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: October 31, 2023
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.
OCTOBER 31, 2023 |
2023 Annual Report |
iShares, Inc.
· | iShares International High Yield Bond ETF | HYXU | Cboe BZX |
· | iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX |
· | iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX |
· | iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca |
· | iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX |
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.
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 benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.
While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
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 October 31, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | 1.39% | 10.14% | ||
U.S. small cap equities (Russell 2000® Index) | (5.29) | (8.56) | ||
International equities (MSCI Europe, Australasia, Far East Index) | (7.88) | 14.40 | ||
Emerging market equities (MSCI Emerging Markets Index) | (4.78) | 10.80 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 2.63 | 4.77 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (9.70) | (3.25) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (6.13) | 0.36 | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (4.65) | 2.64 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 0.02 | 6.23 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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iShares, Inc.
Global Bond Market Overview
Global investment-grade bonds posted positive returns in the 12 months ended October 31, 2023 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of world bond market performance, returned 1.72% in U.S. Dollar terms for the reporting period. Income made a strong contribution to performance following an extended period of rising yields, outweighing the impact of falling prices. Lower-rated, higher-yielding market segments generally outperformed, and short-term debt outpaced longer-term issues. On the other hand, interest-rate sensitive investments—particularly developed-market government bonds—typically experienced weak relative performance.
The falling prices for government bonds reflected the global interest-rate backdrop. Persistent inflation compelled developed-market central banks to continue raising rates. While the pace of rate hikes slowed, investors began to anticipate that rates were likely to remain “higher for longer.” This trend was particularly evident in the United States, where stronger-than-expected growth prompted the markets to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating that the U.S. Federal Reserve’s (Fed’s) initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. Japan was a notable outlier compared to its developed-market peers, as the combination of lower relative inflation and tepid economic growth prompted the nation’s central bank to maintain a highly accommodative interest rate policy.
Credit-oriented market segments delivered generally positive performance and outpaced government debt. Investors appeared to be encouraged that the slowdown in global growth was less severe than expected. In addition, corporate earnings—while slowing—exceeded the depressed expectations that were in place in late 2022. These developments fueled a healthy appetite for risk among investors, leading to outperformance for lower-rated investment-grade corporates and high yield bonds.
Emerging markets debt also held up well versus developed market government issues. The category was helped by a robust contribution from income, as well as its lower interest-rate sensitivity in relation to higher-rated, developed market bonds. Additionally, emerging market central banks were seen as being closer to the point at which they could begin cutting rates than their larger peers. The asset class further benefited from the generally positive, “risk-on” tone that was in place for much of the period.
Currency movements had a meaningful impact on returns for bonds denominated in foreign currencies. The U.S. Dollar fell sharply in the first two months of the period due to the growing view that the Fed was set to move to a neutral policy, boosting returns for non-U.S. bonds. On the other hand, the Dollar’s rally from mid-July onward reversed all of its previous gains, weighing on returns for the international markets.
4 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 16.06 | % | 0.06 | % | 0.02 | % | 16.06 | % | 0.29 | % | 0.22 | % | ||||||||||||||||
Fund Market | 15.66 | 0.19 | 0.03 | 15.66 | 0.94 | 0.26 | ||||||||||||||||||||||
Index | 15.95 | 0.34 | 0.27 | 15.95 | 1.70 | 2.69 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 (05/01/23) |
| | Ending Account Value | | | Expenses Paid During the Period |
(a) | | Beginning Account Value (05/01/23) |
| | Ending Account Value (10/31/23) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 986.50 | $ | 2.00 | $ | 1,000.00 | $ | 1,023.20 | $ | 2.04 | 0.40 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. |
FUND SUMMARY | 5 |
Fund Summary as of October 31, 2023 (continued) | iShares® International High Yield Bond ETF |
Portfolio Management Commentary
Local-currency denominated high yield bonds were one of the few segments of the world fixed-income market to deliver a double-digit gain in the 12-month period. Several factors played a role in the category’s positive return, including its higher yield and lower degree of interest rate sensitivity, as well as the positive sentiment associated with better-than-expected economic growth – particularly in Europe. All countries represented in the Index logged gains, with the majority posting double-digit returns. In terms of performance contribution (which incorporates both weightings and total returns), Italy, the United Kingdom and Germany played the largest roles in the Index’s positive 12-month results.
The bulk of the gain for the Index occurred in the first three months of the reporting period, driven largely by a rally in foreign currencies against the U.S. Dollar. The weakness in the Dollar in this time reflected the prevailing view that the U.S. Federal Reserve was approaching the point at which it could shift to a neutral interest rate policy, making the currency less attractive for foreign investors. However, the upward move in non-U.S. developed market currencies subsequently stalled amid a growing consensus that the Fed would need to keep rates “higher for longer.” Much of the downturn in foreign currencies occurred from mid-July onward, causing the Index to finish the period below its previous high.
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Rating* | Percent of Total Investments(a) | |||
Aaa | 0.2% | |||
Aa | 0.2 | |||
Baa | 4.1 | |||
Ba | 47.3 | |||
B | 31.2 | |||
Caa | 3.4 | |||
Not Rated | 13.6 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |||
Italy | 15.8% | |||
France | 14.6 | |||
United States | 14.1 | |||
United Kingdom | 12.4 | |||
Germany | 10.9 | |||
Spain | 9.2 | |||
Sweden | 3.8 | |||
Luxembourg | 3.7 | |||
Greece | 3.1 | |||
Netherlands | 2.8 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
6 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 8.06 | % | 1.39 | % | 2.27 | % | 8.06 | % | 7.14 | % | 25.18 | % | ||||||||||||||||
Fund Market | 8.42 | 1.37 | 2.47 | 8.42 | 7.06 | 27.64 | ||||||||||||||||||||||
Index | 8.61 | 1.68 | 2.73 | 8.61 | 8.70 | 30.89 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Index Performance through May 31, 2017 reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.
Past performance is 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 | | | Ending | | | Expenses | | | Beginning | | | Ending | | | Expenses | | | Annualized | | ||||||||||
$ | 1,000.00 | $ | 979.80 | $ | 2.50 | $ | 1,000.00 | $ | 1,022.70 | $ | 2.55 | 0.50 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. |
FUND SUMMARY | 7 |
Fund Summary as of October 31, 2023 (continued) | iShares® J.P. Morgan EM Corporate Bond ETF |
Portfolio Management Commentary
Emerging market corporate bonds delivered a strong gain in the annual period and outperformed both emerging market government bonds and the broader global fixed-income markets.
Whereas many segments of the world bond market were negatively affected by continued interest rate increases by the U.S. Federal Reserve (Fed) and other major central banks, emerging market bonds were relatively insulated due to their lower interest rate sensitivity. The category also benefited from its higher yields, which contributed meaningfully to its total return. Emerging market debt was further helped by better-than-expected global growth and the concurrent improvement in investors’ appetite for risk. Together, these factors helped the asset class finish as one of the top performing categories in the global fixed-income market.
Additionally, emerging market central banks were generally expected to pursue less restrictive monetary policies than their developed market peers.
With this said, the bulk of the positive return for the Index was achieved in the first three months of the period, when risk assets benefited from elevated optimism about the interest rate outlook. The Index moved gradually lower over the remainder of the period, with the downturn gaining steam in August and September as reaccelerating inflation and geopolitical tensions dampened investors’ appetite for risk.
Mirroring a trend that was visible across the global fixed-income markets, lower-rated emerging market corporate bonds outperformed lower-rated issues over the full 12 months. Securities rated Caa by Moody’s were the top rated category, followed by those rated B, Ba, and Baa, respectively. Conversely, bonds rated A and Aa while posting gains, underperformed. At the issuer level, securities of China-related gambling companies performed well, as did those of energy producers.
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Rating* | | Percent of | | |
Aaa | 0.4 | % | ||
Aa | 8.2 | |||
A | 18.9 | |||
Baa | 33.8 | |||
Ba | 12.8 | |||
B | 6.9 | |||
Caa | 2.2 | |||
C | 0.8 | |||
Not Rated | 16.0 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of | | |
China | 9.8 | % | ||
Brazil | 5.1 | |||
United Arab Emirates | 5.0 | |||
South Korea | 4.8 | |||
Mexico | 4.7 | |||
India | 4.6 | |||
Saudi Arabia | 4.6 | |||
Hong Kong | 4.2 | |||
Colombia | 4.2 | |||
Chile | 3.9 |
* | 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 ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF |
Investment Objective
The iShares J.P. Morgan EM HighYield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 11.82 | % | 0.39 | % | 2.04 | % | 11.82 | % | 1.97 | % | 22.33 | % | ||||||||||||||||
Fund Market | 12.51 | 0.42 | 2.06 | 12.51 | 2.14 | 22.63 | ||||||||||||||||||||||
Index | 12.39 | 0.73 | 2.35 | 12.39 | 3.71 | 26.18 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 | | | Ending | | | Expenses the Period | (a) | | Beginning | | | Ending | | | Expenses the Period | (a) | | Annualized | | ||||||||||
$ | 1,000.00 | $ | 1,006.40 | $ | 2.53 | $ | 1,000.00 | $ | 1,022.70 | $ | 2.55 | 0.50 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. |
FUND SUMMARY | 9 |
Fund Summary as of October 31, 2023 (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
Portfolio Management Commentary
Emerging market bonds posted positive returns and strongly outperformed developed-market government debt in the 12-month reporting period.
Whereas many segments of the world bond market were hurt by continued interest rate increases by the U.S. Federal Reserve (Fed) and other major central banks, emerging market bonds were relatively insulated due to their lower interest rate sensitivity. The category also benefited from its higher yields, which contributed meaningfully to its total return. Emerging market debt was further helped by better-than-expected global growth and the concurrent improvement in investors’ appetite for risk. In addition, emerging market central banks were generally expected to pursue less restrictive monetary policies than their developed market peers. Together, these factors helped the asset class finish as one of the top performing categories in the global fixed-income market.
Mirroring a trend that was visible across the global fixed-income markets, lower-rated emerging market bonds outperformed lower-rated issues over the full 12 month. Securities rated either Caa or below Caa by Moody’s were the top rated category in the emerging markets, followed by those rated B, Ba, and Baa, respectively. Conversely, bonds rated A, Aa, and Aaa, while posting gains, underperformed. Since nearly all of the Index constituents are rated Baa or below, the Index was well positioned for healthy performance.
The Index includes both government and corporate issues. Each category finished with a double-digit gain, with government issues providing a modest performance advantage. While most individual countries represented in the Index registered positive returns, the largest contributions came from Turkey, Argentina, and Colombia. Securities of issuers based in Hong Kong, Nigeria and Ghana also delivered robust gains. On the other hand, Brazil, Mexico and Egypt were among the notable laggards.
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Rating* | | Percent of | | |
Aaa | 0.1 | % | ||
Aa | 0.2 | |||
Baa | 9.8 | |||
Ba | 34.8 | |||
B | 28.6 | |||
Caa | 6.7 | |||
Ca | 1.9 | |||
C | 0.6 | |||
Not Rated | 17.3 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of | | |
Brazil | 13.6 | % | ||
Turkey | 13.4 | |||
Mexico | 8.5 | |||
Colombia | 7.4 | |||
South Africa | 4.0 | |||
Oman | 3.8 | |||
Argentina | 3.6 | |||
Dominican Republic | 3.5 | |||
United Arab Emirates | 2.8 | |||
Bahrain | 2.8 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
10 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 8.92 | % | (1.90 | )% | (2.12 | )% | 8.92 | % | (9.15 | )% | (19.30 | )% | ||||||||||||||||
Fund Market | 7.78 | (2.04 | ) | (2.14 | ) | 7.78 | (9.80 | ) | (19.44 | ) | ||||||||||||||||||
Index | 10.89 | (1.27 | ) | (1.48 | ) | 10.89 | (6.21 | ) | (13.90 | ) |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 | | | Ending | | | Expenses | | | Beginning | | | Ending | | | Expenses | | | Annualized | | ||||||||||
$ | 1,000.00 | $ | 956.60 | $ | 1.48 | $ | 1,000.00 | $ | 1,023.70 | $ | 1.53 | 0.30 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. |
FUND SUMMARY | 11 |
Fund Summary as of October 31, 2023 (continued) | iShares® J.P. Morgan EM Local Currency Bond ETF |
Portfolio Management Commentary
Emerging market sovereign bonds posted positive returns and strongly outperformed developed-market government debt in the 12-month reporting period.
Whereas many segments of the world bond market were hurt by continued interest rate increases by the U.S. Federal Reserve (Fed) and other major central banks, emerging market bonds were relatively insulated due to their lower interest rate sensitivity. The category also benefited from its higher yields, which contributed meaningfully to its total return. Emerging market debt further benefited from better-than-expected global growth and the concurrent improvement in investors’ appetite for risk. In addition, emerging market central banks were generally expected to pursue less restrictive monetary policies than their developed market peers. Together, these factors helped the asset class finish as one of the top performing categories in the global fixed-income market.
Emerging market bonds denominated in local currencies outperformed those issued in U.S. Dollars. Emerging market currencies rallied in the first three months of the reporting period, reflecting the prevailing view that the Fed was approaching the point at which it could shift to a neutral interest rate policy. Currencies generally traded in a broad range from March onward as investors shifted to the stance that the Fed would need to keep rates “higher for longer.” However , they finished in positive territory as a group on the strength of their earlier gains.
The majority of the countries represented in the Index produced positive returns over the past 12 months, with Turkey and Egypt among the notable exceptions. A number of European countries outpaced the broader market, as concerns eased about the economic impact of war and the potential for constricted energy supplies. Hungary and Poland were particularly strong performers. Latin America was another source of relative strength, led by Colombia and Brazil. The Asian markets lagged as a group, largely as a result of depressed sentiment caused by China’s weaker-than-expected reopening following its COVID-19 lockdowns.
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 3.9 | % | ||
A | 5.3 | |||
Baa | 22.5 | |||
Ba | 10.5 | |||
C | 1.4 | |||
Not Rated | 56.4 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 15.4 | % | ||
Indonesia | 6.3 | |||
Mexico | 6.0 | |||
Malaysia | 5.0 | |||
Brazil | 4.9 | |||
Poland | 4.7 | |||
Thailand | 4.7 | |||
Hungary | 4.7 | |||
Czech Republic | 4.6 | |||
Chile | 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. |
12 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF |
Investment Objective
The iShares US & Intl HighYield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 7.93 | % | 1.72 | % | 2.22 | % | 7.93 | % | 8.90 | % | 24.61 | % | ||||||||||||||||
Fund Market | 8.16 | 1.73 | 2.19 | 8.16 | 8.93 | 24.22 | ||||||||||||||||||||||
Index | 8.21 | 1.87 | 2.38 | 8.21 | 9.71 | 26.55 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 | | | Ending | | | Expenses the Period | (a) | | Beginning | | | Ending | | | Expenses | | | Annualized | | ||||||||||
$ | 1,000.00 | $ | 991.40 | $ | 2.01 | $ | 1,000.00 | $ | 1,023.20 | $ | 2.04 | 0.40 | % |
(a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. |
FUND SUMMARY | 13 |
Fund Summary as of October 31, 2023 (continued) | iShares® US & Intl High Yield Corp Bond ETF |
Portfolio Management Commentary
Local-currency denominated high yield bonds performed well and were one of the few segments of the fixed-income market to deliver a positive, double-digit return in the 12-month period. Several factors combined to help the category finish with positive returns, including its higher yield and lower degree of interest rate sensitivity, as well as the positive sentiment associated with better-than-expected economic growth.
Nearly all countries represented in the Index logged gains, with the majority posting double-digit returns. In terms of performance contribution (which incorporates both weightings and total returns), Italy, the United Kingdom, and Germany played key roles in the Index’s positive 12-month results. The United States—the largest country in the Index by a wide margin—produced a positive return but failed to keep pace with the majority of the countries in Europe and Asia.
The bulk of the gain for the Index occurred in the first three months of the reporting period, driven largely by the benefit that the rally in foreign currencies against the U.S. Dollar had on the non-U.S. portion of the portfolio in this time. The weakness in the Dollar reflected the prevailing view that the U.S. Federal Reserve was approaching the point at which it could shift to a neutral interest rate policy, making the currency less attractive for foreign investors. However, the upward move in non-U.S. developed market currencies subsequently stalled amid a growing consensus that the Fed would need to keep rates “higher for longer.” Much of the downturn in foreign currencies occurred from mid-July onward, causing the Index to finish the period below its previous high.
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 2.4 | % | ||
Ba | 42.6 | |||
B | 42.0 | |||
Caa | 8.0 | |||
Ca | 0.1 | |||
Not Rated | 4.9 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 65.3 | % | ||
United Kingdom | 5.6 | |||
France | 4.6 | |||
Italy | 4.5 | |||
Germany | 3.4 | |||
Canada | 3.4 | |||
Spain | 2.5 | |||
Luxembourg | 1.5 | |||
Netherlands | 1.5 | |||
Israel | 1.4 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
14 | 2 0 2 3 I SHARES 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.
