a)		EUR	175		183,194
2.88%, 01/06/27 (Call 10/06/26)(a)		EUR	100		93,395
3.13%, 09/19/25 (Call 06/21/25)(a)		EUR	100		100,319
3.38%, 07/06/29 (Call 04/06/29)(a)		EUR	125		105,844
3.88%, 07/06/32 (Call 04/06/32)(a)		EUR	100		79,202
4.00%, 09/19/29 (Call 06/21/29)(a)		EUR	100		87,060
4.50%, 04/20/25 (Call 01/20/25)(a)		EUR	100		105,471
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	100		96,486
					850,971
Luxembourg — 4.1%
Altice Financing SA
2.25%, 01/15/25 (Call 01/15/24)(a)		EUR	100		103,813
3.00%, 01/15/28 (Call 01/15/24)(a)		EUR	200		170,212
4.25%, 08/15/29 (Call 08/15/24)(a)		EUR	100		85,434
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/23)(a)		EUR	100		78,210
Altice France Holding SA
4.00%, 02/15/28 (Call 05/29/23)(a)		EUR	100		66,026
8.00%, 05/15/27 (Call 05/15/23)(a)		EUR	200		156,650
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)		EUR	100		98,295
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/23)(a)		EUR	100		83,535
INEOS Finance PLC
2.13%, 11/15/25 (Call 05/09/23)(a)		EUR	100		102,664
2.88%, 05/01/26 (Call 05/01/23)(a)		EUR	175		177,810
6.63%, 05/15/28 (Call 02/15/25)(a)		EUR	100		109,234
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/23)(a)		EUR	200		202,244
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)		EUR	200		214,086
PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/23)(a)		EUR	100		103,441
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/23)(a)		EUR	90		79,966
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/23)(a)		EUR	150		143,601
Vivion Investments Sarl
3.00%, 08/08/24(a)		EUR	100		79,712
3.50%, 11/01/25(a)		EUR	100		68,567
					2,123,500
Netherlands — 3.8%
OI European Group BV, 2.88%, 02/15/25 (Call 02/15/24)(a)		EUR	100		106,830
PPF Telecom Group BV
3.13%, 03/27/26 (Call 12/27/25)(a)		EUR	100		103,689
3.25%, 09/29/27 (Call 06/29/27)(a)		EUR	100		101,248
3.50%, 05/20/24 (Call 02/20/24)(a)		EUR	100		108,891
Promontoria Holding 264 BV, 6.38%, 03/01/27 (Call 03/01/24)(a)		EUR	100		110,576
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(a)		EUR	100		93,721
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/23)(a)		EUR	100		87,381
SNS Bank NV, 6.25%, 10/26/20(e)		EUR	50		—

12 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Netherlands (continued)
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/23)(a)		EUR	100	$	101,313
United Group BV
3.63%, 02/15/28 (Call 02/15/24)(a)		EUR	100		83,341
4.63%, 08/15/28 (Call 08/15/24)(a)		EUR	100		84,427
4.88%, 07/01/24 (Call 05/29/23)(a)		EUR	200		218,340
5.25%, 02/01/30 (Call 02/01/25)(a)		EUR	100		82,075
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/23)(a)		EUR	100		91,175
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)		EUR	200		172,569
WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(a)		EUR	100		89,521
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)		EUR	100		95,117
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)		EUR	150		125,828
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a)		EUR	100		88,092
					1,944,134
Portugal — 1.9%
Banco Comercial Portugues SA
1.75%, 04/07/28 (Call 04/07/27), (3-mo. EURIBOR + 2.000%)(a)(b)		EUR	100		89,018
4.00%, 05/17/32 (Call 11/17/26)(a)(b)		EUR	100		79,472
8.50%, 10/25/25 (Call 10/25/24), (3-mo. EURIBOR + 5.547%)(b)		EUR	100		111,756
Caixa Geral de Depositos SA, 1.25%, 11/25/24(a)		EUR	100		105,300
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(a)(b)		EUR	100		92,831
1.70%, 07/20/80 (Call 04/20/25)(a)(b)		EUR	100		100,048
1.88%, 08/02/81 (Call 05/02/26)(a)(b)		EUR	100		96,073
5.94%, 04/23/83 (Call 01/23/28)(a)(b)		EUR	200		216,809
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(b)		EUR	100		83,200
					974,507
Spain — 8.0%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(b)		EUR	100		101,088
Banco de Credito Social Cooperativo SA
1.75%, 03/09/28 (Call 03/09/27)(a)(b)		EUR	100		87,420
8.00%, 09/22/26 (Call 09/22/25)(a)(b)		EUR	100		111,227
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)(a)(b)		EUR	100		90,628
1.13%, 03/27/25(a)		EUR	100		101,982
1.75%, 05/10/24(a)		EUR	100		106,822
2.00%, 01/17/30 (Call 01/17/25)(a)(b)		EUR	100		97,138
2.50%, 04/15/31 (Call 01/15/26)(a)(b)		EUR	100		93,119
2.63%, 03/24/26 (Call 03/24/25)(a)(b)		EUR	100		103,923
5.25%, 02/07/29 (Call 02/07/28)(a)(b)		EUR	100		105,707
5.38%, 09/08/26 (Call 09/08/25)(a)(b)		EUR	100		109,061
6.00%, 08/16/33 (Call 05/16/28)(a)(b)		EUR	100		98,991
Banco do Brasil SA/Cayman, 5.25%, 11/27/31 (Call 05/27/26)(a)(b)		EUR	100		86,373
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)		EUR	200		196,123
1.00%, 09/15/27 (Call 06/15/27)(a)		EUR	100		95,856
1.25%, 01/15/29 (Call 10/15/28)(a)		EUR	200		184,056
1.50%, 06/08/28 (Call 03/08/28)(a)		EUR	100		95,752
2.00%, 09/15/32 (Call 06/15/32)(a)		EUR	200		174,694
2.00%, 02/15/33 (Call 11/15/32)(a)		EUR	200		172,042
2.25%, 04/12/26 (Call 01/12/26)(a)		EUR	100		104,316

Security	Par (000)			Value
Spain (continued)
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100	$	97,884
1.75%, 10/23/30 (Call 07/23/30)(a)		EUR	100		90,248
1.88%, 06/26/29 (Call 03/26/29)(a)		EUR	100		93,986
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)		EUR	100		96,507
10.38%, 11/30/27 (Call 11/09/24)(a)		EUR	100		117,470
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)		EUR	250		212,766
Grifols SA
1.63%, 02/15/25 (Call 02/15/24)(a)		EUR	150		156,254
3.20%, 05/01/25 (Call 05/29/23)(a)		EUR	100		101,868
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(b)		EUR	100		92,847
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)		EUR	100		94,785
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)		EUR	400		403,959
Unicaja Banco SA
2.88%, 11/13/29 (Call 11/13/24)(a)(b)		EUR	100		96,471
7.25%, 11/15/27 (Call 11/15/26)(a)(b)		EUR	100		111,270
					4,082,633
Sweden — 3.0%
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(b)		EUR	100		74,058
Intrum AB
3.00%, 09/15/27 (Call 09/15/23)(a)		EUR	200		165,714
3.13%, 07/15/24 (Call 05/29/23)(a)		EUR	104		108,978
3.50%, 07/15/26 (Call 07/15/23)(a)		EUR	175		157,791
4.88%, 08/15/25 (Call 08/15/23)(a)		EUR	100		99,160
Stena International SA, 3.75%, 02/01/25 (Call 01/29/24)(a)		EUR	100		105,304
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/24)(a)		EUR	150		144,592
3.88%, 07/15/26 (Call 07/15/23)(a)		EUR	100		101,377
7.13%, 02/01/28 (Call 02/01/25)(a)		EUR	100		109,543
9.25%, 10/15/27 (Call 10/15/24)(a)		EUR	100		117,675
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)		EUR	150		133,203
Volvo Car AB
2.50%, 10/07/27 (Call 07/07/27)(a)		EUR	100		98,452
4.25%, 05/31/28 (Call 02/28/28)(a)		EUR	100		103,993
					1,519,840
Switzerland — 1.0%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/24)(a)		EUR	100		95,304
2.50%, 10/15/24 (Call 05/29/23)(a)		EUR	100		107,854
3.38%, 04/15/28 (Call 04/15/24)(a)		EUR	100		96,906
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)		EUR	100		105,981
Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(a)		EUR	100		96,773
					502,818
United Kingdom — 11.9%
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a)		EUR	200		183,870
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/24)(a)		GBP	300		308,155
4.50%, 02/16/26 (Call 02/24/24)(a)		GBP	100		105,237
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/24)(a)		GBP	100		85,333
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b)		EUR	100		98,958
Canary Wharf Group Investment Holdings PLC
2.63%, 04/23/25 (Call 03/23/25)(a)		GBP	100		102,918
3.38%, 04/23/28 (Call 01/23/28)(a)		GBP	100		85,283
Castle U.K. Finco PLC, 7.00%, 05/15/29 (Call 05/15/25)(a)		GBP	100		99,144
Centrica PLC, 5.25%, 04/10/75 (Call 04/10/25)(a)(b)		GBP	100		118,500

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United Kingdom (continued)
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a)		GBP	100	$	106,371
eG Global Finance PLC
4.38%, 02/07/25 (Call 05/15/23)(a)		EUR	200		204,930
6.25%, 10/30/25 (Call 10/25/23)(a)		EUR	100		103,513
Heathrow Finance PLC, 3.88%, 03/01/27(a)(g)		GBP	100		109,704
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/24)(a)		EUR	100		96,349
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(a)		EUR	100		98,986
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/24)(a)		EUR	100		95,470
International Consolidated Airlines Group SA
2.75%, 03/25/25 (Call 12/25/24)(a)		EUR	100		104,847
3.75%, 03/25/29 (Call 12/25/28)(a)		EUR	200		181,493
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		155,255
4.50%, 07/15/28 (Call 07/15/24)(a)		EUR	100		91,521
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/24)(a)		GBP	100		110,304
Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a)		GBP	200		188,251
Marks & Spencer PLC
4.50%, 07/10/27 (Call 04/10/27)(a)		GBP	100		112,969
6.00%, 06/12/25(a)		GBP	100		123,884
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/23)(a)		EUR	100		111,419
NGG Finance PLC
1.63%, 12/05/79 (Call 12/05/24)(a)(b)		EUR	100		103,667
2.13%, 09/05/82 (Call 06/05/27)(a)(b)		EUR	100		92,858
5.63%, 06/18/73 (Call 06/18/25)(a)(b)		GBP	100		121,448
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a)		GBP	175		195,803
Pinnacle Bidco PLC
5.50%, 02/15/25 (Call 01/15/24)(a)		EUR	100		104,447
6.38%, 02/15/25 (Call 05/09/23)(a)		GBP	100		119,005
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)		EUR	100		105,925
1.63%, 05/09/28 (Call 02/09/28)(a)		EUR	100		91,176
3.38%, 06/18/26		GBP	100		113,639
4.63%, 02/16/26 (Call 11/16/25)(a)		EUR	100		107,895
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a)		EUR	100		94,088
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/23)(a)		GBP	200		230,118
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)		GBP	100		108,987
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)		EUR	100		85,841
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)		GBP	100		97,947
4.25%, 01/15/30 (Call 10/15/24)(a)		GBP	100		99,397
5.00%, 04/15/27 (Call 04/15/24)(a)		GBP	200		231,947
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(a)		GBP	100		103,220
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)		EUR	100		88,073
4.00%, 01/31/29 (Call 01/31/24)(a)		GBP	100		101,664
4.50%, 07/15/31 (Call 07/15/26)(a)		GBP	200		195,771
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(a)(b)		EUR	100		98,837
3.00%, 08/27/80 (Call 05/27/30)(a)(b)		EUR	150		134,199
4.20%, 10/03/78 (Call 07/03/28)(a)(b)		EUR	100		100,338
					6,108,954
United States — 12.9%
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)(a)		EUR	100		89,942

Security	Par (000)			Value
United States (continued)
4.88%, 06/01/28 (Call 06/01/24)(a)		GBP	100	$	101,748
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(a)(b)		EUR	100		89,047
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a)		EUR	100		80,512
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/23)(a)		EUR	100		97,557
4.75%, 07/15/27 (Call 07/15/23)(a)		GBP	100		99,603
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		95,513
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/23)(a)		EUR	100		105,227
Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/23)(a)		EUR	100		109,036
Ball Corp., 1.50%, 03/15/27 (Call 12/15/26)		EUR	100		98,078
Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(a)		EUR	150		151,794
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/23)(a)		EUR	100		108,764
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)		CAD	100		67,205
4.00%, 09/30/26 (Call 08/30/26)		CAD	75		47,973
7.13%, 02/13/28 (Call 01/13/28)		CAD	75		51,897
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		55,956
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/24)(a)		EUR	150		138,185
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/23)		EUR	100		101,396
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/23)(a)		EUR	100		105,350
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a)		EUR	100		90,472
Coty Inc., 3.88%, 04/15/26 (Call 04/15/24)(a)		EUR	100		105,523
Crown European Holdings SA
2.63%, 09/30/24 (Call 03/30/24)(a)		EUR	100		107,505
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		105,668
3.38%, 05/15/25 (Call 11/15/24)(a)		EUR	100		107,911
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/23)(a)		EUR	100		107,252
Encore Capital Group Inc.
4.88%, 10/15/25 (Call 10/15/23)(a)		EUR	100		100,438
5.38%, 02/15/26 (Call 11/15/23)(a)		GBP	100		111,786
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(a)		EUR	100		86,738
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100		65,509
Ford Credit Canada Co.
4.46%, 11/13/24		CAD	75		53,826
7.00%, 02/10/26		CAD	100		74,065
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100		103,217
1.74%, 07/19/24		EUR	100		105,613
2.33%, 11/25/25		EUR	100		102,438
2.39%, 02/17/26		EUR	125		127,413
2.75%, 06/14/24		GBP	100		119,397
3.25%, 09/15/25		EUR	200		210,641
4.54%, 03/06/25		GBP	100		120,113
4.87%, 08/03/27		EUR	100		106,966
6.86%, 06/05/26		GBP	100		125,215
Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a)		EUR	100		91,018
International Game Technology PLC
2.38%, 04/15/28 (Call 04/15/24)(a)		EUR	100		98,261
3.50%, 06/15/26 (Call 06/15/23)		EUR	150		160,221
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/24)(a)		EUR	100		101,479
2.25%, 01/15/28 (Call 07/15/23)(a)		EUR	150		143,312
2.25%, 03/15/29 (Call 03/15/24)(a)		EUR	200		182,709
2.88%, 06/15/28 (Call 06/15/23)(a)		EUR	100		96,976
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/08/23)(a)		GBP	100		119,328

14 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)				Value
United States (continued)
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/24)		EUR	100		$	104,224
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/23)(a)(b)		EUR	100			100,937
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26 (Call 02/24/26)		GBP	100			98,470
3.33%, 03/24/25 (Call 12/24/24)		EUR	100			94,743
3.38%, 04/24/30 (Call 01/24/30)		GBP	100			79,843
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)		EUR	100			94,922
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	100			107,745
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a)		EUR	100			90,197
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a)		EUR	200			190,211
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a)		EUR	100			95,898
Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/24)		EUR	100			93,854
3.25%, 03/15/25 (Call 05/30/23)		EUR	100			107,101
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/23)(a)		EUR	100			105,125
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)		EUR	100			96,359
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)		EUR	100			86,125
						6,571,547
Total Corporate Bonds & Notes — 98.4% (Cost: $55,010,594)						50,286,839
Common Stocks
Jersey — 0.0%
Sentry Holdings Ltd.Class A			0	(h)		—
Total Common Stocks — 0.0% (Cost: $159,437)						—
Total Long-Term Investments — 98.4% (Cost: $55,170,031)						50,286,839

Security	Shares (000)		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j)		20	$	20,000
Total Short-Term Securities — 0.0% (Cost: $20,000)				20,000
Total Investments — 98.4% (Cost: $55,190,031)				50,306,839
Other Assets Less Liabilities — 1.6%				813,729
Net Assets — 100.0%			$	51,120,568

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

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

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

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

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

^(f)  Non-income producing security.

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

^(h)  Rounds to less than 1,000.

⁽ⁱ⁾  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,000		$ 10,000	(a)	$	—	$	—	$	—	$	20,000		20	$	195	$	—

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

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® International High Yield Bond ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	50,286,839	$	—	$	50,286,839
Common Stocks		—		—		—		—
Short-Term Securities
Money Market Funds		20,000		—		—		20,000
	$	20,000	$	50,286,839	$	—	$	50,306,839

See notes to financial statements.

16 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 0.9%
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/24)(a)	$	500	$	350,562
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/24)(a)		450		388,969
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/23)(a)		450		386,803
YPF SA
6.95%, 07/21/27(a)		650		468,000
7.00%, 12/15/47 (Call 06/15/47)(a)		450		276,131
8.50%, 07/28/25(a)		925		767,634
YPF Sociedad Anonima
7.00%, 09/30/33 (Call 03/30/33)		475		308,988
9.00%, 02/12/26 (Call 11/12/25)		535		506,541
				3,453,628
Australia — 0.2%
Anglo American Capital PLC, 2.88%, 03/17/31
(Call 12/17/30)(a)		400		336,950
ICBCIL Finance Co. Ltd., 1.75%, 08/02/26(a)		200		180,725
Pioneer Reward Ltd., 2.00%, 04/09/26(a)		200		185,038
				702,713
Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		700		660,188
Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		600		540,675
BBK BSC, 5.50%, 07/09/24(a)		200		196,600
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		400		394,200
				1,131,475
Brazil — 5.4%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/23)		150		139,388
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a)		200		184,350
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/24)(a)		800		648,000
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)		200		186,037
Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)		150		39,403
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)		200		141,163
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)		200		166,600
Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(a)(b)		400		384,800
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(a)		200		182,100
4.50%, 01/10/25 (Call 12/10/24)(a)(b)		200		193,412
Banco do Brasil SA, 6.25%, 04/18/30(c)		200		198,300
Banco do Brasil SA/Cayman
3.25%, 09/30/26(a)		200		185,787
4.88%, 01/11/29(a)		400		377,325
6.25%, (Call 04/15/24)(a)(d)(e)		400		363,000
9.00%, (Call 06/18/24)(a)(b)(d)(e)		400		401,600
Banco Votorantim SA, 4.38%, 07/29/25(a)		200		192,600
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)(a)		200		182,440
4.50%, 01/31/30(a)		400		335,880
5.88%, 01/31/50(a)		200		151,413
7.25%, 02/13/33 (Call 11/13/32)(c)		200		190,595
7.25%, 02/13/33 (Call 11/13/32)(a)		200		190,595
8.50%, 01/23/81 (Call 10/23/25), (5-year CMT + 8.220%)(a)(e)		200		198,125
BRF SA
4.88%, 01/24/30 (Call 10/24/28)(a)		200		155,375
5.75%, 09/21/50 (Call 03/21/50)(a)		200		123,208

Security	Par (000)		Value
Brazil (continued)
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24
(Call 12/05/23)(a)	$	200	$	203,060
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)		200		170,830
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/24)(a)(b)		200		199,000
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		200		179,912
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		200		188,537
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)(a)		200		153,350
5.88%, 04/08/32 (Call 04/08/27)(a)		200		163,163
Embraer Netherlands Finance BV
5.05%, 06/15/25(b)		300		293,625
5.40%, 02/01/27(b)		330		317,625
Fibria Overseas Finance Ltd., 5.50%, 01/17/27(b)		300		301,200
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)		200		198,000
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a)		200		160,663
Guara Norte Sarl, 5.20%, 06/15/34		182		153,886
GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(a)		200		185,000
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/29/23)(a)		200		136,850
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(a)		200		193,287
3.88%, 04/15/31 (Call 04/15/26), (5-year CMT + 3.446%)(a)(e)		200		181,525
4.50%, 11/21/29 (Call 11/21/24), (5-year CMT + 2.822%)(a)(b)(e)		200		191,162
4.63%, (Call 02/27/25), (5-year CMT + 3.222%)(a)(d)(e)		200		156,413
7.72%, (Call 06/12/23), (5-year CMT + 3.981%)(a)(d)(e)		200		191,450
7.86%, (Call 09/19/23), (5-year CMT + 3.863%)(a)(d)(e)		200		191,990
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)(a)		150		118,077
5.75%, 04/01/33 (Call 01/01/33)(a)		650		622,931
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(a)		400		319,620
7.00%, 04/03/49 (Call 10/03/48)(a)		200		193,600
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		200		146,315
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)		386		296,349
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)		200		155,038
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)		400		313,800
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)		200		147,500
Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a)		200		177,250
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)		200		165,725
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(a)(b)		200		179,413
7.00%, 05/14/26 (Call 05/14/23)(a)(b)		200		194,060
Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)(a)		600		564,000
6.50%, 01/18/28 (Call 10/18/27)(a)		400		388,950
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, 12/01/26 (Call 05/29/23)(a)		200		97,577
Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 (Call 05/29/23)(a)		309		60,228
Petrobras Global Finance BV
5.09%, 01/15/30		150		141,216
5.30%, 01/27/25(b)		150		148,950
5.50%, 06/10/51 (Call 12/10/50)		150		118,575
5.60%, 01/03/31 (Call 10/03/30)(b)		300		286,837
6.00%, 01/27/28		295		294,063
6.75%, 01/27/41		150		142,950
6.85%, (d)		500		435,406

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
6.88%, 01/20/40(b)	$	148	$	143,310
6.90%, 03/19/49(b)		150		137,841
7.25%, 03/17/44		250		246,844
7.38%, 01/17/27(b)		150		155,981
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)		200		184,500
Raizen Fuels Finance SA, 5.30%, 01/20/27(a)		200		196,540
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a)		200		181,850
Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a)		200		185,725
Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(a)		400		294,075
Suzano Austria GmbH
2.50%, 09/15/28 (Call 07/15/28)		100		84,019
3.13%, 01/15/32 (Call 10/15/31)(b)		300		237,750
3.75%, 01/15/31 (Call 10/15/30)		500		422,000
5.00%, 01/15/30 (Call 10/15/29)		400		374,400
6.00%, 01/15/29 (Call 10/15/28)		200		198,620
7.00%, 03/16/47 (Call 09/16/46)(a)		200		200,250
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/23)(a)		200		184,140
Usiminas International Sarl, 5.88%, 07/18/26
(Call 07/18/23)(a)		200		192,725
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		450		400,477
6.25%, 08/10/26(b)		150		154,733
6.88%, 11/21/36		500		517,850
6.88%, 11/10/39		250		259,422
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		200		176,520
				20,460,026
Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)		400		346,825
Canada — 0.0%
China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25), (5-year CMT + 2.750%)(a)(e)		200		188,350
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58
(Call 05/30/23)(a)(f)		400		575
Chile — 3.9%
AES Andes SA., 7.13%, 03/26/79 (Call 07/06/24),
(5-year USD Swap + 4.644%)(a)(e)		400		376,800
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a)		400		349,825
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)		995		716,450
Antofagasta PLC
2.38%, 10/14/30 (Call 07/14/30)(a)		200		162,413
5.63%, 05/13/32 (Call 02/13/32)(a)		600		597,300
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a)		400		342,000
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)(a)		400		325,950
3.50%, 10/12/27(a)(b)		400		366,575
Banco Santander Chile
2.70%, 01/10/25 (Call 12/10/24)(a)(b)		450		431,100
3.18%, 10/26/31 (Call 07/28/31)(a)(b)		400		343,450
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30 (Call 10/29/29)(a)(b)		400		370,950
4.25%, 04/30/29 (Call 01/30/29)(a)		400		372,825
4.50%, 08/01/24 (Call 05/01/24)		200		196,538
5.15%, 01/29/50 (Call 07/29/49)(a)		400		345,450
5.50%, 04/30/49 (Call 10/30/48)(a)		400		357,450
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)(a)(b)		800		769,150

Security	Par (000)		Value
Chile (continued)
5.15%, 02/12/25 (Call 11/12/24)(a)	$	400	$	397,700
Cia. Cervecerias Unidas SA, 3.35%, 01/19/32
(Call 10/19/31)(a)		400		341,120
Colbun SA
3.15%, 03/06/30 (Call 12/06/29)(a)		400		349,450
3.15%, 01/19/32 (Call 10/19/31)(a)		400		339,450
3.95%, 10/11/27 (Call 07/11/27)(a)		400		377,200
Empresa Nacional de Telecomunicaciones SA
3.05%, 09/14/32 (Call 06/14/32)(a)		800		639,150
4.75%, 08/01/26 (Call 05/03/26)(a)		200		194,725
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)(b)		462		446,047
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		900		875,981
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a)		400		327,700
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a)		400		310,575
GNL Quintero SA, 4.63%, 07/31/29(a)		459		445,486
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)		900		732,825
Inversiones CMPC SA
3.00%, 04/06/31 (Call 01/06/31)(a)		400		334,325
3.85%, 01/13/30 (Call 10/13/29)(a)		400		360,075
4.38%, 04/04/27(a)		400		387,075
4.75%, 09/15/24 (Call 06/15/24)(a)		400		395,450
Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a)		500		524,781
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(a)		400		276,750
Telefonica Moviles Chile SA, 3.54%, 11/18/31
(Call 08/18/31)(a)		400		323,950
				14,804,041
China — 9.0%
Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49(a)		200		173,663
Agile Group Holdings Ltd., 13.48%, (Call 05/29/23),
(5-year CMT + 9.216%)(a)(d)(e)		200		79,350
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(a)		200		191,162
AIA Group Ltd.
2.70%, (Call 04/07/26), (5-year CMT + 1.758%)(a)(d)(e)		200		174,490
3.20%, 09/16/40 (Call 03/16/40)(a)(b)		400		300,950
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)(b)		400		330,488
2.70%, 02/09/41 (Call 08/09/40)		200		134,288
3.25%, 02/09/61 (Call 08/09/60)		200		125,475
3.40%, 12/06/27 (Call 09/06/27)		500		471,337
3.60%, 11/28/24 (Call 08/28/24)		200		195,150
4.00%, 12/06/37 (Call 06/06/37)		400		345,450
4.20%, 12/06/47 (Call 06/06/47)		200		159,538
4.50%, 11/28/34 (Call 05/28/34)		200		188,662
Amipeace Ltd.
1.75%, 11/09/26(a)		400		364,075
2.50%, 12/05/24(a)		200		193,100
Baidu Inc.
2.38%, 08/23/31 (Call 05/23/31)(b)		200		164,850
3.08%, 04/07/25 (Call 03/07/25)		400		384,450
4.13%, 06/30/25		200		195,725
Bank of China Ltd.
5.00%, 11/13/24(a)(b)		400		398,392
5.62%, 04/28/25, (1-day SOFR + 0.780%)(a)(e)		200		199,975
Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a)		200		196,412
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a)		400		365,825
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(d)(e)		600		578,175
Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25(a)		200		189,850

18 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)(a)(d)(e)	$	200	$	199,225
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a)		200		181,100
CCCI Treasure Ltd., 3.43%, (Call 11/21/24),
(5-year CMT + 4.998%)(a)(d)(e)		200		192,750
CDBL Funding 2, 2.00%, 03/04/26(a)		200		184,038
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(a)		200		174,725
Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a)		200		183,163
China Cinda 2020 I Management Ltd.
2.50%, 03/18/25 (Call 02/18/25)(a)		200		188,475
3.00%, 01/20/31 (Call 10/20/30)(a)		200		159,163
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a)		400		388,575
China Cinda Finance 2017 I Ltd.
4.75%, 02/08/28(a)		200		192,287
4.75%, 02/21/29(a)		200		190,100
China Construction Bank Corp.
2.45%, 06/24/30 (Call 06/24/25), (5-year CMT + 2.15%)(a)(e)		200		188,975
2.85%, 01/21/32 (Call 01/21/27), (5-year CMT + 1.400%)(a)(e)		200		188,412
4.25%, 02/27/29 (Call 02/27/24), (5-year CMT + 1.880%)(a)(e)		400		396,700
5.31%, 12/21/24, (1-day SOFR + 0.500%)(a)(e)		200		199,162
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(a)		200		185,537
China Construction Bank Corp./London, 3.13%, 05/17/25(a)		200		194,100
China Great Wall International Holdings III Ltd., 3.88%, 08/31/27(a)		200		169,500
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(a)		200		186,787
China Overseas Finance Cayman VI Ltd., 6.45%, 06/11/34(a)		200		213,000
China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(a)		200		173,600
China Railway Xunjie Co. Ltd., 4.00%, 07/06/27(a)		200		196,850
China Resources Land Ltd., 3.75%, (Call 12/09/24), (5-year CMT + 5.139%)(a)(d)(e)		400		386,125
China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26), (5-year CMT + 5.581%)(a)(d)(e)		200		187,662
China Taiping Insurance Holdings Co. Ltd., 6.40%, (d)		400		410,500
CICC Hong Kong Finance MTN Ltd., 5.42%, 11/22/25(a)		400		404,075
CITIC Ltd.
2.85%, 02/25/30(a)		200		176,913
2.88%, 02/17/27 (Call 01/17/27)(a)		200		188,225
3.88%, 02/28/27(a)		200		195,037
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a)		200		180,350
CMB International Leasing Management Ltd., 1.88%, 08/12/25(a)		200		185,287
CMHI Finance BVI Co. Ltd.
3.50%, (Call 10/09/23)(a)(d)(e)		200		198,100
4.00%, 06/01/27 (Call 05/01/27)(a)		200		196,119
CMS International Gemstone Ltd., 1.30%, 09/16/24(a)		200		189,162
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29 (Call 06/30/29)		200		184,037
3.30%, 09/30/49 (Call 03/30/49)		200		144,250
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28(b)		400		400,700
CNOOC Petroleum North America ULC
5.88%, 03/10/35		100		106,019
6.40%, 05/15/37		400		445,000

Security	Par (000)		Value
China (continued)
7.50%, 07/30/39	$	150	$	183,563
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a)		200		197,975
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)(a)		200		98,000
3.30%, 01/12/31 (Call 10/12/30)(a)		200		75,850
4.20%, 02/06/26 (Call 02/06/24)(a)		200		96,038
5.13%, 01/17/25 (Call 01/17/24)(a)		200		127,000
5.40%, 05/27/25 (Call 05/29/23)(a)		200		116,163
7.25%, 04/08/26 (Call 04/08/24)(a)		200		103,413
CSCIF Asia Ltd., 1.13%, 06/10/24(a)		200		191,600
Easy Tactic Ltd.
7.50%, 07/11/25 (Call 05/30/23), (7.50% PIK)(g)		306		55,738
7.50%, 07/11/27 (Call 05/30/23), (7.50% PIK)(g)		357		60,954
7.50%, 07/11/28 (Call 05/30/23), (7.50% PIK)(g)		156		21,593
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)(a)(d)(e)		400		395,325
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)		200		178,500
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(a)		200		169,000
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(a)		400		291,700
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26), (5-year CMT + 5.584%)(a)(d)(e)		200		179,600
Fuqing Investment management Co., 3.25%, 06/23/25(a)		200		169,788
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 03/31/34(a)		532		461,170
Horse Gallop Finance Ltd., 1.70%, 07/28/25(a)		200		185,700
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)		400		333,575
4.75%, 04/27/27(a)		200		173,225
Huarong Finance 2019 Co. Ltd.
3.38%, 02/24/30 (Call 11/24/29)(a)		200		146,413
4.50%, 05/29/29(a)		200		158,413
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(a)		200		189,725
ICBCIL Finance Co. Ltd.
1.63%, 11/02/24(a)		200		190,100
2.70%, 01/27/27(a)		200		186,850
Indonesia Government International Bond, 3.54%, 11/08/27		250		242,703
Industrial & Commercial Bank of China Ltd.
3.20%, (Call 09/24/26), (5-year CMT + 2.368%)(a)(d)(e)		1,200		1,124,850
4.50%, 01/19/26		200		199,912
Industrial & Commercial Bank of China Ltd./Hong Kong
1.63%, 10/28/26(a)		200		181,225
2.95%, 06/01/25(a)		200		193,287
Industrial & Commercial Bank of China Ltd./Singapore
1.00%, 10/28/24(a)		200		189,412
1.20%, 09/09/25(a)		200		184,662
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24), (5-year CMT + 1.650%)(a)(e)		200		193,600
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(a)		200		191,850
JD.com Inc., 3.88%, 04/29/26		200		193,912
Legend Fortune Ltd., 1.38%, 06/02/24(a)		200		192,287
Lenovo Group Ltd.
3.42%, 11/02/30 (Call 08/02/30)(a)		200		168,288
5.83%, 01/27/28 (Call 12/27/27)(a)		200		201,475
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(c)		520		502,060
6.75%, 06/30/30 (Call 12/30/29)(a)(c)		325		300,584
Longfor Group Holdings Ltd., 3.95%, 09/16/29(a)		200		149,500
MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)(a)(d)(e)		200		194,850

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
Meituan
2.13%, 10/28/25 (Call 09/28/25)(a)	$	200	$	183,288
3.05%, 10/28/30 (Call 07/28/30)(a)		200		158,475
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a)		600		551,250
NWD MTN Ltd., 4.13%, 07/18/29(a)		200		168,288
Ooredoo International Finance Ltd., 2.63%, 04/08/31(a)		1,000		872,375
Prosus NV
3.26%, 01/19/27 (Call 12/19/26)(a)		600		546,675
4.19%, 01/19/32 (Call 10/19/31)(a)		800		676,000
4.85%, 07/06/27 (Call 04/06/27)(a)		400		384,700
Prudential Funding Asia PLC, 3.13%, 04/14/30		200		180,500
RKPF Overseas 2020 A Ltd., 5.13%, 07/26/26 (Call 07/26/24)(a)		200		113,350
Saudi Arabian Oil Co., 3.50%, 11/24/70 (Call 05/24/70)(a)		800		540,800
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		200		159,600
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a)		200		172,413
SF Holding Investment Ltd., 2.38%, 11/17/26(a)		200		183,100
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(a)		200		173,250
Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24(a)		200		191,350
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		50,500
Sino-Ocean Land Treasure IV Ltd., 2.70%, 01/13/25 (Call 12/13/24)(a)		200		65,413
State Elite Global Ltd., 6.04%, 10/24/24, (3-mo. LIBOR US + 0.770%)(a)(e)		200		199,537
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)(a)		200		184,225
2.39%, 06/03/30 (Call 03/03/30)(a)(b)		200		169,340
2.88%, 04/22/31 (Call 01/22/31)(a)		200		173,038
3.24%, 06/03/50 (Call 12/03/49)(a)(b)		200		133,163
3.58%, 04/11/26 (Call 02/11/26)(a)(b)		200		192,662
3.60%, 01/19/28 (Call 10/19/27)(a)(b)		300		283,924
3.68%, 04/22/41 (Call 10/22/40)(a)		200		155,750
3.84%, 04/22/51 (Call 10/22/50)(a)(b)		200		148,725
3.93%, 01/19/38 (Call 07/19/37)(a)		200		169,250
3.94%, 04/22/61 (Call 10/22/60)(a)		200		144,500
3.98%, 04/11/29 (Call 01/11/29)(a)(b)		400		379,325
4.53%, 04/11/49 (Call 10/11/48)(a)		200		168,725
Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25(a)		600		562,800
Vanke Real Estate Hong Kong Co. Ltd., 4.20%, 06/07/24(a)		200		194,912
Vigorous Champion International Ltd., 2.75%, 06/02/25(a)		200		188,475
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)(b)		400		321,428
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a)		200		156,288
Westwood Group Holdings Ltd., 2.80%, 01/20/26(a)		200		183,350
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)(a)		200		162,163
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a)		200		167,788
ZhongAn Online P&C Insurance Co. Ltd., 3.13%, 07/16/25 (Call 04/16/25)(a)		200		169,913
				34,126,653
Colombia — 4.1%
ABRA Global Finance, 11.50%, 03/02/28(b)		600		484,500
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		282,250
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		950		790,875
Avianca Midco 2 PLC, 9.00%, 12/01/28 (Call 12/01/24)(c)		200		166,500
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(d)(e)		400		271,250
Banco de Bogota SA, 6.25%, 05/12/26(a)		800		773,150