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.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S | 15 |
October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes |
| |||||||||||
Austria — 0.5% | ||||||||||||
ams-OSRAM AG, 6.00%, 07/31/25 (Call 11/30/23)(a) | EUR | 100 | $ | 103,654 | ||||||||
Benteler International AG, 9.38%, 05/15/28 | EUR | 100 | 106,415 | |||||||||
|
| |||||||||||
210,069 | ||||||||||||
Belgium — 0.2% | ||||||||||||
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 | EUR | 100 | 95,944 | |||||||||
|
| |||||||||||
Canada — 1.6% | ||||||||||||
Air Canada, 4.63%, 08/15/29 | CAD | 300 | 188,480 | |||||||||
Mattamy Group Corp., 4.63%, 03/01/28 | CAD | 50 | 31,071 | |||||||||
Parkland Corp. | ||||||||||||
3.88%, 06/16/26 (Call 11/10/23)(b) | CAD | 150 | 99,924 | |||||||||
4.38%, 03/26/29 (Call 03/26/24) | CAD | 75 | 47,006 | |||||||||
Primo Water Holdings Inc., 3.88%, 10/31/28 | EUR | 100 | 92,362 | |||||||||
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)(d)(e) | CAD | 50 | — | |||||||||
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(b) | CAD | 25 | 17,158 | |||||||||
Videotron Ltd. | ||||||||||||
3.13%, 01/15/31 (Call 01/15/26) | CAD | 100 | 55,296 | |||||||||
3.63%, 06/15/28 (Call 06/15/24)(b) | CAD | 150 | 93,118 | |||||||||
4.50%, 01/15/30 (Call 10/15/24) | CAD | 150 | 93,040 | |||||||||
|
| |||||||||||
717,455 | ||||||||||||
Cyprus — 0.2% | ||||||||||||
Bank of Cyprus PCL, 2.50%, 06/24/27 | EUR | 100 | 94,393 | |||||||||
|
| |||||||||||
Czech Republic — 0.2% | ||||||||||||
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(a) | EUR | 100 | 105,102 | |||||||||
|
| |||||||||||
Finland — 0.2% | ||||||||||||
Citycon Treasury BV, 1.25%, 09/08/26 (Call 06/08/26)(a) | EUR | 100 | 89,658 | |||||||||
|
| |||||||||||
France — 14.1% | ||||||||||||
Adevinta ASA | ||||||||||||
2.63%, 11/15/25 (Call 11/10/23)(a) | EUR | 100 | 102,588 | |||||||||
3.00%, 11/15/27 (Call 11/15/23)(a) | EUR | 100 | 100,689 | |||||||||
Altice France SA, 2.13%, 02/15/25 (Call 11/30/23)(a) | EUR | 150 | 147,032 | |||||||||
Altice France SA/France | ||||||||||||
2.50%, 01/15/25 (Call 11/10/23)(a) | EUR | 100 | 98,355 | |||||||||
3.38%, 01/15/28 (Call 11/10/23)(a) | EUR | 100 | 76,022 | |||||||||
4.13%, 01/15/29 (Call 11/30/23)(a) | EUR | 100 | 75,540 | |||||||||
4.25%, 10/15/29 (Call 10/15/24)(a) | EUR | 100 | 74,471 | |||||||||
5.88%, 02/01/27 (Call 11/10/23)(a) | EUR | 100 | 87,466 | |||||||||
Atos SE | ||||||||||||
1.00%, 11/12/29 (Call 08/12/29)(a) | EUR | 200 | 95,149 | |||||||||
1.75%, 05/07/25 (Call 02/07/25)(a) | EUR | 100 | 70,176 | |||||||||
Banijay Entertainment SASU, 7.00%, 05/01/29 (Call 11/01/25)(a) | EUR | 100 | 104,303 | |||||||||
Banijay Group SAS, 6.50%, 03/01/26 (Call 11/30/23)(a) | EUR | 100 | 104,181 | |||||||||
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(a) | EUR | 200 | 175,951 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
5.25%, 04/15/27 (Call 11/10/23)(a)(c)(e) | EUR | 100 | 1,145 | |||||||||
6.63%, 01/15/26 (Call 11/10/23)(a)(c)(e) | EUR | 100 | 1,093 | |||||||||
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a) | EUR | 100 | 93,101 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Chrome Bidco SASU, 3.50%, 05/31/28 | EUR | 100 | $ | 85,407 | ||||||||
Chrome Holdco SASU, 5.00%, 05/31/29 | EUR | 100 | 76,014 | |||||||||
Elis SA | ||||||||||||
1.63%, 04/03/28 (Call 01/03/28)(a) | EUR | 100 | 93,168 | |||||||||
2.88%, 02/15/26 (Call 11/15/25)(a) | EUR | 100 | 101,482 | |||||||||
4.13%, 05/24/27 (Call 02/24/27)(a) | EUR | 100 | 103,522 | |||||||||
Emeria SASU, 7.75%, 03/31/28 (Call 02/07/25)(a) | EUR | 100 | 96,711 | |||||||||
Faurecia SE | ||||||||||||
2.38%, 06/15/27 (Call 11/10/23)(a) | EUR | 100 | 93,984 | |||||||||
2.63%, 06/15/25 (Call 11/30/23)(a) | EUR | 100 | 101,894 | |||||||||
2.75%, 02/15/27 (Call 02/15/24)(a) | EUR | 225 | 215,655 | |||||||||
3.13%, 06/15/26 (Call 11/30/23)(a) | EUR | 200 | 198,537 | |||||||||
3.75%, 06/15/28 (Call 11/30/23)(a) | EUR | 200 | 191,771 | |||||||||
7.25%, 06/15/26 (Call 11/15/24)(a) | EUR | 100 | 108,815 | |||||||||
Iliad Holding SASU | ||||||||||||
5.13%, 10/15/26 (Call 11/10/23)(a) | EUR | 150 | 153,462 | |||||||||
5.63%, 10/15/28 (Call 10/15/24)(a) | EUR | 100 | 99,622 | |||||||||
iliad SA | ||||||||||||
1.88%, 04/25/25 (Call 01/25/25)(a) | EUR | 200 | 201,979 | |||||||||
1.88%, 02/11/28 (Call 11/11/27)(a) | EUR | 100 | 90,042 | |||||||||
2.38%, 06/17/26 (Call 03/17/26)(a) | EUR | 100 | 98,387 | |||||||||
5.38%, 06/14/27 (Call 03/14/27)(a) | EUR | 100 | 103,974 | |||||||||
5.63%, 02/15/30 (Call 11/15/29)(a) | EUR | 100 | 101,178 | |||||||||
IPD 3 BV, 8.00%, 06/15/28 (Call 06/15/25)(a) | EUR | 100 | 106,282 | |||||||||
La Financiere Atalian SASU, 4.00%, 05/15/24 | EUR | 100 | 82,697 | |||||||||
Loxam SAS | ||||||||||||
2.88%, 04/15/26 (Call 11/10/23)(a) | EUR | 100 | 96,758 | |||||||||
3.25%, 01/14/25 (Call 11/10/23)(a) | EUR | 125 | 128,778 | |||||||||
6.38%, 05/15/28 (Call 05/15/25)(a) | EUR | 100 | 102,690 | |||||||||
Paprec Holding SA, 4.00%, 03/31/25 (Call 11/10/23)(a) | EUR | 100 | 104,135 | |||||||||
Parts Europe SA, 6.50%, 07/16/25 (Call 11/30/23)(a) | EUR | 100 | 105,476 | |||||||||
Picard Groupe SAS, 3.88%, 07/01/26 (Call 12/12/23)(a) | EUR | 200 | 193,917 | |||||||||
RCI Banque SA, 2.63%, 02/18/30 | EUR | 100 | 99,001 | |||||||||
Renault SA | ||||||||||||
1.00%, 11/28/25 (Call 08/28/25)(a) | EUR | 70 | 69,153 | |||||||||
1.25%, 06/24/25 (Call 03/24/25)(a) | EUR | 200 | 198,505 | |||||||||
2.38%, 05/25/26 (Call 02/25/26)(a) | EUR | 200 | 196,863 | |||||||||
2.50%, 06/02/27 (Call 03/02/27)(a) | EUR | 200 | 191,582 | |||||||||
2.50%, 04/01/28 (Call 01/01/28)(a) | EUR | 100 | 94,379 | |||||||||
Rexel SA | ||||||||||||
2.13%, 12/15/28 (Call 12/15/24)(a) | EUR | 100 | 92,251 | |||||||||
5.25%, 09/15/30 (Call 09/15/27)(a) | EUR | 100 | 103,981 | |||||||||
SPCM SA, 2.00%, 02/01/26 (Call 11/10/23)(a) | EUR | 100 | 98,714 | |||||||||
Tereos Finance Groupe I SA | ||||||||||||
7.25%, 04/15/28 (Call 04/15/25)(a) | EUR | 100 | 106,911 | |||||||||
7.50%, 10/30/25 (Call 11/30/23)(a) | EUR | 100 | 106,806 | |||||||||
Valeo | ||||||||||||
1.00%, 08/03/28 (Call 05/03/28)(a) | EUR | 200 | 171,787 | |||||||||
1.50%, 06/18/25 (Call 03/18/25)(a) | EUR | 100 | 100,265 | |||||||||
5.38%, 05/28/27 (Call 02/28/27)(a) | EUR | 100 | 104,852 | |||||||||
Valeo SE, 5.88%, 04/12/29(a) | EUR | 100 | 106,301 | |||||||||
|
| |||||||||||
6,484,950 | ||||||||||||
Germany — 10.6% | ||||||||||||
Bayer AG | ||||||||||||
3.13%, 11/12/79 (Call 08/12/27)(a)(f) | EUR | 100 | 91,914 | |||||||||
5.38%, 03/25/82 (Call 06/25/30)(a)(f) | EUR | 100 | 96,538 | |||||||||
6.63%, 09/25/83(a)(f) | EUR | 200 | 209,355 | |||||||||
7.00%, 09/25/83(a)(f) | EUR | 100 | 104,882 |
16 | 2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
Series N5.5, 4.50%, Series N5.5, 03/25/82 | EUR | 100 | $ | 98,253 | ||||||||
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 | EUR | 100 | 97,019 | |||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
4.38%, 01/15/28 (Call 01/15/24)(a) | EUR | 150 | 143,865 | |||||||||
7.50%, 05/15/30 (Call 05/15/26)(a) | EUR | 100 | 105,062 | |||||||||
Commerzbank AG | ||||||||||||
4.00%, 03/23/26(a) | EUR | 200 | 204,933 | |||||||||
4.00%, 03/30/27(a) | EUR | 100 | 102,390 | |||||||||
6.50%, 12/06/32 (Call 09/06/27)(a)(f) | EUR | 100 | 104,787 | |||||||||
6.75%, 10/05/33(a)(f) | EUR | 100 | 104,681 | |||||||||
8.63%, 02/28/33 (Call 11/28/27)(a)(f) | GBP | 100 | 121,384 | |||||||||
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(f) | EUR | 100 | 88,703 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
2.88%, 02/11/25 (Call 01/11/25)(a) | EUR | 200 | 205,582 | |||||||||
2.88%, 05/16/27 (Call 02/16/27)(a) | EUR | 100 | 97,320 | |||||||||
3.00%, 05/29/26 (Call 03/02/26)(a) | EUR | 300 | 300,549 | |||||||||
3.50%, 07/14/29 (Call 04/14/29)(a) | EUR | 100 | 94,432 | |||||||||
Douglas GmbH, 6.00%, 04/08/26 (Call 11/30/23)(a) | EUR | 200 | 201,248 | |||||||||
Evonik Industries AG, 1.38%, 09/02/81 | EUR | 100 | 89,953 | |||||||||
Gruenenthal GmbH, 3.63%, 11/15/26 (Call 11/30/23)(a) | EUR | 100 | 99,976 | |||||||||
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a) | EUR | 100 | 97,049 | |||||||||
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(a) | EUR | 200 | 211,473 | |||||||||
Schaeffler AG | ||||||||||||
2.75%, 10/12/25 (Call 07/12/25)(a) | EUR | 100 | 102,093 | |||||||||
2.88%, 03/26/27 (Call 12/26/26)(a) | EUR | 75 | 74,098 | |||||||||
3.38%, 10/12/28 (Call 07/12/28)(a) | EUR | 100 | 95,603 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 11/30/23)(a) | EUR | 250 | 253,556 | |||||||||
thyssenkrupp AG, 2.50%, 02/25/25(a) | EUR | 100 | 102,968 | |||||||||
TK Elevator Holdco GmbH, 6.63%, 07/15/28 | ||||||||||||
(Call 11/30/23)(a) | EUR | 90 | 81,585 | |||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 | ||||||||||||
(Call 11/10/23)(a) | EUR | 100 | 95,471 | |||||||||
ZF Europe Finance BV | ||||||||||||
2.00%, 02/23/26 (Call 12/23/25)(a) | EUR | 100 | 96,924 | |||||||||
2.50%, 10/23/27 (Call 07/23/27)(a) | EUR | 100 | 92,714 | |||||||||
3.00%, 10/23/29 (Call 07/23/29)(a) | EUR | 100 | 88,491 | |||||||||
6.13%, 03/13/29 (Call 12/13/28)(a) | EUR | 100 | 104,899 | |||||||||
ZF Finance GmbH | ||||||||||||
2.00%, 05/06/27 (Call 02/06/27)(a) | EUR | 100 | 92,690 | |||||||||
2.25%, 05/03/28 (Call 02/03/28)(a) | EUR | 100 | 89,440 | |||||||||
2.75%, 05/25/27 (Call 02/25/27)(a) | EUR | 100 | 95,156 | |||||||||
3.00%, 09/21/25 (Call 06/21/25)(a) | EUR | 100 | 101,140 | |||||||||
3.75%, 09/21/28 (Call 06/21/28)(a) | EUR | 100 | 94,776 | |||||||||
5.75%, 08/03/26 (Call 07/03/26)(a) | EUR | 100 | 105,711 | |||||||||
|
| |||||||||||
4,838,663 | ||||||||||||
Greece — 3.0% | ||||||||||||
Alpha Bank SA | ||||||||||||
2.50%, 03/23/28 (Call 03/23/27)(a)(f) | EUR | 100 | 92,055 | |||||||||
7.50%, 06/16/27 (Call 06/16/26)(a)(f) | EUR | 100 | 109,386 | |||||||||
Alpha Services and Holdings SA | ||||||||||||
4.25%, 02/13/30 (Call 02/13/25)(a)(f) | EUR | 100 | 98,835 | |||||||||
5.50%, 06/11/31 (Call 03/11/26)(a)(f) | EUR | 100 | 98,501 | |||||||||
Eurobank SA | ||||||||||||
2.25%, 03/14/28 (Call 03/14/27)(a)(f) | EUR | 100 | 93,674 | |||||||||
7.00%, 01/26/29 (Call 01/26/28)(a)(f) | EUR | 200 | 219,133 |
Security | Par (000) | Value | ||||||||||
Greece (continued) | ||||||||||||
National Bank of Greece SA | ||||||||||||
2.75%, 10/08/26 (Call 10/08/25)(a)(f) | EUR | 100 | $ | 100,485 | ||||||||
7.25%, 11/22/27 (Call 11/22/26)(a)(f) | EUR | 100 | 109,562 | |||||||||
Piraeus Bank SA, 7.25%, 07/13/28(a)(f) | EUR | 150 | 159,559 | |||||||||
Piraeus Financial Holdings SA, 5.50%, 02/19/30 (Call 02/19/25)(a)(f) | EUR | 100 | 98,310 | |||||||||
Public Power Corp. SA | ||||||||||||
3.38%, 07/31/28 (Call 07/31/24)(a) | EUR | 100 | 95,290 | |||||||||
4.38%, 03/30/26 (Call 11/30/23)(a) | EUR | 100 | 102,535 | |||||||||
|
| |||||||||||
1,377,325 | ||||||||||||
Ireland — 0.4% | ||||||||||||
eircom Finance DAC | ||||||||||||
1.75%, 11/01/24 (Call 11/30/23)(a) | EUR | 100 | 103,329 | |||||||||
3.50%, 05/15/26 (Call 11/30/23)(a) | EUR | 100 | 98,436 | |||||||||
|
| |||||||||||
201,765 | ||||||||||||
Israel — 1.9% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
1.63%, 10/15/28(a) | EUR | 150 | 123,469 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(a) | EUR | 100 | 90,353 | |||||||||
3.75%, 05/09/27 (Call 02/09/27) | EUR | 150 | 143,827 | |||||||||
4.38%, 05/09/30 (Call 02/09/30) | EUR | 200 | 179,614 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 100 | 103,218 | |||||||||
7.38%, 09/15/29 (Call 06/15/29) | EUR | 100 | 106,674 | |||||||||
7.88%, 09/15/31 (Call 06/15/31) | EUR | 100 | 108,153 | |||||||||
|
| |||||||||||
855,308 | ||||||||||||
Italy — 15.3% | ||||||||||||
Atlantia SpA | ||||||||||||
1.63%, 02/03/25(a) | EUR | 100 | 101,054 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(a) | EUR | 175 | 163,314 | |||||||||
1.88%, 02/12/28 (Call 11/12/27)(a) | EUR | 200 | 180,952 | |||||||||
Banca IFIS SpA, 6.13%, 01/19/27(a) | EUR | 100 | 103,708 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
1.88%, 01/09/26(a) | EUR | 100 | 94,255 | |||||||||
2.63%, 04/28/25(a) | EUR | 100 | 99,350 | |||||||||
6.75%, 03/02/26 (Call 03/02/25), | EUR | 125 | 130,559 | |||||||||
6.75%, 09/05/27, (3-mo. EURIBOR + 3.283%)(a)(f) | EUR | 100 | 103,223 | |||||||||
10.50%, 07/23/29(a) | EUR | 100 | 103,964 | |||||||||
Banca Popolare di Sondrio SPA, 5.50%, 09/26/28(a)(f) | EUR | 100 | 104,677 | |||||||||
Banco BPM SpA | ||||||||||||
1.75%, 01/28/25(a) | EUR | 200 | 203,567 | |||||||||
3.25%, 01/14/31 (Call 01/14/26)(a)(f) | EUR | 100 | 96,307 | |||||||||
5.00%, 09/14/30 (Call 09/14/25)(a)(f) | EUR | 100 | 102,082 | |||||||||
6.00%, 09/13/26(a) | EUR | 150 | 161,234 | |||||||||
6.00%, 01/21/28 (Call 01/21/27), (3-mo. EURIBOR + 3.300%)(a)(f) | EUR | 150 | 158,783 | |||||||||
6.00%, 06/14/28, (3-mo. EURIBOR + 2.800%)(a)(f) | EUR | 150 | 156,749 | |||||||||
BPER Banca | ||||||||||||
1.88%, 07/07/25(a) | EUR | 100 | 100,863 | |||||||||
3.88%, 07/25/32 (Call 01/25/27)(a)(f) | EUR | 200 | 181,936 | |||||||||
6.13%, 02/01/28 (Call 02/01/27), | EUR | 150 | 158,887 | |||||||||
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a) | EUR | 100 | 87,775 | |||||||||
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 11/14/23)(a). | EUR | 100 | 93,511 | |||||||||
Credito Emiliano SpA, 5.63%, 05/30/29, | EUR | 150 | 157,872 | |||||||||
Iccrea Banca SpA | ||||||||||||
2.13%, 01/17/27 (Call 01/17/26), | EUR | 100 | 98,224 | |||||||||
4.13%, 11/28/29 (Call 11/28/24)(a)(f) | EUR | 100 | 99,679 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (continued) October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
6.38%, 09/20/27 (Call 09/20/26), | EUR | 100 | $ | 107,287 | ||||||||
6.88%, 01/20/28 (Call 01/20/27), | EUR | 100 | 108,154 | |||||||||
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 11/10/23)(a) | EUR | 100 | 94,605 | |||||||||
Infrastrutture Wireless Italiane SpA | ||||||||||||
1.63%, 10/21/28 (Call 07/21/28)(a) | EUR | 100 | 92,594 | |||||||||
1.75%, 04/19/31 (Call 01/19/31)(a) | EUR | 100 | 88,098 | |||||||||
1.88%, 07/08/26 (Call 04/08/26)(a) | EUR | 150 | 147,994 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25(a) | EUR | 100 | 102,259 | |||||||||
2.93%, 10/14/30(a) | EUR | 100 | 86,479 | |||||||||
3.93%, 09/15/26(a) | EUR | 200 | 204,667 | |||||||||
5.15%, 06/10/30(a) | GBP | 100 | 100,206 | |||||||||
6.18%, 02/20/34 (Call 11/20/28)(a)(f) | EUR | 200 | 206,261 | |||||||||
Lottomatica SpA, 7.13%, 06/01/28 (Call 06/01/25)(a) | EUR | 100 | 107,032 | |||||||||
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26 | EUR | 50 | 50,938 | |||||||||
Nexi SpA | ||||||||||||
1.63%, 04/30/26 (Call 01/30/26)(a) | EUR | 200 | 193,578 | |||||||||
2.13%, 04/30/29 (Call 01/30/29)(a) | EUR | 150 | 130,042 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 11/10/23)(a) | EUR | 100 | 105,235 | |||||||||
Saipem Finance International BV | ||||||||||||
2.63%, 01/07/25(a) | EUR | 100 | 101,932 | |||||||||
3.13%, 03/31/28 (Call 12/31/27)(a) | EUR | 100 | 94,971 | |||||||||
Telecom Italia SpA | ||||||||||||
6.88%, 02/15/28 (Call 11/15/27)(a) | EUR | 300 | 315,125 | |||||||||
7.88%, 07/31/28 (Call 05/01/28)(a) | EUR | 100 | 107,992 | |||||||||
7.88%, 07/31/28(a) | EUR | 150 | 161,988 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
1.63%, 01/18/29 (Call 10/18/28)(a) | EUR | 100 | 81,807 | |||||||||
2.38%, 10/12/27 (Call 07/12/27)(a) | EUR | 100 | 90,481 | |||||||||
2.75%, 04/15/25 (Call 01/15/25)(a) | EUR | 200 | 200,937 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(a) | EUR | 200 | 194,571 | |||||||||
3.00%, 09/30/25(a) | EUR | 100 | 99,466 | |||||||||
3.63%, 05/25/26(a) | EUR | 100 | 98,737 | |||||||||
UniCredit SpA, 2.73%, 01/15/32 | EUR | 200 | 185,449 | |||||||||
Webuild SpA | ||||||||||||
3.88%, 07/28/26 (Call 01/28/26)(a) | EUR | 100 | 98,433 | |||||||||
5.88%, 12/15/25 (Call 06/15/25)(a) | EUR | 100 | 104,417 | |||||||||
7.00%, 09/27/28(a) | EUR | 100 | 102,887 | |||||||||
|
| |||||||||||
7,007,147 | ||||||||||||
Japan — 1.2% | ||||||||||||
SoftBank Group Corp. | ||||||||||||
2.88%, 01/06/27 (Call 10/06/26)(a) | EUR | 100 | 92,384 | |||||||||
3.13%, 09/19/25 (Call 06/21/25)(a) | EUR | 100 | 99,293 | |||||||||
3.38%, 07/06/29 (Call 04/06/29)(a) | EUR | 125 | 106,234 | |||||||||
3.88%, 07/06/32 (Call 04/06/32)(a) | EUR | 100 | 79,281 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(a) | EUR | 100 | 87,243 | |||||||||
4.50%, 04/20/25 (Call 01/20/25)(a) | EUR | 100 | 103,579 | |||||||||
|
| |||||||||||
568,014 | ||||||||||||
Luxembourg — 3.6% | ||||||||||||
Altice Financing SA | ||||||||||||
2.25%, 01/15/25 (Call 11/30/23)(a) | EUR | 100 | 101,811 | |||||||||
3.00%, 01/15/28 (Call 11/30/23)(a) | EUR | 200 | 171,043 | |||||||||
4.25%, 08/15/29 (Call 08/15/24)(a) | EUR | 100 | 83,041 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 (Call 11/30/23)(a) | EUR | 100 | 78,489 | |||||||||
Altice France Holding SA | ||||||||||||
4.00%, 02/15/28 (Call 11/30/23)(a) | EUR | 100 | 46,429 |
Security | Par (000) | Value | ||||||||||
Luxembourg (continued) | ||||||||||||
8.00%, 05/15/27 (Call 11/10/23)(a) | EUR | 200 | $ | 113,250 | ||||||||
Cidron Aida Finco Sarl, 5.00%, 04/01/28 | EUR | 100 | 94,556 | |||||||||
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 | EUR | 100 | 79,444 | |||||||||
INEOS Finance PLC | ||||||||||||
2.13%, 11/15/25 (Call 11/10/23)(a) | EUR | 100 | 99,685 | |||||||||
2.88%, 05/01/26 (Call 11/10/23)(a) | EUR | 175 | 172,214 | |||||||||
6.63%, 05/15/28 (Call 02/15/25)(a) | EUR | 100 | 103,774 | |||||||||
Matterhorn Telecom SA, 3.13%, 09/15/26 | EUR | 200 | 196,989 | |||||||||
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a) | EUR | 100 | 102,712 | |||||||||
Summer BC Holdco A Sarl, 9.25%, 10/31/27 | EUR | 90 | 75,781 | |||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 | EUR | 150 | 143,073 | |||||||||
|
| |||||||||||
1,662,291 | ||||||||||||
Netherlands — 2.7% | ||||||||||||
GTCR W-2 Merger Sub LLC / GTCR W Dutch Finance Sub BV, 8.50%, 01/15/31 (Call 01/15/27)(a) | GBP | 100 | 121,927 | |||||||||
PPF Telecom Group BV | ||||||||||||
2.13%, 01/31/25 (Call 10/31/24)(a) | EUR | 100 | 101,622 | |||||||||
3.13%, 03/27/26 (Call 12/27/25)(a) | EUR | 100 | 100,376 | |||||||||
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 11/30/23)(a) | EUR | 100 | 91,038 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 (Call 11/10/23)(a) | EUR | 100 | 87,063 | |||||||||
Trivium Packaging Finance BV, 3.75%, 08/15/26 | EUR | 100 | 95,474 | |||||||||
UPC Holding BV, 3.88%, 06/15/29 | EUR | 100 | 88,330 | |||||||||
VZ Vendor Financing II BV, 2.88%, 01/15/29 | EUR | 200 | 160,700 | |||||||||
WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 | EUR | 100 | 88,138 | |||||||||
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a) | EUR | 100 | 91,133 | |||||||||
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a) | EUR | 150 | 116,560 | |||||||||
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a) | EUR | 100 | 84,084 | |||||||||
|
| |||||||||||
1,226,445 | ||||||||||||
Portugal — 1.7% | ||||||||||||
Banco Comercial Portugues SA, 4.00%, 05/17/32 (Call 11/17/26)(a)(f) | EUR | 100 | 89,587 | |||||||||
EDP - Energias de Portugal SA | ||||||||||||
1.50%, 03/14/82 (Call 12/14/26)(a)(f) | EUR | 100 | 89,302 | |||||||||
1.70%, 07/20/80 (Call 04/20/25)(a)(f) | EUR | 100 | 97,922 | |||||||||
1.88%, 08/02/81 (Call 05/02/26)(a)(f) | EUR | 100 | 93,780 | |||||||||
5.94%, 04/23/83 (Call 01/23/28)(a)(f) | EUR | 200 | 209,433 | |||||||||
Energias De Portugal SA, 1.88%, 03/14/82 | EUR | 100 | 80,542 | |||||||||
Novo Banco SA, 9.88%, 12/01/33 | EUR | 100 | 109,027 | |||||||||
|
| |||||||||||
769,593 | ||||||||||||
Slovenia — 0.8% | ||||||||||||
United Group BV | ||||||||||||
3.63%, 02/15/28 (Call 11/30/23)(a) | EUR | 100 | 86,816 | |||||||||
4.00%, 11/15/27 (Call 11/30/23)(a) | EUR | 100 | 90,763 | |||||||||
4.63%, 08/15/28 (Call 08/15/24)(a) | EUR | 100 | 88,407 | |||||||||
5.25%, 02/01/30 (Call 02/01/25)(a) | EUR | 100 | 85,766 | |||||||||
|
| |||||||||||
351,752 | ||||||||||||
Spain — 8.9% | ||||||||||||
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 | EUR | 100 | 100,281 |
18 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Spain (continued) | ||||||||||||
Banco de Credito Social Cooperativo SA | ||||||||||||
1.75%, 03/09/28 (Call 03/09/27)(a)(f) | EUR | 100 | $ | 86,756 | ||||||||
8.00%, 09/22/26 (Call 09/22/25)(a)(f) | EUR | 100 | 107,444 | |||||||||
Banco de Sabadell SA | ||||||||||||
0.88%, 06/16/28 (Call 06/16/27)(a)(f) | EUR | 100 | 90,797 | |||||||||
1.13%, 03/27/25(a) | EUR | 100 | 100,657 | |||||||||
2.00%, 01/17/30 (Call 01/17/25)(a)(f) | EUR | 100 | 98,528 | |||||||||
2.50%, 04/15/31 (Call 01/15/26)(a)(f) | EUR | 100 | 94,437 | |||||||||
2.63%, 03/24/26 (Call 03/24/25)(a)(f) | EUR | 100 | 102,138 | |||||||||
5.25%, 02/07/29 (Call 02/07/28)(a)(f) | EUR | 100 | 104,456 | |||||||||
5.38%, 09/08/26 (Call 09/08/25)(a)(f) | EUR | 100 | 105,936 | |||||||||
5.50%, 09/08/29(a)(f) | EUR | 100 | 105,228 | |||||||||
6.00%, 08/16/33 (Call 05/16/28)(a)(f) | EUR | 100 | 97,813 | |||||||||
Banco do Brasil SA/Cayman, 5.25%, 11/27/31 | EUR | 100 | 87,807 | |||||||||
Cellnex Finance Co. SA | ||||||||||||
0.75%, 11/15/26 (Call 08/15/26)(a) | EUR | 100 | 93,911 | |||||||||
1.00%, 09/15/27 (Call 06/15/27)(a) | EUR | 100 | 91,287 | |||||||||
1.25%, 01/15/29 (Call 10/15/28)(a) | EUR | 200 | 175,359 | |||||||||
1.50%, 06/08/28 (Call 03/08/28)(a) | EUR | 100 | 90,798 | |||||||||
2.00%, 09/15/32 (Call 06/15/32)(a) | EUR | 200 | 162,660 | |||||||||
2.00%, 02/15/33 (Call 11/15/32)(a) | EUR | 200 | 160,791 | |||||||||
2.25%, 04/12/26 (Call 01/12/26)(a) | EUR | 100 | 99,566 | |||||||||
Cellnex Telecom SA | ||||||||||||
1.00%, 04/20/27 (Call 01/20/27)(a) | EUR | 100 | 93,203 | |||||||||
1.75%, 10/23/30 (Call 07/23/30)(a) | EUR | 100 | 84,940 | |||||||||
1.88%, 06/26/29 (Call 03/26/29)(a) | EUR | 100 | 89,739 | |||||||||
Cirsa Finance International Sarl | ||||||||||||
4.50%, 03/15/27 (Call 11/10/23)(a) | EUR | 100 | 95,783 | |||||||||
7.88%, 07/31/28(a) | EUR | 100 | 104,996 | |||||||||
10.38%, 11/30/27 (Call 11/09/24)(a) | EUR | 100 | 112,580 | |||||||||
Grifols Escrow Issuer SA, 3.88%, 10/15/28 | EUR | 250 | 219,653 | |||||||||
Grifols SA | ||||||||||||
1.63%, 02/15/25 (Call 11/30/23)(a) | EUR | 150 | 151,994 | |||||||||
2.25%, 11/15/27 (Call 11/30/23)(a) | EUR | 100 | 92,060 | |||||||||
3.20%, 05/01/25 (Call 11/30/23)(a) | EUR | 100 | 101,144 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(f) | EUR | 100 | 95,593 | |||||||||
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 | EUR | 100 | 93,642 | |||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 | EUR | 400 | 391,539 | |||||||||
Unicaja Banco SA | ||||||||||||
2.88%, 11/13/29 (Call 11/13/24)(a)(f) | EUR | 100 | 97,004 | |||||||||
7.25%, 11/15/27 (Call 11/15/26)(a)(f) | EUR | 100 | 107,812 | |||||||||
|
| |||||||||||
4,088,332 | ||||||||||||
Sweden — 3.7% | ||||||||||||
Fastighets AB Balder, 2.87%, 06/02/81 | ||||||||||||
(Call 03/02/26)(a)(f) | EUR | 100 | 72,226 | |||||||||
Intrum AB | ||||||||||||
3.00%, 09/15/27 (Call 11/10/23)(a) | EUR | 200 | 147,730 | |||||||||
3.50%, 07/15/26 (Call 11/10/23)(a) | EUR | 175 | 146,398 | |||||||||
4.88%, 08/15/25 (Call 11/10/23)(a) | EUR | 100 | 94,757 | |||||||||
Samhallsbyggnadsbolaget, 2.25%, 08/12/27 | EUR | 100 | 67,579 | |||||||||
Samhallsbyggnadsbolaget i Norden AB, 2.38%, 09/04/26 (Call 06/04/26)(a) | EUR | 100 | 75,921 | |||||||||
SBB Treasury OYJ | ||||||||||||
0.75%, 12/14/28 (Call 09/14/28)(a) | EUR | 175 | 102,389 | |||||||||
1.13%, 11/26/29 (Call 08/26/29)(a) | EUR | 125 | 71,790 |
Security | Par (000) | Value | ||||||||||
Sweden (continued) | ||||||||||||
Stena International SA, 3.75%, 02/01/25 | ||||||||||||
(Call 11/30/23)(a) | EUR | 100 | $ | 103,364 | ||||||||
Verisure Holding AB | ||||||||||||
3.25%, 02/15/27 (Call 11/10/23)(a) | EUR | 150 | 143,196 | |||||||||
3.88%, 07/15/26 (Call 11/10/23)(a) | EUR | 100 | 99,894 | |||||||||
7.13%, 02/01/28 (Call 02/01/25)(a) | EUR | 100 | 106,373 | |||||||||
9.25%, 10/15/27 (Call 10/15/24)(a) | EUR | 100 | 112,199 | |||||||||
Verisure Midholding AB, 5.25%, 02/15/29 | EUR | 150 | 136,605 | |||||||||
Volvo Car AB | ||||||||||||
2.50%, 10/07/27 (Call 07/07/27)(a) | EUR | 100 | 95,540 | |||||||||
4.25%, 05/31/28 (Call 02/28/28)(a) | EUR | 100 | 100,585 | |||||||||
|
| |||||||||||
1,676,546 | ||||||||||||
Switzerland — 0.6% | ||||||||||||
Dufry One BV | ||||||||||||
2.00%, 02/15/27 (Call 11/30/23)(a) | EUR | 100 | 93,037 | |||||||||
3.38%, 04/15/28 (Call 04/15/24)(a) | EUR | 100 | 93,653 | |||||||||
Wizz Air Finance Co. BV, 1.00%, 01/19/26 | EUR | 100 | 91,890 | |||||||||
|
| |||||||||||
278,580 | ||||||||||||
United Kingdom — 12.0% | ||||||||||||
888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a) | EUR | 100 | 94,577 | |||||||||
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a) | EUR | 200 | 174,519 | |||||||||
Bellis Acquisition Co. PLC | ||||||||||||
3.25%, 02/16/26 (Call 11/30/23)(a) | GBP | 300 | 315,661 | |||||||||
4.50%, 02/16/26 (Call 02/24/24)(a) | GBP | 100 | 107,574 | |||||||||
Bellis Finco PLC, 4.00%, 02/16/27 (Call 11/30/23)(a) | GBP | 100 | 89,736 | |||||||||
British Telecommunications PLC | ||||||||||||
1.87%, 08/18/80 (Call 05/18/25)(a)(f) | EUR | 100 | 97,011 | |||||||||
8.38%, 12/20/83(a)(f) | GBP | 125 | 150,810 | |||||||||
Canary Wharf Group Investment Holdings PLC | ||||||||||||
2.63%, 04/23/25 (Call 03/23/25)(a) | GBP | 100 | 106,952 | |||||||||
3.38%, 04/23/28 (Call 01/23/28)(a) | GBP | 100 | 80,724 | |||||||||
Castle U.K. Finco PLC, 7.00%, 05/15/29 | GBP | 100 | 92,719 | |||||||||
Deuce Finco PLC, 5.50%, 06/15/27 (Call 11/30/23)(a) | GBP | 100 | 105,029 | |||||||||
eG Global Finance PLC | ||||||||||||
4.38%, 02/07/25 (Call 11/30/23)(a) | EUR | 93 | 95,430 | |||||||||
6.25%, 10/30/25 (Call 11/30/23)(a) | EUR | 92 | 95,771 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(a)(g) | GBP | 100 | 106,286 | |||||||||
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 11/10/23)(a) | EUR | 100 | 94,381 | |||||||||
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 11/10/23)(a) | EUR | 100 | 98,397 | |||||||||
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 11/10/23)(a) | EUR | 100 | 91,321 | |||||||||
International Consolidated Airlines Group SA | ||||||||||||
2.75%, 03/25/25 (Call 12/25/24)(a) | EUR | 100 | 102,452 | |||||||||
3.75%, 03/25/29 (Call 12/25/28)(a) | EUR | 100 | 93,078 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
4.50%, 01/15/26 (Call 10/15/25)(a) | EUR | 150 | 154,120 | |||||||||
4.50%, 07/15/28 (Call 07/15/24)(a) | EUR | 100 | 95,988 | |||||||||