Security	Par (000)		Value
Colombia (continued)
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)	$	600	$	567,300
4.63%, 12/18/29 (Call 12/18/24), (5-year CMT + 2.944%)(e)		400		339,200
6.91%, 10/18/27, (5-year CMT + 2.929%)(e)		600		561,000
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a)		400		314,250
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		400		298,575
Ecopetrol SA
4.13%, 01/16/25		833		796,306
4.63%, 11/02/31 (Call 08/02/31)(b)		1,000		743,000
5.38%, 06/26/26 (Call 03/26/26)(b)		985		929,742
5.88%, 05/28/45		1,450		943,587
5.88%, 11/02/51 (Call 05/02/51)(b)		550		347,806
6.88%, 04/29/30 (Call 01/29/30)		1,500		1,336,875
7.38%, 09/18/43		575		460,108
8.88%, 01/13/33 (Call 10/13/32)		1,450		1,401,969
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)		400		253,400
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		400		330,950
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		600		455,738
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)		400		381,325
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		800		615,296
6.25%, 03/25/29 (Call 03/25/24)(a)(b)		540		482,490
Oleoducto Central SA, 4.00%, 07/14/27 (Call 04/14/27)(a)		400		351,825
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a)		400		324,450
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		400		296,200
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a)(b)		400		384,450
				15,684,367
Egypt — 0.2%
Banco do Brasil SA/Cayman, 4.63%, 01/15/25		200		195,550
YPF SA, 9.00%, 06/30/29 (Call 12/30/28)		650		516,750
				712,300
Ghana — 0.5%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/30/23)(a)		600		530,363
Tullow Oil PLC
7.00%, 03/01/25 (Call 05/30/23)(a)		600		364,050
10.25%, 05/15/26 (Call 05/15/23)(a)		1,378		1,068,208
				1,962,621
Guatemala — 0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a)		800		746,400
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a)		800		657,900
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		600		553,238
				1,957,538
Hong Kong — 4.6%
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		200		179,500
AIA Group Ltd.
3.20%, 03/11/25 (Call 12/11/24)(a)		200		194,336
3.38%, 04/07/30 (Call 01/07/30)(a)		200		184,788
3.60%, 04/09/29 (Call 01/09/29)(a)		200		189,287
3.90%, 04/06/28 (Call 01/06/28)(a)		200		193,685
4.50%, 03/16/46 (Call 09/16/45)(a)		200		179,954
4.95%, 04/04/33 (Call 01/04/33)(c)		200		202,253

20 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hong Kong (continued)
5.63%, 10/25/27 (Call 09/25/27)(a)(b)	$	200	$	208,537
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23), (5-year CMT + 3.036%)(a)(d)(e)		600		600,112
Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26), (5-year CMT + 1.400%)(a)(e)		250		227,703
Bank of East Asia Ltd. (The)
5.83%, (Call 10/21/25), (5-year CMT + 5.527%)(a)(d)(e)		250		218,484
5.88%, (Call 09/19/24), (5-year CMT + 4.257%)(a)(d)(e)		250		227,937
6.75%, 03/15/27 (Call 03/15/26)(a)(e)		250		249,951
Bocom Leasing Management Hong Kong Co. Ltd., 6.20%, 12/10/24, (3-mo. LIBOR US + 1.075%)(a)(e)		400		398,325
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), (5-year CMT + 3.642%)(a)(d)(e)		200		161,288
Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27(a)		200		191,600
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		200		193,975
Celestial Miles Ltd., 5.75%, (Call 07/31/24), (5-year CMT + 8.205%)(a)(d)(e)		200		196,662
China CITIC Bank International Ltd.
4.63%, 02/28/29 (Call 02/28/24), (5-year CMT + 2.250%)(a)(e)		250		248,250
4.80%, (Call 04/22/27), (5-year CMT + 2.104%)(a)(d)(e)		250		242,625
7.10%, (Call 11/06/23), (5-year CMT + 4.151%)(a)(d)(e)		200		201,287
CLP Power HK Finance Ltd., 3.55%, (Call 11/06/24), (5-year CMT + 2.041%)(a)(d)(e)		200		191,600
CNCBINV 1 BVI Ltd., 1.75%, 11/17/24(a)		200		189,287
FWD Group Ltd.
6.38%, (Call 09/13/24), (5-year CMT + 4.876%)(a)(d)(e)		450		411,553
8.05%, (Call 06/15/23), (5-year CMT + 4.865%)(a)(d)(e)		200		185,850
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)		200		188,787
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a)		200		187,850
HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)(a)		200		172,100
Hongkong Electric Finance Ltd.
1.88%, 08/27/30 (Call 02/27/30)(a)		200		165,350
2.88%, 05/03/26(a)		400		380,075
Hongkong Land Finance Cayman Islands Co. Ltd. (The)
2.25%, 07/15/31 (Call 04/15/31)(a)		200		167,038
2.88%, 05/27/30 (Call 02/27/30)(a)		200		178,475
HPHT Finance 21 II Ltd., 1.50%, 09/17/26 (Call 08/17/26)(a)		200		179,038
HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)(a)		200		184,538
Hysan MTN Ltd., 2.82%, 09/04/29(a)		200		178,538
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a)		200		188,163
Inventive Global Investments Ltd., 1.65%, 09/03/25(a)		200		184,350
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(a)		200		170,600
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a)		200		167,663
Li & Fung Ltd., 5.25%, (Call 05/03/23)(a)(d)		200		108,788
Link Finance Cayman 2009 Ltd. (The)
2.75%, 01/19/32(a)		200		173,350
2.88%, 07/21/26(a)		200		189,725
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/23)(a)		400		376,075
5.38%, 12/04/29 (Call 12/04/24)(a)		800		661,900
5.63%, 07/17/27 (Call 07/17/23)(a)(b)		600		535,237
5.75%, 07/21/28 (Call 07/21/23)(a)		1,000		872,500
MTR Corp. Ltd., 1.63%, 08/19/30(a)		400		333,825
Nan Fung Treasury III Ltd., 5.00%, (Call 09/10/23)(a)(d)		200		154,913
Nan Fung Treasury Ltd., 3.63%, 08/27/30(a)		200		172,725
Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24), (5-year CMT + 2.18%)(a)(e)		250		239,812

Security	Par (000)		Value
Hong Kong (continued)
New World China Land Ltd., 4.75%, 01/23/27(a)	$	200	$	186,600
NWD Finance BVI Ltd.
4.13%, (Call 03/10/28), (5-year CMT + 5.858%)(a)(d)(e)		400		295,325
4.80%, (Call 09/09/23)(a)(d)		200		124,250
5.25%, (Call 03/22/26), (5-year CMT + 7.889%)(a)(d)(e)		200		173,288
6.15%, (Call 03/16/25)(a)(d)(e)		200		184,000
6.25%, (Call 03/07/24)(a)(d)		200		154,850
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		200		154,000
Phoenix Lead Ltd., 4.85%, (Call 08/23/23)(a)(d)		200		169,288
Prudential PLC
2.95%, 11/03/33 (Call 08/03/28), (5-year CMT + 1.517%)(a)(e)		200		170,288
4.88%, (Call 07/20/23)(a)(d)		400		347,325
Sands China Ltd.
4.30%, 01/08/26 (Call 12/08/25)		600		562,800
5.63%, 08/08/25 (Call 06/08/25)		1,200		1,171,224
SingTel Group Treasury Pte Ltd., 1.88%, 06/10/30 (Call 03/10/30)(a)		600		506,925
Sun Hung Kai Properties Capital Market Ltd.
2.88%, 01/21/30(a)		200		179,350
3.75%, 02/25/29(a)		200		191,350
Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(a)		200		177,975
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a)		200		194,287
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a)		200		190,350
				17,513,719
Hungary — 0.1%
OTP Bank Nyrt, 8.75%, 05/15/33 (Call 02/15/28), (5-year CMT + 5.060%)(a)(e)		500		483,844
India — 4.5%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(a)		400		391,450
5.95%, 07/31/24(a)		400		398,075
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a)		400		292,575
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		190,600
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31(a)		200		135,500
3.38%, 07/24/24(a)		200		191,100
4.20%, 08/04/27 (Call 02/04/27)(a)		400		336,200
4.38%, 07/03/29(a)		400		311,820
Adani Transmission Ltd., 4.00%, 08/03/26(a)		200		170,163
Axis Bank Ltd., 4.10%, (Call 09/08/26), (5-year CMT + 3.315%)(a)(d)(e)		200		169,500
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a)		200		195,796
Bharti Airtel Ltd.
3.25%, 06/03/31 (Call 03/05/31)(a)		200		174,100
4.38%, 06/10/25(a)		400		393,325
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(a)		200		192,725
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		400		350,700
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		186		166,214
Delhi International Airport Ltd., 6.13%, 10/31/26(a)		400		385,700
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/24)(a)		376		338,118
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		382		328,520
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25		400		384,825
5.95%, 07/29/26 (Call 07/29/23)(a)		200		187,538

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a)	$	200	$	189,250
HDFC Bank Ltd., 3.70%, (Call 08/25/26), (5-year CMT + 2.925%)(a)(d)(e)		400		343,106
HDFC Bank Ltd./Gift City, 5.69%, 03/02/26(a)		400		405,540
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a)		200		190,600
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)		450		435,459
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31(a)		200		168,475
3.25%, 02/13/30(a)		200		177,038
3.57%, 01/21/32(a)(b)		400		355,200
3.84%, 12/13/27(a)		200		190,037
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/17/26)(a)		177		147,552
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(a)		400		351,200
5.05%, 04/05/32 (Call 10/05/31)(a)		200		160,850
Network i2i Ltd.
3.98%, (Call 06/03/26)(d)		200		176,288
5.65%, (Call 01/11/25), (5-year CMT + 4.274%)(a)(d)(e)		600		575,175
NTPC Ltd., 4.25%, 02/26/26(a)		400		390,325
Oil India International Pte Ltd., 4.00%, 04/21/27(a)		200		191,537
Oil India Ltd., 5.13%, 02/04/29(a)		400		398,575
ONGC Videsh Ltd., 4.63%, 07/15/24(a)		200		198,100
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a)		200		190,225
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		400		384,920
Power Finance Corp. Ltd.
3.35%, 05/16/31(a)		200		170,100
3.95%, 04/23/30(a)(b)		200		180,020
4.50%, 06/18/29(a)		400		380,950
6.15%, 12/06/28(a)		200		207,162
REC Ltd.
2.25%, 09/01/26(a)		400		361,075
3.38%, 07/25/24(a)		200		194,952
5.63%, 04/11/28(c)		400		401,572
Reliance Industries Ltd.
2.88%, 01/12/32(a)		850		711,503
3.63%, 01/12/52(a)		650		462,841
3.67%, 11/30/27(a)		500		474,156
3.75%, 01/12/62(a)		400		279,500
4.13%, 01/28/25(a)		250		246,219
6.25%, 10/19/40(a)		250		265,937
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)		200		168,725
State Bank of India/London, 1.80%, 07/13/26(a)		200		180,788
UPL Corp. Ltd., 4.63%, 06/16/30(a)		200		169,600
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(a)		800		566,000
9.25%, 04/23/26 (Call 04/23/24)(a)(b)		200		131,250
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 08/09/23)(a)		200		128,100
Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a)		200		180,725
				17,165,171
Indonesia — 2.6%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/23)(a)		500		480,719
Bank Mandiri Persero Tbk PT, 4.75%, 05/13/25(a)		600		592,612
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26(a)		400		368,450
4.30%, (Call 03/24/27), (5-year CMT + 3.466%)(a)(d)(e)		400		331,450
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 09/14/23)(a)		400		375,950
Freeport Indonesia PT
4.76%, 04/14/27 (Call 03/14/27)(a)		500		492,906

Security	Par (000)		Value
Indonesia (continued)
5.32%, 04/14/32 (Call 01/14/32)(a)	$	1,000	$	961,437
6.20%, 04/14/52 (Call 10/14/51)		700		645,750
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/23)(a)		500		493,688
Indofood CBP Sukses Makmur Tbk PT
3.40%, 06/09/31 (Call 12/09/30)(a)		1,000		849,250
3.54%, 04/27/32 (Call 10/27/31)(a)		600		508,613
4.75%, 06/09/51 (Call 12/09/50)(a)		400		295,200
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)		496		445,021
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		600		547,050
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		400		383,950
Minejesa Capital BV
4.63%, 08/10/30(a)		1,000		881,875
5.63%, 08/10/37(a)		800		635,150
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)		600		517,988
				9,807,059
Israel — 3.0%
Bank Hapoalim BM, 3.26%, 01/21/32 (Call 10/21/26), (5-year CMT + 2.155%)(a)(c)(e)		600		499,800
Bank Leumi Le-Israel BM
3.28%, 01/29/31 (Call 01/29/26), (5-year CMT + 1.631%)(a)(c)(e)		400		349,125
5.13%, 07/27/27 (Call 06/27/27)(a)(c)		400		395,450
7.13%, 07/18/33 (Call 07/18/28), (5-year CMT + 3.466%)(a)(c)(e)		400		387,575
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(c)		372		322,431
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(a)(c)		500		493,219
Israel Discount Bank Ltd., 5.38%, 01/26/28 (Call 12/26/27)(c)		600		595,800
Israel Electric Corp. Ltd.
3.75%, 02/22/32(a)(c)		400		351,575
4.25%, 08/14/28(a)(c)		800		763,150
Series 6, 5.00%, 11/12/24(a)(c)		700		692,912
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26), (5-year CMT + 2.250%)(a)(c)(e)		400		340,325
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(b)		550		500,800
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26(b)		2,125		1,915,156
4.10%, 10/01/46		1,350		892,249
4.75%, 05/09/27 (Call 02/09/27)(b)		600		558,487
5.13%, 05/09/29 (Call 02/09/29)		550		510,125
6.75%, 03/01/28 (Call 12/01/27)		900		897,750
7.88%, 09/15/29 (Call 06/15/29)(b)		600		626,700
8.13%, 09/15/31 (Call 06/15/31)(b)		400		420,504
				11,513,133
Jamaica — 0.2%
Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.75%, 05/25/24 (Call 05/27/23)(a)		250		225,516
8.75%, 05/25/24 (Call 05/15/23)(a)		550		495,962
				721,478
Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25(a)		400		380,450
Kazakhstan — 1.5%
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(c)		530		472,131

22 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Kazakhstan (continued)
KazMunayGas National Co. JSC
3.50%, 04/14/33 (Call 10/14/32)(a)	$	800	$	613,650
4.75%, 04/19/27(a)		600		570,960
5.38%, 04/24/30(a)		1,000		916,490
5.75%, 04/19/47(a)		800		631,150
6.38%, 10/24/48(a)		1,300		1,093,462
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)(a)		400		357,075
3.25%, 08/15/30 (Call 02/15/30)(a)		800		601,900
4.00%, 08/15/26(a)		700		622,256
				5,879,074
Kuwait — 2.0%
Boubyan Sukuk Ltd.
2.59%, 02/18/25(a)		600		573,675
3.39%, 03/29/27(a)		400		381,700
Burgan Bank SAK
2.75%, 12/15/31 (Call 09/15/26), (5-year CMT + 2.229%)(a)(e)		400		309,950
5.75%, (Call 07/09/24), (5-year CMT + 4.007%)(a)(d)(e)		400		352,700
Equate Petrochemical BV
2.63%, 04/28/28 (Call 01/28/28)(a)		600		530,550
4.25%, 11/03/26(a)		1,000		975,187
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		600		529,238
4.50%, 02/23/27(a)		400		340,450
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(c)		400		378,825
MEGlobal Canada ULC
5.00%, 05/18/25(a)		600		595,988
5.88%, 05/18/30(a)		600		612,112
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.050%)(a)(e)		800		716,900
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)(a)(d)(e)		600		551,550
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)(a)(d)(e)		400		344,668
Warba Sukuk Ltd., 2.98%, 09/24/24(a)		400		388,075
				7,581,568
Luxembourg — 0.3%
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)		1,400		1,116,808
Macau — 2.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		400		352,075
4.85%, 01/27/28 (Call 01/27/25)(a)		500		414,938
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		600		542,737
5.25%, 06/18/25 (Call 06/18/23)(a)		400		380,325
5.88%, 05/15/26 (Call 05/09/23)(a)		500		476,875
Sands China Ltd.
2.80%, 03/08/27 (Call 02/08/27)		600		520,800
3.35%, 03/08/29 (Call 01/08/29)		800		670,900
3.75%, 08/08/31 (Call 05/08/31)		300		246,000
4.88%, 06/18/30 (Call 03/18/30)		600		543,300
5.90%, 08/08/28 (Call 05/08/28)		1,600		1,538,000
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		700		548,450
6.00%, 07/15/25 (Call 07/07/23)(a)		400		365,500
6.50%, 01/15/28 (Call 07/07/23)(a)		600		514,800
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/29/23)(a)		400		385,450
5.13%, 12/15/29 (Call 12/15/24)(a)		600		493,987
5.50%, 01/15/26 (Call 06/15/23)(a)		1,000		926,250

Security	Par (000)		Value
Macau (continued)
5.50%, 10/01/27 (Call 10/01/23)(a)	$	600	$	534,750
5.63%, 08/26/28 (Call 08/26/23)(a)		1,200		1,043,250
				10,498,387
Malaysia — 1.7%
Axiata SPV2 Bhd
2.16%, 08/19/30 (Call 05/19/30)(a)		600		514,613
4.36%, 03/24/26(a)		400		394,700
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(a)		600		433,500
CIMB Bank Bhd
2.13%, 07/20/27(a)		400		365,450
5.99%, 10/09/24, (3-mo. LIBOR US + 0.780%)(a)(e)		600		599,550
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(a)		800		643,000
Gohl Capital Ltd., 4.25%, 01/24/27(a)		1,300		1,223,560
Malayan Banking Bhd, 5.67%, 08/16/24, (3-mo. LIBOR US + 0.800%)(a)(e)		600		599,737
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(a)		400		379,825
RBH Bank, 1.66%, 06/29/26(a)		400		362,325
TNB Global Ventures Capital Bhd
3.24%, 10/19/26(a)		600		563,737
4.85%, 11/01/28(a)		500		501,188
				6,581,185
Mexico — 4.9%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(a)		200		193,287
Alpek SAB de CV
3.25%, 02/25/31 (Call 11/25/30)(a)		200		163,038
4.25%, 09/18/29 (Call 06/18/29)(a)		200		179,663
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)(b)		200		197,750
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		400		357,825
3.63%, 04/22/29 (Call 01/22/29)		200		188,350
4.38%, 07/16/42		200		180,000
4.38%, 04/22/49 (Call 10/22/48)		400		357,325
4.70%, 07/21/32 (Call 04/21/32)		400		396,450
5.38%, 04/04/32 (Call 01/04/32)(a)		200		181,280
6.13%, 03/30/40		700		759,194
6.38%, 03/01/35		250		277,078
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24(a)		300		294,322
4.38%, 04/11/27 (Call 01/11/27)(a)		150		142,622
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (Call 01/24/27), (5-year CMT + 4.643%)(a)(d)(e)		200		173,375
6.63%, (Call 01/24/32)(a)(d)(e)		200		161,500
6.75%, (Call 06/27/24), (5-year CMT + 4.967%)(a)(b)(d)(e)		200		191,600
7.50%, (Call 06/27/29)(a)(d)(e)		200		176,288
8.38%, (Call 10/14/30)(a)(d)(e)		200		188,450
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25(a)		700		695,975
5.95%, 10/01/28 (Call 10/01/23)		200		196,250
BBVA Bancomer SA/Texas
1.88%, 09/18/25(a)		200		184,037
5.13%, 01/18/33 (Call 01/18/28), (5-year CMT + 2.650%)(a)(e)		600		529,237
5.88%, 09/13/34 (Call 09/13/29), (5-year CMT + 4.308%)(a)(e)		200		179,663
Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)(a)(b)		200		162,788

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(a)	$	200	$	160,056
Braskem Idesa SAPI
6.99%, 02/20/32 (Call 02/20/27)(a)		200		141,850
7.45%, 11/15/29 (Call 11/15/24)(a)		400		312,300
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)		200		166,538
5.20%, 09/17/30 (Call 09/17/25)(a)		200		185,162
5.45%, 11/19/29 (Call 11/19/24)(a)		400		381,250
7.38%, 06/05/27 (Call 06/05/23)(a)		400		414,075
9.13%, (Call 03/14/28)(b)(c)(d)(e)		400		395,780
Cemex SAB De CV, 5.13%, (Call 06/08/26), (5-year CMT + 4.534%)(a)(b)(d)(e)		200		176,185
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(a)		200		187,412
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		450		356,428
2.75%, 01/22/30 (Call 10/22/29)		200		178,975
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b)		328		314,402
FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)		370		311,833
Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49)		550		426,697
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)		400	��	303,825
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a)		200		179,125
Grupo Bimbo SAB de CV
3.88%, 06/27/24		200		196,662
4.00%, 09/06/49 (Call 03/06/49)		200		160,600
4.70%, 11/10/47 (Call 05/10/47)(a)(b)		200		180,250
4.88%, 06/27/44(a)		200		183,475
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		400		353,325
5.25%, 05/24/49 (Call 11/24/48)		200		183,870
6.13%, 01/31/46 (Call 06/30/45)(b)		200		205,725
6.63%, 01/15/40		200		212,250
Industrias Penoles SAB de CV
4.15%, 09/12/29 (Call 06/12/29)(a)		400		375,700
4.75%, 08/06/50 (Call 02/06/50)(a)		200		163,038
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(a)		200		150,475
4.88%, 01/14/48(a)		200		152,663
Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/31 (Call 04/01/31)(a)		200		171,750
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)		200		155,225
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a)		200		148,500
Orbia Advance Corp. SAB de CV
1.88%, 05/11/26 (Call 04/11/26)(a)(b)		200		179,470
2.88%, 05/11/31 (Call 02/11/31)(a)		200		161,750
4.00%, 10/04/27 (Call 07/04/27)(a)		200		188,037
5.50%, 01/15/48 (Call 07/15/47)(a)		200		163,725
5.88%, 09/17/44(a)		200		173,100
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)(b)		400		384,450
Sigma Finance Netherlands BV, 4.88%, 03/27/28 (Call 12/27/27)(a)		200		194,225
Southern Copper Corp.
3.88%, 04/23/25		150		145,950
5.25%, 11/08/42		326		316,383
5.88%, 04/23/45		420		437,929
6.75%, 04/16/40		475		531,287

Security	Par (000)			Value
Mexico (continued)
7.50%, 07/27/35	$	200		$	234,000
Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(a)		400			250,000
Trust Fibra Uno
4.87%, 01/15/30 (Call 10/28/29)(a)		400			338,200
5.25%, 01/30/26 (Call 10/30/25)(a)		200			190,975
6.39%, 01/15/50 (Call 07/28/49)(a)		200			150,000
6.95%, 01/30/44 (Call 07/30/43)(a)		200			165,500
					18,497,729
Moldova — 0.1%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		400			268,575
Morocco — 0.5%
OCP SA
3.75%, 06/23/31 (Call 03/23/31)(a)		700			586,600
4.50%, 10/22/25(a)		400			388,450
5.13%, 06/23/51 (Call 12/23/50)(a)		600			441,300
6.88%, 04/25/44(a)		400	��		368,825
					1,785,175
Nigeria — 0.6%
Access Bank PLC
6.13%, 09/21/26(a)		600			474,863
9.13%, (Call 10/07/26), (5-year CMT + 8.070%)(a)(d)(e)		400			303,575
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		400			333,075
6.25%, 11/29/28 (Call 11/29/24)(a)		400			318,700
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/23)(a)		600			526,237
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/24)(a)		600			478,425
					2,434,875
Oman — 0.2%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		400			385,575
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)		550			571,931
					957,506
Panama — 0.7%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a)		1,000			862,510
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a)(b)		400			374,825
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a)		1,000			867,500
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		600			492,375
					2,597,210
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f)		548			372,552
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/24)(a)		400			368,200
					740,752
Peru — 1.8%
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a)(b)		500			478,000
Banco de Credito del Peru SA
3.13%, 07/01/30 (Call 07/01/25), (5-year CMT + 3.000%)(a)(e)		650			596,294
3.25%, 09/30/31 (Call 09/30/26), (5-year CMT + 2.450%)(a)(e)		400			349,450
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a)		400			347,450

24 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Peru (continued)
Consorcio Transmantaro SA
4.70%, 04/16/34 (Call 01/16/34)(a)(b)	$	600	$	548,738
5.20%, 04/11/38 (Call 01/11/38)(a)		400		365,325
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a)		400		374,075
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)(b)		349		332,841
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		600		513,863
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a)		600		550,987
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36(a)		541		478,060
5.88%, 07/05/34(a)		367		353,340
Minsur SA, 4.50%, 10/28/31(a)		400		346,550
Peru LNG Srl, 5.38%, 03/22/30(a)(b)		800		637,000
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a)		600		569,737
				6,841,710
Philippines — 1.4%
BDO Unibank Inc., 2.13%, 01/13/26(a)		600		549,112
Globe Telecom Inc., 4.20%, (Call 08/02/26), (5-year CMT + 5.527%)(a)(d)(e)		400		368,200
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		357,700
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		600		537,000
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(a)		400		364,700
Petron Corp., 5.95%, (Call 04/19/26), (5-year CMT + 7.574%)(a)(d)(e)		600		528,000
Philippine National Bank, 3.28%, 09/27/24(a)		400		385,450
San Miguel Crop., 5.50%, (Call 07/29/25), (5-year CMT + 10.237%)(a)(d)(e)		400		360,450
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26), (5-year CMT + 7.155%)(a)(d)(e)		400		302,950
5.70%, (Call 01/21/26), (5-year CMT + 6.554%)(a)(d)(e)		600		483,675
6.50%, (Call 04/25/24), (5-year CMT + 6.608%)(a)(d)(e)		500		444,469
7.00%, (Call 10/21/25), (5-year CMT + 9.199%)(a)(d)(e)		600		513,600
				5,195,306
Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a)		600		484,688
Qatar — 3.0%
ABQ Finance Co., 2.00%, 07/06/26(a)		400		362,700
ABQ Finance Ltd.
1.88%, 09/08/25(a)		600		554,363
3.13%, 09/24/24(a)		400		386,825
CBQ Finance Ltd., 2.00%, 09/15/25(a)		400		373,200
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(d)(e)		400		360,825
Doha Finance Ltd., 2.38%, 03/31/26(a)		700		647,631
MAR Sukuk Ltd.
2.21%, 09/02/25(a)		600		562,425
3.03%, 11/13/24(a)		400		386,450
Nakilat Inc., 6.07%, 12/31/33(a)		847		882,061
Ooredoo International Finance Ltd.
3.75%, 06/22/26(a)		400		389,075
3.88%, 01/31/28(a)		400		388,575
4.50%, 01/31/43(a)		200		193,975
5.00%, 10/19/25(a)		600		604,050
QIB Sukuk Ltd.
1.95%, 10/27/25(a)		700		649,819
6.18%, 02/07/25, (3-mo. LIBOR US + 1.350%)(a)(e)		600		601,987
QNB Finance Ltd.
1.38%, 01/26/26(a)		850		774,191

Security	Par (000)		Value
Qatar (continued)
1.63%, 09/22/25(a)	$	600	$	556,050
2.63%, 05/12/25(a)		600		572,737
2.75%, 02/12/27(a)		700		649,600
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27(a)		642		654,049
6.33%, 09/30/27(a)		377		385,465
SingTel Group Treasury Pte Ltd., 2.38%, 08/28/29 (Call 05/28/29)(a)		400		354,825
				11,290,878
Saudi Arabia — 4.6%
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25), (5-year CMT + 2.974%)(a)(e)		400		376,575
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		200		185,225
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		300		291,056
BSF Finance, 5.50%, 11/23/27(a)		400		410,325
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(a)		200		185,600
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		200		198,037
EIG Pearl Holdings Sarl
3.55%, 08/31/36(a)		600		517,050
4.39%, 11/30/46(a)		500		399,937
GLP China Holdings Ltd., 2.95%, 03/29/26(a)		200		124,725
Greensaif Pipelines Bidco Sarl
6.13%, 02/23/38(c)		600		628,800
6.51%, 02/23/42(c)		600		639,675
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25), (5-year CMT + 1.791%)(a)(e)		600		570,487
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), (5-year CMT + 2.170%)(a)(d)(e)		400		366,950
SA Global Sukuk Ltd.
0.95%, 06/17/24 (Call 05/17/24)(a)		200		190,538
1.60%, 06/17/26 (Call 05/17/26)(a)		900		825,919
2.69%, 06/17/31 (Call 03/17/31)(a)		1,100		980,581
SABIC Capital I BV
2.15%, 09/14/30 (Call 06/14/30)(a)		200		169,600
3.00%, 09/14/50 (Call 03/14/50)(a)		200		144,663
SABIC Capital II BV, 4.50%, 10/10/28(a)		400		399,075
Samba Funding Ltd.
2.75%, 10/02/24(a)		400		385,950
2.90%, 01/29/27(a)		200		187,788
Saudi Arabian Oil Co.
1.63%, 11/24/25 (Call 10/24/25)(a)		400		370,825
2.25%, 11/24/30 (Call 08/24/30)(a)		1,000		851,125
3.25%, 11/24/50 (Call 05/24/50)(a)		900		645,356
3.50%, 04/16/29(a)		1,300		1,225,900
4.25%, 04/16/39(a)		1,800		1,651,275
4.38%, 04/16/49(a)		1,200		1,059,225
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)		400		392,700
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)		600		611,925
Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28(a)		400		409,200
Saudi Electricity Global Sukuk Co. 5
1.74%, 09/17/25(a)		400		373,950
2.41%, 09/17/30(a)		200		175,288
Saudi Telecom Co., 3.89%, 05/13/29(a)		400		386,450
SNB Sukuk Ltd., 2.34%, 01/19/27(a)		400		367,575
TMS Issuer Sarl, 5.78%, 08/23/32(c)		600		628,612
				17,327,962

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Singapore — 4.2%
BOC Aviation Ltd.
1.75%, 01/21/26 (Call 12/21/25)(a)	$	300	$	273,806
2.63%, 09/17/30 (Call 06/17/30)(a)(b)		600		518,550
3.00%, 09/11/29 (Call 06/11/29)(a)		500		448,485
3.25%, 04/29/25 (Call 03/29/25)(a)		600		576,675
3.50%, 10/10/24 (Call 09/10/24)(a)		400		389,825
3.50%, 09/18/27 (Call 06/18/27)(a)		400		378,950
3.88%, 04/27/26 (Call 01/27/26)(a)		300		288,806
DBS Group Holdings Ltd.
1.17%, 11/22/24(a)		400		379,575
1.19%, 03/15/27(a)		400		357,075
3.30%, (Call 02/27/25), (5-year CMT + 1.915%)(a)(d)(e)		800		753,150
4.52%, 12/11/28 (Call 12/11/23), (5-year USD ICE Swap + 1.590%)(a)(e)		600		596,400
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		450		431,775
4.75%, 06/15/25 (Call 03/15/25)		484		476,226
4.88%, 06/15/29 (Call 03/15/29)		399		386,408
4.88%, 05/12/30 (Call 02/12/30)		315		306,397
GLP Pte Ltd.
3.88%, 06/04/25(a)		800		554,650
4.50%, (Call 12/31/26), (5-year CMT + 3.735%)(a)(d)(e)		400		159,825
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25), (5-year CMT + 1.580%)(a)(e)		800		733,376
4.25%, 06/19/24(a)(b)		600		594,112
4.60%, 06/15/32 (Call 06/15/27), (5-year CMT + 1.575%)(a)(e)		400		391,575
Puma International Financing SA, 5.00%, 01/24/26 (Call 05/08/23)(a)		700		630,131
Singapore Airlines Ltd.
3.00%, 07/20/26 (Call 06/20/26)(a)		200		190,725
3.38%, 01/19/29 (Call 11/19/28)(a)		400		375,450
Singapore Telecommunications Ltd., 7.38%, 12/01/31(a)		332		398,151
SingTel Group Treasury Pte Ltd.
2.38%, 10/03/26(a)		200		186,350
3.25%, 06/30/25(a)		300		291,806
3.88%, 08/28/28 (Call 05/28/28)(a)		400		390,325
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(a)		400		376,575
Ste Transcore Holdings Inc., 3.38%, 05/05/27 (Call 02/05/27)(a)		600		580,950
United Overseas Bank Ltd, 3.06%, 04/07/25(a)		600		583,425
United Overseas Bank Ltd.
1.25%, 04/14/26(a)		600		546,113
1.75%, 03/16/31 (Call 03/16/26), (5-year CMT + 1.520%)(a)(e)		400		359,075
2.00%, 10/14/31 (Call 10/14/26), (5-year CMT + 1.230%)(a)(e)		400		354,200
3.75%, 04/15/29 (Call 04/15/24), (5-year CMT + 1.500%)(a)(e)		200		196,587
3.86%, 10/07/32 (Call 10/07/27), (5-year CMT + 1.450%)(a)(e)		600		566,592
3.88%, (Call 10/19/23), (5-year USD Swap + 1.794%)(a)(d)(e)		600		589,237
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a)		200		187,663
				15,798,996
South Africa — 1.9%
Absa Group Ltd., 6.38%, (Call 05/28/26), (5-year CMT + 5.411%)(a)(d)(e)		400		364,700

Security	Par (000)		Value
South Africa (continued)
Anglo American Capital PLC
3.88%, 03/16/29 (Call 01/16/29)(a)	$	400	$	369,325
4.75%, 04/10/27(a)		1,600		1,571,800
5.50%, 05/02/33 (Call 02/02/33)(c)		400		400,644
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)(b)		600		537,487
3.75%, 10/01/30 (Call 07/01/30)		500		438,375
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a)		400		362,700
Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a)		400		407,700
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 05/30/23)(a)		400		248,700
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)		400		397,825
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 09/18/25)		400		361,325
5.50%, 03/18/31 (Call 03/18/30)(b)		500		413,688
6.50%, 09/27/28 (Call 06/27/28)(b)		600		553,050
8.75%, 05/03/29 (Call 03/03/29)(c)		200		200,800
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		400		358,825
4.50%, 11/16/29 (Call 11/16/25)(a)		400		329,700
				7,316,644
South Korea — 3.8%
Hana Bank
1.25%, 12/16/26(a)		400		352,575
3.25%, 03/30/27(a)		200		190,975
Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32 (Call 02/04/27), (5-year CMT + 1.850%)(a)(e)		400		355,325
Hyundai Capital Services Inc., 1.25%, 02/08/26(a)		200		179,288
Kookmin Bank
1.38%, 05/06/26(a)		200		180,725
1.75%, 05/04/25(a)		400		376,200
2.50%, 11/04/30(a)(b)		200		165,163
4.35%, (Call 07/02/24), (5-year CMT + 2.639%)(a)(d)(e)		200		192,975
4.63%, 04/21/28(c)		200		200,902
Korea East-West Power Co. Ltd.
1.75%, 05/06/25(a)		200		187,725
3.60%, 05/06/25		200		194,412
Korea Electric Power Corp.
1.13%, 06/15/25(a)		200		185,288
2.50%, 06/24/24(a)		200		194,850
Korea Gas Corp.
3.50%, 07/21/25(a)(b)		400		389,075
3.50%, 07/02/26(a)		200		192,475
6.25%, 01/20/42(a)(b)		600		702,750
KT Corp., 4.00%, 08/08/25(a)		200		195,912
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (Call 06/15/27), (5-year CMT + 2.887%)(a)(e)		400		383,200
LG Chem Ltd.
1.38%, 07/07/26(a)		400		357,325
2.38%, 07/07/31(a)		400		331,200
3.25%, 10/15/24(a)		200		194,600
3.63%, 04/15/29(a)		200		189,288
NAVER Corp., 1.50%, 03/29/26(a)		400		360,825
NongHyup Bank, 1.25%, 07/20/25(a)		200		184,663
POSCO
2.75%, 07/15/24(a)		200		194,537
4.38%, 08/04/25(a)		400		394,075
5.63%, 01/17/26(a)		400		405,950

26 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Korea (continued)
5.75%, 01/17/28(a)	$	600	$	622,800
Shinhan Bank Co. Ltd.
1.38%, 10/21/26(a)		400		356,200
3.88%, 03/24/26(a)(b)		200		190,350
4.38%, 04/13/32(a)(b)		200		185,788
6.97%, 04/24/25, (3-mo. LIBOR US + 1.700%)(a)(e)		400		406,325
Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26(a)		400		364,075
2.88%, (Call 05/12/26), (5-year CMT + 2.064%)(a)(d)(e)		400		350,200
3.34%, 02/05/30 (Call 02/05/25), (5-year CMT + 1.500%)(a)(b)(e)		200		191,412
5.88%, (Call 08/13/23), (5-year CMT + 3.051%)(a)(d)(e)		200		197,787
SK Battery America Inc., 2.13%, 01/26/26(a)		400		352,575
SK Hynix Inc.
1.50%, 01/19/26(a)		600		530,010
2.38%, 01/19/31(a)		400		300,575
3.00%, 09/17/24(a)		200		192,162
6.25%, 01/17/26(a)		400		400,076
6.38%, 01/17/28(a)		800		802,848
6.50%, 01/17/33(a)		400		396,950
Woori Bank
0.75%, 02/01/26(a)(b)		400		357,950
2.00%, 01/20/27(a)		200		183,100
4.25%, (Call 10/04/24), (5-year CMT + 2.664%)(a)(d)(e)		200		189,850
4.88%, 01/26/28(a)		400		405,200
				14,408,511
Spain — 0.2%
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		200		181,924
5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(e)		200		199,447
6.13%, (Call 11/16/27), (5-year USD Swap + 3.870%)(d)(e)		200		160,000
6.13%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(e)		200		204,154
				745,525
Supranational — 0.4%
Africa Finance Corp., 2.88%, 04/28/28(a)		600		489,000
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(a)		600		538,500
Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a)		600		500,880
				1,528,380
Switzerland — 0.1%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/04/23)(a)		400		234,000
Taiwan — 3.3%
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a)		800		771,650
Foxconn Far East Ltd.
1.63%, 10/28/25(a)		600		550,987
2.50%, 10/28/30(a)		400		335,825
TSMC Arizona Corp.
1.75%, 10/25/26 (Call 09/25/26)		1,000		906,860
2.50%, 10/25/31 (Call 07/25/31)		1,200		1,026,225
3.13%, 10/25/41 (Call 04/25/41)		800		647,728
3.25%, 10/25/51 (Call 04/25/51)(b)		800		625,000
3.88%, 04/22/27 (Call 03/22/27)		800		784,900
4.13%, 04/22/29 (Call 02/22/29)		200		196,140
4.25%, 04/22/32 (Call 01/22/32)		900		888,075

Security	Par (000)		Value
Taiwan (continued)
4.50%, 04/22/52 (Call 10/22/51)(b)	$	900	$	878,625
TSMC Global Ltd.
0.75%, 09/28/25 (Call 08/28/25)(a)		800		727,650
1.00%, 09/28/27 (Call 07/28/27)(a)		600		518,738
1.25%, 04/23/26 (Call 03/23/26)(a)		800		726,120
1.38%, 09/28/30 (Call 06/28/30)(a)		900		722,419
1.75%, 04/23/28 (Call 02/23/28)		800		705,096
2.25%, 04/23/31 (Call 01/23/31)(a)		1,100		926,805
4.63%, 07/22/32 (Call 04/22/32)(a)		600		608,838
				12,547,681
Tanzania — 0.2%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 05/30/23)(a)		800		751,400
Thailand — 2.4%
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36 (Call 09/23/31), (5-year CMT + 2.150%)(e)		800		656,150
3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)(a)(e)		1,000		859,562
4.30%, 06/15/27 (Call 05/15/27)(a)		600		593,430
4.45%, 09/19/28(a)(b)		400		395,825
5.00%, (Call 09/23/25)(d)		600		559,987
GC Treasury Center Co. Ltd.
2.98%, 03/18/31 (Call 12/18/30)(a)		500		418,688
4.30%, 03/18/51 (Call 09/18/50)(a)		400		298,500
4.40%, 03/30/32 (Call 09/30/31)(a)		1,000		919,875
Kasikornbank PCL, 5.46%, 03/07/28(a)		200		205,306
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)(a)(e)		600		537,675
5.28%, (Call 10/14/25), (5-year CMT + 4.940%)(a)(d)(e)		600		557,362
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(d)(e)		600		543,113
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(b)		400		271,000
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27 (Call 04/10/27)(a)		600		555,488
3.90%, 12/06/59(a)(b)		400		290,500
Siam Commercial Bank PCL/Cayman Islands, 4.40%, 02/11/29(a)		400		392,700
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(a)		600		386,175
3.75%, 06/18/50(a)(b)		600		400,425
5.38%, 11/20/48(a)		400		341,500
				9,183,261
Turkey — 2.8%
Akbank TAS
5.13%, 03/31/25(a)		400		377,575
6.80%, 02/06/26(a)		500		476,250
6.80%, 06/22/31 (Call 06/22/26), (5-year CMT + 6.015%)(a)(e)		400		358,200
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		400		315,700
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a)		600		500,925
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a)		400		353,200
DBS Group Holdings Ltd., 1.82%, 03/10/31 (Call 03/10/26), (5-year CMT + 1.100%)(a)(e)		200		180,725
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)		700		687,225

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/23)(a)	$	400	$	383,450
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		398,325
Turk Telekomunikasyon AS
4.88%, 06/19/24(a)		200		188,975
6.88%, 02/28/25(a)		600		569,737
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		400		376,575
5.80%, 04/11/28 (Call 01/11/28)(a)		365		320,584
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, (5-year USD ICE Swap + 4.220%)(a)(e)		600		552,675
Turkiye Is Bankasi AS
7.00%, 06/29/28 (Call 06/29/23), (5-year USD Swap + 5.117%)(a)(e)		600		581,737
7.75%, 01/22/30 (Call 01/22/25), (5-year CMT + 6.119%)(a)(e)		500		471,500
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/18/24)(a)		400		379,950
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		600		581,362
Turkiye Vakiflar Bankasi TAO, 6.50%, 01/08/26(a)		500		463,688
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		600		519,863
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		400		389,200
7.88%, 01/22/31 (Call 01/22/26), (5-year CMT + 7.415%)(a)(e)		400		374,450
8.25%, 10/15/24(a)		400		399,700
13.88%, (Call 01/15/24), (5-year USD Swap + 11.245%)(a)(d)(e)		500		511,188
				10,712,759
Ukraine — 0.0%
Metinvest BV, 7.75%, 10/17/29(a)		400		223,575
United Arab Emirates — 4.9%
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(a)		400		380,200
Abu Dhabi National Energy Co. PJSC
2.00%, 04/29/28 (Call 01/29/28)(a)		600		540,000
3.40%, 04/29/51 (Call 10/29/50)(a)		400		308,075
4.38%, 04/23/25(a)		200		198,787
4.38%, 06/22/26(a)		200		199,850
4.38%, 01/24/29(c)		400		402,000
4.70%, 04/24/33(c)		200		203,250
4.88%, 04/23/30(a)		400		414,075
6.50%, 10/27/36(a)		300		345,431
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)(a)		300		257,775
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23), (5-year CMT + 4.270%)(a)(d)(e)		400		398,575
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a)		400		379,325
Arada Sukuk Ltd., 8.13%, 06/08/27		200		204,725
BOS Funding Ltd.
4.00%, 09/18/24(a)		200		193,600
7.00%, 03/14/28(a)		200		203,100
CBQ Finance Ltd., 2.00%, 05/12/26(a)		600		552,300
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24(a)		200		189,611
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(d)(e)		200		195,350
DIB Sukuk Ltd.
1.96%, 06/22/26(a)		400		365,200

Security	Par (000)		Value
United Arab Emirates (continued)
2.74%, 02/16/27(a)	$	200	$	186,038
2.95%, 02/20/25(a)		200		192,495
2.95%, 01/16/26(a)		800		758,400
4.80%, 08/16/28(a)		200		200,850
5.49%, 11/30/27(a)		400		413,200
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(d)(e)		400		399,075
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(d)(e)		400		376,950
EI Sukuk Co. Ltd., 1.83%, 09/23/25(a)		400		370,950
Emaar Sukuk Ltd.
3.64%, 09/15/26(a)		200		189,725
3.70%, 07/06/31(a)		200		183,913
3.88%, 09/17/29(a)		400		380,450
EMG Sukuk Ltd., 4.56%, 06/18/24(a)		200		196,475
Emirates NBD Bank PJSC
1.64%, 01/13/26(a)		400		366,700
4.25%, (Call 02/27/27)(a)(d)(e)		200		177,475
5.63%, 10/21/27(a)		200		208,050
6.13%, (Call 03/20/25)(a)(d)(e)		400		395,325
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a)		200		195,600
Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(c)		405		371,663
Esic Sukuk Ltd., 3.94%, 07/30/24(a)		200		194,225
Fab Sukuk Co. Ltd.
1.41%, 01/14/26(a)		200		182,788
2.50%, 01/21/25(a)		200		191,225
2.59%, 03/02/27(a)		200		186,475
4.58%, 01/17/28(a)		400		402,200
First Abu Dhabi Bank PJSC
4.38%, 04/24/28(a)		200		197,975
4.50%, (Call 04/05/26), (5-year CMT + 4.138%)(a)(d)(e)		400		377,825
5.13%, 10/13/27(a)		200		205,412
6.11%, 07/08/24, (3-mo. LIBOR US + 0.900%)(a)(e)		200		200,225
Galaxy Pipeline Assets Bidco Ltd.
1.75%, 09/30/27(a)		292		272,201
2.63%, 03/31/36(a)		800		658,400
2.94%, 09/30/40(a)		950		780,539
3.25%, 09/30/40(a)		400		318,075
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 05/29/23)(a)		400		390,325
MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(d)(e)		400		404,950
MAF Sukuk Ltd.
3.93%, 02/28/30(a)		200		189,100
4.64%, 05/14/29(a)		200		197,662
Mashreqbank PSC, 7.88%, 02/24/33 (Call 11/24/27), (5-year CMT + 3.997%)(a)(e)		200		208,225
National Central Cooling Co. PJSC, 2.50%, 10/21/27(a)		200		180,663
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a)		200		140,480
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)		200		211,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/24)		350		317,144
SIB Sukuk Co. III Ltd., 2.85%, 06/23/25(a)		200		191,163
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a)		194		161,103
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(a)		200		202,475
				18,456,418
United Kingdom — 2.4%
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a)		400		376,368
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a)		200		190,225
CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a)		200		193,100

28 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
United Kingdom (continued)
CK Hutchison International 19 Ltd., 3.38%, 09/06/49 (Call 03/06/49)	$	200	$	155,413
CK Hutchison International 20 Ltd.
2.50%, 05/08/30 (Call 02/08/30)(a)		400		348,684
3.38%, 05/08/50 (Call 11/08/49)		200		152,262
CK Hutchison International 21 Co.
1.50%, 04/15/26 (Call 03/15/26)(a)		200		183,440
2.50%, 04/15/31 (Call 01/15/31)(a)		400		344,450
CK Hutchison International 23 Ltd., 4.75%, 04/21/28 (Call 03/21/28)(c)		200		201,683
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a)		400		393,200
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a)		205		249,882
Standard Chartered PLC
2.68%, 06/29/32 (Call 06/29/31), (1-year CMT + 1.200%)(a)(e)		1,000		794,080
3.60%, 01/12/33 (Call 01/12/32), (1-year CMT + 1.900%)(a)(e)		200		162,725
4.30%, (Call 08/19/28)(d)		600		422,100
4.31%, 05/21/30 (Call 05/21/29), (3-mo. LIBOR US + 1.910%)(a)(e)		600		554,550
4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)(a)(e)		500		466,332
4.75%, (Call 01/14/31), (5-year CMT + 3.805%)(a)(d)(e)		200		138,100
6.00%, (Call 07/26/25), (5-year CMT + 5.661%)(a)(d)(e)		400		378,400
6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)(a)(e)		1,200		1,212,144
6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)(a)(e)		800		815,360
7.75%, (Call 08/15/27), (5-year CMT + 4.976%)(a)(d)(e)		400		386,436
7.77%, 11/16/28 (Call 11/16/27), (1-year CMT + 3.450%)(a)(e)		800		861,328
				8,980,262
United States — 2.1%
Anglo American Capital PLC
2.63%, 09/10/30 (Call 06/10/30)(a)		600		501,487
3.95%, 09/10/50 (Call 03/10/50)		400		301,825
4.75%, 03/16/52 (Call 09/16/51)		600		505,612
5.63%, 04/01/30 (Call 01/01/30)		600		606,487
GCC SAB de CV, 3.61%, 04/20/32 (Call 01/20/32)(a)		200		168,413
Huarong Finance II Co. Ltd., 5.00%, 11/19/25(a)		200		183,225
JBS USA LUX SA/JBS USA Food Co/JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)(a)		200		178,474
3.00%, 02/02/29 (Call 12/02/28)(a)		200		171,849
3.63%, 01/15/32 (Call 01/15/27)(a)		200		167,593
3.75%, 12/01/31 (Call 12/01/26)(a)		400		332,601
4.38%, 02/02/52 (Call 08/02/51)(a)		300		210,939
5.13%, 02/01/28 (Call 01/01/28)(a)		103		100,608
6.50%, 12/01/52 (Call 06/01/52)		250		235,585
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		390		335,400
Prosus NV
3.06%, 07/13/31 (Call 04/13/31)(a)		1,400		1,093,925
3.68%, 01/21/30 (Call 10/21/29)(a)		800		677,650
3.83%, 02/08/51 (Call 08/08/50)(a)		1,100		685,300
4.03%, 08/03/50 (Call 02/03/50)(a)		600		384,000
4.99%, 01/19/52 (Call 07/19/51)(a)		900		661,106
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)(b)		400		384,000
				7,886,079

Security	Par/ Shares (000)		Value
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a)	$	500	$	432,920
Zambia — 0.8%
First Quantum Minerals Ltd.
6.88%, 03/01/26 (Call 03/01/24)(a)		850		830,875
6.88%, 10/15/27 (Call 10/15/23)(a)		1,200		1,160,850
7.50%, 04/01/25 (Call 05/08/23)(a)		1,000		994,850
				2,986,575
Total Corporate Bonds & Notes — 96.4% (Cost: $399,776,695)				366,048,528
Foreign Government and Agency Obligations(h)
South Korea — 0.7%
Industrial Bank of Korea
0.63%, 09/17/24(a)		200		189,163
1.04%, 06/22/25(a)(b)		400		368,950
Korea Electric Power Corp.
3.63%, 06/14/25(a)		400		390,415
5.38%, 04/06/26(a)		200		202,912
Korea Expressway Corp.
1.13%, 05/17/26(a)(b)		200		179,178
3.63%, 05/18/25(a)		400		390,200
Korea Gas Corp., 3.88%, 07/13/27(a)		200		196,710
Korea Hydro & Nuclear Power Co. Ltd.
1.25%, 04/27/26(a)		400		360,128
4.25%, 07/27/27(a)		400		396,325
				2,673,981
Supranational — 0.7%
Africa Finance Corp.
3.13%, 06/16/25(a)		400		368,500
3.75%, 10/30/29(a)		400		327,000
4.38%, 04/17/26(a)		600		561,000
African Export-Import Bank (The)
3.80%, 05/17/31 (Call 02/17/31)(a)		600		486,000
3.99%, 09/21/29 (Call 06/23/29)(a)		600		507,750
4.13%, 06/20/24(a)		400		388,500
				2,638,750
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)		600		532,500
Total Foreign Government and Agency Obligations —1.5% (Cost: $6,270,641)				5,845,231
Total Long-Term Investments — 97.9% (Cost: $406,047,336)				371,893,759
Short-Term Securities
Money Market Funds — 7.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(i)(j)(k)		24,642		24,649,806

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j)		4,407	$	4,407,000
Total Short-Term Securities — 7.7% (Cost: $29,046,353)				29,056,806
Total Investments — 105.6% (Cost: $435,093,689)				400,950,565
Liabilities in Excess of Other Assets — (5.6)%				(21,124,019	)
Net Assets — 100.0%			$	379,826,546

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

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

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

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

^(f)  Zero-coupon bond.

^(g)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

⁽ⁱ⁾  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,956,028	$	6,682,076	(a)	$	—	$	2,619	$	9,083	$	24,649,806		24,642	$	98,712	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,897,000		510,000	(a)		—		—		—		4,407,000		4,407		49,637			1
								$	2,619	$	9,083	$	29,056,806			$	148,349		$	1

^(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
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	366,048,528	$	—	$	366,048,528
Foreign Government and Agency Obligations		—		5,845,231		—		5,845,231
Short-Term Securities
Money Market Funds		29,056,806		—		—		29,056,806
	$	29,056,806	$	371,893,759	$	—	$	400,950,565

See notes to financial statements.

30 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 0.6%
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/24)(a)	$	300	$	210,337
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/24)(a)		250		216,094
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/23)(a)		300		257,869
YPF SA
6.95%, 07/21/27(a)		400		288,000
7.00%, 12/15/47 (Call 06/15/47)(a)		250		153,406
8.50%, 07/28/25(a)		600		497,925
YPF Sociedad Anonima
7.00%, 09/30/33 (Call 03/30/33)		300		195,150
9.00%, 02/12/26 (Call 11/12/25)		323		305,671
				2,124,452
Azerbaijan — 0.5%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		550		518,719
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a)		1,000		1,024,875
				1,543,594
Bahrain — 0.4%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		400		360,450
BBK BSC, 5.50%, 07/09/24(a)		200		196,600
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		200		197,100
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a)		600		613,425
				1,367,575
Brazil — 8.4%
Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(a)(b)		249		215,827
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/23)		200		185,850
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a)		200		184,350
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/24)(a)(b)		500		405,000
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)		400		372,075
Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)		300		78,806
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)		400		282,325
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)		400		333,200
Banco Bradesco SA/Cayman Islands
3.20%, 01/27/25(a)		400		382,450
4.38%, 03/18/27(a)(b)		200		192,400
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(a)		200		182,100
4.50%, 01/10/25 (Call 12/10/24)(a)		600		580,237
7.75%, 02/15/29 (Call 02/15/24), (5-year CMT + 5.257%)(a)(c)		200		199,162
Banco do Brasil SA, 6.25%, 04/18/30(d)		200		198,300
Banco do Brasil SA/Cayman
3.25%, 09/30/26(a)		400		371,575
4.88%, 01/11/29(a)		200		188,663
6.25%, (Call 04/15/24)(a)(c)(e)		1,000		907,500
9.00%, (Call 06/18/24)(a)(c)(e)		1,000		1,004,000
Banco Votorantim SA, 4.38%, 07/29/25(a)		200		192,600
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/23/25), (5-year CMT + 8.220%)(a)(c)		400		396,250
BRF SA
4.88%, 01/24/30 (Call 10/24/28)(a)		400		310,750
5.75%, 09/21/50 (Call 03/21/50)(a)		400		246,416
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		400		406,120
Centrais Eletricas Brasileiras SA 3.63%, 02/04/25(a)(b)		200		189,970

Security	Par (000)		Value
Brazil (continued)
4.63%, 02/04/30(a)	$	400	$	341,660
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/24)(a)(b)		400		398,000
Cosan Overseas Ltd., 8.25%, (Call 05/05/23)(a)(e)		200		199,225
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		400		359,825
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		600		565,612
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)(a)		600		460,050
5.88%, 04/08/32 (Call 04/08/27)(a)		200		163,163
Embraer Netherlands Finance BV
5.05%, 06/15/25		605		592,144
5.40%, 02/01/27(b)		300		288,750
6.95%, 01/17/28 (Call 10/17/27)(a)		400		403,220
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)		400		396,000
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a)		200		160,663
Guara Norte Sarl, 5.20%, 06/15/34		364		307,773
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/29/23)(a)		400		273,700
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(a)		200		193,287
3.88%, 04/15/31 (Call 04/15/26), (5-year CMT + 3.446%)(a)(c)		400		363,050
4.50%, 11/21/29 (Call 11/21/24), (5-year CMT + 2.822%)(a)(b)(c)		400		382,325
4.63%, (Call 02/27/25), (5-year CMT + 3.222%)(a)(c)(e)		200		156,413
7.72%, (Call 06/12/23), (5-year CMT + 3.981%)(a)(b)(c)(e)		600		574,350
7.86%, (Call 09/19/23), (5-year CMT + 3.863%)(a)(c)(e)		400		383,980
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(a)		200		159,810
5.75%, 04/03/29 (Call 01/03/29)(a)		400		389,000
7.00%, 04/03/49 (Call 10/03/48)(a)		400		387,200
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		600		438,945
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)		773		592,698
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)		400		310,075
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(a)		600		470,700
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)(b)		400		295,000
Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a)		400		354,500
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)		400		331,450
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(a)(b)		200		179,413
7.00%, 05/14/26 (Call 05/14/23)(a)(b)		400		388,120
Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)(a)		400		376,000
6.50%, 01/18/28 (Call 10/18/27)(a)		200		194,475
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, 12/01/26 (Call 05/29/23)(a)		453		220,713
Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 (Call 05/29/23)(a)		950		185,507
Petrobras Global Finance BV
5.09%, 01/15/30		250		235,359
5.30%, 01/27/25(b)		350		347,550
5.50%, 06/10/51 (Call 12/10/50)		350		276,675
5.60%, 01/03/31 (Call 10/03/30)(b)		575		549,772
6.00%, 01/27/28(b)		626		624,012
6.75%, 01/27/41		300		285,900
6.85%, (b)(e)		850		740,191
6.88%, 01/20/40(b)		350		338,909
6.90%, 03/19/49(b)		400		367,575
7.25%, 03/17/44(b)		416		410,748
7.38%, 01/17/27(b)		400		415,950

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)	$	400	$	369,000
Rede D’or Finance Sarl
4.50%, 01/22/30 (Call 10/22/29)(a)(b)		300		252,090
4.95%, 01/17/28 (Call 10/17/27)(a)		400		363,700
Rumo Luxembourg Sarl
4.20%, 01/18/32 (Call 01/18/27)		200		160,250
5.25%, 01/10/28 (Call 01/10/24)(a)		200		185,725
Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(a)		400		294,075
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(a)		300		224,681
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/23)(a)		200		184,140
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		400		385,450
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		400		353,040
				27,607,514
Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)		200		173,413
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/30/23)(a)(f)		900		1,294
Chile — 0.2%
AES Andes SA., 7.13%, 03/26/79 (Call 07/06/24), (5-year USD Swap + 4.644%)(a)(c)		200		188,400
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a)		200		174,912
Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a)		400		419,825
				783,137
China — 4.8%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24), (5-year CMT + 11.294%)(a)(c)(e)		600		173,175
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(c)(e)		1,500		1,445,437
Central Plaza Development Ltd., 5.75%, (Call 11/14/24), (5-year CMT + 8.066%)(a)(c)(e)		400		353,200
China Hongqiao Group Ltd., 6.25%, 06/08/24(a)		200		194,225
China SCE Group Holdings Ltd., 7.00%, 05/02/25 (Call 05/02/23)(a)		200		71,000
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a)		200		195,850
Country Garden Holdings Co. Ltd.
2.70%, 07/12/26 (Call 06/12/26)(a)		400		183,575
3.13%, 10/22/25 (Call 09/22/25)(a)		400		196,000
3.30%, 01/12/31 (Call 10/12/30)(a)		400		151,700
3.88%, 10/22/30 (Call 07/22/30)(a)		400		159,825
5.13%, 01/17/25 (Call 01/17/24)(a)		400		254,000
5.13%, 01/14/27 (Call 01/14/24)(a)		200		90,975
5.40%, 05/27/25 (Call 05/29/23)(a)		200		116,163
6.15%, 09/17/25 (Call 09/17/23)(a)		400		227,950
7.25%, 04/08/26 (Call 04/08/24)(a)		1,000		517,062
Ease Trade Global Ltd., 4.00%, 11/10/25(a)		400		372,325
Easy Tactic Ltd.
7.50%, 07/11/25 (Call 05/30/23), (7.50% PIK)(g)		622		113,528
7.50%, 07/11/27 (Call 05/30/23), (7.50% PIK)(g)		1,215		207,100
7.50%, 07/11/28 (Call 05/30/23), (7.50% PIK)(g)		726		100,767
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)(a)(c)(e)		400		395,325
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)		400		357,000
Fortune Star BVI Ltd. 5.00%, 05/18/26 (Call 05/18/24)(a)		200		126,350

Security	Par (000)		Value
China (continued)
5.05%, 01/27/27 (Call 01/27/25)(a)	$	200	$	122,413
5.95%, 10/19/25 (Call 10/19/23)(a)		400		291,700
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26), (5-year CMT + 5.584%)(a)(c)(e)		200		179,600
Greenland Global Investment Ltd., 5.88%, 07/03/26 (Call 05/05/23)(a)		200		46,975
Guojing Capital BVI Ltd., 6.30%, 12/02/25(a)		200		200,663
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)		600		500,362
4.75%, 04/27/27(a)		600		519,675
Huarong Finance 2019 Co. Ltd.
3.25%, 11/13/24 (Call 10/13/24)(a)		200		185,600
3.38%, 02/24/30 (Call 11/24/29)(a)		600		439,237
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26), (5-year CMT + 2.368%)(a)(c)(e)		3,100		2,905,862
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/10/23)(a)		400		86,950
Lenovo Group Ltd., 5.88%, 04/24/25(a)		600		603,112
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(d)		275		265,513
6.75%, 06/30/30 (Call 12/30/29)(a)(d)		250		231,219
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a)(b)		300		275,625
NWD MTN Ltd., 4.13%, 07/18/29(a)		400		336,575
Overseas Chinese Town Asia Holdings Ltd., 4.50%, (Call 07/15/23)(a)(c)(e)		200		198,038
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24 (Call 08/10/23)(a)		400		79,500
RKPF Overseas 2020 A Ltd.
5.13%, 07/26/26 (Call 07/26/24)(a)		200		113,350
5.20%, 01/12/26 (Call 01/12/24)(a)		400		251,200
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		400		319,200
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/23)(a)		200		182,100
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		50,500
Sino-Ocean Land Treasure III Ltd., 6.95%, (Call 09/21/27), (5-year CMT + 3.256%)(a)(c)(e)		400		70,700
Sino-Ocean Land Treasure IV Ltd.
2.70%, 01/13/25 (Call 12/13/24)(a)		200		65,413
4.75%, 08/05/29 (Call 05/05/29)(a)		400		97,450
Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25(a)		400		375,200
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a)		400		312,575
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a)		200		186,725
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a)		400		335,575
				15,831,139
Colombia — 3.1%
ABRA Global Finance, 11.50%, 03/02/28		400		323,000
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		282,250
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		850		707,625
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(c)(e)		200		135,625
Banco de Bogota SA, 6.25%, 05/12/26(a)		600		579,862
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)(b)		600		567,300
4.63%, 12/18/29 (Call 12/18/24), (5-year CMT + 2.944%)(c)		200		169,600
6.91%, 10/18/27, (5-year CMT + 2.929%)(c)		400		374,000
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a)		200		157,125
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		200		149,288

32 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Ecopetrol SA
4.13%, 01/16/25	$	560	$	535,332
4.63%, 11/02/31 (Call 08/02/31)(b)		600		445,800
5.38%, 06/26/26 (Call 03/26/26)(b)		750		707,925
5.88%, 05/28/45		990		644,242
5.88%, 11/02/51 (Call 05/02/51)(b)		405		256,112
6.88%, 04/29/30 (Call 01/29/30)		950		846,687
7.38%, 09/18/43		400		320,075
8.88%, 01/13/33 (Call 10/13/32)		1,000		966,875
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)		400		253,400
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		200		165,475
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		600		455,737
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)		200		190,663
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		400		307,648
6.25%, 03/25/29 (Call 03/25/24)(a)(b)		360		321,660
Oleoducto Central SA, 4.00%, 07/14/27 (Call 04/14/27)(a)		200		175,913
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		400		296,200
				10,335,419
Egypt — 0.3%
Banco do Brasil SA/Cayman, 4.63%, 01/15/25		600		586,650
YPF SA, 9.00%, 06/30/29 (Call 12/30/28)		400		318,000
				904,650
Ghana — 0.4%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/30/23)(a)		400		353,575
Tullow Oil PLC
7.00%, 03/01/25 (Call 05/30/23)(a)		400		242,700
10.25%, 05/15/26 (Call 05/15/23)(a)		906		702,320
				1,298,595
Guatemala — 0.4%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a)		600		559,800
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a)		400		328,950
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		400		368,825
				1,257,575
Hong Kong — 3.3%
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		400		359,000
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25), (5-year CMT + 2.525%)(a)(c)(e)		250		241,297
Bank of East Asia Ltd. (The)
5.83%, (Call 10/21/25), (5-year CMT + 5.527%)(a)(c)(e)		250		218,484
5.88%, (Call 09/19/24), (5-year CMT + 4.257%)(a)(c)(e)		250		227,938
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), (5-year CMT + 3.642%)(a)(c)(e)		400		322,575
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		400		387,950
Celestial Miles Ltd., 5.75%, (Call 07/31/24), (5-year CMT + 8.205%)(a)(c)(e)		600		589,987
China Citic Bank, 3.25%, (Call 07/29/26), (5-year CMT + 2.530%)(a)(c)(e)		250		232,000
China CITIC Bank International Ltd.
4.80%, (Call 04/22/27), (5-year CMT + 2.104%)(a)(c)(e)		250		242,625
7.10%, (Call 11/06/23), (5-year CMT + 4.151%)(a)(c)(e)		400		402,575
FWD Group Ltd.
5.75%, 07/09/24(a)		400		391,200
6.38%, (Call 09/13/24), (5-year CMT + 4.876%)(a)(c)(e)		400		365,825
8.05%, (Call 06/15/23), (5-year CMT + 4.865%)(a)(c)(e)		400		371,700

Security	Par (000)		Value
Hong Kong (continued)
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)	$	200	$	188,788
Lai Sun MTN Ltd., 5.00%, 07/28/26(a)		200		156,600
Li & Fung Ltd.
5.00%, 08/18/25 (Call 07/18/25)(a)		200		184,913
5.25%, (Call 05/03/23)(a)(e)		400		217,575
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/23)(a)		400		376,075
5.38%, 12/04/29 (Call 12/04/24)(a)		600		496,425
5.63%, 07/17/27 (Call 07/17/23)(a)(b)		400		356,825
5.75%, 07/21/28 (Call 07/21/23)(a)		400		349,000
Nanyang Commercial Bank Ltd., 6.50%, (Call 04/28/27), (5-year CMT + 3.509%)(a)(c)(e)		250		238,172
New World China Land Ltd., 4.75%, 01/23/27(a)		400		373,200
NWD Finance BVI Ltd.
4.13%, (Call 03/10/28), (5-year CMT + 5.858%)(a)(c)(e)		600		442,987
4.80%, (Call 09/09/23)(a)(e)		400		248,500
5.25%, (Call 03/22/26), (5-year CMT + 7.889%)(a)(c)(e)		600		519,862
6.25%, (Call 03/07/24)(a)(e)		600		464,550
NWD MTN Ltd., 4.50%, 05/19/30(a)		400		337,575
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		400		308,000
Sands China Ltd.
4.30%, 01/08/26 (Call 12/08/25)(b)		400		375,200
5.63%, 08/08/25 (Call 06/08/25)		1,000		976,020
				10,963,423
Hungary — 0.1%
OTP Bank Nyrt, 8.75%, 05/15/33 (Call 02/15/28), (5-year CMT + 5.060%)(a)(c)		400		387,075
India — 2.1%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(a)		425		422,955
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		190,600
Axis Bank Ltd., 4.10%, (Call 09/08/26), (5-year CMT + 3.315%)(a)(c)(e)		200		169,500
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		400		350,700
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		186		166,214
Delhi International Airport Ltd.
6.13%, 10/31/26(a)		400		385,700
6.45%, 06/04/29(a)		200		185,975
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/24)(a)		564		507,177
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		573		492,780
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25		200		192,412
5.95%, 07/29/26 (Call 07/29/23)(a)		200		187,538
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a)		400		378,500
HDFC Bank Ltd., 3.70%, (Call 08/25/26), (5-year CMT + 2.925%)(a)(c)(e)		600		514,659
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/17/26)(a)		354		295,103
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(a)		200		175,600
5.05%, 04/05/32 (Call 10/05/31)(a)		200		160,850
Network i2i Ltd.
3.98%, (Call 06/03/26)(e)		200		176,288
5.65%, (Call 01/11/25), (5-year CMT + 4.274%)(a)(c)(e)		600		575,175
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		400		384,920
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)		200		168,725

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) April 30, 2023 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	$	424,500
9.25%, 04/23/26 (Call 04/23/24)(a)(b)		400		262,500
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 08/09/23)(a)		400		256,200
				7,024,571
Indonesia — 0.6%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/23)(a)		250		240,360
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26(a)		600		552,675
4.30%, (Call 03/24/27), (5-year CMT + 3.466%)(a)(c)(e)		200		165,725
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/23)(a)		350		345,581
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		400		364,700
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		200		191,975
				1,861,016
Israel — 1.5%
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(d)		300		260,025
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(b)		500		455,273
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26(b)		1,700		1,532,125
4.10%, 10/01/46		900		594,832
4.75%, 05/09/27 (Call 02/09/27)		500		465,406
5.13%, 05/09/29 (Call 02/09/29)(b)		400		371,000
6.75%, 03/01/28 (Call 12/01/27)		600		598,500
7.88%, 09/15/29 (Call 06/15/29)		300		313,350
8.13%, 09/15/31 (Call 06/15/31)(b)		300		315,378
				4,905,889
Jamaica — 0.2%
Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.75%, 05/25/24 (Call 05/27/23)(a)		400		360,825
8.75%, 05/25/24 (Call 05/15/23)(a)		300		270,525
				631,350
Kazakhstan — 0.4%
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(d)		325		289,514
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)(a)		400		357,075
3.25%, 08/15/30 (Call 02/15/30)(a)		400		300,950
4.00%, 08/15/26(a)		400		355,575
				1,303,114
Kuwait — 0.3%
Burgan Bank SAK, 5.75%, (Call 07/09/24), (5-year CMT + 4.007%)(a)(c)(e)		200		176,350
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		400		352,825
4.50%, 02/23/27(a)		200		170,225
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(d)		350		331,472
				1,030,872
Luxembourg — 0.2%
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)		1,000		797,720
Macau — 1.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		200		176,038
4.85%, 01/27/28 (Call 01/27/25)(a)		200		165,975
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		200		180,912

Security	Par (000)		Value
Macau (continued)
5.25%, 06/18/25 (Call 06/18/23)(a)	$	200	$	190,162
5.88%, 05/15/26 (Call 05/09/23)(a)		400		381,500
Sands China Ltd.
2.80%, 03/08/27 (Call 02/08/27)		300		260,400
3.35%, 03/08/29 (Call 01/08/29)		400		335,450
3.75%, 08/08/31 (Call 05/08/31)		200		164,000
4.88%, 06/18/30 (Call 03/18/30)		400		362,200
5.90%, 08/08/28 (Call 05/08/28)		800		769,000
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		800		626,800
6.50%, 01/15/28 (Call 07/07/23)(a)		200		171,600
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/29/23)(a)		200		192,725
5.13%, 12/15/29 (Call 12/15/24)(a)		400		329,325
5.50%, 01/15/26 (Call 05/29/23)(a)		600		555,750
5.50%, 10/01/27 (Call 10/01/23)(a)		400		356,500
5.63%, 08/26/28 (Call 08/26/23)(a)		800		695,500
				5,913,837
Mexico — 8.1%
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)(b)		200		197,750
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (Call 01/24/27), (5-year CMT + 4.643%)(a)(c)(e)		400		346,750
6.63%, (Call 01/24/32)(a)(c)(e)		200		161,500
6.75%, (Call 06/27/24), (5-year CMT + 4.967%)(a)(b)(c)(e)		300		287,400
7.50%, (Call 06/27/29)(a)(c)(e)		200		176,288
7.63%, (Call 01/06/28)(e)		400		363,825
8.38%, (Call 10/14/30)(a)(c)(e)		200		188,450
BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/18/28), (5-year CMT + 2.650%)(a)(c)		600		529,237
5.88%, 09/13/34 (Call 09/13/29), (5-year CMT + 4.308%)(a)(c)		350		314,409
Braskem Idesa SAPI
6.99%, 02/20/32 (Call 02/20/27)(a)		700		496,475
7.45%, 11/15/29 (Call 11/15/24)(a)		400		312,300
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)		500		416,344
5.20%, 09/17/30 (Call 09/17/25)(a)		400		370,325
5.45%, 11/19/29 (Call 11/19/24)(a)		400		381,250
7.38%, 06/05/27 (Call 06/05/23)(a)		400		414,075
9.13%, (Call 03/14/28)(b)(d)(e)		500		494,725
Cemex SAB De CV, 5.13%, (Call 06/08/26), (5-year CMT + 4.534%)(a)(b)(c)(e)		500		440,463
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a)		300		268,688
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a)		200		148,500
Petroleos Mexicanos
4.50%, 01/23/26(b)		500		452,952
5.35%, 02/12/28(b)		953		789,977
5.95%, 01/28/31 (Call 10/28/30)		1,800		1,330,920
6.35%, 02/12/48		800		468,560
6.38%, 01/23/45(b)		550		328,281
6.49%, 01/23/27 (Call 11/23/26)		748		669,460
6.50%, 03/13/27(b)		2,050		1,827,370
6.50%, 01/23/29(b)		625		526,266
6.50%, 06/02/41(b)		800		506,000
6.63%, 06/15/35(b)		1,400		972,538
6.70%, 02/16/32 (Call 11/16/31)		3,450		2,650,031
6.75%, 09/21/47(b)		2,650		1,631,075
6.84%, 01/23/30 (Call 10/23/29)		1,200		965,070

34 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
6.88%, 08/04/26(b)	$	1,300	$	1,219,075
6.95%, 01/28/60 (Call 07/28/59)		1,900		1,150,925
7.69%, 01/23/50 (Call 07/23/49)		4,000		2,665,000
8.75%, 06/02/29 (Call 04/02/29)(b)		1,000		915,625
10.00%, 02/07/33 (Call 11/07/32)(b)(d)		1,000		927,000
Total Play Telecomunicaciones SA de CV
6.38%, 09/20/28 (Call 09/30/25)(a)		200		125,000
7.50%, 11/12/25 (Call 11/12/23)		400		276,120
				26,705,999
Moldova — 0.0%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		200		134,288
Morocco — 0.4%
OCP SA
3.75%, 06/23/31 (Call 03/23/31)(a)		200		167,600
4.50%, 10/22/25(a)		400		388,450
5.13%, 06/23/51 (Call 12/23/50)(a)		400		294,200
6.88%, 04/25/44(a)		400		368,825
				1,219,075
Nigeria — 0.5%
Access Bank PLC
6.13%, 09/21/26(a)		200		158,288
9.13%, (Call 10/07/26), (5-year CMT + 8.070%)(a)(c)(e)		200		151,788
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		200		166,537
6.25%, 11/29/28 (Call 11/29/24)(a)		200		159,350
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/23)(a)		600		526,237
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/24)(a)		400		318,950
				1,481,150
Oman — 0.2%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		400		385,575
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)		250		259,969
				645,544
Panama — 0.2%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a)		600		520,500
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		200		164,125
				684,625
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f)		457		310,460
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/24)(a)		400		368,200
				678,660
Peru — 0.7%
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a)		400		347,450
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)		175		166,421
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		400		342,575
Minsur SA, 4.50%, 10/28/31(a)		200		173,275
Peru LNG Srl, 5.38%, 03/22/30(a)		400		318,500
Petroleos del Peru SA
4.75%, 06/19/32(a)		400		296,438
5.63%, 06/19/47(a)		1,100		697,400
				2,342,059