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 11/30/23)(a) | GBP | 100 | 112,813 | |||||||||
Market Bidco Finco PLC, 5.50%, 11/04/27 | GBP | 200 | 198,781 | |||||||||
Motion Finco Sarl, 7.38%, 06/15/30 (Call 06/15/26)(a) | EUR | 125 | 125,621 | |||||||||
NGG Finance PLC | ||||||||||||
1.63%, 12/05/79 (Call 09/05/24)(a)(f) | EUR | 100 | 100,817 | |||||||||
2.13%, 09/05/82 (Call 06/05/27)(a)(f) | EUR | 100 | 90,281 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (continued) October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
5.63%, 06/18/73 (Call 06/18/25)(a)(f) | GBP | 200 | $ | 232,267 | ||||||||
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 | GBP | 175 | 181,846 | |||||||||
Rolls-Royce PLC | ||||||||||||
1.63%, 05/09/28 (Call 02/09/28)(a) | EUR | 100 | 89,439 | |||||||||
3.38%, 06/18/26 | GBP | 100 | 111,296 | |||||||||
4.63%, 02/16/26 (Call 11/16/25)(a) | EUR | 100 | 104,240 | |||||||||
5.75%, 10/15/27 (Call 07/15/27)(a) | GBP | 100 | 114,551 | |||||||||
Sherwood Financing PLC, 4.50%, 11/15/26 | EUR | 100 | 91,042 | |||||||||
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 11/30/23)(a) | GBP | 100 | 110,931 | |||||||||
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a) | GBP | 100 | 90,586 | |||||||||
Virgin Media Finance PLC, 3.75%, 07/15/30 | ||||||||||||
(Call 07/15/25)(a) | EUR | 100 | 85,385 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.13%, 08/15/30 (Call 08/15/25)(a) | GBP | 100 | 96,190 | |||||||||
5.00%, 04/15/27 (Call 11/10/23)(a) | GBP | 100 | 112,512 | |||||||||
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 11/30/23)(a) | GBP | 100 | 101,482 | |||||||||
Vmed O2 UK Financing I PLC | ||||||||||||
3.25%, 01/31/31 (Call 01/31/26)(a) | EUR | 100 | 87,023 | |||||||||
4.00%, 01/31/29 (Call 01/31/24)(a) | GBP | 100 | 100,226 | |||||||||
4.50%, 07/15/31 (Call 07/15/26)(a) | GBP | 200 | 188,268 | |||||||||
Vodafone Group PLC | ||||||||||||
2.63%, 08/27/80 (Call 05/27/26)(a)(f) | EUR | 100 | 96,478 | |||||||||
3.00%, 08/27/80 (Call 05/27/30)(a)(f) | EUR | 150 | 127,907 | |||||||||
4.20%, 10/03/78 (Call 07/03/28)(a)(f) | EUR | 100 | 97,053 | |||||||||
6.50%, 08/30/84 (Call 05/30/29)(a)(f) | EUR | 100 | 105,761 | |||||||||
8.00%, 08/30/86 (Call 05/30/31)(a)(f) | GBP | 100 | 120,904 | |||||||||
|
| |||||||||||
5,516,236 | ||||||||||||
United States — 13.6% | ||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(a) | EUR | 100 | 84,891 | |||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a) | EUR | 100 | 77,708 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
2.13%, 08/15/26 (Call 11/30/23)(a) | EUR | 100 | 91,070 | |||||||||
4.75%, 07/15/27 (Call 11/10/23)(a) | GBP | 100 | 85,062 | |||||||||
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a) | EUR | 100 | 89,742 | |||||||||
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/10/23)(a) | EUR | 100 | 101,368 | |||||||||
Avis Budget Finance PLC, 7.25%, 07/31/30 (Call 07/31/26)(a) | EUR | 100 | 103,319 | |||||||||
Ball Corp., 1.50%, 03/15/27 (Call 12/15/26) | EUR | 100 | 94,769 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 11/30/23)(a) | EUR | 150 | 145,265 | |||||||||
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 11/30/23)(a) | EUR | 100 | 104,533 | |||||||||
Brookfield Property Finance ULC | ||||||||||||
3.93%, 08/24/25 (Call 07/24/25) | CAD | 75 | 49,671 | |||||||||
4.00%, 09/30/26 (Call 08/30/26) | CAD | 75 | 47,300 | |||||||||
7.13%, 02/13/28 (Call 01/13/28) | CAD | 125 | 84,176 | |||||||||
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) | EUR | 100 | 64,460 | |||||||||
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 11/30/23)(a) | EUR | 150 | 129,921 | |||||||||
Chemours Co. (The), 4.00%, 05/15/26 (Call 11/30/23) | EUR | 100 | 97,004 | |||||||||
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 11/30/23)(a) | EUR | 100 | 101,068 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Constellium SE, 3.13%, 07/15/29 | EUR | 100 | $ | 87,046 | ||||||||
Coty Inc. | ||||||||||||
3.88%, 04/15/26 (Call 11/10/23)(a) | EUR | 100 | 102,677 | |||||||||
5.75%, 09/15/28(a) | EUR | 100 | 106,232 | |||||||||
Crown European Holdings SA | ||||||||||||
3.38%, 05/15/25 (Call 11/15/24)(a) | EUR | 100 | 103,448 | |||||||||
5.00%, 05/15/28 (Call 04/15/28)(a) | EUR | 100 | 104,411 | |||||||||
Dana Financing Luxembourg Sarl, 8.50%, 07/15/31 (Call 07/15/26)(a) | EUR | 100 | 107,776 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 | EUR | 100 | 101,726 | |||||||||
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30 | EUR | 100 | 103,839 | |||||||||
Encore Capital Group Inc. | ||||||||||||
4.88%, 10/15/25 (Call 11/10/23)(a) | EUR | 100 | 102,081 | |||||||||
5.38%, 02/15/26 (Call 11/10/23)(a) | GBP | 100 | 110,624 | |||||||||
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a) | EUR | 100 | 83,043 | |||||||||
Ford Credit Canada Co., 2.96%, 09/16/26 | ||||||||||||
(Call 08/16/26) | CAD | 100 | 65,347 | |||||||||
Ford Credit Canada Co. | ||||||||||||
4.46%, 11/13/24 | CAD | 75 | 52,992 | |||||||||
7.00%, 02/10/26 | CAD | 75 | 54,134 | |||||||||
7.38%, 05/12/26 | CAD | 100 | 73,195 | |||||||||
Ford Motor Credit Co. LLC | ||||||||||||
1.36%, 02/07/25 | EUR | 100 | 101,158 | |||||||||
2.33%, 11/25/25 | EUR | 100 | 100,512 | |||||||||
2.39%, 02/17/26 | EUR | 125 | 125,442 | |||||||||
3.25%, 09/15/25 | EUR | 100 | 102,739 | |||||||||
4.54%, 03/06/25 | GBP | 100 | 117,747 | |||||||||
4.87%, 08/03/27 | EUR | 100 | 105,410 | |||||||||
6.13%, 05/15/28 | EUR | 100 | 110,252 | |||||||||
6.86%, 06/05/26 | GBP | 100 | 120,725 | |||||||||
Goodyear Europe BV, 2.75%, 08/15/28 | EUR | 100 | 88,336 | |||||||||
International Game Technology PLC, 3.50%, 06/15/26 (Call 11/30/23)(a) | EUR | 150 | 150,901 | |||||||||
IQVIA Inc. | ||||||||||||
1.75%, 03/15/26 (Call 11/30/23)(a) | EUR | 100 | 98,750 | |||||||||
2.25%, 01/15/28 (Call 11/10/23)(a) | EUR | 150 | 138,986 | |||||||||
2.25%, 03/15/29 (Call 03/15/24)(a) | EUR | 200 | 176,910 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 | ||||||||||||
(Call 11/10/23)(a) | GBP | 100 | 114,222 | |||||||||
Levi Strauss & Co., 3.38%, 03/15/27 (Call 11/10/23) | EUR | 100 | 98,342 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
2.50%, 03/24/26 (Call 02/22/26) | GBP | 100 | 95,525 | |||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 94,093 | |||||||||
3.38%, 04/24/30 (Call 01/24/30) | GBP | 100 | 73,105 | |||||||||
3.69%, 06/05/28 (Call 04/06/28) | GBP | 100 | 82,129 | |||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 | ||||||||||||
(Call 04/15/24)(a) | EUR | 100 | 89,737 | |||||||||
OI European Group BV | ||||||||||||
2.88%, 02/15/25 (Call 11/30/23)(a) | EUR | 100 | 102,420 | |||||||||
6.25%, 05/15/28 (Call 05/15/25)(a) | EUR | 100 | 104,597 | |||||||||
Olympus Water U.S. Holding Corp. | ||||||||||||
3.88%, 10/01/28 (Call 10/01/24)(a) | EUR | 100 | 86,593 | |||||||||
9.63%, 11/15/28 (Call 06/01/25)(a) | EUR | 100 | 104,687 | |||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a) | EUR | 200 | 181,836 | |||||||||
SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 07/15/28 (Call 07/15/25)(a) | EUR | 100 | 106,878 |
20 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Silgan Holdings Inc. | ||||||||||||
2.25%, 06/01/28 (Call 11/15/23) | EUR | 100 | $ | 89,415 | ||||||||
3.25%, 03/15/25 (Call 11/30/23) | EUR | 100 | 102,858 | |||||||||
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 11/30/23)(a) | EUR | 100 | 101,115 | |||||||||
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a) | EUR | 100 | 92,483 | |||||||||
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a) | EUR | 100 | 81,693 | |||||||||
|
| |||||||||||
6,249,494 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.0% |
| 44,465,062 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Common Stocks | ||||||||||||
Jersey — 0.0% | ||||||||||||
Sentry Holdings Ltd.Class A | 25 | — | ||||||||||
|
| |||||||||||
Total Common Stocks — 0.0% |
| — | ||||||||||
|
| |||||||||||
Total Long-Term Investments — 97.0% |
| 44,465,062 | ||||||||||
|
| |||||||||||
Short-Term Securities | ||||||||||||
Money Market Funds — 0.0% | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(h)(i) | 10,000 | 10,000 | ||||||||||
|
| |||||||||||
Total Short-Term Securities — 0.0% |
| 10,000 | ||||||||||
|
| |||||||||||
Total Investments — 97.0% |
| 44,475,062 | ||||||||||
Other Assets Less Liabilities — 3.0% |
| 1,365,535 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 45,840,597 | ||||||||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Issuer filed for bankruptcy and/or is in default. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Non-income producing security. |
(f) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(g) | 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) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain from Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 10,000 | $ | 0 | (a) | $ | — | $ | — | $ | — | $ | 10,000 | 10,000 | $ | 363 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (continued) October 31, 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 | $ | — | $ | 44,465,062 | $ | — | $ | 44,465,062 | ||||||||
Common Stocks | — | — | — | — | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 10,000 | — | — | 10,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 10,000 | $ | 44,465,062 | $ | — | $ | 44,475,062 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
22 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Argentina — 1.1% | ||||||||
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 11/30/23)(a) | $ | 650 | $ | 452,979 | ||||
Pampa Energia SA, 7.50%, 01/24/27 (Call 11/30/23)(a) | 600 | 558,000 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 11/10/23)(a) | 450 | 412,706 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(a) | 770 | 564,025 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a) | 489 | 306,848 | ||||||
8.50%, 07/28/25(a) | 1,027 | 928,921 | ||||||
9.00%, 06/30/29 | 700 | 610,750 | ||||||
YPF Sociedad Anonima | ||||||||
7.00%, 09/30/33 | 575 | 431,555 | ||||||
9.00%, 02/12/26 | 535 | 517,240 | ||||||
|
| |||||||
4,783,024 | ||||||||
Australia — 0.2% | ||||||||
AngloGold Ashanti Holdings PLC | ||||||||
3.38%, 11/01/28 (Call 09/01/28) | 600 | 493,575 | ||||||
3.75%, 10/01/30 (Call 07/01/30) | 500 | 391,875 | ||||||
|
| |||||||
885,450 | ||||||||
Bahrain — 0.2% | ||||||||
AUB Sukuk Ltd., 2.62%, 09/09/26(a) | 600 | 540,762 | ||||||
GFH Sukuk Ltd., 7.50%, 01/28/25(a) | 400 | 392,284 | ||||||
|
| |||||||
933,046 | ||||||||
Brazil — 5.0% | ||||||||
Acu Petroleo Luxembourg Sarl, 7.50%, 07/13/35 (Call 01/13/27)(a) | 245 | 219,944 | ||||||
Adecoagro SA, 6.00%, 09/21/27 | 150 | 138,641 | ||||||
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a) | 200 | 182,500 | ||||||
Aegea Finance SARL, 9.00%, 01/20/31 (Call 01/20/27)(b) | 200 | 199,500 | ||||||
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 | 200 | 182,500 | ||||||
America Movil SAB de CV, 5.38%, 04/04/32 (Call 01/04/32)(a) | 200 | 166,500 | ||||||
Azul Secured Finance LLP | ||||||||
10.88%, 05/28/30 | 200 | 154,612 | ||||||
11.93%, 08/28/28 | 200 | 193,460 | ||||||
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a) | 200 | 163,000 | ||||||
Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(a)(c) | 400 | 376,168 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
2.75%, 01/11/26 (Call 12/11/25)(a) | 200 | 183,375 | ||||||
4.50%, 01/10/25 (Call 12/10/24)(a)(c) | 200 | 194,300 | ||||||
7.75%, 02/15/29 (Call 02/15/24), (5-year CMT + 5.257%)(a)(d) | 200 | 199,778 | ||||||
Banco do Brasil SA, 6.25%, 04/18/30 | 200 | 191,275 | ||||||
Banco do Brasil SA/Cayman | ||||||||
3.25%, 09/30/26(a) | 200 | 182,500 | ||||||
4.63%, 01/15/25 | 200 | 194,970 | ||||||
4.88%, 01/11/29(a) | 400 | 369,000 | ||||||
6.25%, (Call 04/15/24), (10-year CMT + 4.398%)(a)(d)(e) | 400 | 382,500 | ||||||
9.00%, (Call 06/18/24), (10-year CMT + 6.362%)(a)(d)(e) | 400 | 402,696 | ||||||
Banco Votorantim SA, 4.38%, 07/29/25(a) | 200 | 190,988 | ||||||
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(a) | 200 | 165,500 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 01/10/28 (Call 10/10/27)(a) | $ | 400 | $ | 337,880 | ||||
4.50%, 01/31/30 (Call 10/31/29)(a) | 400 | 306,480 | ||||||
5.88%, 01/31/50(a) | 200 | 128,500 | ||||||
7.25%, 02/13/33 (Call 11/13/32)(a) | 400 | 345,500 | ||||||
8.50%, 01/23/81 (Call 10/24/25), (5-year CMT + 8.220%)(a)(d) | 200 | 194,240 | ||||||
BRF SA | ||||||||
4.88%, 01/24/30 (Call 10/24/29)(a) | 200 | 161,600 | ||||||
5.75%, 09/21/50 (Call 03/21/50)(a) | 200 | 129,688 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) | 200 | 199,278 | ||||||
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a) | 200 | 167,590 | ||||||
Cosan Luxembourg SA, 7.50%, 06/27/30 (Call 06/27/26)(a) | 200 | 194,300 | ||||||
Cosan Overseas Ltd., 8.25%, (Call 02/05/24)(a)(e) | 100 | 98,764 | ||||||
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a) | 200 | 178,624 | ||||||
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a) | 400 | 365,880 | ||||||
CSN Resources SA | ||||||||
4.63%, 06/10/31 (Call 06/10/26)(a) | 200 | 149,500 | ||||||
5.88%, 04/08/32 (Call 04/08/27)(a) | 200 | 157,500 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.40%, 02/01/27(c) | 230 | 221,235 | ||||||
7.00%, 07/28/30 (Call 04/28/30)(a) | 200 | 194,550 | ||||||