Security	Par (000)		Value
Philippines — 0.7%
Globe Telecom Inc., 4.20%, (Call 08/02/26), (5-year CMT + 5.527%)(a)(c)(e)	$	400	$	368,200
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		357,700
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		200		179,000
Petron Corp., 5.95%, (Call 04/19/26), (5-year CMT + 7.574%)(a)(c)(e)		200		176,000
San Miguel Crop., 5.50%, (Call 07/29/25), (5-year CMT + 10.237%)(a)(c)(e)		200		180,225
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26), (5-year CMT + 7.155%)(a)(c)(e)		400		302,950
5.70%, (Call 01/21/26), (5-year CMT + 6.554%)(a)(c)(e)		200		161,225
6.50%, (Call 04/25/24), (5-year CMT + 6.608%)(a)(c)(e)		400		355,575
7.00%, (Call 10/21/25), (5-year CMT + 9.199%)(a)(c)(e)		400		342,400
				2,423,275
Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a)		400		323,125
Qatar — 0.1%
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(c)(e)		400		360,825
Saudi Arabia — 0.4%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		400		370,450
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		200		194,037
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		400		396,075
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), (5-year CMT + 2.170%)(a)(c)(e)		400		366,950
				1,327,512
Singapore — 0.3%
GLP Pte Ltd., 4.50%, (Call 12/31/26), (5-year CMT + 3.735%)(a)(c)(e)		400		159,825
Puma International Financing SA, 5.00%, 01/24/26 (Call 05/08/23)(a)		400		360,075
Singapore Airlines Ltd.
3.00%, 07/20/26 (Call 06/20/26)(a)		200		190,725
3.38%, 01/19/29 (Call 11/19/28)(a)		400		375,450
				1,086,075
South Africa — 1.3%
Absa Group Ltd., 6.38%, (Call 05/28/26), (5-year CMT + 5.411%)(a)(c)(e)		200		182,350
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a)		400		362,700
Eskom Holdings SOC Ltd.
6.35%, 08/10/28(a)		600		564,891
7.13%, 02/11/25(a)		460		447,724
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 05/30/23)(a)		400		248,700
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)		200		198,912
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 09/18/25)(b)		200		180,663
5.50%, 03/18/31 (Call 03/18/30)		400		330,950
6.50%, 09/27/28 (Call 06/27/28)		400		368,700
8.75%, 05/03/29 (Call 03/03/29)(d)		200		200,800
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		200		179,413
4.50%, 11/16/29 (Call 11/16/25)(a)		400		329,700

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Africa (continued)
Transnet SOC Ltd.
8.25%, 02/06/28(d)	$	400	$	395,825
8.25%, 02/06/28(a)		200		197,912
				4,189,240
South Korea — 0.1%
Woori Bank, 4.25%, (Call 10/04/24), (5-year CMT + 2.664%)(a)(c)(e)		200		189,850
Spain — 0.1%
Banco Bilbao Vizcaya Argentaria SA, 6.13%, (Call 11/16/27), (5-year USD Swap + 3.870%)(c)(e)		400		320,000
Supranational — 0.1%
Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a)		400		333,920
Switzerland — 0.0%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/30/23)(a)		200		117,000
Tanzania — 0.1%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 05/30/23)(a)		400		375,700
Thailand — 0.5%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)(a)(c)		600		515,737
5.00%, (Call 09/23/25)(e)		400		373,325
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)(a)(c)		600		537,675
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(c)(e)		400		362,075
				1,788,812
Turkey — 2.0%
Akbank TAS
5.13%, 03/31/25(a)		200		188,788
6.80%, 02/06/26(a)		200		190,500
6.80%, 06/22/31 (Call 06/22/26), (5-year CMT + 6.015%)(a)(c)		400		358,200
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		200		157,850
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a)		400		333,950
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a)		200		176,600
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)		400		392,700
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/23)(a)		400		383,450
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		398,325
Turk Telekomunikasyon AS
4.88%, 06/19/24(a)		200		188,975
6.88%, 02/28/25(a)		200		189,912
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		200		188,288
5.80%, 04/11/28 (Call 01/11/28)(a)		200		175,663
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, (5-year USD ICE Swap + 4.220%)(a)(c)		400		368,450
Turkiye Is Bankasi AS
7.00%, 06/29/28 (Call 06/29/23), (5-year USD Swap + 5.117%)(a)(c)		200		193,912
7.75%, 01/22/30 (Call 01/22/25), (5-year CMT + 6.119%)(a)(c)		400		377,200

Security	Par (000)		Value
Turkey (continued)
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/18/24)(a)	$	400	$	379,950
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		300		290,681
Turkiye Vakiflar Bankasi TAO, 6.50%, 01/08/26(a)		400		370,950
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		400		346,575
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		300		291,900
7.88%, 01/22/31 (Call 01/22/26), (5-year CMT + 7.415%)(a)(c)		200		187,225
8.25%, 10/15/24(a)		200		199,850
13.88%, (Call 01/15/24), (5-year USD Swap + 11.245%)(a)(c)(e)		400		408,950
				6,738,844
Ukraine — 0.0%
Metinvest BV, 7.75%, 10/17/29(a)		200		111,788
United Arab Emirates — 1.5%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23), (5-year CMT + 4.270%)(a)(c)(e)		400		398,575
Arada Sukuk Ltd., 8.13%, 06/08/27		200		204,725
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(c)(e)		400		390,700
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(c)(e)		400		399,075
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(c)(e)		400		376,950
DP World Salaam, 6.00%, (Call 10/01/25), (5-year CMT + 5.750%)(a)(c)(e)		800		798,250
Emirates NBD Bank PJSC
4.25%, (Call 02/27/27)(a)(c)(e)		400		354,950
6.13%, (Call 03/20/25)(a)(c)(e)		400		395,325
Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(d)		350		321,190
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 05/29/23)(a)		400		390,325
MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(c)(e)		200		202,475
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a)		200		140,480
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/24)		470		425,879
				4,798,899
United Kingdom — 0.7%
Huarong Finance 2017 Co. Ltd., 4.95%, 11/07/47(a)		400		255,950
Standard Chartered PLC
4.30%, (Call 08/19/28)(e)		800		562,800
4.75%, (Call 01/14/31), (5-year CMT + 3.805%)(a)(c)(e)		600		414,300
6.00%, (Call 07/26/25), (5-year CMT + 5.661%)(a)(c)(e)		400		378,400
7.75%, (Call 08/15/27), (5-year CMT + 4.976%)(a)(c)(e)		600		579,654
				2,191,104
United States — 0.2%
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		300		258,000
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)(b)		200		192,000
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24(a)		200		79,725
				529,725
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a)		250		216,460
Zambia — 0.6%
First Quantum Minerals Ltd.
6.88%, 03/01/26 (Call 03/01/24)(a)		600		586,500

36 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Zambia (continued)
6.88%, 10/15/27 (Call 10/15/23)(a)	$	800	$	773,900
7.50%, 04/01/25 (Call 05/08/23)(a)		600		596,910
				1,957,310
Total Corporate Bonds & Notes — 48.9% (Cost: $184,030,033)				161,318,088
Foreign Government and Agency Obligations(h)
Angola — 1.0%
Angolan Government International Bond
8.00%, 11/26/29(a)		800		672,900
8.25%, 05/09/28(a)		800		699,150
8.75%, 04/14/32(a)		1,100		909,769
9.13%, 11/26/49(a)		600		447,675
9.38%, 05/08/48(a)		800		613,150
				3,342,644
Argentina — 2.3%
Argentine Republic Government International Bond
0.50%, 07/09/30 (Call 05/29/23)(i)		7,803		1,896,246
1.00%, 07/09/29 (Call 05/30/23)(b)		1,381		327,351
1.50%, 07/09/35 (Call 05/29/23)(i)		10,214		2,271,390
1.50%, 07/09/46 (Call 05/29/23)(b)(i)		1,046		239,897
3.50%, 07/09/41 (Call 05/29/23)(b)(i)		5,204		1,300,252
3.88%, 01/09/38 (Call 05/29/23)(i)		5,699		1,573,503
				7,608,639
Azerbaijan — 0.1%
Republic of Azerbaijan International Bond, 3.50%, 09/01/32(a)		600		521,175
Bahrain — 2.5%
Bahrain Government International Bond
5.25%, 01/25/33(a)		600		517,987
5.45%, 09/16/32(a)		600		535,425
5.63%, 09/30/31(a)		400		368,825
5.63%, 05/18/34(a)		600		524,925
6.00%, 09/19/44(a)		600		471,300
6.75%, 09/20/29(a)		600		596,550
7.00%, 01/26/26(a)		600		614,925
7.00%, 10/12/28(a)		700		715,444
7.38%, 05/14/30(a)		400		411,200
7.75%, 04/18/35		400		402,000
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(a)		400		411,825
CBB International Sukuk Programme Co.
3.88%, 05/18/29(a)		550		495,791
3.95%, 09/16/27(a)		500		479,781
4.50%, 03/30/27(a)		600		583,800
6.25%, 11/14/24(a)		600		603,300
6.25%, 10/18/30(d)		400		404,000
				8,137,078
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(a)		400		222,075
Brazil — 4.9%
Brazilian Government International Bond
2.88%, 06/06/25(b)		1,000		956,125
3.75%, 09/12/31(b)		934		806,918
3.88%, 06/12/30		1,700		1,518,631
4.25%, 01/07/25(b)		2,100		2,076,112
4.50%, 05/30/29 (Call 02/28/29)		1,000		948,313
4.63%, 01/13/28 (Call 10/13/27)(b)		1,400		1,370,512

Security	Par (000)		Value
Brazil (continued)
4.75%, 01/14/50 (Call 07/14/49)(b)	$	2,050	$	1,509,056
5.00%, 01/27/45(b)		1,700		1,335,881
5.63%, 01/07/41(b)		1,100		974,394
5.63%, 02/21/47		1,500		1,268,250
6.00%, 04/07/26(b)		1,000		1,036,438
6.00%, 10/20/33		700		687,225
7.13%, 01/20/37		800		854,900
8.25%, 01/20/34(b)		650		748,638
				16,091,393
Colombia — 3.8%
Colombia Government International Bond
3.00%, 01/30/30 (Call 10/30/29)		700		535,631
3.13%, 04/15/31 (Call 01/15/31)		1,200		888,225
3.25%, 04/22/32 (Call 01/22/32)		1,000		720,812
3.88%, 04/25/27 (Call 01/25/27)		1,000		898,312
3.88%, 02/15/61 (Call 08/15/60)(b)		600		328,613
4.13%, 02/22/42 (Call 08/22/41)		600		371,738
4.13%, 05/15/51 (Call 11/15/50)		800		470,650
4.50%, 01/28/26 (Call 10/28/25)		800		758,400
4.50%, 03/15/29 (Call 12/15/28)(b)		800		694,900
5.00%, 06/15/45 (Call 12/15/44)		2,400		1,606,200
5.20%, 05/15/49 (Call 11/15/48)		1,450		976,303
5.63%, 02/26/44 (Call 08/26/43)		1,200		872,850
6.13%, 01/18/41		1,100		864,394
7.38%, 09/18/37(b)		900		834,919
7.50%, 02/02/34 (Call 11/02/33)		1,200		1,145,100
8.00%, 04/20/33 (Call 01/20/33)(b)		689		686,115
				12,653,162
Costa Rica — 0.7%
Costa Rica Government International Bond
6.13%, 02/19/31(a)(b)		400		402,575
6.55%, 04/03/34 (Call 01/03/34)(d)		600		611,250
7.00%, 04/04/44(a)		650		639,153
7.16%, 03/12/45(a)		600		596,738
				2,249,716
Dominican Republic — 3.4%
Dominican Republic International Bond
4.50%, 01/30/30(a)		1,000		883,000
4.88%, 09/23/32(a)		1,500		1,289,344
5.30%, 01/21/41(a)		700		552,475
5.50%, 01/27/25(a)		625		618,476
5.50%, 02/22/29 (Call 12/22/28)(a)		850		808,722
5.88%, 01/30/60(a)		1,650		1,257,919
5.95%, 01/25/27(a)		850		842,191
6.00%, 07/19/28(a)		650		639,966
6.00%, 02/22/33 (Call 11/22/32)(a)		850		793,050
6.40%, 06/05/49(a)		800		669,900
6.50%, 02/15/48(a)		450		383,287
6.85%, 01/27/45(a)		1,000		898,000
6.88%, 01/29/26(a)		700		712,381
7.45%, 04/30/44(a)		750		726,234
				11,074,945
Ecuador — 1.0%
Ecuador Government International Bond
0.00%, 07/31/30(a)(f)		542		165,441
1.50%, 07/31/40(a)(i)		1,573		511,551
2.50%, 07/31/35(a)(i)		4,240		1,548,592
5.50%, 07/31/30(a)(i)		1,906		1,001,383
				3,226,967

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Egypt — 2.1%
Egypt Government International Bond
5.80%, 09/30/27(a)	$	600	$	367,988
5.88%, 06/11/25(a)		800		574,150
5.88%, 02/16/31(a)		800		425,650
6.59%, 02/21/28(a)		600		368,362
7.05%, 01/15/32(a)		600		330,300
7.30%, 09/30/33(a)		500		268,844
7.50%, 01/31/27(a)		1,000		668,937
7.50%, 02/16/61(a)		600		298,800
7.60%, 03/01/29(a)		800		488,650
7.63%, 05/29/32(a)		1,000		557,375
7.90%, 02/21/48(a)		850		425,956
8.50%, 01/31/47(a)		1,300		684,369
8.70%, 03/01/49(a)		600		317,363
8.88%, 05/29/50(a)		1,000		529,250
Egyptian Financial Co. for Sovereign Taskeek (The), 10.88%, 02/28/26(b)(d)		600		492,487
				6,798,481
El Salvador — 0.2%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/06/49)(a)		550		266,681
7.65%, 06/15/35(a)		450		225,084
9.50%, 07/15/52 (Call 01/15/52)(a)		550		300,438
				792,203
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(a)		600		417,300
Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31(a)		400		295,075
Ghana — 0.6%
Ghana Government International Bond
6.38%, 02/11/27(a)(j)(k)		800		297,400
7.63%, 05/16/29(a)(j)(k)		500		181,813
7.75%, 04/07/29(a)(j)(k)		600		219,300
7.88%, 02/11/35(a)(j)(k)		400		144,950
8.13%, 01/18/26(a)(j)(k)		470		186,032
8.13%, 03/26/32(a)(j)(k)		500		181,031
8.63%, 04/07/34(a)(j)(k)		400		144,700
8.63%, 06/16/49(a)(j)(k)		600		204,487
8.95%, 03/26/51(a)(j)(k)		500		173,063
10.75%, 10/14/30(a)(j)(k)		400		269,575
				2,002,351
Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)(a)(b)		700		656,163
Iraq — 0.2%
Iraq International Bond, 5.80%, 01/15/28 (Call 06/12/23)(a)		781		728,174
Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.13%, 06/15/33(a)		600		504,863
Jamaica — 0.8%
Jamaica Government International Bond
6.75%, 04/28/28(b)		800		841,650
7.88%, 07/28/45(b)		900		1,050,356
8.00%, 03/15/39(b)		600		725,175
				2,617,181

Security	Par (000)		Value
Jordan — 0.8%
Jordan Government International Bond
5.75%, 01/31/27(a)	$	400	$	381,825
5.85%, 07/07/30(a)		900		806,231
6.13%, 01/29/26(a)		400		392,450
7.38%, 10/10/47(a)		400		336,575
7.50%, 01/13/29(d)		600		600,488
				2,517,569
Kenya — 0.7%
Republic of Kenya Government International Bond
6.30%, 01/23/34(a)		400		259,950
6.88%, 06/24/24(a)		800		689,150
7.25%, 02/28/28(a)		600		459,675
8.00%, 05/22/32(a)		600		447,675
8.25%, 02/28/48(a)		600		398,175
				2,254,625
Lebanon — 0.1%
Lebanon Government International Bond
6.00%, 01/27/23(a)(j)(k)		500		28,844
6.10%, 10/04/24(j)(k)		730		42,112
6.60%, 11/27/26(a)(j)(k)		760		43,367
6.65%, 02/26/30(a)(j)(k)		760		42,893
6.75%, 11/29/27(a)(j)(k)		470		26,819
6.85%, 03/23/27(a)(j)(k)		800		45,650
7.00%, 03/23/32(a)(j)(k)		475		27,105
				256,790
Morocco — 0.6%
Morocco Government International Bond
3.00%, 12/15/32(a)		400		322,950
4.00%, 12/15/50(a)		600		409,987
5.95%, 03/08/28(d)		600		615,300
6.50%, 09/08/33(d)		700		724,194
				2,072,431
Nigeria — 1.6%
Nigeria Government International Bond
6.13%, 09/28/28(a)		800		607,150
6.50%, 11/28/27(a)		600		476,550
7.14%, 02/23/30(a)		714		533,179
7.38%, 09/28/33(a)		600		413,550
7.63%, 11/21/25(a)		300		271,088
7.63%, 11/28/47(a)		600		372,675
7.70%, 02/23/38(a)		600		394,237
7.88%, 02/16/32(a)		800		590,400
8.25%, 09/28/51(a)		600		390,300
8.38%, 03/24/29(a)		800		650,150
8.75%, 01/21/31(a)		600		475,050
				5,174,329
Oman — 3.7%
Oman Government International Bond
4.75%, 06/15/26(a)		1,000		978,000
4.88%, 02/01/25(a)		200		197,725
5.38%, 03/08/27(a)		1,000		994,563
5.63%, 01/17/28(a)		1,400		1,408,137
6.00%, 08/01/29(a)		1,000		1,020,187
6.25%, 01/25/31(a)		1,000		1,035,500
6.50%, 03/08/47(a)		1,000		935,813
6.75%, 10/28/27(a)		800		841,900
6.75%, 01/17/48(a)		1,400		1,351,262
7.00%, 01/25/51(a)		400		397,700
7.38%, 10/28/32(a)		600		668,175

38 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oman (continued)
Oman Sovereign Sukuk Co.
4.40%, 06/01/24(a)	$	800	$	787,650
4.88%, 06/15/30(a)		800		806,400
5.93%, 10/31/25(a)		800		816,900
				12,239,912
Pakistan — 0.3%
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29(a)		400		169,575
Pakistan Government International Bond
6.00%, 04/08/26(a)		700		250,163
6.88%, 12/05/27(a)		750		261,703
7.38%, 04/08/31(a)		800		268,650
				950,091
Paraguay — 0.4%
Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)(a)		400		386,450
5.40%, 03/30/50 (Call 09/30/49)(a)		600		511,237
6.10%, 08/11/44(a)		400		380,700
				1,278,387
Senegal — 0.2%
Senegal Government International Bond
6.25%, 05/23/33(a)		500		392,437
6.75%, 03/13/48(a)		600		400,050
				792,487
Serbia — 0.3%
Serbia International Bond
2.13%, 12/01/30(a)		535		416,732
6.50%, 09/26/33(a)		500		507,281
				924,013
South Africa — 2.5%
Republic of South Africa Government International Bond
4.30%, 10/12/28(b)		1,000		897,062
4.85%, 09/27/27		400		380,075
4.85%, 09/30/29		1,100		986,769
4.88%, 04/14/26		604		584,106
5.00%, 10/12/46		600		407,925
5.38%, 07/24/44		500		363,687
5.65%, 09/27/47(b)		800		577,900
5.75%, 09/30/49		1,350		970,144
5.88%, 09/16/25(b)		986		984,028
5.88%, 06/22/30		900		843,075
5.88%, 04/20/32		600		544,612
7.30%, 04/20/52		700		597,319
				8,136,702
Sri Lanka — 0.5%
Sri Lanka Government International Bond
6.20%, 05/11/27(a)(j)(k)		700		229,162
6.75%, 04/18/28(a)(j)(k)		700		229,600
6.83%, 07/18/26(a)(j)(k)		600		209,550
6.85%, 03/14/24(a)(j)(k)		600		198,300
6.85%, 11/03/25(a)(j)(k)		900		315,450
7.55%, 03/28/30(a)(j)(k)		400		131,200
7.85%, 03/14/29(a)(j)(k)		700		229,250
				1,542,512
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a)		400		390,575

Security	Par (000)		Value
Tunisia — 0.1%
Tunisian Republic, 5.75%, 01/30/25(a)	$	400	$	203,325
Turkey — 11.0%
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24(a)		400		382,075
5.13%, 06/22/26(a)		1,200		1,091,100
7.25%, 02/24/27(a)		1,500		1,436,531
9.76%, 11/13/25(a)		1,400		1,432,637
Turkey Government International Bond
4.25%, 03/13/25		1,000		927,375
4.25%, 04/14/26		900		802,294
4.75%, 01/26/26(b)		800		728,150
4.88%, 10/09/26		1,500		1,341,375
4.88%, 04/16/43		1,570		1,046,307
5.13%, 02/17/28		1,000		870,188
5.25%, 03/13/30(b)		1,100		903,238
5.60%, 11/14/24		1,100		1,055,175
5.75%, 05/11/47		1,800		1,277,775
5.88%, 06/26/31		900		747,450
5.95%, 01/15/31		1,200		1,004,100
6.00%, 03/25/27(b)		1,700		1,559,537
6.00%, 01/14/41		1,500		1,126,219
6.13%, 10/24/28		1,500		1,343,250
6.35%, 08/10/24(b)		1,050		1,027,556
6.38%, 10/14/25		1,500		1,422,937
6.50%, 09/20/33		900		760,950
6.63%, 02/17/45		1,600		1,262,800
6.75%, 05/30/40		1,050		844,134
6.88%, 03/17/36		1,300		1,108,494
7.25%, 03/05/38		500		445,406
7.38%, 02/05/25(b)		1,570		1,545,763
7.63%, 04/26/29		1,400		1,323,263
8.00%, 02/14/34		750		743,813
8.60%, 09/24/27		1,000		995,500
9.13%, 07/13/30		500		499,000
9.38%, 03/14/29		1,100		1,109,488
9.38%, 01/19/33		1,200		1,208,850
9.88%, 01/15/28		1,800		1,856,587
11.88%, 01/15/30		700		817,819
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)		200		177,500
				36,224,636
Ukraine — 0.4%
Ukraine Government International Bond
6.88%, 05/21/31(a)(j)(k)		800		129,150
7.25%, 03/15/35(a)(j)(k)		1,200		194,475
7.38%, 09/25/34(a)(j)(k)		1,400		225,137
7.75%, 09/01/25(a)(j)(k)		625		118,867
7.75%, 09/01/26(a)(j)(k)		850		144,659
7.75%, 09/01/27(a)(j)(k)		600		103,613
7.75%, 09/01/28(a)(j)(k)		800		137,900
7.75%, 09/01/29(a)(j)(k)		750		129,047
9.75%, 11/01/30(a)(j)(k)		800		142,150
				1,324,998
United Arab Emirates — 1.1%
Emirate of Dubai Government International Bonds
3.90%, 09/09/50(a)		600		440,550
5.25%, 01/30/43(a)		600		568,050
Finance Department Government of Sharjah
4.00%, 07/28/50(a)		500		323,844
6.50%, 11/23/32(d)		500		520,000

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
United Arab Emirates (continued)
Sharjah Sukuk Program Ltd.
2.94%, 06/10/27(a)	$	400	$	365,075
3.23%, 10/23/29(a)		500		445,875
3.85%, 04/03/26(a)		400		384,825
4.23%, 03/14/28(a)		800		765,650
				3,813,869
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(a)		600		584,738
Zambia — 0.1%
Zambia Government International Bond
8.50%, 04/14/24(a)(j)(k)		400		186,950
8.97%, 07/30/27(a)(j)(k)		600		276,675
				463,625
Total Foreign Government and Agency Obligations — 48.9% (Cost: $214,690,373)				161,085,199
Total Long-Term Investments — 97.8% (Cost: $398,720,406)				322,403,287
Short-Term Securities
Money Market Funds — 12.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(l)(m)(n)		39,214		39,226,179
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(l)(m)		2,559		2,559,000
Total Short-Term Securities — 12.7% (Cost: $41,769,189)				41,785,179
Total Investments — 110.5% (Cost: $440,489,595)				364,188,466
Liabilities in Excess of Other Assets — (10.5)%				(34,751,337	)
Net Assets — 100.0%			$	329,437,129

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

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

^(c)  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.

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

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

^(f)  Zero-coupon bond.

^(g)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

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

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

^(k)  Non-income producing security.

^(l)  Affiliate of the Fund.

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

⁽ⁿ⁾  All or a portion of this security was purchased with 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	34,730,604	$	4,476,516	(a)	$	—	$	4,413	$	14,646	$	39,226,179		39,214	$	161,810	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,469,000		90,000	(a)		—		—		—		2,559,000		2,559		45,827			2
								$	4,413	$	14,646	$	41,785,179			$	207,637		$	2

^(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.

40 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM High Yield Bond ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	161,318,088	$	—	$	161,318,088
Foreign Government and Agency Obligations		—		161,085,199		—		161,085,199
Short-Term Securities
Money Market Funds		41,785,179		—		—		41,785,179
	$	41,785,179	$	322,403,287	$	—	$	364,188,466

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited)  April 30, 2023 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government and Agency Obligations
Brazil — 5.2%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24(a)	BRL		40,167	$	7,409,937
0.00%, 07/01/24(a)	BRL		13,097		2,287,942
0.00%, 07/01/25(a)	BRL		16,378		2,574,128
0.00%, 01/01/26(a)	BRL		24,600		3,651,920
0.00%, 07/01/26(a)	BRL		6,644		932,197
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/25	BRL		14,204		2,761,111
Series F, 10.00%, 01/01/29	BRL		11,040		2,029,870
Series F, 10.00%, 01/01/31	BRL		5,000		898,359
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/33	BRL		2,974		522,410
Series F, 10.00%, 01/01/27	BRL		15,067		2,864,930
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		96,706
10.25%, 01/10/28	BRL		1,420		272,064
					26,301,574
Chile — 4.2%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28(b)(c)	CLP		780,000		817,497
2.50%, 03/01/25	CLP		4,185,000		4,787,370
4.50%, 03/01/26	CLP		2,570,000		3,027,139
4.70%, 09/01/30(b)(c)	CLP		2,730,000		3,219,787
5.00%, 10/01/28(b)(c)	CLP		1,035,000		1,235,899
5.00%, 03/01/35	CLP		2,920,000		3,485,139
6.00%, 01/01/43	CLP		2,630,000		3,496,507
7.00%, 05/01/34(b)	CLP		760,000		1,068,246
					21,137,584
China — 14.7%
China Government Bond
1.99%, 04/09/25	CNY		14,330		2,052,623
2.18%, 08/25/25	CNY		9,840		1,411,838
2.24%, 05/25/25	CNY		8,340		1,199,454
2.26%, 02/24/25	CNY		8,150		1,174,734
2.28%, 11/25/25	CNY		8,790		1,263,861
2.37%, 01/20/27	CNY		9,050		1,297,011
2.44%, 10/15/27	CNY		8,660		1,241,888
2.46%, 02/15/26	CNY		7,260		1,047,894
2.47%, 09/02/24	CNY		13,510		1,954,089
2.48%, 04/15/27	CNY		7,750		1,113,696
2.50%, 07/25/27	CNY		12,100		1,739,886
2.60%, 09/01/32	CNY		8,240		1,167,123
2.62%, 04/15/28	CNY		3,740		539,610
2.62%, 09/25/29	CNY		9,330		1,334,655
2.64%, 01/15/28	CNY		6,790		980,117
2.68%, 05/21/30	CNY		14,870		2,131,750
2.69%, 08/12/26	CNY		12,700		1,842,272
2.69%, 08/15/32	CNY		9,470		1,351,047
2.75%, 06/15/29	CNY		9,430		1,362,210
2.75%, 02/17/32	CNY		9,340		1,340,550
2.76%, 05/15/32	CNY		8,120		1,166,349
2.79%, 12/15/29	CNY		9,340		1,348,947
2.80%, 03/24/29	CNY		9,140		1,324,930
2.80%, 03/25/30	CNY		5,640		815,867
2.80%, 11/15/32	CNY		8,850		1,274,925
2.84%, 04/08/24	CNY		12,590		1,828,131
2.85%, 06/04/27	CNY		15,810		2,304,330
2.88%, 02/25/33	CNY		6,210		901,875

Security		Par (000)		Value
China (continued)
2.89%, 11/18/31	CNY		8,850	$	1,284,510
2.91%, 10/14/28	CNY		11,790		1,721,221
2.94%, 10/17/24	CNY		9,960		1,451,401
3.01%, 05/13/28	CNY		12,310		1,807,720
3.02%, 10/22/25	CNY		14,230		2,084,715
3.02%, 05/27/31	CNY		13,660		2,004,896
3.03%, 03/11/26	CNY		12,870		1,888,479
3.12%, 12/05/26	CNY		10,590		1,559,883
3.12%, 10/25/52	CNY		7,490		1,070,514
3.13%, 11/21/29	CNY		12,860		1,903,416
3.19%, 04/11/24	CNY		12,320		1,795,697
3.19%, 04/15/53	CNY		2,740		398,613
3.22%, 12/06/25	CNY		9,140		1,346,959
3.25%, 06/06/26	CNY		12,090		1,787,755
3.25%, 11/22/28	CNY		8,150		1,216,377
3.27%, 11/19/30	CNY		15,390		2,310,728
3.28%, 12/03/27	CNY		14,130		2,103,139
3.29%, 05/23/29	CNY		12,730		1,907,688
3.32%, 04/15/52	CNY		7,000		1,034,856
3.53%, 10/18/51	CNY		6,110		937,338
3.72%, 04/12/51	CNY		7,820		1,240,374
3.81%, 09/14/50	CNY		12,510		2,007,483
					73,375,424
Colombia — 4.2%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		146,337
Colombian TES
9.25%, 05/28/42	COP		8,531,300		1,419,765
Series B, 5.75%, 11/03/27	COP		7,954,600		1,363,279
Series B, 6.00%, 04/28/28	COP		12,886,400		2,190,510
Series B, 6.25%, 11/26/25	COP		9,146,700		1,734,295
Series B, 6.25%, 07/09/36	COP		5,246,700		698,170
Series B, 7.00%, 03/26/31	COP		13,722,600		2,220,831
Series B, 7.00%, 06/30/32	COP		11,511,900		1,797,589
Series B, 7.25%, 10/18/34	COP		12,748,800		1,928,826
Series B, 7.25%, 10/26/50	COP		9,300,000		1,207,842
Series B, 7.50%, 08/26/26	COP		12,658,500		2,415,738
Series B, 7.75%, 09/18/30	COP		9,991,700		1,721,043
Series B, 10.00%, 07/24/24	COP		9,833,200		2,073,109
					20,917,334
Czech Republic — 4.5%
Czech Republic Government Bond
0.00%, 12/12/24(a)	CZK		9,540		408,560
0.05%, 11/29/29	CZK		19,930		695,647
0.25%, 02/10/27	CZK		38,630		1,526,174
0.95%, 05/15/30(c)	CZK		36,560		1,346,015
1.00%, 06/26/26(c)	CZK		36,780		1,526,314
1.20%, 03/13/31	CZK		36,310		1,331,692
1.25%, 02/14/25	CZK		29,840		1,303,274
1.50%, 04/24/40	CZK		13,730		409,318
1.75%, 06/23/32	CZK		36,610		1,361,734
1.95%, 07/30/37	CZK		11,830		406,599
2.00%, 10/13/33	CZK		39,980		1,477,909
2.40%, 09/17/25(c)	CZK		36,800		1,617,716
2.50%, 08/25/28(c)	CZK		37,990		1,600,794
2.75%, 07/23/29	CZK		37,500		1,582,202
3.50%, 05/30/35	CZK		8,930		378,933
4.20%, 12/04/36(c)	CZK		23,460		1,056,458
5.00%, 09/30/30	CZK		25,310		1,217,523

42 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Czech Republic (continued)
5.50%, 12/12/28	CZK		17,690	$	861,770
5.70%, 05/25/24(c)	CZK		22,710		1,064,449
6.00%, 02/26/26	CZK		24,280		1,160,459
					22,333,540
Dominican Republic — 4.4%
Dominican Republic International Bond
9.75%, 06/05/26(c)	DOP		573,300		10,386,487
13.63%, 02/03/33 (Call 11/03/32)(c)	DOP		534,650		11,493,847
					21,880,334
Egypt — 3.9%
Egypt Government Bond
13.54%, 01/14/25	EGP		21,307		588,304
14.06%, 01/12/26	EGP		147,209		3,856,718
14.29%, 01/05/28	EGP		48,756		1,159,556
14.35%, 09/10/24	EGP		26,886		767,680
14.37%, 10/20/25	EGP		108,405		2,903,951
14.40%, 09/10/29	EGP		22,306		500,942
14.48%, 04/06/26	EGP		110,489		2,845,932
14.53%, 09/14/24	EGP		80,754		2,314,199
14.56%, 07/06/26	EGP		47,947		1,236,792
14.56%, 10/13/27	EGP		76,013		1,844,693
14.66%, 10/06/30	EGP		29,769		657,861
16.10%, 05/07/29	EGP		25,844		629,295
					19,305,923
Hungary — 4.4%
Hungary Government Bond
1.00%, 11/26/25	HUF		749,550		1,755,960
1.50%, 04/22/26	HUF		657,370		1,521,848
1.50%, 08/26/26	HUF		446,820		1,016,609
2.00%, 05/23/29	HUF		518,050		1,090,639
2.25%, 04/20/33	HUF		693,140		1,302,090
2.25%, 06/22/34	HUF		219,350		393,591
2.50%, 10/24/24	HUF		634,050		1,627,402
2.75%, 12/22/26	HUF		537,790		1,261,000
3.00%, 06/26/24	HUF		399,500		1,055,290
3.00%, 10/27/27	HUF		673,180		1,552,333
3.00%, 08/21/30	HUF		614,280		1,336,791
3.00%, 10/27/38	HUF		468,020		814,313
3.00%, 04/25/41	HUF		273,380		454,379
3.25%, 10/22/31	HUF		905,610		1,934,045
4.50%, 03/23/28	HUF		355,340		878,166
4.75%, 11/24/32	HUF		371,410		877,612
5.50%, 06/24/25	HUF		659,340		1,734,634
6.75%, 10/22/28	HUF		443,150		1,200,632
					21,807,334
Indonesia — 6.5%
Indonesia Treasury Bond
5.13%, 04/15/27	IDR		12,531,000		822,954
5.50%, 04/15/26	IDR		21,688,000		1,452,948
6.13%, 05/15/28	IDR		12,019,000		813,208
6.25%, 06/15/36	IDR		5,099,000		330,498
6.38%, 08/15/28	IDR		5,193,000		355,428
6.38%, 04/15/32	IDR		24,894,000		1,677,503
6.38%, 07/15/37	IDR		1,705,000		111,575
6.50%, 06/15/25	IDR		20,762,000		1,423,159
6.50%, 02/15/31	IDR		30,756,000		2,092,331
6.63%, 05/15/33	IDR		15,996,000		1,092,465
7.00%, 05/15/27	IDR		12,855,000		899,188
7.00%, 09/15/30	IDR		29,945,000		2,097,283

Security		Par (000)		Value
Indonesia (continued)
7.00%, 02/15/33	IDR		13,893,000	$	978,505
7.13%, 06/15/42	IDR		16,318,000		1,133,088
7.13%, 06/15/43	IDR		1,508,000		104,946
7.50%, 08/15/32	IDR		4,501,000		324,156
7.50%, 06/15/35	IDR		20,582,000		1,478,505
7.50%, 05/15/38	IDR		12,915,000		923,338
7.50%, 04/15/40	IDR		19,272,000		1,383,112
8.13%, 05/15/24	IDR		8,563,000		595,091
8.25%, 05/15/29	IDR		18,948,000		1,409,798
8.25%, 06/15/32	IDR		5,264,000		395,529
8.25%, 05/15/36	IDR		16,128,000		1,223,068
8.38%, 03/15/24	IDR		19,505,000		1,353,803
8.38%, 09/15/26	IDR		16,771,000		1,216,612
8.38%, 03/15/34	IDR		24,690,000		1,889,197
8.38%, 04/15/39	IDR		6,447,000		498,202
8.75%, 05/15/31	IDR		7,582,000		582,387
9.00%, 03/15/29	IDR		17,827,000		1,365,418
9.50%, 07/15/31	IDR		2,585,000		206,606
10.50%, 08/15/30	IDR		2,359,000		196,744
11.00%, 09/15/25	IDR		2,856,000		213,979
Perusahaan Penerbit SBSN Indonesia
4.88%, 07/15/26	IDR		4,867,000		317,078
6.38%, 03/15/34	IDR		9,639,000		624,232
6.63%, 10/15/24	IDR		6,528,000		447,073
8.88%, 11/15/31	IDR		5,023,000		384,871
					32,413,878
Malaysia — 4.4%
Malaysia Government Bond
2.63%, 04/15/31	MYR		2,404		497,211
3.48%, 06/14/24	MYR		2,682		604,531
3.50%, 05/31/27	MYR		2,045		459,427
3.58%, 07/15/32	MYR		2,356		522,567
3.73%, 06/15/28	MYR		3,848		873,303
3.76%, 05/22/40	MYR		3,546		769,118
3.83%, 07/05/34	MYR		2,773		617,334
3.88%, 03/14/25	MYR		2,808		637,949
3.89%, 08/15/29	MYR		2,527		573,417
3.90%, 11/30/26	MYR		3,133		715,298
3.90%, 11/16/27	MYR		4,027		919,805
3.91%, 07/15/26	MYR		1,647		375,599
3.96%, 09/15/25	MYR		3,976		906,676
4.06%, 09/30/24	MYR		960		218,281
4.07%, 06/15/50	MYR		4,102		897,262
4.18%, 07/15/24	MYR		1,373		311,981
4.25%, 05/31/35	MYR		2,642		609,102
4.50%, 04/30/29	MYR		1,473		345,314
4.70%, 10/15/42	MYR		1,953		479,233
4.76%, 04/07/37	MYR		3,493		848,907
4.89%, 06/08/38	MYR		2,116		526,047
4.92%, 07/06/48	MYR		1,783		449,945
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR		3,644		815,143
3.45%, 07/15/36	MYR		2,694		569,270
3.47%, 10/15/30	MYR		3,930		862,900
3.66%, 10/15/24	MYR		2,273		513,406
3.73%, 03/31/26	MYR		3,936		892,136
3.99%, 10/15/25	MYR		3,519		803,441
4.13%, 08/15/25	MYR		1,522		347,960
4.13%, 07/09/29	MYR		3,004		687,947
4.19%, 10/07/32	MYR		3,572		824,127

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Malaysia (continued)
4.25%, 09/30/30	MYR		1,305	$	302,328
4.26%, 07/26/27	MYR		1,715		396,455
4.29%, 08/14/43	MYR		715		165,520
4.37%, 10/31/28	MYR		3,718		866,980
Malaysia Investment Issue Bond, 4.42%, 09/30/41	MYR		3,150		734,863
					21,940,783
Mexico — 5.6%
Mexican Bonos
5.00%, 03/06/25	MXN		20,355		1,030,526
5.50%, 03/04/27	MXN		32,879		1,614,228
7.50%, 05/26/33	MXN		12,057		613,127
Series M, 5.75%, 03/05/26	MXN		64,908		3,267,275
Series M, 7.75%, 05/29/31	MXN		64,790		3,387,117
Series M, 7.75%, 11/23/34	MXN		10,400		532,870
Series M, 7.75%, 11/13/42	MXN		38,298		1,864,711
Series M, 8.00%, 12/07/23	MXN		25,716		1,402,696
Series M, 8.00%, 09/05/24	MXN		47,539		2,546,516
Series M, 8.00%, 11/07/47	MXN		37,986		1,888,645
Series M 20, 7.50%, 06/03/27	MXN		51,248		2,700,411
Series M 20, 8.50%, 05/31/29	MXN		39,216		2,151,798
Series M 20, 10.00%, 12/05/24	MXN		38,580		2,122,141
Series M 30, 8.50%, 11/18/38	MXN		30,907		1,639,413
Series M 30, 10.00%, 11/20/36	MXN		8,523		518,072
Mexico Bonos, 8.00%, 07/31/53	MXN		17,656		868,028
					28,147,574
Peru — 4.5%
Peru Government Bond
5.35%, 08/12/40	PEN		6,181		1,313,668
5.40%, 08/12/34	PEN		8,314		1,887,534
5.70%, 08/12/24	PEN		5,031		1,344,007
5.94%, 02/12/29	PEN		12,418		3,160,330
6.15%, 08/12/32	PEN		12,220		3,014,373
6.35%, 08/12/28	PEN		11,582		3,037,107
6.90%, 08/12/37	PEN		12,098		3,071,703
6.95%, 08/12/31	PEN		11,955		3,144,252
8.20%, 08/12/26	PEN		9,008		2,538,862
					22,511,836
Poland — 4.5%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN		7,769		1,548,312
0.75%, 04/25/25	PLN		7,300		1,588,773
1.25%, 10/25/30	PLN		9,079		1,591,339
1.75%, 04/25/32	PLN		9,609		1,662,880
2.25%, 10/25/24	PLN		7,866		1,798,270
2.50%, 04/25/24	PLN		7,042		1,640,889
2.50%, 07/25/26	PLN		10,832		2,346,001
2.50%, 07/25/27	PLN		7,559		1,590,930
2.75%, 04/25/28	PLN		8,798		1,833,267
2.75%, 10/25/29	PLN		11,381		2,287,876
3.25%, 07/25/25	PLN		9,097		2,066,075
3.75%, 05/25/27	PLN		8,262		1,840,305
7.50%, 07/25/28	PLN		2,580		661,678
					22,456,595
Romania — 4.4%
Romania Government Bond
2.50%, 10/25/27	RON		5,620		1,039,051
3.25%, 04/29/24	RON		5,660		1,229,007
3.25%, 06/24/26	RON		5,805		1,167,048
3.50%, 11/25/25	RON		4,930		1,015,712

Security		Par (000)		Value
Romania (continued)
3.65%, 07/28/25	RON		5,100	$	1,069,654
3.65%, 09/24/31	RON		7,110		1,232,842
3.70%, 11/25/24	RON		5,675		1,216,758
4.15%, 01/26/28	RON		5,485		1,082,302
4.15%, 10/24/30	RON		6,110		1,128,981
4.25%, 04/28/36	RON		4,025		666,325
4.50%, 06/17/24	RON		5,675		1,243,100
4.75%, 02/24/25	RON		6,200		1,343,489
4.75%, 10/11/34	RON		6,685		1,200,222
4.85%, 04/22/26	RON		6,020		1,273,191
4.85%, 07/25/29	RON		6,910		1,363,468
5.00%, 02/12/29	RON		5,985		1,199,850
5.80%, 07/26/27	RON		6,230		1,328,929
6.70%, 02/25/32	RON		6,895		1,482,944
8.25%, 09/29/32	RON		3,595		850,874
					22,133,747
Serbia — 4.4%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD		798,830		7,295,502
4.50%, 08/20/32	RSD		972,290		7,858,774
5.88%, 02/08/28	RSD		754,640		7,135,560
					22,289,836
South Africa — 4.3%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		19,712		706,094
6.50%, 02/28/41	ZAR		15,913		531,457
7.00%, 02/28/31	ZAR		26,012		1,152,769
8.00%, 01/31/30	ZAR		62,617		3,064,697
8.25%, 03/31/32	ZAR		52,424		2,441,876
8.50%, 01/31/37	ZAR		45,483		1,953,932
8.75%, 01/31/44	ZAR		36,156		1,499,805
8.75%, 02/28/48	ZAR		68,940		2,833,872
8.88%, 02/28/35	ZAR		44,926		2,060,130
9.00%, 01/31/40	ZAR		35,768		1,551,808
10.50%, 12/21/26	ZAR		64,458		3,704,812
					21,501,252
Thailand — 4.4%
Thailand Government Bond
0.75%, 06/17/24	THB		34,307		993,368
0.75%, 09/17/24	THB		43,007		1,241,737
0.95%, 06/17/25	THB		36,119		1,036,911
1.00%, 06/17/27	THB		46,065		1,292,511
1.45%, 12/17/24	THB		40,897		1,189,798
1.59%, 12/17/35	THB		32,022		829,034
1.60%, 12/17/29	THB		31,441		880,459
1.60%, 06/17/35	THB		16,885		438,999
2.00%, 12/17/31	THB		48,563		1,367,490
2.00%, 06/17/42	THB		18,712		466,464
2.13%, 12/17/26	THB		35,562		1,044,352
2.35%, 06/17/26	THB		19,439		575,136
2.40%, 12/17/23	THB		24,807		730,325
2.65%, 06/17/28	THB		20,989		626,374
2.88%, 12/17/28	THB		33,307		1,008,306
2.88%, 06/17/46	THB		28,570		801,629
3.30%, 06/17/38	THB		36,312		1,113,565
3.35%, 06/17/33	THB		11,954		375,012
3.39%, 06/17/37	THB		12,389		389,679
3.40%, 06/17/36	THB		32,492		1,013,071
3.45%, 06/17/43	THB		16,182		502,911

44 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thailand (continued)
3.65%, 06/20/31	THB		31,281	$	989,626
3.78%, 06/25/32	THB		35,535		1,146,322
3.85%, 12/12/25	THB		30,573		938,129
4.88%, 06/22/29	THB		32,614		1,095,073
					22,086,281
Turkey — 4.2%
Turkey Government Bond
8.00%, 03/12/25	TRY		26,996		1,199,115
9.00%, 07/24/24	TRY		29,312		1,384,873
10.40%, 03/20/24	TRY		13,422		645,862
10.50%, 08/11/27	TRY		97,846		3,968,886
10.60%, 02/11/26	TRY		49,067		2,156,763
11.00%, 02/24/27	TRY		29,710		1,235,635
11.70%, 11/13/30	TRY		54,432		2,442,974
12.40%, 03/08/28	TRY		16,341		746,840
12.60%, 10/01/25	TRY		70,643		3,355,738
16.90%, 09/02/26	TRY		77,677		3,969,408
					21,106,094
Uruguay — 4.4%
Uruguay Government International Bond
8.25%, 05/21/31	UYU		574,331		13,356,831
8.50%, 03/15/28(c)	UYU		355,530		8,615,333
					21,972,164
Total Long-Term Investments — 97.1% (Cost: $528,877,408)					485,619,087

Security	Shares (000)		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e)		200	$	200,000
Total Short-Term Securities — 0.0% (Cost: $200,000)				200,000
Total Investments — 97.1% (Cost: $529,077,408)				485,819,087
Other Assets Less Liabilities — 2.9%				14,359,058
Net Assets — 100.0%			$	500,178,145

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	440,000	$	—	$	(240,000	)(a)	$	—	$	—	$	200,000		200	$	28,100	$	5

^(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
Assets
Investments
Long-Term Investments
Foreign Government and Agency Obligations	$	—	$	485,619,087	$	—	$	485,619,087
Short-Term Securities
Money Market Funds		200,000		—		—		200,000
	$	200,000	$	485,619,087	$	—	$	485,819,087

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited)  April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Corporate Bonds & Notes
Australia — 0.6%
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/24)(a)		USD	50	$	46,467
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(b)(c)		EUR	100		91,627
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)		USD	175		151,949
4.50%, 09/15/27 (Call 06/15/27)(a)		USD	80		76,128
5.13%, 05/15/24 (Call 02/15/24)(a)		USD	50		49,748
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)		USD	80		77,333
6.13%, 04/15/32 (Call 01/15/32)(a)(d)		USD	100		96,750
Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)(a)		USD	125		120,312
Level 3 Financing Inc., 3.40%, 03/01/27 (Call 01/01/27)(a)		USD	75		58,500
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)		USD	70		71,138
8.13%, 05/01/27 (Call 05/01/23)(a)		USD	50		50,500
8.50%, 05/01/30 (Call 05/01/25)(a)		USD	70		70,750
					961,202
Austria — 0.1%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/23)(b)		EUR	100		102,269
Benteler International AG, 9.38%, 05/15/28 (Call 05/15/25)		EUR	100		110,190
					212,459
Belgium — 0.3%
Azelis Finance NV, 5.75%, 03/15/28 (Call 03/15/25)(b)		EUR	100		110,543
Ontex Group NV, 3.50%, 07/15/26 (Call 07/15/23)(b)		EUR	100		96,843
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/23)(a)		USD	200		186,975
					394,361
Canada — 3.7%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)		USD	70		62,754
3.88%, 01/15/28 (Call 09/15/23)(a)		USD	195		182,744
4.00%, 10/15/30 (Call 10/15/25)(a)		USD	325		283,803
4.38%, 01/15/28 (Call 11/15/23)(a)		USD	95		89,276
5.75%, 04/15/25 (Call 04/15/24)(a)		USD	40		40,179
Air Canada
3.88%, 08/15/26 (Call 02/15/26)(a)		USD	150		138,938
4.63%, 08/15/29 (Call 02/15/26)(a)		CAD	288		188,440
AutoCanada Inc., 5.75%, 02/07/29 (Call 01/01/25)(a)		CAD	150		93,857
Bausch Health Companies Inc., 6.13%, 02/01/27 (Call 02/01/24)(a)		USD	115		83,323
Bausch Health Cos. Inc., 5.25%, 02/15/31 (Call 02/15/26)(a)		USD	125		59,938
Baytex Energy Corp., 8.50%, 04/30/30 (Call 04/30/26)(d)		USD	100		100,500
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(a)		USD	90		85,266
7.13%, 06/15/26 (Call 06/15/23)(a)		USD	150		149,272
7.50%, 03/15/25 (Call 05/29/23)(a)		USD	22		22,000
7.50%, 02/01/29 (Call 02/01/26)(a)(d)		USD	75		73,688
7.88%, 04/15/27 (Call 04/15/24)(a)(d)		USD	225		224,482
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)		USD	50		39,296
6.25%, 09/15/27 (Call 09/15/23)(a)		USD	82		75,133
CSC Holdings LLC, 3.38%, 02/15/31 (Call 02/15/26)(a)(d)		USD	125		85,910
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3-mo. LIBOR US + 5.440%)(c)		USD	125		119,564

Security	Par (000)			Value
Canada (continued)
Ford Motor Credit Co. LLC, 4.13%, 08/17/27 (Call 06/17/27)		USD	160	$	146,834
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/24)(a)		USD	60		55,047
6.00%, 06/01/29 (Call 06/01/24)(a)		USD	50		41,125
7.75%, 02/15/28 (Call 02/15/25)(a)		USD	55		55,275
9.50%, 11/01/27 (Call 11/01/23)(a)		USD	75		71,923
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)		USD	60		54,577
3.75%, 08/01/25 (Call 08/01/23)(a)		USD	80		77,207
4.00%, 08/01/28 (Call 08/01/23)(a)(d)		USD	95		86,586
4.25%, 06/01/25 (Call 06/01/23)(a)		USD	75		73,003
4.38%, 08/15/29 (Call 08/15/24)(a)		USD	65		58,992
4.75%, 06/15/29 (Call 06/15/24)(a)(d)		USD	70		65,100
5.13%, 12/15/26 (Call 12/15/23)(a)		USD	54		53,250
Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24), (3-mo. EURIBOR + 2.750%)(b)(c)		EUR	100		105,871
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 (Call 10/15/23)(a)		USD	85		84,576
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)		USD	45		41,839
7.00%, 12/31/27 (Call 12/31/23)(a)		USD	70		61,642
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)		USD	70		61,253
5.25%, 12/15/27 (Call 12/15/23)(a)(d)		USD	60		55,801
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)		USD	75		72,000
7.13%, 02/01/27 (Call 02/01/24)(a)		USD	60		61,500
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a)(d)		USD	50		46,250
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(d)		USD	85		81,175
5.25%, 12/15/29 (Call 09/15/29)		USD	90		84,488
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(d)		USD	57		46,289
4.88%, 06/01/24 (Call 03/03/24)(a)		USD	130		128,213
5.00%, 05/01/25 (Call 01/31/25)(a)		USD	54		52,223
5.25%, 06/01/27 (Call 03/03/27)(a)		USD	125		113,385
NuVista Energy Ltd., 7.88%, 07/23/26 (Call 07/19/23)(a)		CAD	100		74,931
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/24)(a)		USD	115		102,051
3.88%, 12/01/29 (Call 12/01/24)(a)		USD	105		88,200
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)		USD	100		85,399
4.13%, 12/01/31 (Call 12/01/26)(a)		USD	68		56,391
Parkland Corp.
3.88%, 06/16/26 (Call 06/16/23)(a)		CAD	125		85,697
4.50%, 10/01/29 (Call 10/01/24)(a)		USD	95		83,244
4.63%, 05/01/30 (Call 05/01/25)(a)		USD	80		69,947
5.88%, 07/15/27 (Call 07/15/23)(a)		USD	65		63,341
Ritchie Bros Holdings Inc.
6.75%, 03/15/28 (Call 03/15/25)(a)		USD	60		62,100
7.75%, 03/15/31 (Call 03/15/26)(a)(d)		USD	95		100,981
Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(c)		USD	26		23,510
SNC-Lavalin Group Inc., 7.00%, 06/12/26 (Call 06/01/26)		CAD	25		18,689
Superior Plus LP, 4.25%, 05/18/28 (Call 05/18/24)(a)		CAD	50		32,817
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(a)		CAD	100		70,534

46 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Canada (continued)
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/23)(a)(d)		USD	35	$	18,891
5.63%, 12/06/26 (Call 12/06/23)(a)(d)		USD	60		33,541
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/23)(a)		USD	90		80,737
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)		CAD	100		58,601
3.63%, 06/15/28 (Call 06/15/24)(a)		CAD	150		96,696
3.63%, 06/15/29 (Call 06/15/24)(a)(d)		USD	75		64,819
4.50%, 01/15/30 (Call 10/15/24)		CAD	110		71,975
5.13%, 04/15/27 (Call 04/15/24)(a)		USD	60		57,976
5.38%, 06/15/24 (Call 03/15/24)(a)		USD	50		49,862
					5,684,717
Cayman Islands — 0.1%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/23)(b)		EUR	100		95,566
China — 0.1%
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(b)		USD	80		77,940
6.75%, 06/30/30 (Call 12/30/29)(a)(b)		USD	60		55,680
					133,620
Czech Republic — 0.1%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30(b)		EUR	100		111,101
Finland — 0.1%
Huhtamaki Oyj, 4.25%, 06/09/27 (Call 03/09/27)(b)		EUR	100		107,221
Nokia OYJ, 2.00%, 03/11/26 (Call 12/11/25)(b)		EUR	100		104,443
					211,664
France — 4.8%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)(b)		EUR	100		98,221
3.00%, 02/04/26 (Call 11/04/25)(b)		EUR	100		105,844
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/23)(b)		EUR	100		104,611
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)		USD	250		187,500
Altice France SA/France
2.13%, 02/15/25 (Call 01/29/24)(b)		EUR	100		100,672
2.50%, 01/15/25 (Call 09/15/23)(b)		EUR	100		101,908
3.38%, 01/15/28 (Call 05/29/23)(b)		EUR	100		83,813
4.13%, 01/15/29 (Call 09/15/23)(b)		EUR	200		164,048
5.13%, 01/15/29 (Call 09/15/23)(a)		USD	25		18,610
5.13%, 07/15/29 (Call 04/15/24)(a)		USD	300		222,033
5.50%, 01/15/28 (Call 09/15/23)(a)		USD	100		78,755
5.88%, 02/01/27 (Call 08/01/23)(b)		EUR	100		95,103
8.13%, 02/01/27 (Call 08/01/23)(a)(d)		USD	150		134,012
Atos SE
1.00%, 11/12/29 (Call 08/12/29)(b)		EUR	100		72,071
2.50%, 11/07/28 (Call 08/07/28)(b)		EUR	100		81,873
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/24)(b)		EUR	100		107,162
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(b)		EUR	200		175,154
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(b)		EUR	100		22,206
5.25%, 04/15/27 (Call 04/15/24)(b)		EUR	100		25,612
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(b)		EUR	100		88,951
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(b)		EUR	100		78,081
Elior Group SA, 3.75%, 07/15/26 (Call 07/15/23)(b)		EUR	100		95,627
Elis SA
1.00%, 04/03/25 (Call 01/03/25)(b)		EUR	100		103,561

Security	Par (000)			Value
France (continued)
1.63%, 04/03/28 (Call 01/03/28)(b)		EUR	100	$	96,976
2.88%, 02/15/26 (Call 11/15/25)(b)		EUR	100		105,828
Emeria SASU, 3.38%, 03/31/28 (Call 03/31/24)(b)		EUR	100		86,150
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(b)		EUR	100		94,928
2.38%, 06/15/29 (Call 06/15/24)(b)		EUR	100		87,992
2.63%, 06/15/25 (Call 06/15/23)(b)		EUR	235		245,988
2.75%, 02/15/27 (Call 02/15/24)(b)		EUR	100		97,515
3.13%, 06/15/26 (Call 06/15/23)(b)		EUR	100		102,974
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/15/23)(b)		EUR	100		103,639
Getlink SE, 3.50%, 10/30/25 (Call 10/30/23)(b)		EUR	100		107,010
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(b)		EUR	100		104,380
5.63%, 10/15/28 (Call 10/15/24)(b)		EUR	100		100,302
7.00%, 10/15/28 (Call 10/15/24)(a)		USD	125		118,569
iliad SA
1.50%, 10/14/24 (Call 07/14/24)(b)		EUR	100		105,131
1.88%, 04/25/25 (Call 01/25/25)(b)		EUR	200		206,457
1.88%, 02/11/28 (Call 11/11/27)(b)		EUR	100		91,695
2.38%, 06/17/26 (Call 03/17/26)(b)		EUR	100		100,624
5.63%, 02/15/30 (Call 11/15/29)(b)		EUR	100		105,484
IM Group SAS, 8.00%, 03/01/28 (Call 03/01/25)(b)		EUR	100		105,865
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/23)(b)		EUR	100		108,067
Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/23)(b)		EUR	100		97,901
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/08/23)(b)		EUR	100		78,813
Loxam SAS
2.88%, 04/15/26 (Call 04/10/24)(b)		EUR	100		101,791
3.25%, 01/14/25 (Call 07/15/23)(b)		EUR	125		134,178
6.38%, 05/15/28(b)		EUR	100		109,560
Lune Holdings Sarl, 5.63%, 11/15/28 (Call 11/15/24)(b)		EUR	100		93,984
Nexans SA, 5.50%, 04/05/28 (Call 01/05/28)(b)		EUR	100		112,150
Paprec Holding SA, 4.00%, 03/31/25 (Call 05/29/23)(b)		EUR	100		107,594
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(b)		EUR	100		97,733
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(b)(c)		EUR	100		101,172
Renault SA
1.13%, 10/04/27 (Call 07/04/27)(b)		EUR	100		89,541
1.25%, 06/24/25 (Call 03/24/25)(b)		EUR	100		102,413
2.38%, 05/25/26 (Call 02/25/26)(b)		EUR	300		301,669
2.50%, 06/02/27 (Call 03/02/27)(b)		EUR	200		194,756
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(b)		EUR	100		96,025
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(b)		EUR	100		95,185
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(b)		EUR	100		103,784
Tereos Finance Groupe, 4.75%, 04/30/27 (Call 04/30/24)(b)		EUR	100		103,671
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/23)(b)		EUR	100		113,057
Valeo
1.50%, 06/18/25 (Call 03/18/25)(b)		EUR	100		104,020
5.38%, 05/28/27 (Call 02/28/27)(b)		EUR	200		220,579
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(b)		EUR	100		97,324
					7,277,902
Germany — 3.3%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/08/23)(b)		EUR	100		95,134
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(b)(c)		EUR	100		102,123
3.13%, 11/12/79 (Call 08/12/27)(b)		EUR	100		94,760
3.75%, 07/01/74 (Call 07/01/24)(b)(c)		EUR	200		213,156
5.38%, 03/25/82 (Call 06/25/30)(b)(c)		EUR	100		100,743

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Germany (continued)
CECONOMY AG, 1.75%, 06/24/26 (Call 03/24/26)(b)		EUR	100	$	79,544
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(b)		EUR	100		100,393
Commerzbank AG
4.00%, 03/23/26(b)		EUR	100		106,696
4.00%, 03/30/27(b)		EUR	80		85,480
4.00%, 12/05/30 (Call 09/05/25)(b)(c)		EUR	100		103,965
8.63%, 02/28/33 (Call 11/28/27)(b)(c)		GBP	100		125,674
CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/24)(b)		EUR	100		97,379
Deutsche Lufthansa AG
1.63%, 11/16/23 (Call 10/16/23)(b)		EUR	100		108,222
2.88%, 02/11/25 (Call 01/11/25)(b)		EUR	100		106,156
2.88%, 05/16/27 (Call 02/16/27)(b)		EUR	100		100,333
3.00%, 05/29/26 (Call 02/28/26)(b)		EUR	100		103,180
3.50%, 07/14/29 (Call 04/14/29)(b)		EUR	100		98,307
4.38%, 08/12/75 (Call 02/12/26)(b)(c)		EUR	100		98,208
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/24)(b)		EUR	200		195,491
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(b)(c)		EUR	100		91,709
Gruenenthal GmbH, 6.75%, 05/15/30		EUR	100		110,752
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(b)		EUR	100		100,858
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(b)		EUR	100		83,988
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(b)		EUR	200		214,065
PCF GmbH, 4.75%, 04/15/26 (Call 04/15/24)(b)		EUR	100		92,623
ProGroup AG, 3.00%, 03/31/26 (Call 05/29/23)(b)		EUR	100		103,035
Renk AG/Frankfurt am Main, 5.75%, 07/15/25 (Call 06/15/23)(b)		EUR	100		107,576
Schaeffler AG
2.88%, 03/26/27 (Call 12/26/26)(b)		EUR	75		77,855
3.38%, 10/12/28 (Call 07/12/28)(b)		EUR	100		99,163
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/23)(b)		EUR	88		91,174
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(b)		EUR	100		103,847
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/23)(b)		EUR	100		70,969
thyssenkrupp AG, 2.50%, 02/25/25(b)		EUR	100		106,924
TK Elevator Holdco GmbH
6.63%, 07/15/28 (Call 07/15/23)(b)		EUR	90		82,326
7.63%, 07/15/28 (Call 07/15/23)(a)(d)		USD	50		44,693
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(b)		EUR	100		98,205
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)		USD	200		186,591
TUI Cruises GmbH, 6.50%, 05/15/26 (Call 05/15/23)(b)		EUR	100		97,983
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(b)		EUR	100		100,207
2.50%, 10/23/27 (Call 07/23/27)(b)		EUR	100		95,688
3.00%, 10/23/29 (Call 07/23/29)(b)		EUR	100		91,821
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(b)		EUR	100		95,135
2.25%, 05/03/28 (Call 02/03/28)(b)		EUR	100		92,331
2.75%, 05/25/27 (Call 02/25/27)(b)		EUR	100		97,760
5.75%, 08/03/26 (Call 07/03/26)(b)		EUR	100		110,547
ZF North America Capital Inc.
4.75%, 04/29/25(a)		USD	125		122,342
6.88%, 04/14/28 (Call 03/14/28)(a)		USD	75		77,115
7.13%, 04/14/30 (Call 02/14/30)(a)		USD	75		77,438
					5,039,664

Security	Par (000)			Value
Gibraltar — 0.1%
888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(b)		EUR	100	$	99,180
Greece — 0.7%
Alpha Bank SA
2.50%, 03/23/28 (Call 03/23/27)(b)(c)		EUR	100		90,131
7.50%, 06/16/27 (Call 06/16/26)(b)(c)		EUR	100		109,140
Eurobank Ergasias Services & Holdings SA, 10.00%, 12/06/32 (Call 12/06/27)(b)(c)		EUR	100		110,709
Eurobank SA
2.00%, 05/05/27 (Call 05/05/26)(b)(c)		EUR	100		94,074
7.00%, 01/26/29 (Call 01/26/28)(b)(c)		EUR	100		108,568
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(b)(c)		EUR	100		100,901
Piraeus Bank SA, 8.25%, 01/28/27 (Call 01/28/26)(b)(c)		EUR	100		109,944
Piraeus Financial Holdings SA, 5.50%, 02/19/30 (Call 02/19/25)(b)(c)		EUR	100		92,494
Public Power Corp. SA, 4.38%, 03/30/26 (Call 05/29/23)(b)		EUR	100		104,280
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/15/24)(b)		EUR	100		106,524
					1,026,765
Hong Kong — 0.1%
Melco Resorts Finance Ltd.
5.63%, 07/17/27 (Call 07/17/23)(a)		USD	50		45,110
5.75%, 07/21/28 (Call 07/21/23)(a)(d)		USD	125		109,269
					154,379
Ireland — 0.7%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. LIBOR US + 4.300%)(a)(c)		USD	75		70,956
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5-year CMT + 4.535%)(c)(d)		USD	75		70,163
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(b)(c)		EUR	100		103,083
2.88%, 05/30/31 (Call 05/30/26)(b)(c)		EUR	100		99,940
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26 (Call 08/15/23)(a)		USD	125		117,726
Bank of Ireland Group PLC
1.38%, 08/11/31 (Call 05/11/26)(b)(c)		EUR	100		94,833
6.75%, 03/01/33 (Call 12/01/27)(b)(c)		EUR	100		111,405
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a)		USD	150		131,619
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/23)(b)		EUR	125		129,808
Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(b)(c)		EUR	100		108,970
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)		USD	75		67,134
					1,105,637
Israel — 1.1%
Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(b)		USD	70		61,066
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27 (Call 02/09/27)		EUR	100		99,271
4.38%, 05/09/30 (Call 02/09/30)		EUR	250		231,190
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		108,441
6.00%, 01/31/25 (Call 01/31/24)		EUR	100		111,333
7.38%, 09/15/29		EUR	100		111,234
7.88%, 09/15/31 (Call 06/15/31)		EUR	100		112,876
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		USD	360		326,272

48 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Israel (continued)
4.75%, 05/09/27 (Call 02/09/27)(d)		USD	125	$	117,281
5.13%, 05/09/29 (Call 02/09/29)		USD	125		115,938
6.75%, 03/01/28 (Call 12/01/27)(d)		USD	150		150,225
7.88%, 09/15/29 (Call 06/15/29)		USD	75		78,511
8.13%, 09/15/31 (Call 06/15/31)		USD	50		52,463
					1,676,101
Italy — 4.9%
Almaviva-The Italian Innovation Co. SpA, 4.88%, 10/30/26 (Call 10/30/23)(b)		EUR	100		103,405
Atlantia SpA
1.63%, 02/03/25(b)		EUR	100		103,980
1.88%, 07/13/27 (Call 04/13/27)(b)		EUR	100		96,484
1.88%, 02/12/28 (Call 11/12/27)(b)		EUR	100		92,090
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(b)		EUR	100		97,172
Banca IFIS SpA, 6.13%, 01/19/27(b)		EUR	100		109,554
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25(b)		EUR	100		102,255
3.63%, 09/24/24(b)		EUR	100		105,658
6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(b)(c)		EUR	100		109,363
8.00%, 01/22/30 (Call 01/22/25)(b)(c)		EUR	100		98,629
10.50%, 07/23/29(b)		EUR	100		106,854
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(b)		EUR	100		108,133
Banco BPM SpA
1.75%, 01/28/25(b)		EUR	200		209,630
3.25%, 01/14/31 (Call 01/14/26)(b)(c)		EUR	100		98,558
4.88%, 01/18/27(b)		EUR	100		109,666
5.00%, 09/14/30 (Call 09/14/25)(b)(c)		EUR	100		106,801
6.00%, 01/21/28 (Call 01/21/27), (3-mo. EURIBOR + 3.300%)(b)(c)		EUR	150		166,275
BPER Banca
1.38%, 03/31/27 (Call 03/31/26), (3-mo. EURIBOR + 1.750%)(b)(c)		EUR	100		99,139
3.63%, 11/30/30 (Call 11/30/25)(b)(c)		EUR	100		101,152
6.13%, 02/01/28 (Call 02/01/27), (3-mo. EURIBOR + 3.600%)(b)(c)		EUR	150		167,635
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(b)		EUR	100		96,630
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 05/15/23)(b)		EUR	100		96,616
doValue SpA, 3.38%, 07/31/26 (Call 07/31/23)(b)		EUR	100		98,369
Fiber Bidco Spa, 11.00%, 10/25/27 (Call 10/25/24)(b)		EUR	100		118,466
Guala Closures SpA, 3.25%, 06/15/28 (Call 06/15/24)(b)		EUR	100		94,591
Iccrea Banca SpA
4.75%, 01/18/32 (Call 10/18/26)(b)(c)		EUR	100	��	93,609
6.88%, 01/20/28 (Call 01/20/27), (3-mo. EURIBOR + 4.045%)(b)(c)		EUR	100		112,436
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(b)		EUR	100		95,675
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(b)		EUR	100		97,468
1.75%, 04/19/31 (Call 01/19/31)(b)		EUR	100		93,580
1.88%, 07/08/26 (Call 04/08/26)(b)		EUR	100		103,363
Intesa Sanpaolo SpA
2.86%, 04/23/25(b)		EUR	100		106,597
2.93%, 10/14/30(b)		EUR	100		89,465
3.93%, 09/15/26(b)		EUR	100		107,926
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(c)		USD	85		64,562
5.02%, 06/26/24(a)		USD	200		195,081
5.15%, 06/10/30(b)		GBP	100		104,077
5.71%, 01/15/26(a)(d)		USD	200		192,660

Security	Par (000)			Value
Italy (continued)
Intesa Sanpaolo Vita SpA, 2.38%, 12/22/30(b)		EUR	250	$	206,282
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(b)		EUR	100		106,838
Lottomatica SpA, 9.75%, 09/30/27 (Call 09/30/24)(b)		EUR	100		118,133
Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 05/08/23)(b)		EUR	100		111,138
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(b)		EUR	200		200,820
2.13%, 04/30/29 (Call 01/30/29)(b)		EUR	100		91,158
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(b)		EUR	100		110,116
Saipem Finance International BV
2.63%, 01/07/25(b)		EUR	100		105,643
3.13%, 03/31/28 (Call 12/31/27)(b)		EUR	100		97,216
Telecom Italia SpA
6.88%, 02/15/28 (Call 11/15/27)(b)		EUR	100		110,500
Series APR, 6.88%, Series APR, 02/15/28 (Call 11/15/27)(b)		EUR	100		110,373
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(b)		EUR	100		84,963
2.38%, 10/12/27 (Call 07/12/27)(b)		EUR	100		94,325
2.75%, 04/15/25 (Call 01/15/25)(b)		EUR	100		104,150
3.00%, 09/30/25(b)		EUR	200		207,457
3.63%, 05/25/26(b)		EUR	200		209,755
5.30%, 05/30/24(a)		USD	95		93,042
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(b)(c)		EUR	200		204,192
2.73%, 01/15/32 (Call 01/15/27)(b)(c)		EUR	200		188,446
5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(c)		USD	185		157,569
5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(c)		USD	100		92,061
7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(c)(d)		USD	150		143,261
Verde Bidco SpA, 4.63%, 10/01/26 (Call 10/01/23)(b)		EUR	100		98,151
Webuild SpA
1.75%, 10/26/24(b)		EUR	100		103,922
5.88%, 12/15/25 (Call 06/15/25)(b)		EUR	100		106,479
					7,509,594
Japan — 0.5%
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5-year CMT + 4.578%)(a)(c)(e)		USD	95		60,659
6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(c)(d)(e)		USD	110		63,290
10.25%, 11/30/24 (Call 11/28/23)(a)		USD	125		122,500
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(b)		EUR	100		104,682
2.88%, 01/06/27 (Call 10/06/26)(b)		EUR	200		186,790
3.13%, 09/19/25 (Call 06/21/25)(b)		EUR	150		150,479
5.00%, 04/15/28 (Call 01/16/28)(b)		EUR	100		96,486
					784,886
Jersey — 0.1%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)		USD	150		147,375
Kazakhstan — 0.0%
Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(b)		USD	81		72,364
Kuwait — 0.0%
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(b)		USD	55		52,314