FS Luxembourg Sarl, 10.00%, 12/15/25 | 200 | 203,345 | ||||||
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a) | 200 | 159,000 | ||||||
Guara Norte Sarl, 5.20%, 06/15/34 | 177 | 148,746 | ||||||
GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(a) | 200 | 176,500 | ||||||
Itau Unibanco Holding SA/Cayman Island | ||||||||
3.25%, 01/24/25(a) | 200 | 192,164 | ||||||
3.88%, 04/15/31 (Call 01/15/26), (5-year CMT + 3.446%)(a)(d) | 200 | 184,375 | ||||||
4.50%, 11/21/29 (Call 11/21/24), (5-year CMT + 2.822%)(a)(d) | 200 | 193,058 | ||||||
4.63%, (Call 02/27/25), | 200 | 164,000 | ||||||
7.72%, (Call 12/12/23), | 400 | 385,850 | ||||||
7.86%, (Call 03/19/24), | 200 | 193,500 | ||||||
Klabin Austria GmbH | ||||||||
3.20%, 01/12/31 (Call 10/12/30)(a) | 400 | 305,500 | ||||||
7.00%, 04/03/49 (Call 10/03/48)(a) | 200 | 182,750 | ||||||
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a) | 400 | 291,000 | ||||||
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a) | 387 | 274,995 | ||||||
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30) | 200 | 151,100 | ||||||
Minerva Luxembourg SA | ||||||||
4.38%, 03/18/31 (Call 03/18/26)(a) | 400 | 308,500 | ||||||
8.88%, 09/13/33 (Call 09/13/28)(b) | 200 | 195,890 | ||||||
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 11/30/23)(a) | 200 | 198,262 | ||||||
Nexa Resources SA | ||||||||
5.38%, 05/04/27 (Call 02/04/27)(a) | 300 | 273,897 | ||||||
6.50%, 01/18/28 (Call 10/18/27)(a) | 200 | 186,750 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30(c) | 250 | 229,377 | ||||||
5.30%, 01/27/25 | 150 | 147,388 |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
5.50%, 06/10/51 (Call 12/10/50)(c) | $ | 150 | $ | 111,663 | ||||
5.60%, 01/03/31 (Call 10/03/30) | 350 | 326,812 | ||||||
6.00%, 01/27/28 | 295 | 290,575 | ||||||
6.50%, 07/03/33 (Call 04/03/33)(c) | 400 | 371,240 | ||||||
6.75%, 01/27/41(c) | 250 | 230,500 | ||||||
6.85%, 06/05/2115(c) | 500 | 419,925 | ||||||
6.88%, 01/20/40 | 248 | 232,520 | ||||||
6.90%, 03/19/49(c) | 200 | 179,986 | ||||||
7.25%, 03/17/44(c) | 250 | 241,375 | ||||||
7.38%, 01/17/27(c) | 150 | 153,640 | ||||||
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a) | 200 | 189,125 | ||||||
Raizen Fuels Finance SA, 5.30%, 01/20/27(a) | 200 | 190,980 | ||||||
Rede D’or Finance Sarl | ||||||||
4.50%, 01/22/30 (Call 10/22/29)(a) | 200 | 162,380 | ||||||
4.95%, 01/17/28 (Call 10/17/27)(a) | 200 | 178,500 | ||||||
Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a) | 200 | 182,600 | ||||||
Simpar Europe SA, 5.20%, 01/26/31(a) | 200 | 155,000 | ||||||
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(a) | 200 | 156,340 | ||||||
Suzano Austria GmbH | ||||||||
2.50%, 09/15/28 (Call 07/15/28)(c) | 100 | 82,825 | ||||||
3.13%, 01/15/32 (Call 10/15/31)(c) | 300 | 225,469 | ||||||
3.75%, 01/15/31 (Call 10/15/30) | 500 | 403,050 | ||||||
5.00%, 01/15/30 (Call 10/15/29) | 200 | 179,950 | ||||||
5.75%, 07/14/26(a) | 200 | 195,418 | ||||||
6.00%, 01/15/29 (Call 10/15/28) | 200 | 192,010 | ||||||
7.00%, 03/16/47 (Call 09/16/46)(a) | 400 | 370,000 | ||||||
Suzano International Finance BV, 5.50%, 01/17/27 | 300 | 291,480 | ||||||
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 11/30/23)(a) | 200 | 68,000 | ||||||
Usiminas International Sarl, 5.88%, 07/18/26 (Call 11/30/23)(a) | 200 | 188,000 | ||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 (Call 04/08/30) | 450 | 380,115 | ||||||
6.13%, 06/12/33 (Call 03/12/33) | 350 | 329,175 | ||||||
6.88%, 11/21/36 | 383 | 375,340 | ||||||
6.88%, 11/10/39(c) | 350 | 341,908 | ||||||
8.25%, 01/17/34(c) | 200 | 217,906 | ||||||
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a) | 200 | 180,500 | ||||||
|
| |||||||
20,705,070 | ||||||||
Burkina Faso — 0.1% | ||||||||
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 11/30/23)(a) | 400 | 350,444 | ||||||
|
| |||||||
Cayman Islands — 0.0% | ||||||||
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/30/23)(a)(f) | 400 | 428 | ||||||
|
| |||||||
Chile — 3.8% | ||||||||
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24), (5-year USD Swap + 4.644%)(a)(d) | 400 | 376,984 | ||||||
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a) | 400 | 320,000 | ||||||
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a) | 994 | 644,951 | ||||||
Antofagasta PLC | ||||||||
2.38%, 10/14/30(a) | 200 | 150,700 | ||||||
5.63%, 05/13/32 (Call 02/13/32)(a) | 600 | 552,000 | ||||||
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a) | 400 | 316,125 |
Security | Par (000) | Value | ||||||
Chile (continued) | ||||||||
Banco de Credito e Inversiones SA | ||||||||
2.88%, 10/14/31 (Call 07/14/31)(a) | $ | 400 | $ | 312,000 | ||||
3.50%, 10/12/27(a)(c) | 400 | 361,000 | ||||||
Banco Santander Chile | ||||||||
2.70%, 01/10/25 (Call 12/10/24)(a)(c) | 650 | 620,074 | ||||||
3.18%, 10/26/31 (Call 07/28/31)(a)(c) | 400 | 321,428 | ||||||
Celulosa Arauco y Constitucion SA | ||||||||
4.20%, 01/29/30 (Call 10/29/29)(a) | 400 | 335,000 | ||||||
4.25%, 04/30/29 (Call 01/30/29)(a) | 600 | 519,564 | ||||||
5.15%, 01/29/50 (Call 07/29/49)(a) | 400 | 276,970 | ||||||
5.50%, 04/30/49 (Call 10/30/48)(a)(c) | 400 | 297,000 | ||||||
Cencosud SA | ||||||||
4.38%, 07/17/27 (Call 04/17/27)(a) | 800 | 733,200 | ||||||
5.15%, 02/12/25 (Call 11/12/24)(a) | 600 | 587,970 | ||||||
Chile Electricity Lux MPC Sarl, 6.01%, 01/20/33(b) | 400 | 391,000 | ||||||
Cia. Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)(a) | 550 | 438,752 | ||||||
Colbun SA | ||||||||
3.15%, 03/06/30 (Call 12/06/29)(a) | 400 | 325,820 | ||||||
3.15%, 01/19/32 (Call 10/19/31)(a) | 600 | 468,210 | ||||||
3.95%, 10/11/27 (Call 07/11/27)(a) | 400 | 363,772 | ||||||
Empresa Nacional de Telecomunicaciones SA | ||||||||
3.05%, 09/14/32 (Call 06/14/32)(a) | 800 | 571,920 | ||||||
4.75%, 08/01/26 (Call 05/03/26)(a) | 400 | 380,024 | ||||||
Enel Americas SA, 4.00%, 10/25/26 | 562 | 519,086 | ||||||
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 900 | 836,347 | ||||||
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a) | 400 | 319,472 | ||||||
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a) | 600 | 417,564 | ||||||
GNL Quintero SA, 4.63%, 07/31/29(a) | 706 | 667,170 | ||||||
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a) | 1,100 | 783,750 | ||||||
Inversiones CMPC SA | ||||||||
3.00%, 04/06/31 (Call 01/06/31)(a) | 600 | 467,250 | ||||||
3.85%, 01/13/30 (Call 10/13/29)(a) | 400 | 340,050 | ||||||
4.38%, 04/04/27(a)(c) | 400 | 372,892 | ||||||
6.13%, 06/23/33 (Call 03/23/33)(a) | 400 | 374,850 | ||||||
Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a) | 500 | 536,937 | ||||||
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(a) | 600 | 349,500 | ||||||
Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(a) | 450 | 311,715 | ||||||
|
| |||||||
15,961,047 | ||||||||
China — 9.6% | ||||||||
Agile Group Holdings Ltd., 13.48%, (Call 11/30/23), | ||||||||
(5-year CMT + 9.216%)(a)(e)(g)(h) | 200 | 3,376 | ||||||
Agricultural Bank of China Ltd./Hong Kong, 2.00%, 03/01/25(a) | 200 | 190,498 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.13%, 02/09/31 (Call 11/09/30) | 400 | 306,632 | ||||||
2.70%, 02/09/41 (Call 08/09/40) | 400 | 229,632 | ||||||
3.15%, 02/09/51 (Call 08/09/50) | 200 | 107,522 | ||||||
3.25%, 02/09/61 (Call 08/09/60) | 200 | 101,630 | ||||||
3.40%, 12/06/27 (Call 09/06/27) | 500 | 456,302 | ||||||
4.00%, 12/06/37 (Call 06/06/37) | 400 | 298,540 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 400 | 268,890 | ||||||
4.40%, 12/06/57 (Call 06/06/57) | 200 | 132,100 | ||||||
4.50%, 11/28/34 (Call 05/28/34) | 200 | 168,272 | ||||||
Amipeace Ltd. | ||||||||
1.75%, 11/09/26(a) | 400 | 359,244 | ||||||
2.25%, 10/22/30(a) | 200 | 158,580 |
24 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
2.50%, 12/05/24(a) | $ | 200 | $ | 192,722 | ||||
Baidu Inc. | ||||||||
2.38%, 08/23/31 (Call 05/23/31)(c) | 200 | 151,166 | ||||||
3.08%, 04/07/25 (Call 03/07/25) | 400 | 384,084 | ||||||
4.13%, 06/30/25 | 200 | 193,994 | ||||||
Bank of China Ltd. | ||||||||
4.63%, 06/26/26 | 400 | 392,652 | ||||||
6.12%, 04/28/25, (1-day SOFR + 0.780%)(a)(d) | 200 | 200,228 | ||||||
Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a) | 400 | 388,092 | ||||||
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a) | 400 | 362,724 | ||||||
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(d)(e) | 600 | 571,650 | ||||||
Bank of Communications Co. Ltd./Hong Kong, 1.20%, 09/10/25(a) | 200 | 184,362 | ||||||
Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25(a) | 200 | 190,136 | ||||||
BOC Aviation Ltd. | ||||||||
1.75%, 01/21/26 (Call 12/21/25)(a) | 300 | 274,185 | ||||||
2.63%, 09/17/30 (Call 06/17/30)(a)(c) | 600 | 478,680 | ||||||
3.00%, 09/11/29 (Call 06/11/29)(a) | 500 | 424,515 | ||||||
3.25%, 04/29/25 (Call 03/29/25)(a) | 1,000 | 958,920 | ||||||
3.50%, 09/18/27 (Call 06/18/27)(a) | 600 | 548,580 | ||||||
3.88%, 04/27/26 (Call 01/27/26)(a)(c) | 500 | 476,665 | ||||||
4.50%, 05/23/28 | 200 | 188,843 | ||||||
BOC Aviation USA Corp., 4.88%, 05/03/33 (Call 02/03/33)(a) | 400 | 358,024 | ||||||
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a) | 200 | 179,404 | ||||||
CCCI Treasure Ltd., 3.43%, (Call 11/21/24), (5-year CMT + 4.998%)(a)(d)(e) | 200 | 192,922 | ||||||
CDBL Funding 2, 2.00%, 03/04/26(a) | 200 | 183,416 | ||||||
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(a) | 200 | 130,458 | ||||||
Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a) | 200 | 180,804 | ||||||
China Cinda 2020 I Management Ltd. 2.50%, 03/18/25 (Call 02/18/25)(a) | 200 | 189,282 | ||||||
3.00%, 01/20/31 (Call 10/20/30)(a) | 200 | 154,914 | ||||||
China Cinda 2020 I Mngmn Co., 3.25%, 01/28/27 (Call 10/28/26)(a) | 200 | 180,918 | ||||||
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a) | 400 | 386,228 | ||||||
China Cinda Finance 2017 I Ltd. | ||||||||
4.75%, 02/08/28(a) | 200 | 186,184 | ||||||
4.75%, 02/21/29(a) | 200 | 182,850 | ||||||
China Construction Bank Corp. | ||||||||
2.45%, 06/24/30 (Call 06/24/25), (5-year CMT + 2.150%)(a)(d) | 400 | 377,448 | ||||||
2.85%, 01/21/32 (Call 01/21/27), (5-year CMT + 1.400%)(a)(d) | 400 | 366,380 | ||||||
4.25%, 02/27/29 (Call 02/27/24), (5-year CMT + 1.880%)(a)(d) | 200 | 198,802 | ||||||
5.84%, 12/21/24, (1-day SOFR + 0.500%)(a)(d) | 200 | 199,386 | ||||||
China Construction Bank Corp./Hong Kong | ||||||||
1.25%, 08/04/25(a) | 200 | 184,924 | ||||||
1.46%, 04/22/26(a) | 200 | 181,426 | ||||||
China Construction Bank Corp./London, 3.13%, 05/17/25(a) | 200 | 192,282 | ||||||
China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25), (5-year CMT + 2.750%)(a)(d) | 200 | 185,016 | ||||||
China Everbright Bank Co. Ltd., 5.97%, 09/20/26, (1-day SOFR + 0.630%)(a)(d) | 400 | 399,229 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
China Great Wall International Holdings III Ltd., 3.88%, 08/31/27(a) | $ | 200 | $ | 173,424 | ||||
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(a) | 200 | 186,930 | ||||||
China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25(a) | 200 | 183,974 | ||||||
China Modern Dairy Holdings Ltd., 2.13%, 07/14/26 (Call 06/14/26)(a) | 200 | 171,192 | ||||||
China Overseas Finance Cayman VI Ltd., 6.45%, 06/11/34(a) | 200 | 186,202 | ||||||
China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(a) | 200 | 157,546 | ||||||
China Railway Xunjie Co. Ltd., 4.00%, 07/06/27(a) | 200 | 188,766 | ||||||
China Resources Land Ltd., 3.75%, (Call 12/09/24), (5-year CMT + 5.139%)(a)(d)(e) | 400 | 382,872 | ||||||
China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26), | 200 | 186,058 | ||||||
China Taiping Insurance Holdings Co. Ltd., 6.40%, (Call 03/09/28), (5-year CMT + 2.072%)(a)(d)(e) | 400 | 404,344 | ||||||
CICC Hong Kong Finance 2016 MTN Ltd. | ||||||||
5.44%, 07/18/26 | 200 | 198,826 | ||||||
5.49%, 03/01/26(a) | 200 | 198,788 | ||||||
CICC Hong Kong Finance MTN Ltd., 5.42%, 11/22/25(a) | 400 | 395,156 | ||||||
CITIC Ltd. | ||||||||
2.85%, 02/25/30(a) | 200 | 166,126 | ||||||
2.88%, 02/17/27 (Call 01/17/27)(a) | 400 | 365,296 | ||||||
3.88%, 02/28/27(a) | 200 | 188,232 | ||||||
CMB International Leasing Management Ltd., 1.88%, 08/12/25(a) | 400 | 371,828 | ||||||
CMHI Finance BVI Co. Ltd. | ||||||||
4.00%, 06/01/27 (Call 05/01/27)(a) | 200 | 188,762 | ||||||
5.00%, 08/06/28(a) | 200 | 193,424 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
2.88%, 09/30/29 (Call 06/30/29) | 200 | 173,226 | ||||||
3.30%, 09/30/49 (Call 03/30/49) | 200 | 122,010 | ||||||
CNOOC Finance 2015 USA LLC | ||||||||
3.50%, 05/05/25(c) | 400 | 387,100 | ||||||
4.38%, 05/02/28 | 400 | 381,250 | ||||||
CNOOC Petroleum North America ULC | ||||||||
5.88%, 03/10/35 | 200 | 192,564 | ||||||
6.40%, 05/15/37 | 400 | 399,096 | ||||||
7.50%, 07/30/39 | 150 | 163,295 | ||||||
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(a) | 200 | 193,134 | ||||||
Contemporary Ruiding Development Ltd. | ||||||||
1.50%, 09/09/26(a) | 200 | 176,904 | ||||||
1.88%, 09/17/25 (Call 08/17/25)(a) | 200 | 185,756 | ||||||
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a) | 200 | 195,146 | ||||||
CSCEC Finance Cayman II Ltd., 3.50%, 07/05/27(a) | 200 | 184,414 | ||||||
Easy Tactic Ltd. | ||||||||
7.50%, 07/11/25 (Call 11/30/23), (7.50% PIK)(i) | 317 | 17,440 | ||||||
7.50%, 07/11/27 (Call 11/30/23), (7.50% PIK)(i) | 371 | 21,327 | ||||||