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Luxembourg — 1.7%
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)		USD	65	$	59,201
Albion Financing 2Sarl, 8.75%, 04/15/27 (Call 10/15/23)(a)		USD	50		43,171
Altice Financing SA
3.00%, 01/15/28 (Call 01/15/24)(b)		EUR	100		85,106
4.25%, 08/15/29 (Call 08/15/24)(b)		EUR	100		85,433
5.00%, 01/15/28 (Call 01/15/24)(a)		USD	125		101,193
5.75%, 08/15/29 (Call 08/15/24)(a)		USD	250		199,430
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/23)(b)		EUR	100		78,210
Altice France Holding SA
4.00%, 02/15/28 (Call 05/29/23)(b)		EUR	100		66,026
6.00%, 02/15/28 (Call 02/15/24)(a)(d)		USD	150		92,257
8.00%, 05/15/27 (Call 05/15/23)(b)		EUR	100		78,325
10.50%, 05/15/27 (Call 05/15/23)(a)		USD	200		147,835
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(a)		USD	100		87,625
4.00%, 09/01/29 (Call 05/15/24)(a)(d)		USD	125		101,850
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(b)		EUR	100		98,295
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/23)(b)		EUR	100		83,535
7.75%, 11/01/25 (Call 11/01/23)(b)		GBP	100		94,130
Herens Midco Sarl, 5.25%, 05/15/29 (Call 05/15/24)(b)		EUR	100		73,806
INEOS Finance PLC
2.88%, 05/01/26 (Call 05/01/23)(b)		EUR	100		101,606
6.63%, 05/15/28 (Call 02/15/25)(b)		EUR	100		109,234
Loarre Investments Sarl, 6.50%, 05/15/29 (Call 05/15/25)(b)		EUR	100		103,519
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/23)(b)		EUR	200		202,296
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(b)		EUR	100		107,043
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/23)(b)		EUR	200		191,468
Swissport Investments SA, 6.75%, 12/15/21(b)(f)(g)		EUR	100		1
Vivion Investments Sarl, 3.00%, 08/08/24(b)		EUR	200		159,423
					2,550,018
Macau — 0.7%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/23)(a)(d)		USD	120		113,622
5.38%, 12/04/29 (Call 12/04/24)(a)		USD	125		104,083
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		USD	75		68,098
5.25%, 06/18/25 (Call 05/09/23)(a)		USD	75		71,778
5.38%, 05/15/24 (Call 05/15/23)(a)		USD	50		49,194
5.88%, 05/15/26 (Call 05/15/23)(a)		USD	100		95,552
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		USD	135		105,435
6.50%, 01/15/28 (Call 07/15/23)(a)		USD	60		51,791
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/09/23)(a)		USD	75		72,577
5.13%, 12/15/29 (Call 12/15/24)(a)(d)		USD	100		82,678
5.50%, 01/15/26 (Call 06/15/23)(a)		USD	125		116,029
5.50%, 10/01/27 (Call 10/01/23)(a)(d)		USD	100		89,125
5.63%, 08/26/28 (Call 08/26/23)(a)		USD	150		130,875
					1,150,837
Malaysia — 0.1%
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)		USD	125		100,915

Security	Par (000)			Value
Netherlands — 1.8%
Maxeda DIY Holding BV, 5.88%, 10/01/26 (Call 10/01/23)(b)		EUR	100	$	83,160
Nobel Bidco BV, 3.13%, 06/15/28 (Call 06/18/24)(b)		EUR	100		81,186
Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)(b)		EUR	100		94,529
OI European Group BV, 2.88%, 02/15/25 (Call 05/30/23)(b)		EUR	100		106,830
PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)(b)		EUR	175		177,185
Promontoria Holding 264 BV, 6.38%, 03/01/27 (Call 03/01/24)(b)		EUR	100		110,576
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(b)		EUR	150		140,582
Sensata Technologies BV
5.00%, 10/01/25(a)		USD	85		83,772
5.63%, 11/01/24(a)		USD	25		25,050
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/23)(b)		EUR	100		87,381
Titan Holdings II BV, 5.13%, 07/15/29 (Call 07/15/24)(b)		EUR	100		84,325
Trivium Packaging Finance BV
3.75%, 08/15/26 (Call 08/15/23)(b)		EUR	100		101,313
5.50%, 08/15/26 (Call 08/15/23)(a)		USD	75		72,867
8.50%, 08/15/27 (Call 08/15/23)(a)(d)		USD	100		96,402
United Group BV
4.00%, 11/15/27 (Call 11/15/23)(b)		EUR	100		86,178
4.63%, 08/15/28 (Call 08/15/24)(b)		EUR	200		168,854
4.88%, 07/01/24 (Call 05/29/23)(b)		EUR	100		109,170
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)		USD	100		86,000
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/23)(a)		USD	50		44,983
Villa Dutch Bidco BV, 9.00%, 11/03/29 (Call 12/20/25)(b)		EUR	100		104,734
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)		USD	150		124,875
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(b)		EUR	100		86,284
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(b)		EUR	200		190,234
Ziggo Bond Co. BV
3.38%, 02/28/30 (Call 02/15/25)(b)		EUR	100		83,885
5.13%, 02/28/30 (Call 02/15/25)(a)		USD	75		60,937
6.00%, 01/15/27 (Call 01/15/24)(a)(d)		USD	75		71,183
Ziggo BV
2.88%, 01/15/30 (Call 10/15/24)(b)		EUR	100		88,092
4.88%, 01/15/30 (Call 10/15/24)(a)		USD	135		116,145
					2,766,712
Portugal — 0.5%
Banco Comercial Portugues SA
3.87%, 03/27/30 (Call 03/27/25)(b)(c)		EUR	100		84,060
8.50%, 10/25/25 (Call 10/25/24), (3-mo. EURIBOR + 5.547%)(c)		EUR	100		111,756
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(b)(c)		EUR	200		185,662
1.70%, 07/20/80 (Call 04/20/25)(b)(c)		EUR	100		100,048
1.88%, 08/02/81 (Call 05/02/26)(b)(c)		EUR	100		96,073
5.94%, 04/23/83 (Call 01/23/28)(b)(c)		EUR	100		108,405
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 07/02/24)(b)		EUR	100		107,076
					793,080
Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 05/09/23)(a)		USD	200		191,927

50 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Spain — 2.3%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(b)(c)		EUR	100	$	101,088
ACS Actividades de Construccion y Servicios SA, 1.38%, 06/17/25 (Call 03/17/25)(b)		EUR	100		103,282
Banco de Credito Social Cooperativo SA
1.75%, 03/09/28 (Call 03/09/27)(b)(c)		EUR	100		87,420
8.00%, 09/22/26 (Call 09/22/25)(b)(c)		EUR	100		111,227
Banco de Sabadell SA
1.75%, 05/10/24(b)		EUR	100		106,822
2.63%, 03/24/26 (Call 03/24/25)(b)(c)		EUR	100		103,923
5.38%, 09/08/26 (Call 09/08/25)(b)(c)		EUR	200		218,122
5.38%, 12/12/28 (Call 12/12/23)(b)(c)		EUR	100		107,812
6.00%, 08/16/33 (Call 05/16/28)(b)(c)		EUR	100		98,991
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(b)		EUR	200		196,123
1.00%, 09/15/27 (Call 06/15/27)(b)		EUR	100		95,856
1.25%, 01/15/29 (Call 10/15/28)(b)		EUR	100		92,028
2.00%, 09/15/32 (Call 06/15/32)(b)		EUR	100		87,347
2.00%, 02/15/33 (Call 11/15/32)(b)		EUR	100		86,021
2.25%, 04/12/26 (Call 01/12/26)(b)		EUR	100		104,316
Cellnex Telecom SA
1.75%, 10/23/30 (Call 07/23/30)(b)		EUR	200		180,496
1.88%, 06/26/29 (Call 03/26/29)(b)		EUR	100		93,986
2.88%, 04/18/25 (Call 01/18/25)(b)		EUR	100		107,865
Cirsa Finance International Sarl, 4.50%, 03/15/27 (Call 09/15/23)(b)		EUR	200		193,015
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/24)(b)		EUR	100		102,001
eDreams ODIGEO SA, 5.50%, 07/15/27 (Call 07/15/24)(b)		EUR	100		96,858
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(b)		EUR	225		191,489
Grifols SA
1.63%, 02/15/25 (Call 02/15/24)(b)		EUR	100		104,169
3.20%, 05/01/25 (Call 05/29/23)(b)		EUR	100		101,868
Grupo-Antolin Irausa SA, 3.38%, 04/30/26 (Call 04/30/23)(b)		EUR	100		89,812
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(b)(c)		EUR	100		92,847
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(b)		EUR	100		94,785
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(b)		EUR	150		151,484
Unicaja Banco SA
3.13%, 07/19/32 (Call 01/19/27)(b)(c)		EUR	100		85,981
7.25%, 11/15/27 (Call 11/15/26)(b)(c)		EUR	100		111,270
Via Celere Desarrollos Inmobiliarios SA, 5.25%, 04/01/26 (Call 04/01/24)(b)		EUR	100		99,716
					3,598,020
Sweden — 0.9%
Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)(b)		EUR	100		85,388
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(b)(c)		EUR	100		74,058
Heimstaden AB, 4.25%, 03/09/26 (Call 12/09/25)(b)		EUR	100		72,508
Intrum AB
3.00%, 09/15/27 (Call 09/15/23)(b)		EUR	100		82,857
3.50%, 07/15/26 (Call 07/15/23)(b)		EUR	100		90,166
4.88%, 08/15/25 (Call 08/15/23)(b)		EUR	200		198,320
Stena International SA, 7.25%, 02/15/28 (Call 02/15/25)(b)		EUR	100		111,395
Verisure Holding AB
3.25%, 02/15/27 (Call 05/29/23)(b)		EUR	100		96,394
3.88%, 07/15/26 (Call 07/15/23)(b)		EUR	100		101,377

Security	Par (000)			Value
Sweden (continued)
7.13%, 02/01/28 (Call 02/01/25)(b)		EUR	100	$	109,543
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(b)		EUR	100		88,802
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)(b)		EUR	100		104,962
2.50%, 10/07/27 (Call 07/07/27)(b)		EUR	100		98,453
					1,314,223
Switzerland — 0.5%
Dufry One BV
2.00%, 02/15/27 (Call 05/29/23)(b)		EUR	100		95,304
2.50%, 10/15/24 (Call 05/29/23)(b)		EUR	100		107,854
3.38%, 04/15/28 (Call 04/15/24)(b)		EUR	100		96,906
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(b)		EUR	100		105,981
Transocean Inc., 7.50%, 01/15/26 (Call 01/15/24)(a)		USD	85		78,200
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)		USD	120		103,800
7.88%, 05/01/27 (Call 04/26/24)(a)(d)		USD	60		56,955
Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(b)		EUR	100		96,773
					741,773
United Arab Emirates — 0.0%
Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(b)		USD	85		78,490
United Kingdom — 5.3%
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/23)(b)		GBP	100		118,409
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)(b)		EUR	150		137,903
6.13%, 11/30/28 (Call 11/30/24)(b)		GBP	100		105,029
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 05/30/23)(b)		GBP	275		282,475
Bellis Finco PLC, 4.00%, 02/16/27 (Call 05/30/23)(b)		GBP	100		85,333
British Telecommunications PLC
1.87%, 08/18/80 (Call 05/18/25)(b)(c)		EUR	100		98,958
4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)(a)(c)		USD	75		66,133
4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)(a)(c)		USD	70		56,525
Canary Wharf Group Investment Holdings PLC
1.75%, 04/07/26 (Call 01/07/26)(b)		EUR	100		84,911
2.63%, 04/23/25 (Call 03/23/25)(b)		GBP	100		102,918
Co.-Operative Bank Finance PLC (The), 6.00%, 04/06/27 (Call 04/06/26)(b)(c)		GBP	100		117,193
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/23)(a)(d)		USD	250		238,310
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)(b)		GBP	100		94,900
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(b)		GBP	100		106,371
eG Global Finance PLC
4.38%, 02/07/25 (Call 05/15/23)(b)		EUR	100		102,465
6.25%, 10/30/25 (Call 10/25/23)(b)		EUR	100		103,513
6.75%, 02/07/25 (Call 05/15/23)(a)		USD	100		94,750
8.50%, 10/30/25 (Call 10/30/23)(a)		USD	75		71,455
Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC, 4.00%, 09/15/25 (Call 05/08/23)(b)		EUR	100		105,592
Gatwick Airport Finance PLC, 4.38%, 04/07/26 (Call 04/07/24)(b)		GBP	100		115,931
Heathrow Finance PLC, 3.88%, 03/01/27(b)(h)		GBP	100		109,704

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United Kingdom (continued)
Hurricane Finance PLC, 8.00%, 10/15/25 (Call 10/15/23)(b)		GBP	100	$	115,379
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 05/09/23)(b)		GBP	100		113,085
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/24)(b)		EUR	100		96,349
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(b)		EUR	100		98,986
International Consolidated Airlines Group SA
1.50%, 07/04/27 (Call 04/04/27)(b)		EUR	100		90,732
3.75%, 03/25/29 (Call 12/25/28)(b)		EUR	100		90,746
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26 (Call 10/15/25)(b)		EUR	100		103,503
4.50%, 10/01/27 (Call 07/01/27)(a)		USD	50		42,017
5.88%, 01/15/28 (Call 01/15/24)(a)		USD	155		133,478
6.88%, 11/15/26 (Call 08/15/26)(b)		EUR	100		107,246
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 05/30/23)(b)		GBP	100		110,304
Kane Bidco Ltd., 6.50%, 02/15/27 (Call 02/15/24)(b)		GBP	100		110,908
Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(b)		GBP	100		94,125
Marks & Spencer PLC, 3.75%, 05/19/26 (Call 02/19/26)(b)		GBP	100		114,127
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/29/23)(b)		EUR	100		111,419
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(b)(c)		EUR	100		103,667
2.13%, 09/05/82 (Call 06/05/27)(b)		EUR	100		92,858
5.63%, 06/18/73 (Call 06/18/25)(b)(c)		GBP	200		242,895
Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)(b)		GBP	100		92,550
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(d)		USD	50		47,625
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 (Call 09/15/23)(b)		EUR	100		106,918
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/23)(b)		GBP	100		117,561
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/23)(b)		EUR	100		104,448
Rolls-Royce PLC
1.63%, 05/09/28 (Call 02/09/28)(b)		EUR	100		91,176
3.38%, 06/18/26		GBP	100		113,639
3.63%, 10/14/25 (Call 07/14/25)(a)		USD	135		127,758
4.63%, 02/16/26 (Call 11/16/25)(b)		EUR	100		107,895
5.75%, 10/15/27 (Call 07/15/27)(a)		USD	125		124,130
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(b)		EUR	100		94,088
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 05/30/23)(b)		GBP	200		230,118
Synthomer PLC, 3.88%, 07/01/25 (Call 07/01/23)(b)		EUR	100		101,632
TalkTalk Telecom Group PLC, 3.88%, 02/20/25 (Call 02/20/24)(b)		GBP	100		96,251
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(b)		GBP	100		108,987
TVL Finance PLC, 10.25%, 04/28/28 (Call 04/28/25)(b)		GBP	100		122,078
Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)(b)		GBP	100		95,590
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/24)(b)		EUR	100		88,995
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(d)		USD	125		105,124
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(b)		GBP	100		97,947
4.25%, 01/15/30 (Call 10/15/24)(b)		GBP	150		149,096
4.50%, 08/15/30 (Call 08/15/25)(a)		USD	100		85,636
5.25%, 05/15/29 (Call 05/15/24)(b)		GBP	100		107,089
5.50%, 05/15/29 (Call 05/15/24)(a)		USD	125		114,796
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(b)		GBP	100		103,220

Security	Par (000)			Value
United Kingdom (continued)
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(b)		EUR	150	$	132,110
4.25%, 01/31/31 (Call 01/31/26)(a)		USD	150		124,291
4.75%, 07/15/31 (Call 07/15/26)(a)		USD	175		148,831
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(b)(c)		EUR	100		98,837
3.00%, 08/27/80 (Call 05/27/30)(b)(c)		EUR	100		89,466
3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(c)		USD	65		57,481
4.13%, 06/04/81 (Call 04/04/31), (5-year CMT + 2.767%)(c)(d)		USD	120		96,562
4.20%, 10/03/78 (Call 07/03/28)(b)(c)		EUR	100		100,338
7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c)		USD	230		234,048
					8,186,913
United States — 62.3%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)		USD	95		79,748
6.00%, 08/01/29 (Call 08/01/24)(a)		USD	35		29,267
7.00%, 11/15/25 (Call 05/30/23)(a)(d)		USD	110		105,050
10.13%, 08/01/26 (Call 08/01/23)(a)		USD	60		61,093
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)		USD	60		48,892
5.13%, 03/01/30 (Call 03/01/25)(a)(d)		USD	85		70,338
Adient Global Holdings, 8.25%, 04/15/31 (Call 04/15/26)		USD	55		56,504
Adient Global Holdings Ltd.
3.50%, 08/15/24 (Call 05/15/24)(b)		EUR	15		15,308
7.00%, 04/15/28 (Call 04/15/25)		USD	50		51,308
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)		USD	110		96,458
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)		USD	65		66,788
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/23)(a)		USD	55		51,987
3.50%, 03/15/29 (Call 09/15/23)(a)(d)		USD	160		141,768
4.63%, 01/15/27 (Call 01/15/24)(a)		USD	205		198,081
4.88%, 02/15/30 (Call 02/15/25)(a)		USD	110		103,060
5.88%, 02/15/28 (Call 08/15/23)(a)		USD	75		74,063
6.50%, 02/15/28 (Call 02/15/25)(a)		USD	75		76,183
7.50%, 03/15/26 (Call 03/15/24)(a)		USD	100		103,255
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)(d)		USD	100		92,370
5.88%, 11/01/29 (Call 11/01/24)(a)		USD	55		47,752
6.75%, 10/15/27 (Call 10/15/23)(a)		USD	155		144,731
6.75%, 04/15/28 (Call 04/15/25)(a)(d)		USD	135		134,838
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(d)		USD	100		78,046
6.63%, 07/15/26 (Call 07/15/23)(a)		USD	220		211,750
9.75%, 07/15/27 (Call 07/15/23)(a)		USD	115		106,950
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a)		USD	250		217,187
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(b)		EUR	100		89,942
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)		USD	85		72,856

52 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
4.75%, 10/01/27 (Call 10/01/23)(a)		USD	60	$	57,409
5.88%, 06/01/29 (Call 06/01/24)(a)(d)		USD	90		88,238
Ally Financial Inc.
5.75%, 11/20/25 (Call 10/20/25)(d)		USD	80		77,700
6.70%, 02/14/33 (Call 11/16/32)		USD	60		54,030
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(b)(c)		EUR	100		89,047
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(d)		USD	105		76,125
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)		USD	135		93,555
4.75%, 08/01/25 (Call 08/01/23)		USD	110		102,025
American Airlines Group Inc., 3.75%, 03/01/25(a)		USD	40		37,605
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)(a)		USD	65		63,213
11.75%, 07/15/25(a)		USD	315		346,405
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)		USD	405		397,912
5.75%, 04/20/29(a)		USD	330		313,912
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)		USD	60		49,806
6.50%, 04/01/27 (Call 04/01/24)(d)		USD	70		64,869
6.88%, 07/01/28 (Call 07/01/23)		USD	50		45,058
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)		USD	60		51,671
4.00%, 01/15/28 (Call 01/15/24)(a)		USD	65		59,930
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		USD	75		72,934
5.63%, 05/20/24 (Call 03/20/24)		USD	35		34,817
5.75%, 05/20/27 (Call 02/20/27)		USD	75		70,922
5.88%, 08/20/26 (Call 05/20/26)		USD	70		67,693
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)		USD	80		74,797
5.75%, 03/01/27 (Call 03/01/24)(a)		USD	95		91,675
5.75%, 01/15/28 (Call 01/15/24)(a)		USD	80		77,500
7.88%, 05/15/26 (Call 05/15/23)(a)(d)		USD	60		61,606
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(a)(d)		USD	85		79,765
7.63%, 02/01/29 (Call 02/01/24)(a)		USD	41		41,968
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)(d)		USD	70		63,963
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)		USD	75		66,938
6.75%, 02/15/27 (Call 02/15/24)(a)		USD	90		90,099
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/30/23)(a)		USD	80		79,294
5.00%, 02/01/28 (Call 02/01/24)(a)		USD	145		137,931
6.38%, 05/01/25 (Call 05/01/23)(a)		USD	145		145,524
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)		USD	115		99,029
6.13%, 12/01/28 (Call 12/01/23)(a)(d)		USD	50		43,375
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/24)(a)		USD	100		95,994
6.88%, 04/01/27 (Call 04/01/24)(a)		USD	50		49,277
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/23)(a)		USD	70		69,862
6.13%, 02/15/28 (Call 02/15/24)(a)(d)		USD	115		113,562

Security	Par (000)			Value
United States (continued)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)(b)		EUR	100	$	91,394
6.00%, 06/15/27 (Call 06/15/24)(a)		USD	75		74,770
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/23)(b)		EUR	100		97,557
4.75%, 07/15/27 (Call 07/15/23)(b)		GBP	100		99,603
5.25%, 04/30/25 (Call 04/30/23)(a)		USD	75		73,809
5.25%, 08/15/27 (Call 08/15/23)(a)		USD	200		170,750
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/24)(d)		USD	61		56,001
4.63%, 11/15/29 (Call 11/15/24)(a)(d)		USD	70		62,312
4.75%, 03/01/30 (Call 03/01/25)(d)		USD	60		53,143
5.00%, 02/15/32 (Call 11/15/26)(a)(d)		USD	85		73,206
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)(d)		USD	65		57,990
7.00%, 11/01/26 (Call 11/01/23)(a)		USD	50		48,473
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(b)		EUR	100		95,513
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)		USD	30		24,852
ASP Unifrax Holdings Inc.
5.25%, 09/30/28 (Call 09/30/24)(a)		USD	85		69,700
7.50%, 09/30/29 (Call 09/30/24)(a)		USD	50		36,850
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)(a)		USD	75		65,122
7.00%, 08/15/25 (Call 05/30/23)(a)(d)		USD	50		49,575
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/01/23)(a)		USD	25		1,900
6.75%, 03/31/29 (Call 03/31/24)(a)		USD	25		1,920
Avantor Funding Inc.
2.63%, 11/01/25 (Call 11/01/23)(b)		EUR	100		105,227
3.88%, 11/01/29 (Call 11/01/24)(a)(d)		USD	80		71,340
4.63%, 07/15/28 (Call 07/15/23)(a)		USD	180		169,369
Avient Corp.
5.75%, 05/15/25 (Call 05/15/23)(a)		USD	50		49,975
7.13%, 08/01/30 (Call 08/01/25)(a)(d)		USD	100		102,398
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(d)		USD	50		44,875
5.38%, 03/01/29 (Call 03/01/24)(a)(d)		USD	90		81,718
5.75%, 07/15/27 (Call 07/15/23)(a)		USD	40		38,114
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/23)(b)		EUR	100		107,081
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/08/23)(b)		EUR	100		108,305
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)		USD	75		65,088
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(d)		USD	50		48,255
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/30/23)		USD	110		103,950
5.25%, 09/15/27 (Call 03/01/24)(d)		USD	80		70,122
Ball Corp.
1.50%, 03/15/27 (Call 12/15/26)		EUR	100		98,078
2.88%, 08/15/30 (Call 05/15/30)		USD	150		125,891
3.13%, 09/15/31 (Call 06/15/31)		USD	90		75,013
4.88%, 03/15/26 (Call 12/15/25)		USD	95		94,050
5.25%, 07/01/25(d)		USD	120		119,877
6.88%, 03/15/28 (Call 11/15/24)(d)		USD	90		93,605

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Bath & Body Works Inc.
5.25%, 02/01/28		USD	40	$	38,227
6.63%, 10/01/30 (Call 10/01/25)(a)		USD	130		124,800
7.50%, 06/15/29 (Call 06/15/24)(d)		USD	65		66,275
Bausch Health Companies Inc., 6.25%, 02/15/29 (Call 02/15/24)(a)		USD	125		59,019
Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)		USD	200		131,972
5.25%, 01/30/30 (Call 01/30/25)(a)		USD	150		71,425
5.50%, 11/01/25 (Call 05/29/23)(a)		USD	220		191,400
5.75%, 08/15/27 (Call 08/15/23)(a)		USD	85		58,944
11.00%, 09/30/28(a)		USD	314		255,251
Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(b)		EUR	150		151,794
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/23)(a)(d)		USD	80		79,091
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)		USD	125		113,367
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)		USD	125		112,760
3.50%, 06/01/31 (Call 03/01/31)		USD	105		85,575
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/23)(d)		USD	145		139,869
4.75%, 06/15/31 (Call 06/15/26)(a)		USD	75		68,843
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/23)(a)(d)		USD	80		74,800
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/23)(a)		USD	50		47,344
5.50%, 07/15/25 (Call 06/18/23)(a)		USD	75		74,477
Brookfield Property Finance ULC
4.00%, 09/30/26 (Call 08/30/26)		CAD	125		79,954
7.13%, 02/13/28 (Call 01/13/28)		CAD	75		51,897
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)(a)		USD	80		66,195
5.75%, 05/15/26 (Call 05/15/23)(a)(d)		USD	100		90,959
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		USD	50		45,500
4.13%, 03/01/25 (Call 02/01/25)(a)		USD	75		71,973
4.13%, 12/01/27 (Call 09/01/27)		USD	35		31,397
4.50%, 03/01/28 (Call 12/01/27)(a)		USD	75		68,156
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)(d)		USD	140		122,458
5.00%, 03/01/30 (Call 03/01/25)(a)		USD	85		79,547
6.38%, 06/15/32 (Call 06/15/27)(a)		USD	65		64,750
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(d)		USD	140		122,850
6.25%, 07/01/25 (Call 07/01/23)(a)		USD	355		356,017
7.00%, 02/15/30 (Call 02/15/26)(a)(d)		USD	230		232,293
8.13%, 07/01/27 (Call 07/01/23)(a)(d)		USD	210		214,200
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/23)(a)(d)		USD	110		111,224
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)(a)(d)		USD	75		71,273
8.00%, 08/01/28 (Call 08/01/24)(a)(d)		USD	75		74,029
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(d)		USD	110		93,495
4.50%, 02/15/28 (Call 02/15/24)(a)		USD	155		144,541
4.63%, 02/01/29 (Call 02/01/24)(a)		USD	65		56,332
5.00%, 02/01/31 (Call 02/01/26)(a)		USD	110		92,675
5.13%, 03/15/28 (Call 03/15/24)(a)		USD	150		138,716
5.25%, 06/01/26 (Call 06/01/23)(a)		USD	47		45,756

Security	Par (000)			Value
United States (continued)
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 04/15/24)(a)		USD	45	$	46,195
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 07/22/24)(a)(d)		USD	60		56,850
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a)		USD	250		268,750
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		55,956
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(a)		USD	50		20,331
5.50%, 04/15/27 (Call 04/15/24)(a)(d)		USD	45		19,350
5.63%, 10/01/25 (Call 10/01/23)(a)(d)		USD	55		34,739
5.88%, 10/01/28 (Call 10/01/23)(a)		USD	50		20,967
10.25%, 05/01/30 (Call 05/01/27)(a)		USD	230		126,097
Catalent Pharma Solutions Inc.
2.38%, 03/01/28 (Call 03/01/24)(b)		EUR	100		92,123
3.13%, 02/15/29 (Call 02/15/24)(a)(d)		USD	60		51,158
3.50%, 04/01/30 (Call 04/01/25)(a)		USD	95		81,557
5.00%, 07/15/27 (Call 07/15/23)(a)		USD	50		48,000
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)		USD	300		246,637
4.25%, 01/15/34 (Call 01/15/28)(a)		USD	235		180,362
4.50%, 08/15/30 (Call 02/15/25)(a)		USD	335		282,268
4.50%, 05/01/32 (Call 05/01/26)		USD	360		288,000
4.50%, 06/01/33 (Call 06/01/27)(a)		USD	205		162,949
4.75%, 03/01/30 (Call 09/01/24)(a)		USD	360		309,600
4.75%, 02/01/32 (Call��02/01/27)(a)(d)		USD	120		99,150
5.00%, 02/01/28 (Call 08/01/23)(a)		USD	290		268,612
5.13%, 05/01/27 (Call 05/01/23)(a)		USD	380		359,100
5.38%, 06/01/29 (Call 06/01/24)(a)		USD	150		137,437
5.50%, 05/01/26 (Call 05/01/23)(a)		USD	70		68,744
6.38%, 09/01/29 (Call 09/01/25)(a)(d)		USD	160		152,456
7.38%, 03/01/31 (Call 03/01/26)(a)(d)		USD	130		127,400
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)(d)		USD	145		139,742
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		USD	70		65,085
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/24)(d)		USD	60		57,468
5.50%, 05/01/25 (Call 05/01/23)(a)		USD	75		74,771
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)		USD	50		42,931
4.13%, 04/30/31 (Call 04/30/26)(a)(d)		USD	55		46,269
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)		USD	50		43,916
6.75%, 06/01/27 (Call 06/01/23)		USD	50		50,325
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)(d)		USD	50		43,896
4.00%, 03/15/31 (Call 03/15/26)(a)		USD	40		34,828
4.25%, 05/01/28 (Call 05/01/23)(a)		USD	75		68,580
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)(a)		USD	164		169,591
9.50%, 01/01/31 (Call 01/01/26)(a)		USD	75		79,406
Chemours Co. (The)
4.00%, 05/15/26 (Call 05/15/23)		EUR	100		101,396
4.63%, 11/15/29 (Call 11/15/24)(a)		USD	80		65,741
5.38%, 05/15/27 (Call 02/15/27)		USD	75		69,758
5.75%, 11/15/28 (Call 11/15/23)(a)(d)		USD	60		53,025
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/24)(a)		USD	30		29,688
5.88%, 02/01/29 (Call 02/05/24)(a)		USD	57		54,528

54 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
6.75%, 04/15/29 (Call 04/15/24)(a)		USD	125	$	123,750
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)		USD	120		96,636
5.25%, 05/15/30 (Call 05/15/25)(a)		USD	190		158,260
5.63%, 03/15/27 (Call 12/15/23)(a)(d)		USD	230		212,462
6.00%, 01/15/29 (Call 01/15/24)(a)		USD	80		70,900
6.13%, 04/01/30 (Call 04/01/25)(a)		USD	165		117,265
6.88%, 04/01/28 (Call 04/01/24)(a)		USD	85		62,187
6.88%, 04/15/29 (Call 04/15/24)(a)		USD	190		140,600
8.00%, 03/15/26 (Call 03/15/24)(a)(d)		USD	235		232,711
8.00%, 12/15/27 (Call 12/15/23)(a)		USD	74		73,366
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/24)(a)		USD	90		85,401
5.50%, 04/01/27 (Call 04/01/24)(a)		USD	75		73,194
6.75%, 05/01/31		USD	40		40,262
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(d)		USD	85		76,018
5.88%, 03/15/26 (Call 03/15/24)(a)		USD	60		57,225
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/23)(a)		USD	75		75,328
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)(d)		USD	90		87,896
7.00%, 06/15/25 (Call 06/15/23)(a)		USD	145		144,275
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/23)(a)		USD	57		57,132
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (Call 05/15/23)(a)(d)		USD	100		99,430
8.50%, 05/15/27 (Call 05/15/23)(a)(d)		USD	145		145,883
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/23)(b)		EUR	100		105,350
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)		USD	110		98,893
4.88%, 07/01/29 (Call 06/30/24)(a)(d)		USD	110		99,137
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/23)(a)		USD	75		72,689
6.38%, 02/01/31 (Call 02/01/26)(a)		USD	60		61,275
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/23)(a)(d)		USD	155		139,889
7.50%, 06/01/29 (Call 06/01/24)(a)(d)		USD	100		74,000
7.75%, 04/15/28 (Call 04/15/24)(a)(d)		USD	125		94,559
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(d)		USD	95		81,314
4.75%, 03/15/28 (Call 03/15/24)(a)(d)		USD	110		104,857
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 06/01/23)(d)		USD	95		93,069
6.75%, 03/15/26 (Call 03/15/24)(a)		USD	65		66,105
6.75%, 04/15/30 (Call 04/15/26)		USD	90		87,566
Cloud Software Group Inc., 9.00%, 09/30/29 (Call 09/30/25)(d)		USD	359		308,187
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(a)(d)		USD	65		63,632
8.75%, 04/15/30 (Call 04/15/25)(a)		USD	120		110,692
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(a)		USD	65		60,125
7.38%, 01/15/31 (Call 01/15/26)(a)		USD	70		67,550
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)		USD	130		78,285
3.63%, 10/01/31 (Call 10/01/26)(a)		USD	105		58,616
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a)		USD	95		89,537
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)(d)		USD	140		113,056

Security	Par (000)			Value
United States (continued)
6.00%, 03/01/26 (Call 03/01/24)(a)		USD	190	$	181,526
7.13%, 07/01/28 (Call 07/01/23)(a)(d)		USD	85		60,988
8.25%, 03/01/27 (Call 03/01/24)(a)(d)		USD	100		77,500
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/24)(a)		USD	90		61,875
6.00%, 06/15/25 (Call 06/15/23)(a)(d)		USD	156		146,640
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(d)		USD	125		112,494
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)		USD	135		116,044
6.75%, 03/01/29 (Call 03/01/24)(a)		USD	140		126,671
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)		USD	235		195,344
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)(d)		USD	60		43,950
6.50%, 10/01/28 (Call 10/01/23)(a)		USD	85		66,163
Constellium SE
3.13%, 07/15/29 (Call 07/15/24)(b)		EUR	100		90,472
3.75%, 04/15/29 (Call 04/15/24)(a)(d)		USD	75		64,891
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)(a)(d)		USD	60		45,600
Coty Inc.
3.88%, 04/15/26 (Call 04/15/24)(b)		EUR	100		105,523
5.00%, 04/15/26 (Call 04/15/24)(a)		USD	120		117,246
6.50%, 04/15/26 (Call 04/15/24)(a)(d)		USD	35		34,847
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)		USD	60		56,617
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(a)		USD	90		80,242
5.00%, 09/01/30 (Call 09/01/25)		USD	55		48,606
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)		USD	150		140,050
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)(d)		USD	55		54,948
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/23)(a)		USD	75		71,947
5.75%, 04/01/25 (Call 05/30/23)		USD	55		54,228
6.00%, 02/01/29 (Call 02/01/24)(a)		USD	70		65,975
7.38%, 02/01/31 (Call 02/01/26)(a)		USD	65		65,000
8.00%, 04/01/29 (Call 04/01/24)(a)(d)		USD	35		35,613
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(d)		USD	45		43,763
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		USD	60		57,849
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/24)(d)		USD	75		73,648
Crown European Holdings SA
2.63%, 09/30/24 (Call 03/30/24)(b)		EUR	100		107,505
2.88%, 02/01/26 (Call 08/01/25)(b)		EUR	100		105,668
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)		USD	45		42,670
5.63%, 10/15/25 (Call 10/15/23)(a)		USD	150		148,125
CSC Holdings LLC
4.13%, 12/01/30 (Call 12/01/25)(a)		USD	125		89,660
4.50%, 11/15/31 (Call 11/15/26)(a)		USD	175		122,887
4.63%, 12/01/30 (Call 12/01/25)(a)		USD	275		134,084
5.00%, 11/15/31 (Call 11/15/26)(a)		USD	60		28,670
5.25%, 06/01/24		USD	100		97,500
5.38%, 02/01/28 (Call 02/01/24)(a)(d)		USD	125		102,500

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
5.50%, 04/15/27 (Call 04/15/24)(a)		USD	125	$	106,875
5.75%, 01/15/30 (Call 01/15/25)(a)		USD	250		127,500
6.50%, 02/01/29 (Call 02/01/24)(a)(d)		USD	200		167,000
7.50%, 04/01/28 (Call 04/01/24)(a)(d)		USD	125		78,125
11.25%, 05/15/28 (Call 05/15/25)(a)		USD	125		124,531
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)		USD	78		30,801
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/24)(a)(d)		USD	65		62,899
5.75%, 02/15/28 (Call 02/15/24)(a)		USD	45		40,212
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/23)(a)		USD	50		49,511
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		USD	50		40,679
5.38%, 11/15/27 (Call 11/15/23)(d)		USD	65		61,117
5.63%, 06/15/28 (Call 06/15/23)		USD	45		41,647
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/23)(b)		EUR	100		107,252
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 04/15/24)(a)		USD	75		73,510
6.00%, 06/15/30 (Call 06/15/25)(a)(d)		USD	105		103,950
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)		USD	175		141,213
4.63%, 06/01/30 (Call 06/01/25)(a)		USD	325		282,963
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		USD	120		116,046
3.75%, 10/28/29 (Call 07/28/29)(d)		USD	60		53,918
4.38%, 04/19/28 (Call 01/19/28)		USD	65		61,263
7.38%, 01/15/26 (Call 12/15/25)(d)		USD	90		94,863
Diebold Nixdorf Inc.
8.50%, 10/15/26 (Call 05/22/23)(a)		USD	16		2,823
9.38%, 07/15/25 (Call 05/15/23)(a)(d)		USD	56		25,693
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)		USD	425		372,937
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)		USD	310		236,762
5.75%, 12/01/28 (Call 12/01/27)(a)		USD	300		213,750
5.88%, 11/15/24		USD	225		186,387
7.38%, 07/01/28 (Call 07/01/23)		USD	105		52,566
7.75%, 07/01/26		USD	225		129,937
5.13%, 06/01/29		USD	165		74,962
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a)		USD	413		390,801
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(d)		USD	65		40,950
4.75%, 02/15/28 (Call 08/15/27)		USD	60		36,975
9.75%, 06/15/25 (Call 06/15/23)		USD	55		52,594
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)		USD	55		52,828
4.35%, 04/15/29 (Call 01/15/29)		USD	50		45,675
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)		USD	135		119,718
4.38%, 06/15/31 (Call 06/15/26)(a)		USD	115		100,046
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)		USD	65		57,931
5.50%, 06/01/28 (Call 06/01/23)(a)		USD	105		100,849
Edison International, 8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)(c)		USD	50		51,438
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/24)		USD	80		75,567
4.63%, 04/01/31 (Call 03/30/26)		USD	60		53,820

Security	Par (000)			Value
United States (continued)
4.75%, 02/01/30 (Call 02/01/25)		USD	80	$	73,685
Encore Capital Group Inc., 4.25%, 06/01/28 (Call 06/01/24)(b)		GBP	100		97,430
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/24)(a)(d)		USD	100		99,631
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(b)		EUR	100		86,738
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)		USD	90		78,656
4.75%, 06/15/28 (Call 07/01/23)(a)		USD	85		76,697
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)(d)		USD	50		48,332
5.63%, 01/15/28 (Call 07/15/27)(a)		USD	50		49,250
6.50%, 09/01/30 (Call 03/01/30)(a)(d)		USD	120		121,509
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)(d)		USD	56		54,232
4.85%, 07/15/26 (Call 04/15/26)		USD	65		63,319
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(c)		USD	60		43,783
Entegris Escrow Corp.
4.75%, 04/15/29 (Call 01/15/29)(a)(d)		USD	175		162,750
5.95%, 06/15/30 (Call 06/15/25)(a)		USD	100		95,000
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)(a)(d)		USD	60		51,378
4.38%, 04/15/28 (Call 04/15/24)(a)		USD	50		45,707
EQM Midstream Partners LP
4.13%, 12/01/26 (Call 09/01/26)		USD	35		31,806
4.50%, 01/15/29 (Call 07/15/28)(a)(d)		USD	80		68,135
4.75%, 01/15/31 (Call 07/15/30)(a)(d)		USD	135		110,741
5.50%, 07/15/28 (Call 04/15/28)		USD	85		77,456
6.00%, 07/01/25 (Call 04/01/25)(a)		USD	60		58,887
6.50%, 07/01/27 (Call 01/01/27)(a)		USD	100		97,510
7.50%, CALL, 06/01/27 (Call 06/01/24)(a)		USD	65		64,657
7.50%, CALL, 06/01/30 (Call 12/01/29)(a)		USD	75		72,844
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/23)(a)		USD	75		70,020
5.25%, 05/15/26 (Call 02/15/26)(a)		USD	60		59,917
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/24)(a)		USD	90		83,700
5.88%, 04/01/29 (Call 04/01/24)(a)		USD	95		80,275
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(a)(d)		USD	100		87,384
6.75%, 01/15/30 (Call 01/15/25)(a)		USD	140		113,400
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)(a)		USD	75		68,461
5.63%, 01/01/30 (Call 01/01/25)(a)		USD	60		55,828
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		USD	80		68,990
Series B, 2.25%, 09/01/30 (Call 06/01/30)		USD	60		49,904
Series B, 4.15%, 07/15/27 (Call 04/15/27)		USD	165		160,462
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100		65,509
Ford Credit Canada Co.
4.46%, 11/13/24		CAD	50		35,884
7.00%, 02/10/26		CAD	150		111,098
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		USD	280		217,350
4.35%, 12/08/26 (Call 09/08/26)		USD	25		24,149
6.10%, 08/19/32 (Call 05/19/32)(d)		USD	195		186,238

56 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Ford Motor Credit Co. LLC
1.74%, 07/19/24		EUR	200	$	211,227
2.30%, 02/10/25 (Call 01/10/25)		USD	25		23,316
2.33%, 11/25/25		EUR	100		102,438
2.39%, 02/17/26		EUR	100		101,930
2.70%, 08/10/26 (Call 07/10/26)		USD	210		186,375
2.90%, 02/16/28 (Call 12/16/27)		USD	200		172,750
2.90%, 02/10/29 (Call 12/10/28)		USD	100		82,841
3.25%, 09/15/25		EUR	100		105,320
3.38%, 11/13/25 (Call 10/13/25)		USD	200		185,770
3.63%, 06/17/31 (Call 03/17/31)		USD	25		20,603
3.82%, 11/02/27 (Call 08/02/27)		USD	120		107,791
4.00%, 11/13/30 (Call 08/13/30)(d)		USD	200		171,500
4.06%, 11/01/24 (Call 10/01/24)		USD	225		218,900
4.13%, 08/04/25		USD	25		23,746
4.27%, 01/09/27 (Call 11/09/26)		USD	200		185,464
4.39%, 01/08/26		USD	200		189,525
4.54%, 08/01/26 (Call 06/01/26)		USD	100		94,301
4.69%, 06/09/25 (Call 04/09/25)		USD	50		48,327
4.87%, 08/03/27		EUR	100		106,966
4.95%, 05/28/27 (Call 04/28/27)		USD	200		189,760
5.11%, 05/03/29 (Call 02/03/29)		USD	235		220,418
5.13%, 06/16/25 (Call 05/16/25)		USD	365		355,682
6.80%, 05/12/28 (Call 04/12/28)		USD	200		200,120
6.86%, 06/05/26		GBP	100		125,215
6.95%, 03/06/26 (Call 02/06/26)		USD	150		151,364
7.35%, 11/04/27 (Call 10/04/27)		USD	175		180,447
7.35%, 03/06/30 (Call 01/06/30)		USD	50		51,252
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)		USD	135		123,862
6.50%, 10/01/25 (Call 10/01/23)(a)		USD	56		55,317
9.75%, 08/01/27 (Call 08/01/23)(a)		USD	45		46,973
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(a)(d)		USD	85		68,850
7.63%, 05/01/26 (Call 05/01/23)(a)		USD	70		59,850
8.13%, 11/15/24 (Call 05/30/23)(a)		USD	20		19,323
8.25%, 04/15/25 (Call 05/30/23)(a)(d)		USD	80		74,400
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)(d)		USD	190		166,725
5.88%, 10/15/27 (Call 10/15/23)(a)(d)		USD	135		124,213
5.88%, 11/01/29 (Call 11/01/24)		USD	75		57,186
6.00%, 01/15/30 (Call 10/15/24)(a)		USD	115		87,975
6.75%, 05/01/29 (Call 05/01/24)(a)(d)		USD	85		68,446
8.63%, 03/15/31 (Call 03/15/26)(a)		USD	90		87,525
8.75%, 05/15/30 (Call 05/15/25)(a)		USD	125		123,594
FXI Holdings Inc.
7.88%, 11/01/24 (Call 05/30/23)(a)(d)		USD	54		49,529
12.25%, 11/15/26 (Call 11/15/23)(a)(d)		USD	84		75,297
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)		USD	95		67,272
3.88%, 10/01/31 (Call 10/01/26)(a)(d)		USD	89		62,105
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)		USD	65		57,668
3.75%, 10/01/30 (Call 10/01/25)(a)		USD	100		87,125
4.50%, 07/01/28 (Call 07/01/23)(a)(d)		USD	85		80,163
Gen Digital Inc., 5.00%, 04/15/25 (Call 05/09/23)(a)		USD	125		123,613
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 10/01/23)		USD	80		78,200
7.75%, 02/01/28 (Call 02/01/24)		USD	90		88,650
8.00%, 01/15/27 (Call 01/15/24)		USD	130		129,806

Security	Par (000)			Value
United States (continued)
8.88%, 04/15/30 (Call 04/15/26)		USD	30	$	30,068
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5-year CMT + 3.796%)(a)(c)(d)		USD	95		76,435
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)		USD	85		73,704
5.25%, 12/01/27 (Call 06/01/23)(a)		USD	65		62,522
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(d)		USD	75		71,006
5.00%, 05/31/26 (Call 05/31/23)(d)		USD	115		111,779
5.00%, 07/15/29 (Call 04/15/29)(d)		USD	120		106,599
5.25%, 04/30/31 (Call 01/30/31)(d)		USD	60		52,229
5.25%, 07/15/31 (Call 04/15/31)		USD	65		56,063
5.63%, 04/30/33 (Call 01/30/33)		USD	55		47,532
9.50%, 05/31/25 (Call 05/31/23)		USD	70		71,902
Grand Canyon University
4.13%, 10/01/24		USD	75		71,442
5.13%, 10/01/28 (Call 08/01/28)		USD	60		54,429
Graphic Packaging International LLC
3.50%, 03/15/28(a)		USD	60		54,739
3.75%, 02/01/30 (Call 08/01/29)(a)		USD	55		49,122
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(d)		USD	145		93,162
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(d)		USD	85		54,639
5.88%, 07/15/26 (Call 07/15/23)(a)		USD	100		85,000
7.00%, 05/15/27 (Call 05/15/23)(a)		USD	75		60,659
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/24)		USD	115		105,579
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/23)(a)		USD	25		24,445
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)		USD	150		129,750
Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)(a)(d)		USD	100		94,375
9.00%, 02/15/31 (Call 02/15/26)(a)(d)		USD	75		76,674
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)		USD	130		115,050
6.00%, 04/15/25 (Call 04/15/24)(a)(d)		USD	50		48,651
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(d)		USD	150		139,762
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 05/29/23)(a)		USD	65		62,327
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/23)(a)		USD	135		128,682
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(a)(d)		USD	60		54,156
5.00%, 12/01/29 (Call 12/01/24)(a)		USD	125		102,417
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)		USD	95		84,423
5.13%, 06/15/28 (Call 06/15/23)(a)		USD	45		42,709
5.50%, 10/15/30 (Call 10/15/25)(a)		USD	35		32,743
5.63%, 02/15/26 (Call 02/15/24)(a)		USD	75		73,973
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(a)		USD	80		74,727
6.00%, 04/15/30 (Call 04/15/25)(a)		USD	70		65,420
6.00%, 02/01/31 (Call 02/01/26)(a)		USD	80		74,180
6.25%, 11/01/28 (Call 11/01/23)(a)		USD	50		47,972
6.25%, 04/15/32 (Call 04/15/27)(a)		USD	50		46,639
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)		USD	165		140,855
3.75%, 05/01/29 (Call 05/01/24)(a)		USD	100		90,125
4.00%, 05/01/31 (Call 05/01/26)(a)(d)		USD	125		110,469
4.88%, 01/15/30 (Call 01/15/25)(d)		USD	130		123,451

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
5.38%, 05/01/25 (Call 05/01/23)(a)(d)		USD	35	$	34,956
5.75%, 05/01/28 (Call 05/01/23)(a)		USD	75		74,796
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)		USD	55		48,125
5.00%, 06/01/29 (Call 06/01/24)(a)		USD	105		95,025
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/24)		USD	85		83,894
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)		USD	80		61,113
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)		USD	125		112,613
4.63%, 02/01/28 (Call 02/01/24)(a)		USD	50		48,625
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)		USD	90		76,170
4.38%, 02/01/31 (Call 02/01/26)(a)		USD	90		73,463
5.38%, 08/01/28 (Call 08/01/23)(a)		USD	75		67,875
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		USD	100		89,976
5.13%, 10/01/24 (Call 07/01/24)		USD	111		111,081
6.88%, 05/01/25 (Call 04/01/25)		USD	55		56,618
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(a)(d)		USD	65		57,999
7.00%, 05/01/26 (Call 05/01/23)(a)		USD	150		149,314
Hughes Satellite Systems Corp.
5.25%, 08/01/26		USD	70		66,947
6.63%, 08/01/26(d)		USD	75		70,875
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)		USD	85		74,702
4.75%, 09/15/24 (Call 06/15/24)		USD	75		74,063
5.25%, 05/15/27 (Call 11/15/26)		USD	167		157,461
6.25%, 05/15/26 (Call 05/15/23)		USD	155		152,678
6.38%, 12/15/25 (Call 05/30/23)		USD	70		69,464
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/24)(a)(d)		USD	75		58,313
5.25%, 08/15/27 (Call 08/15/23)(a)		USD	95		74,908
6.38%, 05/01/26 (Call 05/01/23)		USD	75		64,133
8.38%, 05/01/27 (Call 05/01/23)(d)		USD	145		94,944
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(d)		USD	225		194,839
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a)		USD	75		71,724
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)		USD	340		314,783
International Game Technology PLC
3.50%, 06/15/26 (Call 06/15/23)(b)		EUR	150		160,221
4.13%, 04/15/26 (Call 04/15/24)(a)		USD	100		96,354
5.25%, 01/15/29 (Call 01/15/24)(a)		USD	100		96,037
6.25%, 01/15/27 (Call 07/15/26)(a)		USD	85		86,169
6.50%, 02/15/25 (Call 08/15/24)(a)		USD	90		91,115
IQVIA Inc.
2.88%, 09/15/25 (Call 05/08/23)(b)		EUR	100		107,037
2.88%, 06/15/28 (Call 06/15/23)(b)		EUR	300		290,928
5.00%, 10/15/26 (Call 10/15/23)(a)		USD	50		49,125
5.00%, 05/15/27 (Call 05/15/23)(a)		USD	185		180,455
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)		USD	110		95,951
4.88%, 09/15/27 (Call 09/15/23)(a)(d)		USD	110		105,273
4.88%, 09/15/29 (Call 09/15/24)(a)		USD	95		86,806
5.00%, 07/15/28 (Call 07/15/23)(a)		USD	65		61,181
5.25%, 03/15/28 (Call 12/27/23)(a)(d)		USD	115		110,623

Security	Par (000)			Value
United States (continued)
5.25%, 07/15/30 (Call 07/15/25)(a)(d)		USD	160	$	147,680
5.63%, 07/15/32 (Call 07/15/26)(a)		USD	60		54,735
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)		USD	105		92,394
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/08/23)(b)		GBP	100		119,328
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)		USD	140		116,158
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)		USD	180		165,383
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)		USD	125		105,300
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/30/23)(a)		USD	50		48,277
4.88%, 12/15/27 (Call 12/15/23)(a)		USD	50		43,708
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(d)		USD	60		47,550
4.63%, 03/01/28 (Call 03/01/24)(a)		USD	75		65,938
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)		USD	80		63,700
4.75%, 02/01/30 (Call 09/01/24)		USD	75		57,823
5.00%, 03/01/31 (Call 03/01/26)		USD	61		46,221
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/23)(a)		USD	100		98,465
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(d)		USD	125		119,778
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/24)(b)		EUR	100		57,960
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)(d)		USD	75		51,001
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)		USD	70		64,647
6.75%, 07/15/26 (Call 07/15/23)(a)		USD	90		89,116
8.25%, 11/01/29 (Call 11/01/24)(a)		USD	45		39,065
10.50%, 07/15/27 (Call 07/15/23)(a)		USD	85		80,750
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/24)(a)		USD	95		80,987
4.75%, 06/15/29 (Call 06/15/24)(a)		USD	78		61,790
5.25%, 10/01/25 (Call 05/15/23)(a)		USD	4		3,760
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(d)		USD	80		68,752
3.75%, 02/15/28 (Call 02/15/24)		USD	50		46,253
4.00%, 02/15/30 (Call 02/15/25)		USD	60		53,819
4.88%, 01/15/29 (Call 01/15/24)(d)		USD	50		47,511
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)		USD	130		118,989
4.38%, 01/31/32 (Call 01/31/27)(a)		USD	70		63,948
4.88%, 05/15/28 (Call 11/15/27)(a)		USD	65		63,881
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/24)(d)		USD	50		50,375
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)(d)		USD	75		70,965
3.20%, 08/08/24 (Call 07/08/24)		USD	200		194,000
3.50%, 08/18/26 (Call 06/18/26)		USD	110		103,140
3.90%, 08/08/29 (Call 05/08/29)		USD	75		68,353
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(d)		USD	95		75,762
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a)		USD	125		106,052
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)		USD	100		85,750
6.75%, 10/15/27 (Call 10/15/23)(a)		USD	140		133,534
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)		USD	65		35,978
6.50%, 11/01/25 (Call 11/01/23)(a)		USD	75		53,063

58 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 05/30/23)(a)		USD	60	$	50,875
6.75%, 04/15/25 (Call 04/15/24)(a)(d)		USD	35		33,688
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)(a)		USD	110		61,863
3.75%, 07/15/29 (Call 01/15/24)(a)		USD	115		64,688
3.88%, 11/15/29 (Call 08/15/29)(a)(d)		USD	75		54,750
4.25%, 07/01/28 (Call 07/01/23)(a)		USD	125		72,813
4.63%, 09/15/27 (Call 09/15/23)(a)		USD	120		74,130
10.50%, 05/15/30 (Call 05/15/26)(a)		USD	120		114,900
Liberty Mutual Group Inc.
3.63%, 05/23/59 (Call 05/23/24)(b)(c)		EUR	100		100,937
4.13%, 12/15/51 (Call 12/15/26), (5-year CMT + 3.315%)(a)(c)		USD	75		60,465
4.30%, 02/01/61 (Call 02/03/26)(a)		USD	75		45,956
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/24)(a)		USD	103		100,811
8.00%, 04/15/26 (Call 02/01/24)(a)(d)		USD	70		69,650
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)		USD	45	��	28,238
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)(d)		USD	120		103,828
4.38%, 01/15/31 (Call 10/15/25)(a)		USD	40		34,400
4.63%, 12/15/27 (Call 12/15/23)(a)(d)		USD	50		46,737
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)(d)		USD	60		53,911
4.75%, 10/15/27 (Call 10/15/23)(a)(d)		USD	120		111,300
4.88%, 11/01/24 (Call 05/30/23)(a)(d)		USD	75		74,761
6.50%, 05/15/27 (Call 05/15/23)(a)		USD	135		137,472
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)(d)		USD	70		62,678
4.38%, 05/15/31 (Call 05/15/26)(a)		USD	35		31,025
4.63%, 11/15/27 (Call 11/15/23)(a)		USD	45		42,454
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/24)(a)		USD	150		99,750
4.50%, 01/15/29 (Call 01/15/24)(a)(d)		USD	55		23,375
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(a)(d)		USD	65		59,542
5.88%, 03/15/30 (Call 03/15/25)(a)(d)		USD	60		53,453
6.13%, 03/15/32 (Call 03/15/27)(a)(d)		USD	45		39,580
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)		USD	75		66,063
5.88%, 06/30/29 (Call 06/30/24)(a)		USD	130		102,332
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.00%, 04/15/25 (Call 04/15/24)(a)		USD	71		58,930
11.50%, 12/15/28 (Call 06/15/27)(a)(d)		USD	75		59,209
Matador Resources Co., 6.88%, 04/15/28 (Call 04/15/25)(a)		USD	25		25,146
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(d)		USD	60		48,817
4.13%, 08/01/30 (Call 05/01/25)(a)		USD	60		51,591
4.63%, 06/01/28 (Call 06/01/23)(a)(d)		USD	60		55,350
5.00%, 12/15/27 (Call 12/15/23)(a)		USD	50		47,063
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/24)(a)		USD	65		61,425
3.75%, 04/01/29 (Call 04/01/24)(a)(d)		USD	65		58,663
5.88%, 12/15/27 (Call 12/15/23)(a)(d)		USD	35		35,179
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (Call 08/15/24)(a)		USD	325		329,530
9.25%, 04/15/27 (Call 10/15/24)(a)		USD	135		128,332

Security	Par (000)			Value
United States (continued)
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)		USD	100	$	88,912
8.00%, 08/01/29 (Call 08/01/24)(a)		USD	95		82,040
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(d)		USD	85		70,788
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)		USD	50		45,126
6.00%, 06/01/25 (Call 03/01/25)		USD	60		60,686
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		USD	47		44,973
4.75%, 10/15/28 (Call 07/15/28)(d)		USD	90		84,754
5.50%, 04/15/27 (Call 01/15/27)		USD	86		84,090
5.75%, 06/15/25 (Call 03/15/25)		USD	90		89,851
6.75%, 05/01/25 (Call 05/01/23)(d)		USD	60		60,644
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)(a)(d)		USD	90		74,049
7.88%, 05/01/29 (Call 04/01/24)(a)		USD	165		110,643
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)		USD	50		40,905
6.50%, 05/01/28 (Call 05/01/24)(a)		USD	115		103,787
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(d)		USD	265		218,201
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)		USD	60		48,318
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/23)(a)(d)		USD	50		47,813
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/24)(a)(d)		USD	100		89,500
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)(d)		USD	90		79,200
3.88%, 05/15/32 (Call 02/15/32)(a)(d)		USD	85		72,930
4.38%, 06/15/28 (Call 06/15/23)(a)		USD	55		51,563
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 01/15/24)(a)(d)		USD	70		65,605
10.50%, 05/15/27 (Call 05/15/23)(a)		USD	75		72,976
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)		USD	505		441,875
5.25%, 10/01/29 (Call 10/01/24)(a)(d)		USD	290		250,814
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)		USD	125		95,625
5.75%, 11/01/28 (Call 11/01/23)(a)(d)		USD	140		88,200
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)		EUR	100		94,743
3.38%, 04/24/30 (Call 01/24/30)		GBP	125		99,804
3.50%, 03/15/31 (Call 03/15/26)		USD	160		108,952
4.63%, 08/01/29 (Call 08/01/24)(d)		USD	100		75,996
5.00%, 10/15/27 (Call 09/07/23)		USD	175		147,184
5.25%, 08/01/26 (Call 08/01/23)(d)		USD	40		35,690
Murphy Oil Corp.
5.88%, 12/01/27 (Call 12/01/23)		USD	30		29,618
6.38%, 07/15/28 (Call 07/15/24)(d)		USD	60		59,773
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(d)		USD	80		68,730
4.75%, 09/15/29 (Call 09/15/24)		USD	50		46,547
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(d)		USD	45		43,835
7.38%, 05/15/27 (Call 05/15/24)(a)		USD	60		58,200
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/23)(a)		USD	60		56,640
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)		USD	80		65,825
5.50%, 08/15/28 (Call 08/15/23)(a)		USD	75		66,938

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
5.75%, 11/15/31 (Call 11/15/26)(a)(d)		USD	85	$	71,015
6.00%, 01/15/27 (Call 01/15/24)(a)		USD	65		61,463
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		USD	55		47,226
5.00%, 03/15/27 (Call 09/15/26)		USD	85		76,490
5.50%, 03/15/29 (Call 06/15/28)		USD	90		77,609
5.88%, 10/25/24		USD	50		49,142
6.75%, 06/25/25		USD	75		73,940
6.75%, 06/15/26		USD	50		48,883
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/23)(a)(d)		USD	50		47,035
5.88%, 03/15/26 (Call 12/15/25)(a)(d)		USD	180		155,250
5.88%, 02/15/27 (Call 02/15/24)(a)(d)		USD	120		112,962
7.75%, 02/15/29 (Call 11/15/28)(a)(d)		USD	80		68,378
8.38%, 02/01/28 (Call 02/01/25)(a)		USD	65		65,672
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(d)		USD	50		40,433
NCR Corp.
5.00%, 10/01/28 (Call 08/20/23)(a)		USD	95		83,032
5.13%, 04/15/29 (Call 04/15/24)(a)		USD	135		116,772
5.25%, 10/01/30 (Call 10/01/25)(a)		USD	40		33,623
5.75%, 09/01/27 (Call 09/01/23)(a)(d)		USD	40		39,153
6.13%, 09/01/29 (Call 09/01/24)(a)(d)		USD	60		58,838
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a)		USD	295		277,669
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/24)(a)		USD	185		170,200
6.75%, 09/15/25 (Call 09/15/23)(a)		USD	150		143,166
Newell Brands Inc.
4.70%, 04/01/26 (Call 01/01/26)		USD	220		210,100
4.88%, 06/01/25 (Call 05/01/25)		USD	75		72,949
6.38%, 09/15/27 (Call 06/15/27)(d)		USD	60		59,145
6.63%, 09/15/29 (Call 06/15/29)(d)		USD	60		59,307
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)		USD	110		97,661
5.13%, 02/15/32 (Call 02/15/27)(a)(d)		USD	60		55,500
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(d)		USD	120		105,277
5.63%, 07/15/27 (Call 07/15/23)(a)		USD	200		187,836
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)		USD	75		70,318
4.25%, 07/15/24 (Call 04/15/24)(a)		USD	40		39,377
4.50%, 09/15/27 (Call 06/15/27)(a)		USD	60		56,541
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)(d)		USD	60		54,623
6.88%, 08/15/28 (Call 08/15/23)(a)		USD	245		213,854
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/24)(a)		USD	245		236,103
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/26 (Call 08/16/26)(a)		USD	125		106,677
Nissan Motor Acceptance Corp.
2.00%, 03/09/26 (Call 02/09/26)(a)		USD	50		44,035
2.75%, 03/09/28 (Call 01/09/28)(a)		USD	75		62,453
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/24)(a)		USD	110		102,630
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)		USD	50		37,113
4.38%, 04/01/30 (Call 01/01/30)(d)		USD	55		43,093
NortonLifeLock Inc.
6.75%, 09/30/27 (Call 09/30/24)(a)(d)		USD	110		110,873
7.13%, 09/30/30 (Call 09/30/25)(a)(d)		USD	65		65,325

Security	Par (000)			Value
United States (continued)
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(a)		USD	80	$	73,045
3.88%, 08/15/31 (Call 08/15/26)(a)		USD	95		79,428
4.75%, 01/30/30 (Call 01/30/25)(a)		USD	195		176,061
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(b)		EUR	100		94,922
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)		USD	60		50,850
3.63%, 02/15/31 (Call 02/15/26)(a)		USD	130		105,392
3.88%, 02/15/32 (Call 02/15/27)(a)		USD	145		117,087
5.25%, 06/15/29 (Call 06/15/24)(a)		USD	90		83,213
5.75%, 01/15/28 (Call 01/15/24)		USD	55		53,676
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)(d)		USD	85		81,604
5.75%, 10/01/25 (Call 07/01/25)		USD	80		78,813
6.00%, 06/01/26 (Call 03/01/26)		USD	60		58,901
6.38%, 10/01/30 (Call 04/01/30)		USD	60		57,607
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)(d)		USD	60		60,270
5.55%, 03/15/26 (Call 12/15/25)(d)		USD	130		131,153
5.88%, 09/01/25 (Call 06/01/25)		USD	105		106,559
6.13%, 01/01/31 (Call 07/01/30)		USD	120		125,262
6.38%, 09/01/28 (Call 03/01/28)		USD	65		67,913
6.63%, 09/01/30 (Call 03/01/30)		USD	185		197,487
7.50%, 05/01/31		USD	95		105,994
7.88%, 09/15/31		USD	50		57,050
8.50%, 07/15/27 (Call 01/15/27)		USD	50		55,057
8.88%, 07/15/30 (Call 01/15/30)		USD	95		111,625
Office Properties Income Trust
3.45%, 10/15/31 (Call 07/15/31)		USD	45		23,171
4.50%, 02/01/25 (Call 11/01/24)		USD	70		59,488
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)(b)		EUR	100		107,745
4.75%, 02/15/30 (Call 11/15/24)(a)		USD	65		59,629
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)		USD	75		69,938
5.13%, 09/15/27 (Call 03/15/24)		USD	40		38,678
5.63%, 08/01/29 (Call 08/01/24)(d)		USD	85		82,875
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28 (Call 10/01/24)(b)		EUR	100		90,197
4.25%, 10/01/28 (Call 10/01/24)(a)		USD	125		106,406
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)		USD	75		63,866
3.88%, 09/15/28 (Call 09/15/24)		USD	60		48,453
4.00%, 09/15/30 (Call 09/15/25)		USD	100		75,880
5.38%, 11/15/29 (Call 05/15/29)		USD	95		79,919
6.63%, 01/15/28 (Call 07/15/27)(d)		USD	85		79,009
6.88%, 03/15/25		USD	145		142,266
7.13%, 03/15/26		USD	185		180,563
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)		USD	250		230,000
5.13%, 04/30/31 (Call 04/30/26)(a)		USD	225		199,969
2.88%, 04/30/28 (Call 04/30/24)(b)		EUR	150		142,659
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)		USD	60		51,321
4.63%, 03/15/30 (Call 03/15/25)(a)		USD	50		42,520
5.00%, 08/15/27 (Call 08/15/23)(a)(d)		USD	80		74,057
6.25%, 06/15/25 (Call 06/15/23)(a)(d)		USD	30		30,089
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(a)(d)		USD	50		40,190

60 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.63%, 04/01/30 (Call 04/01/25)(a)(d)	USD		75	$	65,250
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)	USD		85		85,319
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(d)	USD		115		103,644
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(d)	USD		65		57,240
Paramount Global
6.25%, 02/28/57 (Call 02/28/27), (3-mo. LIBOR US + 3.899%)(c)	USD		80		61,800
6.38%, 03/30/62 (Call 03/30/27), (5-year CMT + 3.999%)(c)(d)	USD		120		103,369
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)	USD		70		60,786
5.88%, 10/01/28 (Call 10/01/23)(a)	USD		100		92,489
7.50%, 06/01/25 (Call 06/01/23)(a)	USD		85		85,425
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/24)(d)	USD		70		64,591
7.25%, 06/15/25 (Call 06/15/23)	USD		95		94,644
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)	USD		75		61,686
5.38%, 10/15/25 (Call 10/15/23)(a)	USD		75		70,799
5.75%, 09/15/31 (Call 09/15/26)(a)	USD		70		58,457
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/23)	USD		80		76,412
3.75%, 06/15/29 (Call 06/15/24)	USD		50		43,477
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)	USD		105		95,550
5.50%, 10/15/27 (Call 10/15/23)(a)(d)	USD		120		117,647
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)	USD		65		62,946
4.38%, 03/15/26 (Call 12/15/25)	USD		115		110,975
4.40%, 06/15/30 (Call 03/15/30)	USD		85		76,819
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(a)	USD		150		141,789
7.75%, 02/15/29 (Call 02/15/24)(a)	USD		125		123,083
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(d)	USD		135		127,269
5.25%, 07/01/30 (Call 06/15/25)	USD		105		97,003
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/23)(a)	USD		50		21,125
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)(a)	USD		455		409,500
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/23)(a)	USD		55		54,912
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)	USD		100		80,375
4.25%, 04/15/31 (Call 04/15/26)	USD		115		99,960
5.88%, 09/30/27 (Call 09/30/23)(a)	USD		105		104,740
6.25%, 07/01/33 (Call 04/01/33)	USD		75		74,163
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)(d)	USD		150		131,250
4.63%, 04/15/30 (Call 04/15/25)(a)	USD		155		140,081
5.50%, 12/15/29 (Call 12/15/24)(a)	USD		155		147,444
5.63%, 01/15/28 (Call 12/01/23)(a)	USD		115		112,368
5.75%, 03/01/27 (Call 03/01/24)(a)	USD		50		49,648
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)	USD		65		65,067

Security		Par (000)		Value
United States (continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(d)	USD		90	$	65,132
5.88%, 09/01/31 (Call 09/01/26)(a)	USD		85		59,734
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/24)(a)	USD		75		71,065
8.25%, 02/01/28 (Call 02/01/24)(a)	USD		55		51,838
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)	USD		85		71,877
5.13%, 01/15/28 (Call 01/15/24)(a)	USD		35		34,010
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)(d)	USD		105		93,961
5.25%, 04/15/24(a)	USD		40		39,776
5.75%, 04/15/26(a)(d)	USD		160		158,680
6.25%, 01/15/28 (Call 01/15/24)(a)(d)	USD		155		144,901
PTC Inc.
3.63%, 02/15/25 (Call 02/15/24)(a)	USD		75		72,358
4.00%, 02/15/28 (Call 02/15/24)(a)	USD		50		46,563
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)(d)	USD		65		32,005
4.45%, 02/15/25 (Call 11/15/24)	USD		85		62,369
4.75%, 02/15/27 (Call 11/15/26)(d)	USD		45		22,753
4.85%, 04/01/24	USD		3		2,589
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)	USD		70		29,050
5.38%, 12/01/28 (Call 12/01/23)(a)	USD		70		16,450
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)(d)	USD		115		89,437
6.50%, 09/15/28 (Call 09/15/23)(a)	USD		115		53,518
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/24)(a)(d)	USD		85		37,776
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(a)(d)	USD		35		32,200
4.88%, 05/15/25 (Call 02/15/25)(d)	USD		95		93,812
8.25%, 01/15/29 (Call 01/15/24)	USD		80		83,496
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)(a)	USD		125		89,062
5.75%, 01/15/29 (Call 01/15/24)(a)	USD		105		78,049
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)(a)(d)	USD		180		150,030
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)(d)	USD		60		53,999
4.75%, 10/15/27 (Call 10/15/23)	USD		90		85,219
Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/24)(a)	USD		54		29,178
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)(a)	USD		50		46,473
4.00%, 09/15/29 (Call 09/15/24)(a)	USD		65		54,516
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)	USD		115		97,175
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)	USD		145		128,918
3.63%, 03/01/29 (Call 03/09/24)(a)(d)	USD		80		67,528
3.88%, 03/01/31 (Call 03/01/26)(a)	USD		155		125,550
4.00%, 10/15/33 (Call 10/15/27)(a)	USD		90		70,425
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)	USD		50		47,423
4.95%, 07/15/29 (Call 04/15/29)(a)	USD		70		64,642
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/23)(a)	USD		95		66,717
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 05/30/23)(a)	USD		100		88,875
9.25%, 04/15/25 (Call 03/16/25)(a)	USD		65		59,963

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
11.25%, 12/15/27 (Call 06/15/25)(a)	USD		85	$	74,481
Samsonite Finco Sarl, 3.50%, 05/15/26 (Call 05/15/23)(b)	EUR		100		102,115
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)(d)	USD		190		162,820
3.88%, 02/15/27 (Call 02/15/24)(d)	USD		170		158,312
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(a)	USD		105		105,017
7.25%, 11/15/29 (Call 11/15/24)(a)	USD		75		75,272
8.63%, 07/01/25 (Call 07/01/23)(a)	USD		35		35,831
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)	USD		125		112,495
6.63%, 05/01/29 (Call 05/01/24)(a)	USD		75		62,250
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(d)	USD		70		57,107
4.38%, 02/01/32 (Call 08/01/26)	USD		40		32,413
4.50%, 10/15/29 (Call 10/15/24)(d)	USD		45		39,092
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(d)	USD		45		35,072
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/23)(a)	USD		50		35,975
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)(d)	USD		60		51,975
4.88%, 06/01/27 (Call 03/01/27)	USD		60		57,458
9.63%, 12/01/32 (Call 12/01/27)(a)	USD		87		95,484
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)(d)	USD		48		45,004
5.00%, 04/15/29 (Call 04/15/25)(a)(d)	USD		50		47,981
5.13%, 12/01/24 (Call 09/01/24)(a)	USD		30		30,000
5.50%, 09/15/25 (Call 06/15/25)(a)(d)	USD		60		60,135
6.13%, 02/01/28 (Call 02/01/24)(a)(d)	USD		70		71,145
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/23)(a)(d)	USD		165		161,287
Sensata Technologies BV
4.00%, 04/15/29 (Call 03/18/24)(a)	USD		120		108,333
5.88%, 09/01/30 (Call 09/01/25)(a)(d)	USD		75		73,830
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(d)	USD		55		47,781
4.38%, 02/15/30 (Call 11/15/29)(a)	USD		65		59,259
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)	USD		100		85,161
4.00%, 05/15/31 (Call 05/15/26)(d)	USD		80		70,602
4.63%, 12/15/27 (Call 12/15/23)	USD		60		58,045
5.13%, 06/01/29 (Call 06/01/24)	USD		100		96,521
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	USD		40		31,212
4.35%, 10/01/24 (Call 09/01/24)	USD		60		57,443
4.38%, 02/15/30 (Call 08/15/29)	USD		35		26,060
4.75%, 10/01/26 (Call 08/01/26)	USD		40		34,406
4.95%, 02/15/27 (Call 08/15/26)	USD		60		50,850
4.95%, 10/01/29 (Call 07/01/29)	USD		60		45,420
5.50%, 12/15/27 (Call 09/15/27)	USD		65		57,164
7.50%, 09/15/25 (Call 06/15/25)(d)	USD		100		98,250
Silgan Holdings Inc.
3.25%, 03/15/25 (Call 05/30/23)	EUR		100		107,101
4.13%, 02/01/28 (Call 10/01/23)	USD		60		56,100
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)	USD		80		63,132
5.50%, 03/01/30 (Call 12/01/24)(a)(d)	USD		65		50,213
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)(d)	USD		90		80,550
3.88%, 09/01/31 (Call 09/01/26)(a)	USD		180		135,900