7.50%, 07/11/28 (Call 11/30/23), (7.50% PIK)(i) | 161 | 6,462 | ||||||
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a) | 200 | 182,270 | ||||||
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(a) | 200 | 158,281 | ||||||
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 11/30/23)(a) | 400 | 296,960 | ||||||
Franshion Brilliant Ltd., 4.25%, 07/23/29(a) | 200 | 109,040 |
SCHEDULE OF INVESTMENTS | 25 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
Fuqing Investment management Co., 3.25%, 06/23/25(a) | $ | 200 | $ | 120,390 | ||||
GLP China Holdings Ltd., 2.95%, 03/29/26(a) | 200 | 104,042 | ||||||
Haitong International Finance Holdings 2015 Ltd., 2.11%, 03/12/25(a) | 200 | 188,960 | ||||||
Horse Gallop Finance Ltd., 1.70%, 07/28/25(a) | 200 | 185,408 | ||||||
Huarong Finance 2017 Co. Ltd. | ||||||||
4.25%, 11/07/27(a) | 400 | 337,832 | ||||||
4.75%, 04/27/27(a) | 200 | 173,570 | ||||||
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a) | 400 | 325,544 | ||||||
Huarong Finance II Co. Ltd. | ||||||||
5.00%, 11/19/25(a) | 200 | 184,292 | ||||||
5.50%, 01/16/25(a) | 200 | 191,268 | ||||||
ICBCIL Finance Co. Ltd. | ||||||||
1.75%, 08/25/25(a) | 400 | 370,456 | ||||||
1.75%, 08/02/26(a) | 200 | 179,674 | ||||||
2.70%, 01/27/27(a) | 200 | 181,114 | ||||||
Indonesia Government International Bond, 3.54%, 11/08/27 | 250 | 231,708 | ||||||
Industrial & Commercial Bank of China Ltd. | ||||||||
3.20%, (Call 09/24/26), (5-year CMT + 2.368%)(a)(d)(e) | 1,200 | 1,104,192 | ||||||
4.50%, 01/19/26(a) | 400 | 391,388 | ||||||
4.88%, 09/21/25(a) | 400 | 391,752 | ||||||
6.27%, 01/19/26, (1-day SOFR + 0.930%)(a)(d) | 200 | 201,288 | ||||||
Industrial & Commercial Bank of China Ltd./Hong Kong | ||||||||
1.63%, 10/28/26(a) | 200 | 178,390 | ||||||
2.95%, 06/01/25(a) | 200 | 191,660 | ||||||
Industrial & Commercial Bank of China Ltd./Singapore, 1.20%, 09/09/25(a) | 200 | 184,240 | ||||||
Industrial Bank Co. Ltd./Hong Kong, 3.25%, 05/18/25(a) | 200 | 193,062 | ||||||
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29) | 200 | 168,962 | ||||||
Lenovo Group Ltd. | ||||||||
3.42%, 11/02/30 (Call 08/02/30)(a) | 200 | 160,188 | ||||||
5.83%, 01/27/28 (Call 12/27/27)(a) | 200 | 194,380 | ||||||
6.54%, 07/27/32 (Call 04/27/32)(a) | 200 | 193,686 | ||||||
Longfor Group Holdings Ltd., 3.95%, 09/16/29(a) | 200 | 70,864 | ||||||
MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24), (3-year CMT + 5.595%)(a)(d)(e) | 200 | 196,636 | ||||||
Meituan | ||||||||
2.13%, 10/28/25 (Call 09/28/25)(a) | 200 | 184,186 | ||||||
3.05%, 10/28/30 (Call 07/28/30)(a) | 200 | 152,436 | ||||||
Pioneer Reward Ltd. | ||||||||
2.00%, 04/09/26(a) | 200 | 183,124 | ||||||
2.38%, 03/03/25(a) | 200 | 190,510 | ||||||
5.25%, 08/09/26(a) | 200 | 198,172 | ||||||
Prosus NV | ||||||||
3.06%, 07/13/31 (Call 04/13/31)(a) | 1,400 | 1,011,500 | ||||||
3.26%, 01/19/27 (Call 12/19/26)(a) | 800 | 706,160 | ||||||
3.68%, 01/21/30 (Call 10/21/29)(a) | 1,000 | 792,500 | ||||||
3.83%, 02/08/51 (Call 08/08/50)(a) | 1,300 | 676,000 | ||||||
4.03%, 08/03/50 (Call 02/03/50)(a) | 800 | 436,000 | ||||||
4.19%, 01/19/32 (Call 10/19/31)(a) | 800 | 615,400 | ||||||
4.85%, 07/06/27 (Call 04/06/27)(a) | 400 | 369,000 | ||||||
4.99%, 01/19/52 (Call 07/19/51)(a) | 900 | 564,750 | ||||||
RKPF Overseas 2020 A Ltd., 5.13%, 07/26/26 (Call 07/26/24)(a) | 200 | 57,380 | ||||||
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a) | 200 | 159,066 | ||||||
SF Holding Investment Ltd., 2.38%, 11/17/26(a) | 200 | 180,638 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(a) | $ | 200 | $ | 162,718 | ||||
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a) | 200 | 153,976 | ||||||
State Elite Global Ltd., 1.50%, 09/29/26(a) | 200 | 178,264 | ||||||
Tencent Holdings Ltd. | ||||||||
1.81%, 01/26/26 (Call 12/26/25)(a) | 200 | 183,366 | ||||||
2.39%, 06/03/30 (Call 03/03/30)(a) | 400 | 315,944 | ||||||
2.88%, 04/22/31 (Call 01/22/31)(a) | 400 | 317,504 | ||||||
3.24%, 06/03/50 (Call 12/03/49)(a) | 200 | 109,162 | ||||||
3.58%, 04/11/26 (Call 02/11/26)(a) | 200 | 190,344 | ||||||
3.60%, 01/19/28 (Call 10/19/27)(a)(c) | 300 | 273,787 | ||||||
3.68%, 04/22/41 (Call 10/22/40)(a) | 400 | 264,892 | ||||||
3.80%, 02/11/25(a) | 200 | 194,792 | ||||||
3.84%, 04/22/51 (Call 10/22/50)(a) | 400 | 242,984 | ||||||
3.93%, 01/19/38 (Call 07/19/37)(a) | 200 | 147,190 | ||||||
3.94%, 04/22/61 (Call 10/22/60)(a) | 200 | 118,142 | ||||||
3.98%, 04/11/29 (Call 01/11/29)(a) | 400 | 359,012 | ||||||
4.53%, 04/11/49 (Call 10/11/48)(a)(c) | 200 | 140,318 | ||||||
Vigorous Champion International Ltd., 2.75%, 06/02/25(a) | 200 | 187,636 | ||||||
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30) | 200 | 154,022 | ||||||
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a) | 200 | 136,400 | ||||||
Westwood Group Holdings Ltd., 2.80%, 01/20/26(a) | 200 | 177,444 | ||||||
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)(a) | 200 | 158,160 | ||||||
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a) | 200 | 99,416 | ||||||
Yunda Holding Investment Co., 2.25%, 08/19/25(a) | 200 | 179,500 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., 3.13%, 07/16/25 (Call 04/16/25)(a) | 200 | 176,316 | ||||||
|
| |||||||
39,860,191 | ||||||||
Colombia — 4.1% | ||||||||
ABRA Global Finance, 11.50%, 03/02/28(a) | 814 | 629,548 | ||||||
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a) | 400 | 271,300 | ||||||
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a) | 950 | 787,312 | ||||||
Avianca Midco 2 PLC, 9.00%, 12/01/28 (Call 12/01/24)(b)(c) | 450 | 372,938 | ||||||
Banco Davivienda SA, 6.65%, (Call 04/22/31), (10-year CMT + 5.097%)(a)(d)(e) | 400 | 245,652 | ||||||
Banco de Bogota SA, 6.25%, 05/12/26(a) | 1,000 | 944,180 | ||||||
Bancolombia SA | ||||||||
4.63%, 12/18/29 (Call 12/18/24), (5-year CMT + 2.944%)(c)(d) | 400 | 347,360 | ||||||
6.91%, 10/18/27, (5-year CMT + 2.929%)(d) | 600 | 548,985 | ||||||
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a) | 400 | 286,520 | ||||||
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a) | 400 | 263,800 | ||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25 | 1,033 | 994,572 | ||||||
4.63%, 11/02/31 (Call 08/02/31)(c) | 1,000 | 746,500 | ||||||
5.38%, 06/26/26 (Call 03/26/26)(c) | 1,235 | 1,179,085 | ||||||
5.88%, 05/28/45(c) | 1,640 | 1,061,408 | ||||||
5.88%, 11/02/51 (Call 05/02/51) | 650 | 404,008 | ||||||
6.88%, 04/29/30 (Call 01/29/30) | 1,900 | 1,703,255 | ||||||
7.38%, 09/18/43(c) | 750 | 594,225 | ||||||
8.63%, 01/19/29 (Call 12/19/28)(c) | 658 | 655,039 | ||||||
8.88%, 01/13/33 (Call 10/13/32) | 1,890 | 1,806,840 |
26 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colombia (continued) | ||||||||
EnfraGen Energia Sur SA, 5.38%, 12/30/30(a) | $ | 600 | $ | 401,700 | ||||
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a) | 400 | 334,900 | ||||||
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a) | 800 | 590,000 | ||||||
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 | 400 | 376,000 | ||||||
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a) | 400 | 322,000 | ||||||
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a) | 600 | 460,500 | ||||||
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a) | 600 | 554,340 | ||||||
|
| |||||||
16,881,967 | ||||||||
Czech Republic — 0.1% | ||||||||
Allwyn Entertainment Financing U.K. PLC, 7.88%, 04/30/29 | 600 | 588,000 | ||||||
|
| |||||||
Ghana — 0.6% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/10/23)(a) | 600 | 551,574 | ||||||
Tullow Oil PLC | ||||||||
7.00%, 03/01/25 (Call 11/30/23)(a) | 600 | 467,250 | ||||||
10.25%, 05/15/26 (Call 11/10/23)(a) | 1,514 | 1,297,309 | ||||||
|
| |||||||
2,316,133 | ||||||||
Guatemala — 0.8% | ||||||||
Central American Bottling Corp./CBC Bottling Holdco | ||||||||
SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a) | 1,050 | 922,289 | ||||||
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a) | 800 | 612,000 | ||||||
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a) | 800 | 696,000 | ||||||
Millicom International Cellular SA | ||||||||
4.50%, 04/27/31 (Call 04/27/26)(a)(c) | 800 | 596,240 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(a) | 720 | 622,800 | ||||||
|
| |||||||
3,449,329 | ||||||||
Hong Kong — 4.1% | ||||||||
AIA Group Ltd. | ||||||||
2.70%, (Call 04/07/26), | ||||||||
(5-year CMT + 1.758%)(a)(d)(e) | 200 | 173,618 | ||||||
3.20%, 03/11/25 (Call 12/11/24)(a) | 200 | 193,384 | ||||||
3.20%, 09/16/40 (Call 03/16/40)(a)(c) | 800 | 513,088 | ||||||
3.38%, 04/07/30 (Call 01/07/30)(a) | 200 | 171,288 | ||||||
3.60%, 04/09/29 (Call 01/09/29)(a) | 200 | 179,962 | ||||||
3.90%, 04/06/28 (Call 01/06/28)(a) | 200 | 185,982 | ||||||
4.50%, 03/16/46 (Call 09/16/45)(a) | 200 | 155,372 | ||||||
4.95%, 04/04/33 (Call 01/04/33)(a) | 200 | 183,506 | ||||||
5.63%, 10/25/27 (Call 09/25/27)(a) | 200 | 199,406 | ||||||
Bank of Communications Hong Kong Ltd. | ||||||||
2.30%, 07/08/31 (Call 07/08/26), (5-year CMT + 1.400%)(a)(d) | 250 | 226,028 | ||||||
3.73%, (Call 03/03/25), | 250 | 240,337 | ||||||
Bank of East Asia Ltd. (The) | ||||||||
4.00%, 05/29/30 (Call 05/29/25), (5-year CMT + 3.750%)(a)(d) | 250 | 229,750 | ||||||
5.83%, (Call 10/21/25), | 250 | 195,388 | ||||||
5.88%, (Call 09/19/24), | 250 | 213,853 | ||||||
6.75%, 03/15/27 (Call 03/15/26), (1-year CMT + 2.100%)(a)(d) | 250 | 246,237 |
Security | Par (000) | Value | ||||||
Hong Kong (continued) | ||||||||
Bocom Leasing Management Hong Kong Co. Ltd., 6.75%, 12/10/24, | $ | 200 | $ | 199,600 | ||||
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), (5-year CMT + 3.642%)(a)(d)(e) | 200 | 157,134 | ||||||
Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27(a) | 200 | 184,062 | ||||||
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a) | 200 | 190,410 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24), (5-year CMT + 8.205%)(a)(d)(e) | 200 | 195,948 | ||||||
China CITIC Bank International Ltd. | ||||||||
4.63%, 02/28/29 (Call 02/28/24), (5-year CMT + 2.250%)(a)(d) | 250 | 248,507 | ||||||
4.80%, (Call 04/22/27), | 250 | 237,502 | ||||||
7.10%, (Call 11/06/23), | 200 | 199,848 | ||||||
CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25), (5-year CMT + 2.041%)(a)(d)(e) | 400 | 380,464 | ||||||
FWD Group Ltd. | ||||||||
6.38%, (Call 09/13/24), | 250 | 217,290 | ||||||
8.05%, (Call 12/15/23), | 200 | 183,080 | ||||||
Henderson Land MTN Ltd., 2.38%, 05/27/25(a) | 200 | 188,042 | ||||||
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a) | 200 | 185,860 | ||||||
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(a) | 200 | 171,414 | ||||||
HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)(a) | 200 | 157,788 | ||||||
Hongkong Electric Finance Ltd. | ||||||||
1.88%, 08/27/30 (Call 02/27/30)(a) | 200 | 154,006 | ||||||
2.88%, 05/03/26(a) | 400 | 374,388 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. (The) | ||||||||
2.25%, 07/15/31 (Call 04/15/31)(a) | 200 | 150,032 | ||||||
2.88%, 05/27/30 (Call 02/27/30)(a) | 200 | 163,636 | ||||||
HPHT Finance 21 II Ltd., 1.50%, 09/17/26 (Call 08/17/26)(a) | 200 | 176,984 | ||||||
HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)(a) | 200 | 183,028 | ||||||
Hysan MTN Ltd., 2.82%, 09/04/29(a) | 400 | 324,724 | ||||||
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a) | 200 | 178,204 | ||||||
Inventive Global Investments Ltd., 1.65%, 09/03/25(a) | 200 | 184,146 | ||||||
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(a) | 400 | 313,656 | ||||||
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a) | 200 | 162,324 | ||||||
Li & Fung Ltd., 5.25%, (Call 05/03/24)(a)(e) | 200 | 68,292 | ||||||
Link Finance Cayman 2009 Ltd. (The) | ||||||||
2.75%, 01/19/32(a) | 200 | 154,926 | ||||||
2.88%, 07/21/26(a) | 200 | 185,372 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 11/30/23)(a) | 600 | 563,820 | ||||||
5.25%, 04/26/26 (Call 11/30/23)(a)(c) | 600 | 548,502 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | 1,000 | 791,740 | ||||||
5.63%, 07/17/27 (Call 11/30/23)(a)(c) | 600 | 520,812 | ||||||
5.75%, 07/21/28 (Call 11/30/23)(a) | 1,000 | 844,430 | ||||||
MTR Corp. Ltd., 1.63%, 08/19/30(a) | 400 | 311,088 | ||||||
Nan Fung Treasury III Ltd., 5.00%, | 200 | 126,282 | ||||||
Nan Fung Treasury Ltd., 3.63%, 08/27/30(a) | 200 | 157,048 |
SCHEDULE OF INVESTMENTS | 27 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Hong Kong (continued) | ||||||||
Nanyang Commercial Bank Ltd. | ||||||||
3.80%, 11/20/29 (Call 11/20/24), (5-year CMT + 2.180%)(a)(d) | $ | 250 | $ | 240,925 | ||||
6.50%, (Call 04/28/27), | 250 | 239,535 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(a) | 200 | 155,378 | ||||||
NWD Finance BVI Ltd. | ||||||||
4.13%, (Call 03/10/28), | 400 | 196,192 | ||||||
4.80%, (Call 11/30/23)(a)(e) | 400 | 159,304 | ||||||
5.25%, (Call 03/22/26), | 200 | 119,678 | ||||||
6.15%, (Call 03/16/25), | 200 | 146,566 | ||||||
6.25%, (Call 03/07/24)(a)(e) | 200 | 94,460 | ||||||
NWD MTN Ltd. | ||||||||
4.13%, 07/18/29(a) | 200 | 129,986 | ||||||
4.50%, 05/19/30(a) | 200 | 125,406 | ||||||
Panther Ventures Ltd., 3.50%, (Call 12/22/23)(a)(e) | 200 | 100,720 | ||||||
PCPD Capital Ltd., 5.13%, 06/18/26 | 200 | 134,896 | ||||||
Phoenix Lead Ltd., 4.85%, (Call 02/23/24)(a)(e) | 200 | 137,904 | ||||||
Prudential Funding Asia PLC, 3.13%, 04/14/30 | 200 | 166,848 | ||||||