Security		Par (000)		Value
United States (continued)
4.00%, 07/15/28 (Call 07/15/24)(a)	USD		225	$	190,403
4.13%, 07/01/30 (Call 07/01/25)(a)	USD		145		116,323
5.00%, 08/01/27 (Call 08/01/23)(a)	USD		190		174,800
5.50%, 07/01/29 (Call 07/01/24)(a)	USD		155		138,223
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 05/30/23)(a)(d)	USD		85		85,018
5.50%, 04/15/27 (Call 04/15/24)(a)(d)	USD		65		62,156
7.25%, 05/15/31 (Call 05/03/26)	USD		100		97,750
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)	USD		75		65,625
4.20%, 10/29/25 (Call 09/29/25)	USD		50		46,188
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)	USD		80		75,977
6.63%, 01/15/27 (Call 01/15/24)	USD		60		58,361
SoftBank Group Corp., 4.00%, 09/19/29 (Call 06/21/29)(b)	EUR		125		108,825
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(d)	USD		40		33,550
4.88%, 11/15/31 (Call 11/15/26)(a)	USD		77		62,178
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/23)(a)(d)	USD		100		93,687
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(d)	USD		125		110,390
5.38%, 02/01/29 (Call 02/01/24)	USD		100		94,459
5.38%, 03/15/30 (Call 03/15/25)(d)	USD		140		130,594
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)	USD		55		45,100
5.75%, 07/15/25 (Call 07/15/23)(d)	USD		51		50,618
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(d)	USD		75		63,369
7.50%, 04/15/25 (Call 04/15/24)(a)(d)	USD		150		149,060
9.38%, 11/30/29 (Call 11/30/25)(a)	USD		105		112,875
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a)	USD		145		146,448
Sprint LLC
7.13%, 06/15/24	USD		162		164,632
7.63%, 03/01/26 (Call 11/01/25)	USD		139		147,101
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)	USD		145		135,602
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)	USD		65		57,434
6.00%, 12/01/29 (Call 12/01/24)(a)	USD		110		89,619
6.13%, 07/01/29 (Call 07/01/24)(a)	USD		50		41,483
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/24)(a)	USD		225		218,264
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)	USD		135		116,647
Standard Industries Inc./NJ
2.25%, 11/21/26 (Call 08/21/26)(b)	EUR		100		96,359
3.38%, 01/15/31 (Call 07/15/25)(a)	USD		145		114,891
4.38%, 07/15/30 (Call 07/15/25)(a)	USD		160		138,000
4.75%, 01/15/28 (Call 01/15/24)(a)(d)	USD		100		93,341
5.00%, 02/15/27 (Call 02/15/24)(a)	USD		120		114,900
Staples Inc.
7.50%, 04/15/26 (Call 04/15/24)(a)	USD		225		190,057
10.75%, 04/15/27 (Call 04/15/24)(a)(d)	USD		135		91,593
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)	USD		50		43,227
3.75%, 12/31/24 (Call 09/30/24)(a)	USD		50		46,775
4.38%, 01/15/27 (Call 07/15/26)(a)	USD		70		60,211
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/24)(a)	USD		95		87,305
4.63%, 12/01/31 (Call 06/01/31)(a)	USD		55		47,328

62 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)(a)	USD		60	$	54,180
5.38%, 07/15/24 (Call 06/07/23)(a)	USD		75		74,796
Studio City Finance Ltd., 6.00%, 07/15/25 (Call 07/15/23)(a)	USD		50		46,443
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)	USD		75		65,478
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(d)	USD		65		61,763
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a)	USD		100		96,154
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)	USD		75		67,623
4.50%, 04/30/30 (Call 04/30/25)	USD		108		96,650
5.88%, 03/15/28 (Call 03/15/24)	USD		50		49,110
6.00%, 04/15/27 (Call 04/15/24)	USD		75		74,606
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)	USD		85		78,120
Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a)	USD		110		110,000
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/24)(a)	USD		95		88,603
6.00%, 03/01/27 (Call 03/01/24)(a)	USD		65		62,636
6.00%, 12/31/30 (Call 12/31/25)(a)	USD		65		57,990
6.00%, 09/01/31 (Call 09/01/26)(a)	USD		55		48,829
7.50%, 10/01/25 (Call 10/01/23)(a)	USD		75		75,850
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)(d)	USD		60		56,592
5.75%, 01/15/28 (Call 10/15/27)(a)	USD		55		54,178
5.88%, 06/15/27 (Call 03/15/27)(a)	USD		60		59,800
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/24)	USD		125		111,131
4.75%, 03/15/26 (Call 03/15/24)(a)	USD		55		52,645
5.00%, 09/15/29 (Call 09/15/24)	USD		120		105,291
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a)	USD		90		84,565
Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)(a)	USD		175		144,987
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)	USD		175		160,562
4.38%, 01/15/30 (Call 12/01/24)	USD		180		166,118
4.63%, 07/15/24 (Call 05/30/23)	USD		47		46,589
4.63%, 09/01/24 (Call 09/01/23)	USD		50		49,688
4.63%, 06/15/28 (Call 06/15/23)(d)	USD		100		94,750
4.88%, 01/01/26 (Call 03/01/24)(d)	USD		250		246,289
5.13%, 11/01/27 (Call 11/01/23)(d)	USD		170		165,234
6.13%, 10/01/28 (Call 10/01/23)(d)	USD		285		276,450
6.13%, 06/15/30 (Call 06/15/25)(a)	USD		235		231,475
6.25%, 02/01/27 (Call 02/01/24)	USD		160		159,280
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)	USD		60		55,681
5.00%, 01/31/28 (Call 07/31/27)(a)	USD		100		95,750
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/23)(a)	USD		105		81,406
TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)(b)	EUR		100		83,196
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)	USD		60		53,325
10.50%, 05/15/29 (Call 05/15/24)(a)(d)	USD		65		43,859
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)	USD		125		113,125

Security		Par (000)		Value
United States (continued)
4.88%, 05/01/29 (Call 05/01/24)(d)	USD		95	$	86,212
5.50%, 11/15/27 (Call 11/15/23)	USD		320		307,200
6.25%, 03/15/26 (Call 03/15/24)(a)	USD		430		432,107
6.38%, 06/15/26 (Call 06/15/23)	USD		125		124,765
6.75%, 08/15/28 (Call 02/15/25)(a)	USD		220		223,300
7.50%, 03/15/27 (Call 03/15/24)	USD		60		60,300
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/23)	USD		75		75,497
Transocean Inc.
8.75%, 02/15/30 (Call 02/15/26)(a)	USD		145		145,362
11.50%, 01/30/27 (Call 07/30/23)(a)	USD		75		76,835
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/24)(a)(d)	USD		77		75,530
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a)	USD		125		127,187
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)(d)	USD		70		61,079
6.00%, 04/01/27 (Call 01/01/27)	USD		50		49,307
6.63%, 07/31/26 (Call 04/30/26)(a)	USD		85		84,828
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		25		24,978
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/23)(d)	USD		77		71,546
9.00%, 03/15/28 (Call 03/15/25)(a)	USD		135		136,430
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)	USD		130		107,900
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(d)	USD		75		64,029
3.88%, 03/15/31 (Call 03/15/26)	USD		45		37,549
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)	USD		55		50,291
4.75%, 02/15/29 (Call 02/15/24)(a)	USD		105		97,764
6.25%, 04/15/25 (Call 04/15/24)(a)	USD		85		85,465
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(d)	USD		160		147,391
6.25%, 01/15/28 (Call 12/17/23)(a)	USD		75		75,682
7.50%, 05/15/25 (Call 05/15/23)(a)	USD		105		106,575
7.50%, 09/15/27 (Call 09/15/23)(a)	USD		150		155,175
8.00%, 11/01/26 (Call 11/01/23)(a)	USD		165		169,041
UGI International LLC, 2.50%, 12/01/29 (Call 12/01/24)(b)	EUR		100		86,153
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)	USD		240		229,181
4.63%, 04/15/29 (Call 10/15/25)(a)	USD		240		217,200
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)	USD		80		68,642
3.88%, 11/15/27 (Call 05/09/23)	USD		100		93,875
3.88%, 02/15/31 (Call 08/15/25)(d)	USD		140		123,011
4.00%, 07/15/30 (Call 07/15/25)(d)	USD		70		62,519
4.88%, 01/15/28 (Call 01/15/24)	USD		185		178,158
5.25%, 01/15/30 (Call 01/15/25)	USD		80		77,384
5.50%, 05/15/27 (Call 05/15/23)	USD		62		61,552
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/23)(a)	USD		100		95,250
5.50%, 04/15/29 (Call 03/30/24)(a)	USD		90		77,733
5.75%, 06/15/27 (Call 06/15/24)(a)	USD		60		55,038
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)	USD		75		44,243
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(d)	USD		90		71,550
6.50%, 02/15/29 (Call 02/15/24)(a)(d)	USD		130		79,162
10.50%, 02/15/28 (Call 09/15/25)(a)	USD		279		265,399

SCHEDULE   OF   INVESTMENTS 63

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(d)		USD	105	$	90,254
5.13%, 02/15/25 (Call 05/09/23)(a)		USD	160		157,363
6.63%, 06/01/27 (Call 06/01/23)(a)		USD	190		183,198
7.38%, 06/30/30 (Call 06/30/25)(a)		USD	115		110,331
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/24)		USD	65		64,337
6.88%, 09/01/27 (Call 09/01/23)		USD	105		102,202
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)		USD	75		62,344
4.25%, 02/15/30 (Call 02/15/25)(a)(d)		USD	35		34,327
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)		USD	110		98,450
10.50%, 11/01/26 (Call 11/01/23)(a)		USD	70		70,471
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)		USD	130		109,835
6.25%, 01/15/30 (Call 10/15/29)(a)		USD	130		131,923
3.88%, 08/15/29 (Call 02/15/29)(a)(d)		USD	150		135,335
4.13%, 08/15/31 (Call 02/15/31)(a)		USD	150		132,750
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)(d)		USD	76		80,301
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/23)(a)		USD	190		143,450
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/23)(a)		USD	65		65,434
ViaSat Inc.
5.63%, 09/15/25 (Call 05/09/23)(a)(d)		USD	65		62,084
5.63%, 04/15/27 (Call 04/15/24)(a)		USD	85		78,837
6.50%, 07/15/28 (Call 06/17/23)(a)(d)		USD	50		39,535
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/23)(a)(d)		USD	90		76,859
7.00%, 02/15/29 (Call 02/15/24)(a)(d)		USD	50		42,536
13.00%, 05/15/25 (Call 05/15/23)(a)		USD	35		36,894
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)		USD	160		143,206
5.00%, 07/31/27 (Call 07/31/23)(a)		USD	140		133,340
5.50%, 09/01/26 (Call 09/01/23)(a)		USD	125		123,141
5.63%, 02/15/27 (Call 02/15/24)(a)		USD	145		141,375
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/24)(a)		USD	95		84,664
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(a)		USD	55		55,000
8.63%, 04/30/30 (Call 10/30/24)(a)(d)		USD	175		178,500
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 11/15/23)(a)		USD	74		3,719
9.00%, 11/15/26 (Call 11/15/23)(a)(d)		USD	89		8,633
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/23)(a)		USD	80		81,340
7.25%, 06/15/28 (Call 06/15/23)(a)		USD	140		143,998
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		USD	70		55,483
3.10%, 02/01/32 (Call 11/01/31)		USD	60		43,603
4.75%, 02/15/26 (Call 11/15/25)		USD	260		247,280
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)		USD	65		60,265
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)		USD	165		136,345
WMG Acquisition Corp.
2.75%, 07/15/28 (Call 07/15/23)(b)		EUR	100		99,012
3.00%, 02/15/31 (Call 02/15/26)(a)(d)		USD	90		73,965
3.75%, 12/01/29 (Call 12/01/24)(a)		USD	70		61,600

Security	Par/ Shares (000)			Value
United States (continued)
3.88%, 07/15/30 (Call 07/15/25)(a)		USD	50	$	44,038
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(a)		USD	80		75,969
5.63%, 08/15/29 (Call 08/15/24)(a)		USD	145		124,788
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)(a)(d)		USD	100		95,979
5.50%, 03/01/25 (Call 12/01/24)(a)		USD	210		207,055
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)		USD	100		92,288
7.13%, 02/15/31 (Call 11/15/30)(a)		USD	65		66,645
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(d)		USD	75		71,541
5.50%, 08/15/28 (Call 07/15/28)(a)		USD	90		78,817
XHR LP
4.88%, 06/01/29 (Call 06/01/24)(a)		USD	60		52,037
6.38%, 08/15/25 (Call 08/15/23)(a)		USD	71		69,912
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(d)		USD	110		97,321
4.63%, 01/31/32 (Call 10/01/26)(d)		USD	140		130,725
4.75%, 01/15/30 (Call 10/15/29)(a)		USD	75		72,563
5.38%, 04/01/32 (Call 04/01/27)(d)		USD	120		117,150
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 05/30/23)(a)		USD	180		136,789
6.13%, 03/01/28 (Call 03/01/24)(a)(d)		USD	115		73,600
					95,378,704
Total Long-Term Investments — 97.6% (Cost: $161,173,844)					149,602,463
Short-Term Securities
Money Market Funds — 16.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(i)(j)(k)			24,512		24,519,682
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j)			710		710,000
Total Short-Term Securities — 16.5% (Cost: $25,224,367)					25,229,682
Total Investments — 114.1% (Cost: $186,398,211)					174,832,145
Liabilities in Excess of Other Assets — (14.1)%					(21,656,829	)
Net Assets — 100.0%				$	153,175,316

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

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

^(c)  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.

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

^(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.

64 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® US & Intl High Yield Corp Bond ETF

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,572,440	$	8,942,313	(a)	$	—		$	(542	)	$	5,471	$	24,519,682		24,512	$	62,998	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,490,000		—			(780,000	)(a)		—			—		710,000		710		20,016			1
									$	(542	)	$	5,471	$	25,229,682			$	83,014		$	1

^(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
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	149,602,463	$	—	$	149,602,463
Short-Term Securities
Money Market Funds		25,229,682		—		—		25,229,682
	$	25,229,682	$	149,602,463	$	—	$	174,832,145

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 65

Statements of Assets and Liabilities (unaudited)

April 30, 2023

		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, at value — unaffiliated(a)(b)		$	50,286,839		$	371,893,759		$	322,403,287		$	485,619,087
Investments, at value — affiliated(c)			20,000			29,056,806			41,785,179			200,000
Cash			455			6,520			—			3,328
Foreign currency, at value(d)			421,918			1,394			962			4,814,809
Receivables:
Investments sold			774,158			3,947,852			4,416,941			5,194,671
Securities lending income — affiliated			—			21,612			29,100			—
Capital shares sold			46,264			2,497,772			—			1,882
Dividends — unaffiliated			—			—			—			4,926
Dividends — affiliated			30			12,621			7,694			3,832
Interest — unaffiliated			761,906			4,567,078			5,691,308			10,061,242
Total assets			52,311,570			412,005,414			374,334,471			505,903,777
LIABILITIES
Bank overdraft			—			—			55,734			—
Collateral on securities loaned, at value			—			24,668,242			39,239,898			—
Payables:
Investments purchased			1,173,405			7,360,324			5,371,729			5,533,556
Capital shares redeemed			—			—			92,265			—
Deferred foreign capital gain tax			—			—			—			66,664
Foreign taxes			—			—			—			1,452
Investment advisory fees			17,597			150,302			137,716			123,960
Total liabilities			1,191,002			32,178,868			44,897,342			5,725,632
NET ASSETS		$	51,120,568		$	379,826,546		$	329,437,129		$	500,178,145
NET ASSETS CONSIST OF
Paid-in capital		$	61,857,799		$	444,075,485		$	493,298,833		$	624,773,417
Accumulated loss			(10,737,231	)		(64,248,939	)		(163,861,704	)		(124,595,272	)
NET ASSETS		$	51,120,568		$	379,826,546		$	329,437,129		$	500,178,145
	��
NET ASSETVALUE
Shares outstanding			1,100,000			8,750,000			9,550,000			13,800,000
Net asset value		$	46.47		$	43.41		$	34.50		$	36.24
Shares authorized			500 million			500 million			500 million			500 million
Par value		$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated		$	55,170,031		$	406,047,336		$	398,720,406		$	528,877,408
(b) Securities loaned, at value		$	—		$	23,656,346		$	37,845,623		$	—
(c)  Investments, at cost — affiliated		$	20,000		$	29,046,353		$	41,769,189		$	200,000
(d) Foreign currency, at cost		$	419,114		$	1,315		$	918		$	4,818,407

See notes to financial statements.

66 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2023

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	149,602,463
Investments, at value — affiliated(c)		25,229,682
Cash		8,545
Foreign currency, at value(d)		55,150
Receivables:
Investments sold		1,884,817
Securities lending income — affiliated		14,457
Capital shares sold		1,234,721
Dividends — affiliated		3,870
Interest — unaffiliated		2,419,601
Total assets		180,453,306
LIABILITIES
Collateral on securities loaned, at value		24,523,542
Payables:
Investments purchased		2,704,367
Investment advisory fees		50,081
Total liabilities		27,277,990
NET ASSETS	$	153,175,316
NET ASSETS CONSIST OF
Paid-in capital	$	175,036,921
Accumulated loss		(21,861,605	)
NET ASSETS	$	153,175,316
NET ASSETVALUE
Shares outstanding		3,600,000
Net asset value	$	42.55
Shares authorized		500 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	161,173,844
(b) Securities loaned, at value	$	23,695,025
(c)  Investments, at cost — affiliated	$	25,224,367
(d) Foreign currency, at cost	$	54,312

See notes to financial statements.

FINANCIAL   STATEMENTS 67

Statements of Operations (unaudited)

Six Months Ended April 30, 2023

	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	$	195		$	49,637		$	45,827		$	28,100
Interest — unaffiliated		1,020,737			7,624,522			12,014,010			15,374,576
Securities lending income — affiliated — net		—			98,712			161,810			—
Other income — unaffiliated		549			2,451			450			—
Foreign taxes withheld		(568	)		83			83			(416,454	)
Total investment income		1,020,913			7,775,405			12,222,180			14,986,222
EXPENSES
Investment advisory		87,484			791,799			812,718			690,006
Commitment costs		—			—			—			2,957
Total expenses		87,484			791,799			812,718			692,963
Net investment income		933,429			6,983,606			11,409,462			14,293,259
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(767,529	)		(4,910,636	)		(5,178,371	)		(17,984,421	)
Investments — affiliated		—			2,619			4,413			—
Capital gain distributions from underlying funds — affiliated	��	—			1			2			5
Foreign currency transactions		55,088			27			—			(130,743	)
In-kind redemptions — unaffiliated(b)		(219,749	)		(1,208,387	)		(673,571	)		262,690
		(932,190	)		(6,116,376	)		(5,847,527	)		(17,852,469	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		5,785,584			28,414,154			26,136,064			56,393,246
Investments — affiliated		—			9,083			14,646			—
Foreign currency translations		38,891			70			86			542,031
		5,824,475			28,423,307			26,150,796			56,935,277
Net realized and unrealized gain		4,892,285			22,306,931			20,303,269			39,082,808
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,825,714		$	29,290,537		$	31,712,731		$	53,376,067
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(3,375	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	—		$	(59,400	)

See notes to financial statements.

68 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2023

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	20,016
Interest — unaffiliated		3,540,931
Securities lending income — affiliated — net		62,998
Other income — unaffiliated		712
Foreign taxes withheld		(299	)
Total investment income		3,624,358
EXPENSES
Investment advisory		235,080
Total expenses		235,080
Net investment income		3,389,278
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,131,301	)
Investments — affiliated		(542	)
Capital gain distributions from underlying funds — affiliated		1
Foreign currency transactions		57,567
In-kind redemptions — unaffiliated(a)		(982,494	)
		(2,056,769	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		7,233,398
Investments — affiliated		5,471
Foreign currency translations		31,511
		7,270,380
Net realized and unrealized gain		5,213,611
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,602,889

^(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

FINANCIAL   STATEMENTS 69

Statements of Changes in Net Assets

	iShares International High Yield Bond ETF							iShares J.P. Morgan EM Corporate Bond ETF
		Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	933,429		$	1,408,096		$	6,983,606		$	14,229,480
Net realized loss			(932,190	)		(5,099,669	)		(6,116,376	)		(34,007,022	)
Net change in unrealized appreciation (depreciation)			5,824,475			(10,447,043	)		28,423,307			(61,434,431	)
Net increase (decrease) in net assets resulting from operations			5,825,714			(14,138,616	)		29,290,537			(81,211,973	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income			(215,619	)		(2,017,426	)		(7,208,370	)		(15,559,902	)
Return of capital			—			(85,561	)		—			—
Decrease in net assets resulting from distributions to shareholders			(215,619	)		(2,102,987	)		(7,208,370	)		(15,559,902	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			13,714,718			(23,123,187	)		71,846,106			(135,692,796	)
NET ASSETS
Total increase (decrease) in net assets			19,324,813			(39,364,790	)		93,928,273			(232,464,671	)
Beginning of period			31,795,755			71,160,545			285,898,273			518,362,944
End of period		$	51,120,568		$	31,795,755		$	379,826,546		$	285,898,273

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

See notes to financial statements.

70 2 0 2 3   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 04/30/23 (unaudited)				Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	11,409,462		$	24,998,720			$	14,293,259			$	24,817,042
Net realized loss			(5,847,527	)		(43,819,891	)			(17,852,469	)			(76,305,751	)
Net change in unrealized appreciation (depreciation)			26,150,796			(82,734,878	)			56,935,277				(58,369,093	)
Net increase (decrease) in net assets resulting from operations			31,712,731			(101,556,049	)			53,376,067				(109,857,802	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(11,783,631	)		(25,663,616	)			(3,783,011	)			(19,531,059	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			18,211,481			(56,838,898	)			104,059,607				(41,512,997	)
NET ASSETS
Total increase (decrease) in net assets			38,140,581			(184,058,563	)			153,652,663				(170,901,858	)
Beginning of period			291,296,548			475,355,111				346,525,482				517,427,340
End of period		$	329,437,129		$	291,296,548			$	500,178,145			$	346,525,482

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

See notes to financial statements.

FINANCIAL   STATEMENTS 71

Statements of Changes in Net Assets (continued)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,389,278		$	5,806,839
Net realized loss		(2,056,769	)		(5,745,195	)
Net change in unrealized appreciation (depreciation)		7,270,380			(21,725,310	)
Net increase (decrease) in net assets resulting from operations		8,602,889			(21,663,666	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,797,750	)		(6,204,063	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		47,293,106			(65,519,501	)
NET ASSETS
Total increase (decrease) in net assets		53,098,245			(93,387,230	)
Beginning of period		100,077,071			193,464,301
End of period	$	153,175,316		$	100,077,071

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

See notes to financial statements.

72 2 0 2 3   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 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	39.74			$	54.74			$	51.94			$	51.05			$	50.66			$	53.04
Net investment income(a)			0.94				1.38				1.44				1.42				1.51				1.54
Net realized and unrealized gain (loss)(b)			6.06				(14.76	)			2.18				0.09				0.82				(3.92	)
Net increase (decrease) from investment operations			7.00				(13.38	)			3.62				1.51				2.33				(2.38	)
Distributions(c)
From net investment income			(0.27	)			(1.56	)			(0.82	)			(0.62	)			(1.94	)			—
Return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.27	)			(1.62	)			(0.82	)			(0.62	)			(1.94	)			—
Net asset value, end of period		$	46.47			$	39.74			$	54.74			$	51.94			$	51.05			$	50.66
Total Return(d)
Based on net asset value			17.64	%(e)			(25.15	)%			6.90	%			3.00	%			4.85	%			(4.49	)%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			4.27	%(g)			2.92	%			2.56	%			2.85	%			3.03	%			2.87	%
Supplemental Data
Net assets, end of period (000)		$	51,121			$	31,796			$	71,161			$	46,750			$	40,838			$	65,858
Portfolio turnover rate(h)			16	%			23	%			33	%			46	%			34	%			31	%

^(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 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	40.27			$	51.32			$	51.13			$	51.29			$	47.68			$	51.33
Net investment income(a)			0.94				1.68				1.75				2.06				2.25				2.16
Net realized and unrealized gain (loss)(b)			3.19				(10.93	)			0.23				(0.13	)			3.61				(3.70	)
Net increase (decrease) from investment operations			4.13				(9.25	)			1.98				1.93				5.86				(1.54	)
Distributions from net investment income(c)			(0.99	)			(1.80	)			(1.79	)			(2.09	)			(2.25	)			(2.11	)
Net asset value, end of period		$	43.41			$	40.27			$	51.32			$	51.13			$	51.29			$	47.68
Total Return(d)
Based on net asset value			10.28	%(e)			(18.42	)%			3.88	%			3.94	%			12.57	%			(3.09	)%
Ratios to Average Net Assets(f)
Total expenses			0.50	%(g)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			4.41	%(g)			3.62	%			3.36	%			4.08	%			4.51	%			4.37	%
Supplemental Data
Net assets, end of period (000)		$	379,827			$	285,898			$	518,363			$	214,731			$	166,685			$	71,515
Portfolio turnover rate(h)			15	%			18	%			16	%			25	%			21	%			16	%

^(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 3   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 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19					Year Ended 10/31/18
Net asset value, beginning of period		$	32.19			$	43.61			$	43.06			$	46.63				$	45.29			$	50.60
Net investment income(a)			1.21				2.34				2.43				2.52					2.66				2.44
Net realized and unrealized gain (loss)(b)			2.36				(11.36	)			0.68				(3.54	)				1.93				(5.40	)
Net increase (decrease) from investment operations			3.57				(9.02	)			3.11				(1.02	)				4.59				(2.96	)
Distributions from net investment income(c)			(1.26	)			(2.40	)			(2.56	)			(2.55	)				(3.25	)			(2.35	)
Net asset value, end of period		$	34.50			$	32.19			$	43.61			$	43.06			��	$	46.63			$	45.29
Total Return(d)
Based on net asset value			11.11	%(e)			(21.35	)%			7.16	%			(2.08	)%				10.51	%			(5.96	)%(f)
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)			0.50	%			0.49	%			0.48	%				0.50	%			0.50	%
Net investment income			7.02	%(h)			6.13	%			5.40	%			5.75	%				5.75	%			5.11	%
Supplemental Data
Net assets, end of period (000)		$	329,437			$	291,297			$	475,355			$	303,584				$	333,378			$	398,541
Portfolio turnover rate(i)			9	%			16	%			23	%			65	%				32	%			19	%

^(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 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	32.09			$	41.73			$	41.68			$	45.43			$	43.24			$	46.85
Net investment income(a)			1.08				1.95				2.06				2.29				3.09				2.87
Net realized and unrealized gain (loss)(b)			3.37				(10.06	)			(2.01	)			(4.11	)			0.59				(6.48	)
Net increase (decrease) from investment operations			4.45				(8.11	)			0.05				(1.82	)			3.68				(3.61	)
Distributions from net investment income(c)			(0.30	)			(1.53	)			—				(1.93	)			(1.49	)			—
Net asset value, end of period		$	36.24			$	32.09			$	41.73			$	41.68			$	45.43			$	43.24
Total Return(d)
Based on net asset value			13.87	%(e)			(20.04	)%			0.12	%			(4.20	)%			8.75	%			(7.71	)%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.30	%			0.42	%
Total expenses after fees waived			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.30	%			0.41	%
Net investment income			6.21	%(g)			5.37	%			4.72	%			5.46	%			6.95	%			6.19	%
Supplemental Data
Net assets, end of period (000)		$	500,178			$	346,525			$	517,427			$	500,100			$	536,078			$	423,732
Portfolio turnover rate(h)			19	%			47	%			29	%			43	%			44	%			51	%

^(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.

76 2 0 2 3   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 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	40.03			$	49.61			$	47.80			$	48.97			$	48.03			$	50.98
Net investment income(a)			1.19				2.02				2.09				2.21				2.42				2.46
Net realized and unrealized gain (loss)(b)			2.35				(9.53	)			1.99				(1.27	)			1.17				(2.80	)
Net increase (decrease) from investment operations			3.54				(7.51	)			4.08				0.94				3.59				(0.34	)
Distributions from net investment income(c)			(1.02	)			(2.07	)			(2.27	)			(2.11	)			(2.65	)			(2.61	)
Net asset value, end of period		$	42.55			$	40.03			$	49.61			$	47.80			$	48.97			$	48.03
Total Return(d)
Based on net asset value			8.86	%(e)			(15.46	)%			8.56	%			2.04	%			7.74	%			(0.71	)%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			5.77	%(g)			4.48	%			4.16	%			4.65	%			5.02	%			4.95	%
Supplemental Data
Net assets, end of period (000)		$	153,175			$	100,077			$	193,464			$	176,851			$	176,300			$	211,353
Portfolio turnover rate(h)			8	%			16	%			31	%			33	%			24	%			20	%

^(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 77

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		Diversified	(a)
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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, 2023, 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.

78 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, net realized capital gains and/or return of capital 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 portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 BFA 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/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

NOTES  TO   FINANCIAL   STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the 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 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.

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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Bank PLC	$	924,521	$	(924,521	)	$	—		$	—
Barclays Capital, Inc.		3,496,915		(3,496,915	)		—			—
BMO Capital Markets		622,455		(622,455	)		—			—
BNP Paribas SA		827,718		(827,718	)		—			—
BofA Securities, Inc.		647,133		(647,133	)		—			—
Citigroup Global Markets, Inc.		1,328,198		(1,328,198	)		—			—
Credit Suisse Securities (USA) LLC		992,304		(992,304	)		—			—
DEUTSCHE BANK SECURITIES INC.		326,067		(326,067	)		—			—
HSBC Securities (USA), Inc.		213,975		(213,975	)		—			—
J.P. Morgan Securities LLC		3,228,893		(3,228,893	)		—			—
Jefferies LLC		2,866,008		(2,866,008	)		—			—
Morgan Stanley		1,024,677		(1,024,677	)		—			—
Nomura Securities International, Inc.		1,688,253		(1,688,253	)		—			—
Pershing LLC		2,197,551		(2,197,551	)		—			—
UBS AG		127,350		(121,049	)		—			6,301	(b)
Wells Fargo Securities LLC		3,144,328		(3,144,328	)		—			—
	$	23,656,346	$	(23,650,045	)	$	—		$	6,301

80 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
J.P. Morgan EM High Yield Bond
Barclays Bank PLC	$	1,662,575	$	(1,662,575	)	$	—		$	—
Barclays Capital, Inc.		4,649,202		(4,649,202	)		—			—
BNP Paribas SA		2,401,769		(2,401,769	)		—			—
BofA Securities, Inc.		2,128,750		(2,128,750	)		—			—
Citigroup Global Markets, Inc.		2,598,020		(2,598,020	)		—			—
Credit Suisse Securities (USA) LLC		74,665		(74,665	)		—			—
Goldman Sachs & Co. LLC		2,502,055		(2,502,055	)		—			—
J.P. Morgan Securities LLC		10,295,945		(10,295,945	)		—			—
Jefferies LLC		2,150,377		(2,150,377	)		—			—
Morgan Stanley		3,636,030		(3,636,030	)		—			—
Nomura Securities International, Inc.		1,899,084		(1,899,084	)		—			—
Pershing LLC		1,642,786		(1,642,786	)		—			—
RBC Capital Markets LLC		324,548		(324,548	)		—			—
Scotia Capital (USA), Inc.		1,219,461		(1,219,461	)		—			—
UBS AG		255,435		(255,435	)		—			—
UBS Securities LLC		131,250		(131,250	)		—			—
Wells Fargo Securities LLC		273,671		(273,671	)		—			—
	$	37,845,623	$	(37,845,623	)	$	—		$	—
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	2,710,596	$	(2,710,596	)	$	—		$	—
Barclays Capital, Inc.		720,073		(720,073	)		—			—
BMO Capital Markets Corp.		310,334		(310,334	)		—			—
BNP Paribas SA		2,897,898		(2,897,898	)		—			—
BofA Securities, Inc.		526,592		(526,592	)		—			—
Citadel Clearing LLC		129,139		(129,139	)		—			—
Citigroup Global Markets, Inc.		279,536		(279,536	)		—			—
Credit Suisse Securities (USA) LLC		25,808		(25,808	)		—			—
Deutsche Bank Securities, Inc.		802,017		(802,017	)		—			—
Goldman Sachs & Co. LLC		3,575,735		(3,575,735	)		—			—
J.P. Morgan Securities LLC		4,091,933		(4,091,933	)		—			—
Jefferies LLC		361,015		(361,015	)		—			—
Morgan Stanley		849,964		(849,964	)		—			—
Nomura Securities International, Inc.		440,086		(440,086	)		—			—
Pershing LLC		247,538		(247,538	)		—			—
RBC Capital Markets LLC		3,250,893		(3,250,893	)		—			—
Scotia Capital (USA), Inc.		380,998		(380,998	)		—			—
State Street Bank & Trust Co.		1,313,988		(1,313,988	)		—			—
TD Prime Services LLC		538,558		(538,558	)		—			—
UBS AG		31,840		(31,840	)		—			—
Wells Fargo Bank, National Association		23,435		(23,435	)		—			—
Wells Fargo Securities LLC		187,049		(187,049	)		—			—
	$	23,695,025	$	(23,695,025	)	$	—		$	—

^(a)  Collateral received, if any, 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 Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of April 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

NOTES  TO   FINANCIAL   STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, 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 Fees
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
J.P. Morgan EM Corporate Bond	$	25,068
J.P. Morgan EM High Yield Bond		41,039
US & Intl High Yield Corp Bond		17,035

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

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.

82 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

6. PURCHASES AND SALES

For the six months ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	7,828,350	$	6,692,740
J.P. Morgan EM Corporate Bond		47,742,644		48,221,362
J.P. Morgan EM High Yield Bond		29,956,627		28,760,062
J.P. Morgan EM Local Currency Bond		157,000,984		83,252,918
US & Intl High Yield Corp Bond		10,600,546		9,197,616

For the six months ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
International High Yield Bond	$	17,914,675	$	4,509,930
J.P. Morgan EM Corporate Bond		77,462,511		7,884,495
J.P. Morgan EM High Yield Bond		21,134,313		4,874,674
J.P. Morgan EM Local Currency Bond		41,748,635		9,628,532
US & Intl High Yield Corp Bond		62,146,597		15,994,007

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, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
International High Yield Bond	$	5,617,695
J.P. Morgan EM Corporate Bond		23,164,025
J.P. Morgan EM High Yield Bond		81,211,562
J.P. Morgan EM Local Currency Bond		61,839,894
US & Intl High Yield Corp Bond		8,797,963

As of April 30, 2023, 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	$	55,242,115	$	761,805	$	(5,697,081	)	$	(4,935,276	)
J.P. Morgan EM Corporate Bond		437,326,921		1,401,599		(37,777,955	)		(36,376,356	)
J.P. Morgan EM High Yield Bond		442,941,649		1,551,354		(80,304,537	)		(78,753,183	)
J.P. Morgan EM Local Currency Bond		541,307,353		8,823,201		(64,311,467	)		(55,488,266	)
US & Intl High Yield Corp Bond		186,613,055		1,244,852		(13,025,762	)		(11,780,910	)

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each

NOTES  TO   FINANCIAL   STATEMENTS 83

Notes to Financial Statements (unaudited) (continued)

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, 2023, 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

84 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to 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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

NOTES  TO   FINANCIAL   STATEMENTS 85

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 04/30/23						Year Ended 10/31/22
iShares ETF	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		400,000		$	18,329,412			—		$	—
Shares redeemed		(100,000	)		(4,614,694	)		(500,000	)		(23,123,187	)
		300,000		$	13,714,718			(500,000	)	$	(23,123,187	)
J.P. Morgan EM Corporate Bond
Shares sold		1,850,000		$	79,894,117			1,100,000		$	53,884,330
Shares redeemed		(200,000	)		(8,048,011	)		(4,100,000	)		(189,577,126	)
		1,650,000		$	71,846,106			(3,000,000	)	$	(135,692,796	)
J.P. Morgan EM High Yield Bond
Shares sold		650,000		$	23,366,088			2,400,000		$	98,689,988
Shares redeemed		(150,000	)		(5,154,607	)		(4,250,000	)		(155,528,886	)
		500,000		$	18,211,481			(1,850,000	)	$	(56,838,898	)
J.P. Morgan EM Local Currency Bond
Shares sold		3,800,000		$	132,270,464			4,200,000		$	161,169,803
Shares redeemed		(800,000	)		(28,210,857	)		(5,800,000	)		(202,682,800	)
		3,000,000		$	104,059,607			(1,600,000	)	$	(41,512,997	)
US & Intl High Yield Corp Bond
Shares sold		1,500,000		$	63,925,056			500,000		$	21,399,097
Shares redeemed		(400,000	)		(16,631,950	)		(1,900,000	)		(86,918,598	)
		1,100,000		$	47,293,106			(1,400,000	)	$	(65,519,501	)

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.

86 2 0 2 3   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, 2022 (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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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. The Committee also considered that ETFs generally do not engage in borrowing.

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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT   REGARDING   LIQUIDITY   RISK   MANAGEMENT   PROGRAM 87

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, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
J.P. Morgan EM High Yield Bond	$	1.262074	$	—	$	—	$	1.262074		100	%		—	%		—	%		100	%
US & Intl High Yield Corp Bond		1.015258		—		—		1.015258		100			—			—			100

88 2 0 2 3   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 89

Glossary of Terms Used in this Report

Portfolio Abbreviation
CAB	Capital Appreciation Bonds
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
OJSC	Open Joint Stock Company

Portfolio Abbreviation (continued)
PIK	Payment-in-kind
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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

90 2 0 2 3   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.

©2023 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-1002-0423

            

(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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

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

Date: June 21, 2023