Prudential PLC | ||||||||
2.95%, 11/03/33 (Call 08/03/28), (5-year CMT + 1.517%)(a)(d) | 200 | 162,974 | ||||||
4.88%, (Call 01/20/24)(a)(e) | 400 | 315,072 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a) | 200 | 153,358 | ||||||
Sun Hung Kai Properties Capital Market Ltd. | ||||||||
2.75%, 05/13/30 (Call 02/13/30)(a) | 200 | 162,100 | ||||||
2.88%, 01/21/30(a) | 200 | 164,544 | ||||||
3.75%, 02/25/29(a) | 200 | 178,654 | ||||||
Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(a) | 200 | 165,478 | ||||||
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a) | 200 | 190,868 | ||||||
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a) | 200 | 180,112 | ||||||
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a) | 200 | 184,396 | ||||||
|
| |||||||
17,046,942 | ||||||||
Hungary — 0.3% | ||||||||
OTP Bank Nyrt | ||||||||
7.50%, 05/25/27, (1-year CMT + 3.711%) | 400 | 400,764 | ||||||
8.75%, 05/15/33 (Call 02/15/28), (5-year CMT + 5.060%)(a)(d) | 700 | 689,500 | ||||||
|
| |||||||
1,090,264 | ||||||||
India — 4.6% | ||||||||
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28(a) | 600 | 577,668 | ||||||
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a) | 400 | 282,300 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) | 200 | 190,460 | ||||||
Adani Ports & Special Economic Zone Ltd. | ||||||||
3.10%, 02/02/31(a) | 200 | 129,750 | ||||||
4.00%, 07/30/27 (Call 06/30/27)(a) | 200 | 163,796 | ||||||
4.20%, 08/04/27 (Call 02/04/27)(a) | 400 | 327,250 | ||||||
4.38%, 07/03/29(a) | 400 | 303,756 | ||||||
Adani Transmission Ltd., 4.00%, 08/03/26(a) | 200 | 170,318 | ||||||
Axis Bank Ltd., 4.10%, (Call 09/08/26), (5-year CMT + 3.315%)(a)(d)(e) | 200 | 172,132 | ||||||
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a) | 200 | 193,738 | ||||||
Bharti Airtel Ltd. | ||||||||
3.25%, 06/03/31 (Call 03/05/31)(a) | 200 | 161,656 |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
4.38%, 06/10/25(a) | $ | 400 | $ | 390,236 | ||||
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(a) | 400 | 376,516 | ||||||
CA Magnum Holdings, 5.38%, 10/31/26 (Call 11/10/23)(a) | 600 | 522,516 | ||||||
Delhi International Airport Ltd. | ||||||||
6.13%, 10/31/26(a) | 400 | 378,976 | ||||||
6.45%, 06/04/29(a) | 200 | 181,192 | ||||||
Greenko Dutch BV, 3.85%, 03/29/26 (Call 11/30/23)(a) | 370 | 329,069 | ||||||
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a) | 557 | 466,820 | ||||||
Greenko Solar Mauritius Ltd. | ||||||||
5.55%, 01/29/25 (Call 11/30/23)(a) | 400 | 383,940 | ||||||
5.95%, 07/29/26 (Call 11/30/23)(a) | 200 | 183,650 | ||||||
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a) | 400 | 379,124 | ||||||
HDFC Bank Ltd., 3.70%, (Call 08/25/26), (5-year CMT + 2.925%)(a)(d)(e) | 400 | 344,204 | ||||||
HDFC Bank Ltd./Gift City, 5.69%, 03/02/26(a) | 400 | 399,052 | ||||||
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a) | 200 | 185,176 | ||||||
ICICI Bank Ltd./Dubai | ||||||||
3.80%, 12/14/27(a) | 200 | 183,720 | ||||||
4.00%, 03/18/26(a) | 450 | 431,370 | ||||||
Indian Railway Finance Corp. Ltd. | ||||||||
2.80%, 02/10/31(a)(c) | 400 | 315,368 | ||||||
3.25%, 02/13/30(a) | 200 | 167,434 | ||||||
3.57%, 01/21/32(a) | 400 | 325,896 | ||||||
3.84%, 12/13/27(a) | 200 | 183,698 | ||||||
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a) | 336 | 273,722 | ||||||
JSW Steel Ltd. | ||||||||
3.95%, 04/05/27 (Call 10/05/26)(a) | 400 | 342,500 | ||||||
5.05%, 04/05/32 (Call 10/05/31)(a) | 200 | 154,380 | ||||||
Network i2i Ltd. | ||||||||
3.98%, (Call 03/03/26), | 400 | 360,300 | ||||||
5.65%, (Call 01/15/25), | 600 | 580,896 | ||||||
NTPC Ltd., 4.25%, 02/26/26(a) | 200 | 193,252 | ||||||
Oil India International Pte Ltd., 4.00%, 04/21/27(a) | 200 | 186,444 | ||||||
Oil India Ltd., 5.13%, 02/04/29(a) | 400 | 381,128 | ||||||
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a) | 400 | 378,532 | ||||||
Periama Holdings LLC/DE, 5.95%, 04/19/26(a) | 400 | 375,500 | ||||||
Power Finance Corp. Ltd. | ||||||||
3.35%, 05/16/31(a) | 200 | 160,068 | ||||||
3.95%, 04/23/30(a) | 400 | 341,736 | ||||||
4.50%, 06/18/29(a) | 400 | 362,096 | ||||||
6.15%, 12/06/28(a) | 200 | 198,412 | ||||||
REC Ltd. | ||||||||
2.25%, 09/01/26(a) | 400 | 359,996 | ||||||
5.63%, 04/11/28(a) | 400 | 387,420 | ||||||
Reliance Industries Ltd. | ||||||||
2.88%, 01/12/32(a) | 1,100 | 856,273 | ||||||
3.63%, 01/12/52(a) | 900 | 547,929 | ||||||
3.67%, 11/30/27(a) | 500 | 459,480 | ||||||
3.75%, 01/12/62(a) | 400 | 232,504 | ||||||
4.13%, 01/28/25(a) | 250 | 244,160 | ||||||
4.88%, 02/10/45(a) | 250 | 196,523 | ||||||
6.25%, 10/19/40(a) | 250 | 239,562 |
28 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 11/10/23)(a) | $ | 400 | $ | 328,212 | ||||
State Bank of India, 4.88%, 05/05/28(a) | 400 | 382,500 | ||||||
State Bank of India/London, 1.80%, 07/13/26(a) | 400 | 360,076 | ||||||
UPL Corp. Ltd., 4.63%, 06/16/30(a) | 200 | 154,508 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/25 (Call 09/11/24)(a) | 800 | 582,968 | ||||||
9.25%, 04/23/26 (Call 11/30/23)(a)(c) | 200 | 117,098 | ||||||
Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a) | 400 | 357,720 | ||||||
|
| |||||||
18,896,676 | ||||||||
Indonesia — 2.6% | ||||||||
Bank Mandiri Persero Tbk PT, 4.75%, 05/13/25(a) | 400 | 391,752 | ||||||
Bank Negara Indonesia Persero Tbk PT | ||||||||
3.75%, 03/30/26(a) | 400 | 367,500 | ||||||
4.30%, (Call 03/24/27), | 600 | 485,760 | ||||||
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 11/30/23)(a) | 600 | 567,618 | ||||||
Freeport Indonesia PT | ||||||||
4.76%, 04/14/27 (Call 03/14/27)(a) | 700 | 663,124 | ||||||
5.32%, 04/14/32 (Call 01/01/32)(a) | 1,600 | 1,421,216 | ||||||
6.20%, 04/14/52 (Call 10/14/51)(a) | 700 | 574,140 | ||||||
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/23)(a) | 500 | 493,885 | ||||||
Indofood CBP Sukses Makmur Tbk PT | ||||||||
3.40%, 06/09/31 (Call 12/09/30)(a) | 1,000 | 790,820 | ||||||
3.54%, 04/27/32 (Call 10/27/31)(a) | 600 | 467,940 | ||||||
4.75%, 06/09/51 (Call 12/09/50)(a) | 600 | 399,780 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) | 644 | 560,484 | ||||||
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a) | 600 | 561,756 | ||||||
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29 (Call 10/27/25)(b) | 400 | 393,000 | ||||||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 11/30/23)(a) | 400 | 395,564 | ||||||
Minejesa Capital BV | ||||||||
4.63%, 08/10/30(a) | 1,200 | 1,068,168 | ||||||
5.63%, 08/10/37(a) | 800 | 590,048 | ||||||
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a) | 800 | 660,400 | ||||||
|
| |||||||
10,852,955 | ||||||||
Israel — 3.4% | ||||||||
Bank Hapoalim BM, 3.26%, 01/21/32 (Call 10/21/26), (5-year CMT + 2.155%)(a)(b)(d) | 800 | 646,000 | ||||||
Bank Leumi Le-Israel BM | ||||||||
3.28%, 01/29/31 (Call 01/29/26), (5-year CMT + 1.631%)(b)(d) | 600 | 513,750 | ||||||
5.13%, 07/27/27 (Call 06/27/27)(a)(b) | 400 | 372,000 | ||||||
7.13%, 07/18/33 (Call 04/18/28), (5-year CMT + 3.466%)(a)(b)(d) | 400 | 355,000 | ||||||
Energian Israel Finance Ltd. | ||||||||
4.88%, 03/30/26 (Call 12/30/25)(a)(b) | 455 | 398,994 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(a)(b) | 530 | 432,613 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(a)(b) | 522 | 414,338 | ||||||
8.50%, 09/30/33(b) | 570 | 496,612 | ||||||
ICL Group Ltd., 6.38%, 05/31/38 | 535 | 445,388 |
Security | Par (000) | Value | ||||||
Israel (continued) | ||||||||
Israel Discount Bank Ltd., 5.38%, 01/26/28 (Call 12/26/27)(b) | $ | 600 | $ | 552,150 | ||||
Israel Electric Corp. Ltd. | ||||||||
3.75%, 02/22/32(a)(b) | 400 | 304,000 | ||||||
4.25%, 08/14/28(a)(b) | 800 | 699,500 | ||||||
Leviathan Bond Ltd. | ||||||||
6.13%, 06/30/25 (Call 03/30/25)(a)(b) | 520 | 477,750 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(a)(b) | 500 | 436,250 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(a)(b) | 425 | 348,925 | ||||||
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26), (5-year CMT + 2.250%)(a)(b)(d) | 400 | 333,500 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(c) | 700 | 583,632 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 2,125 | 1,855,316 | ||||||
4.10%, 10/01/46 | 1,550 | 917,011 | ||||||
4.75%, 05/09/27 (Call 02/09/27) | 800 | 720,000 | ||||||
5.13%, 05/09/29 (Call 02/09/29)(c) | 750 | 647,812 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(c) | 1,300 | 1,240,915 | ||||||
7.88%, 09/15/29 (Call 06/15/29) | 400 | 392,300 | ||||||
8.13%, 09/15/31 (Call 06/15/31) | 400 | 394,224 | ||||||
|
| |||||||
13,977,980 | ||||||||
Jordan — 0.1% | ||||||||
Hikma Finance USA LLC, 3.25%, 07/09/25(a) | 400 | 373,396 | ||||||
|
| |||||||
Kazakhstan — 1.5% | ||||||||
KazMunayGas National Co. JSC | ||||||||
3.50%, 04/14/33 (Call 10/14/32)(a) | 600 | 436,500 | ||||||
4.75%, 04/19/27(a) | 1,000 | 932,000 | ||||||
5.38%, 04/24/30(a) | 1,200 | 1,069,800 | ||||||
5.75%, 04/19/47(a) | 1,200 | 889,800 | ||||||
6.38%, 10/24/48(a) | 1,500 | 1,173,750 | ||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
2.63%, 08/15/25 (Call 05/15/25)(a) | 400 | 360,600 | ||||||
3.25%, 08/15/30 (Call 02/15/30)(a) | 800 | 594,800 | ||||||
4.00%, 08/15/26(a) | 900 | 801,225 | ||||||
|
| |||||||
6,258,475 | ||||||||
Kuwait — 1.9% | ||||||||
Boubyan Sukuk Ltd. | ||||||||
2.59%, 02/18/25(a) | 800 | 760,000 | ||||||
3.39%, 03/29/27(a) | 400 | 372,108 | ||||||
Burgan Bank SAK | ||||||||
2.75%, 12/15/31 (Call 09/15/26), (5-year CMT + 2.229%)(a)(d) | 400 | 300,000 | ||||||
5.75%, (Call 07/09/24), | 400 | 359,420 | ||||||
Equate Petrochemical BV | ||||||||
2.63%, 04/28/28 (Call 01/28/28)(a) | 800 | 682,216 | ||||||
4.25%, 11/03/26(a) | 1,200 | 1,129,728 | ||||||
Kuwait Projects Co. SPC Ltd. | ||||||||
4.23%, 10/29/26(a) | 600 | 513,960 | ||||||
4.50%, 02/23/27(a) | 400 | 335,148 | ||||||
MEGlobal Canada ULC | ||||||||
5.00%, 05/18/25(a) | 800 | 777,250 | ||||||
5.88%, 05/18/30(a) | 600 | 584,244 | ||||||
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.050%)(a)(d) | 1,000 | 880,600 | ||||||
NBK Tier 1 Financing 2 Ltd., 4.50%, | 800 | 732,000 |
SCHEDULE OF INVESTMENTS | 29 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kuwait (continued) | ||||||||
NBK Tier 1 Financing Ltd., 3.63%, | $ | 600 | $ | 516,375 | ||||
|
| |||||||
7,943,049 | ||||||||
Luxembourg — 0.5% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 11/30/23)(a) | 1,000 | 811,800 | ||||||
5.75%, 08/15/29 | 1,600 | 1,236,000 | ||||||
|
| |||||||
2,047,800 | ||||||||
Macau — 3.3% | ||||||||
Champion Path Holdings Ltd. | ||||||||
4.50%, 01/27/26 (Call 01/27/24)(a) | 400 | 345,544 | ||||||
4.85%, 01/27/28 (Call 01/27/25)(a) | 500 | 389,070 | ||||||
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24), (5-year CMT + 1.650%)(a)(d) | 200 | 194,292 | ||||||
MGM China Holdings Ltd. | ||||||||
4.75%, 02/01/27 (Call 02/01/24)(a) | 600 | 524,955 | ||||||
5.25%, 06/18/25 (Call 11/10/23)(a) | 600 | 570,960 | ||||||
5.88%, 05/15/26 (Call 11/10/23)(a) | 700 | 651,504 | ||||||
Sands China Ltd. | ||||||||
2.55%, 03/08/27 (Call 02/08/27) | 600 | 510,480 | ||||||
3.10%, 03/08/29 (Call 01/08/29) | 600 | 481,242 | ||||||
3.50%, 08/08/31 (Call 05/08/31) | 500 | 376,125 | ||||||
4.30%, 01/08/26 (Call 12/08/25) | 800 | 741,032 | ||||||
4.88%, 06/18/30 (Call 03/18/30) | 600 | 501,450 | ||||||
5.38%, 08/08/25 (Call 06/08/25) | 1,800 | 1,734,282 | ||||||
5.65%, 08/08/28 (Call 05/08/28) | 1,800 | 1,660,050 | ||||||
Studio City Finance Ltd. | ||||||||
5.00%, 01/15/29 (Call 01/15/24)(a) | 900 | 642,082 | ||||||
6.00%, 07/15/25 (Call 11/30/23)(a) | 400 | 374,250 | ||||||
6.50%, 01/15/28 (Call 11/30/23)(a) | 600 | 489,966 | ||||||
Wynn Macau Ltd. | ||||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | 1,000 | 779,360 | ||||||
5.50%, 01/15/26 (Call 11/30/23)(a) | 1,200 | 1,105,824 | ||||||
5.50%, 10/01/27 (Call 11/10/23)(a) | 600 | 521,874 | ||||||
5.63%, 08/26/28 (Call 11/10/23)(a) | 1,200 | 999,600 | ||||||
|
| |||||||
13,593,942 | ||||||||
Malaysia — 1.5% | ||||||||
Axiata SPV2 Bhd | ||||||||
2.16%, 08/19/30 (Call 05/19/30)(a) | 600 | 471,918 | ||||||
4.36%, 03/24/26(a) | 400 | 386,920 | ||||||
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(a) | 1,000 | 568,570 | ||||||
CIMB Bank Bhd, 2.13%, 07/20/27(a) | 600 | 526,548 | ||||||
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(a) | 1,000 | 760,140 | ||||||
Gohl Capital Ltd., 4.25%, 01/24/27(a) | 1,200 | 1,096,860 | ||||||
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(a) | 600 | 551,622 | ||||||
RBH Bank, 1.66%, 06/29/26(a) | 400 | 357,872 | ||||||
TNB Global Ventures Capital Bhd | ||||||||
3.24%, 10/19/26(a) | 800 | 744,600 | ||||||
4.85%, 11/01/28(a) | 700 | 670,562 | ||||||
|
| |||||||
6,135,612 | ||||||||
Mexico — 4.6% | ||||||||
Alfa SAB de CV, 6.88%, 03/25/44 | 200 | 178,750 | ||||||
Alpek SAB de CV | ||||||||
3.25%, 02/25/31 (Call 11/25/30)(a) | 200 | 151,250 | ||||||
4.25%, 09/18/29 (Call 06/18/29)(a) | 200 | 168,830 | ||||||
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a) | 200 | 197,925 |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
America Movil SAB de CV | ||||||||
2.88%, 05/07/30 (Call 02/07/30)(c) | $ | 600 | $ | 492,000 | ||||
3.63%, 04/22/29 (Call 01/22/29) | 200 | 177,700 | ||||||
4.38%, 07/16/42 | 400 | 305,000 | ||||||
4.38%, 04/22/49 (Call 10/22/48)(c) | 400 | 298,080 | ||||||
4.70%, 07/21/32 (Call 04/21/32) | 400 | 357,936 | ||||||
6.13%, 03/30/40 | 800 | 766,800 | ||||||
6.38%, 03/01/35(c) | 350 | 350,875 | ||||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.38%, 04/11/27 (Call 01/11/27)(a) | 300 | 276,987 | ||||||
Banco Mercantil del Norte SA/Grand Cayman | ||||||||
5.88%, (Call 01/24/27), | 200 | 168,810 | ||||||
6.63%, (Call 01/24/32), | 200 | 151,000 | ||||||
6.75%, (Call 09/27/24), | 200 | 193,762 | ||||||
7.50%, (Call 06/27/29), | 200 | 171,000 | ||||||
7.63%, 01/10/28, | 200 | 180,250 | ||||||
8.38%, (Call 10/14/30), | 200 | 182,188 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | ||||||||
5.38%, 04/17/25(a) | 850 | 832,894 | ||||||
7.53%, 10/01/28, (5-year CMT + 2.995%)(a)(d) | 200 | 198,810 | ||||||
BBVA Bancomer SA/Texas | ||||||||
1.88%, 09/18/25(a) | 200 | 182,700 | ||||||
5.13%, 01/18/33 (Call 01/17/28), (5-year CMT + 2.650%)(a)(d) | 600 | 505,920 | ||||||
5.88%, 09/13/34 (Call 09/13/29), (5-year CMT + 4.308%)(a)(d) | 400 | 346,000 | ||||||
8.45%, 06/29/38 (Call 06/29/33), (5-year CMT + 4.661%)(a)(d) | 400 | 381,000 | ||||||
Becle SAB de CV, 2.50%, 10/14/31 | 200 | 146,554 | ||||||
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(a) | 200 | 134,702 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/32 (Call 02/20/27)(a) | 400 | 233,380 | ||||||
7.45%, 11/15/29 (Call 11/15/24)(a) | 400 | 253,280 | ||||||
Cemex SAB de CV | ||||||||
3.88%, 07/11/31 (Call 07/11/26)(a) | 200 | 162,300 | ||||||
5.20%, 09/17/30 (Call 09/17/25)(a) | 400 | 360,400 | ||||||
5.45%, 11/19/29 (Call 11/19/24)(a) | 400 | 370,250 | ||||||
9.13%, (Call 03/14/28), | 400 | 408,500 | ||||||
Cemex SAB De CV, 5.13%, (Call 06/08/26), (5-year CMT + 4.534%)(a)(d)(e) | 400 | 368,144 | ||||||
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(a) | 200 | 177,826 | ||||||
Coca-Cola Femsa SAB de CV | ||||||||
1.85%, 09/01/32 (Call 06/01/32) | 450 | 323,698 | ||||||
2.75%, 01/22/30 (Call 10/22/29) | 200 | 166,628 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a) | 160 | 145,829 | ||||||
Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49) | 700 | 450,625 | ||||||
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a) | 400 | 264,140 | ||||||
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a) | 400 | 370,780 |
30 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
Grupo Bimbo SAB de CV | ||||||||
4.00%, 09/06/49(a) | $ | 200 | $ | 135,890 | ||||
4.70%, 11/10/47 (Call 05/10/47)(a) | 200 | 153,500 | ||||||
4.88%, 06/27/44(a) | 200 | 159,344 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 200 | 149,500 | ||||||
5.25%, 05/24/49 (Call 11/24/48)(c) | 200 | 155,000 | ||||||
6.13%, 01/31/46 (Call 07/31/45)(c) | 200 | 174,000 | ||||||
6.63%, 01/15/40 | 500 | 470,000 | ||||||
Industrias Penoles SAB de CV | ||||||||
4.15%, 09/12/29 (Call 06/12/29)(a) | 200 | 172,500 | ||||||
4.75%, 08/06/50 (Call 02/06/50)(a) | 400 | 276,968 | ||||||
Infraestructura Energetica Nova SAB de CV | ||||||||
4.75%, 01/15/51 (Call 07/15/50)(a) | 400 | 272,000 | ||||||
4.88%, 01/14/48(a) | 200 | 139,510 | ||||||
Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/31 (Call 04/01/31)(a) | 200 | 160,500 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a) | 400 | 268,492 | ||||||
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a) | 200 | 146,750 | ||||||
Orbia Advance Corp. SAB de CV | ||||||||
1.88%, 05/11/26 (Call 04/11/26)(a) | 200 | 177,946 | ||||||
2.88%, 05/11/31 (Call 02/11/31)(a) | 200 | 147,750 | ||||||
4.00%, 10/04/27 (Call 07/04/27)(a) | 200 | 180,618 | ||||||
5.50%, 01/15/48 (Call 07/15/47)(a) | 200 | 145,350 | ||||||
5.88%, 09/17/44(a) | 200 | 156,000 | ||||||
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a) | 400 | 376,000 | ||||||
Sigma Finance Netherlands BV, 4.88%, 03/27/28 (Call 12/27/27)(a) | 200 | 188,000 | ||||||
Southern Copper Corp. | ||||||||
3.88%, 04/23/25 | 200 | 192,250 | ||||||
5.25%, 11/08/42 | 476 | 395,546 | ||||||
5.88%, 04/23/45(c) | 570 | 508,440 | ||||||
6.75%, 04/16/40 | 475 | 470,055 | ||||||
7.50%, 07/27/35 | 300 | 316,890 | ||||||
Tierra Mojada Luxembourg II Sarl, 5.75%, 12/01/40 | 366 | 289,581 | ||||||
Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(a) | 400 | 189,312 | ||||||
Trust Fibra Uno | ||||||||
4.87%, 01/15/30 (Call 10/30/29)(a) | 600 | 498,000 | ||||||
5.25%, 01/30/26 (Call 10/30/25)(a) | 400 | 380,540 | ||||||
6.39%, 01/15/50 (Call 07/15/49)(a) | 200 | 139,188 | ||||||
6.95%, 01/30/44 (Call 07/30/43)(a) | 200 | 152,500 | ||||||
|
| |||||||
19,291,423 | ||||||||
Moldova — 0.1% | ||||||||
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a) | 400 | 271,368 | ||||||
|
| |||||||
Morocco — 0.5% | ||||||||
OCP SA | ||||||||
3.75%, 06/23/31 (Call 03/23/31)(a) | 900 | 704,637 | ||||||
4.50%, 10/22/25(a) | 400 | 382,000 | ||||||
5.13%, 06/23/51 (Call 12/23/50)(a) | 800 | 512,000 | ||||||
6.88%, 04/25/44(a) | 400 | 327,000 | ||||||
|
| |||||||
1,925,637 |
Security | Par (000) | Value | ||||||
Nigeria — 0.7% | ||||||||
Access Bank PLC | ||||||||
6.13%, 09/21/26(a) | $ | 600 | $ | 499,875 | ||||
9.13%, (Call 10/07/26), | 400 | 320,120 | ||||||
IHS Holding Ltd. | ||||||||
5.63%, 11/29/26 (Call 11/30/23)(a) | 400 | 320,500 | ||||||
6.25%, 11/29/28 (Call 11/29/24)(a) | 400 | 292,980 | ||||||
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 11/30/23)(a) | 1,050 | 856,538 | ||||||
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 11/30/23)(a) | 600 | 504,000 | ||||||
|
| |||||||
2,794,013 | ||||||||
Oman — 0.3% | ||||||||
Bank Muscat SAOG, 4.75%, 03/17/26(a) | 400 | 381,180 | ||||||
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) | 750 | 745,583 | ||||||
|
| |||||||
1,126,763 | ||||||||
Panama — 0.7% | ||||||||
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a) | 1,189 | 964,250 | ||||||
Banco General SA, 4.13%, 08/07/27 | 400 | 364,820 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/10/23)(a) | 1,250 | 1,068,500 | ||||||
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a) | 600 | 468,750 | ||||||
|
| |||||||
2,866,320 | ||||||||
Paraguay — 0.2% | ||||||||
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f) | 668 | 459,507 | ||||||
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 11/10/23)(a) | 400 | 360,600 | ||||||
|
| |||||||
820,107 | ||||||||
Peru — 1.6% | ||||||||
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a)(c) | 700 | 666,904 | ||||||
Banco de Credito del Peru SA | ||||||||
3.13%, 07/01/30 (Call 07/01/25), (5-year CMT + 3.000%)(a)(d) | 800 | 731,000 | ||||||
3.25%, 09/30/31 (Call 09/30/26), (5-year CMT + 2.450%)(a)(d) | 400 | 348,832 | ||||||
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 11/30/23)(a) | 600 | 522,726 | ||||||
Consorcio Transmantaro SA | ||||||||
4.70%, 04/16/34(a)(c) | 600 | 518,832 | ||||||
5.20%, 04/11/38 (Call 01/11/38)(a) | 400 | 338,184 | ||||||
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a) | 400 | 373,836 | ||||||
InRetail Consumer, 3.25%, 03/22/28 | 600 | 500,892 | ||||||
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a) | 600 | 539,250 | ||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a) | 444 | 421,650 | ||||||
Minsur SA, 4.50%, 10/28/31(a) | 400 | 323,200 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(a) | 1,000 | 765,625 | ||||||
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a) | 800 | 751,832 | ||||||
|
| |||||||
6,802,763 | ||||||||
Philippines — 1.3% | ||||||||
BDO Unibank Inc., 2.13%, 01/13/26(a) | 600 | 553,746 | ||||||
Globe Telecom Inc., 4.20%, (Call 08/02/26), (5-year CMT + 5.527%)(a)(d)(e) | 600 | 554,610 | ||||||
JGSH Philippines Ltd., 4.13%, 07/09/30(a) | 600 | 532,656 |
SCHEDULE OF INVESTMENTS | 31 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Philippines (continued) | ||||||||
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a) | $ | 400 | $ | 351,952 | ||||
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(a) | 600 | 552,930 | ||||||
Petron Corp., 5.95%, (Call 04/19/26), (5-year CMT + 7.574%)(a)(d)(e) | 600 | 548,292 | ||||||
San Miguel Crop., 5.50%, (Call 07/29/25), (5-year CMT + 10.237%)(a)(d)(e) | 400 | 365,564 | ||||||
SMC Global Power Holdings Corp. | ||||||||
5.45%, (Call 12/09/26), | 600 | 408,372 | ||||||
5.70%, (Call 01/21/26), | 600 | 428,442 | ||||||
6.50%, (Call 04/25/24), | 700 | 625,191 | ||||||
7.00%, (Call 10/21/25), | 800 | 633,200 | ||||||
|
| |||||||
5,554,955 | ||||||||
Poland — 0.2% | ||||||||
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a) | 900 | 722,241 | ||||||
|
| |||||||
Qatar — 3.0% | ||||||||
ABQ Finance Co., 2.00%, 07/06/26(a) | 400 | 355,500 | ||||||
ABQ Finance Ltd., 1.88%, 09/08/25(a) | 600 | 548,352 | ||||||
CBQ Finance Ltd. | ||||||||
2.00%, 09/15/25(a) | 400 | 366,932 | ||||||
2.00%, 05/12/26(a) | 600 | 537,726 | ||||||
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(d)(e) | 400 | 358,750 | ||||||
Doha Finance Ltd., 2.38%, 03/31/26(a) | 500 | 451,365 | ||||||
MAR Sukuk Ltd., 2.21%, 09/02/25(a) | 800 | 746,848 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a) | 604 | 601,480 | ||||||
Ooredoo International Finance Ltd. | ||||||||
2.63%, 04/08/31(a) | 1,200 | 967,500 | ||||||
3.75%, 06/22/26(a) | 600 | 570,150 | ||||||
3.88%, 01/31/28(a) | 400 | 373,652 | ||||||
4.50%, 01/31/43(a) | 400 | 338,000 | ||||||
5.00%, 10/19/25(a) | 600 | 590,625 | ||||||
QIB Sukuk Ltd. | ||||||||
1.95%, 10/27/25(a) | 900 | 828,000 | ||||||
6.98%, 02/07/25, (3-mo. SOFR + 1.612%)(a)(d) | 800 | 804,000 | ||||||
QNB Finance Ltd. | ||||||||
1.38%, 01/26/26(a) | 1,050 | 940,695 | ||||||
1.63%, 09/22/25(a) | 600 | 549,498 | ||||||
2.63%, 05/12/25(a) | 800 | 754,048 | ||||||
2.75%, 02/12/27(a) | 900 | 813,411 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||||||
5.84%, 09/30/27(a) | 587 | 583,082 | ||||||
6.33%, 09/30/27(a) | 493 | 493,534 | ||||||
|
| |||||||
12,573,148 | ||||||||
Saudi Arabia — 4.5% | ||||||||
Al Rajhi Sukuk Ltd., 4.75%, 04/05/28(a) | 400 | 387,000 | ||||||
Almarai Co. JSC, 5.23%, 07/25/33(a) | 200 | 187,250 | ||||||
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25), (5-year CMT + 2.974%)(a)(d) | 400 | 373,250 | ||||||
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a) | 400 | 358,668 | ||||||
Banque Saudi Fransi, 4.75%, 05/31/28 | 400 | 382,000 | ||||||
BSF Finance, 5.50%, 11/23/27(a) | 400 | 393,720 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. | ||||||||
6.75%, 02/15/25(a) | 200 | 197,250 | ||||||
8.00%, 02/25/29 | 200 | 196,068 |
Security | Par (000) | Value | ||||||
Saudi Arabia (continued) | ||||||||
EIG Pearl Holdings Sarl | ||||||||
3.55%, 08/31/36(a) | $ | 600 | $ | 466,500 | ||||
4.39%, 11/30/46(a) | 500 | 341,875 | ||||||
Greensaif Pipelines Bidco Sarl | ||||||||
6.13%, 02/23/38(a) | 600 | 558,000 | ||||||
6.51%, 02/23/42(a) | 800 | 743,000 | ||||||
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25), (5-year CMT + 1.791%)(a)(d) | 600 | 570,192 | ||||||
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), (5-year CMT + 2.170%)(a)(d)(e) | 400 | 366,504 | ||||||
SA Global Sukuk Ltd. | ||||||||
1.60%, 06/17/26 (Call 05/17/26)(a) | 900 | 805,500 | ||||||
2.69%, 06/17/31 (Call 03/17/31)(a) | 1,400 | 1,130,500 | ||||||
SABIC Capital I BV | ||||||||
2.15%, 09/14/30 (Call 06/14/30)(a) | 200 | 159,250 | ||||||
3.00%, 09/14/50 (Call 03/14/50)(a) | 200 | 124,000 | ||||||
SABIC Capital II BV, 4.50%, 10/10/28(a) | 600 | 565,410 | ||||||
Samba Funding Ltd., 2.90%, 01/29/27(a) | 200 | 181,718 | ||||||
Saudi Arabian Oil Co. | ||||||||
1.63%, 11/24/25 (Call 10/24/25)(a) | 400 | 365,120 | ||||||
2.25%, 11/24/30 (Call 08/24/30)(a) | 1,000 | 783,750 | ||||||
3.25%, 11/24/50 (Call 05/24/50)(a) | 900 | 532,125 | ||||||
3.50%, 04/16/29(a) | 1,300 | 1,155,375 | ||||||
3.50%, 11/24/70 (Call 05/24/70)(a) | 1,000 | 561,250 | ||||||
4.25%, 04/16/39(a) | 1,600 | 1,250,000 | ||||||
4.38%, 04/16/49(a) | 1,600 | 1,170,000 | ||||||
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a) | 400 | 343,000 | ||||||
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a) | 600 | 537,000 | ||||||
Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28(a) | 600 | 579,000 | ||||||
Saudi Electricity Global Sukuk Co. 5 | ||||||||
1.74%, 09/17/25(a) | 400 | 369,500 | ||||||
2.41%, 09/17/30(a) | 200 | 164,750 | ||||||
Saudi Electricity Sukuk Programme Co. | ||||||||
4.63%, 04/11/33(a) | 400 | 370,000 | ||||||
5.68%, 04/11/53(a) | 400 | 347,000 | ||||||
Saudi Telecom Co., 3.89%, 05/13/29(a) | 600 | 547,500 | ||||||
SNB Sukuk Ltd., 2.34%, 01/19/27(a) | 400 | 358,416 | ||||||
TMS Issuer Sarl, 5.78%, 08/23/32(a) | 800 | 776,000 | ||||||
|
| |||||||
18,697,441 | ||||||||
Singapore — 3.1% | ||||||||
DBS Group Holdings Ltd. | ||||||||
1.19%, 03/15/27(a) | 600 | 520,992 | ||||||
1.82%, 03/10/31 (Call 03/10/26), (5-year CMT + 1.100%)(a)(d) | 400 | 362,240 | ||||||
3.30%, (Call 02/27/25), | 800 | 759,344 | ||||||
4.52%, 12/11/28 (Call 12/11/23), (5-year USD ICE Swap + 1.590%)(a)(d) | 600 | 599,220 | ||||||
GLP Pte Ltd. | ||||||||
3.88%, 06/04/25(a) | 800 | 488,400 | ||||||
4.50%, (Call 05/17/26), | 600 | 172,416 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
1.83%, 09/10/30 (Call 09/10/25), (5-year CMT + 1.580%)(a)(d) | 800 | 736,928 | ||||||
4.60%, 06/15/32 (Call 06/15/27), (5-year CMT + 1.575%)(a)(d) | 600 | 567,210 |
32 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Singapore (continued) | ||||||||
Puma International Financing SA, 5.00%, 01/24/26 (Call 11/10/23)(a) | $ | 700 | $ | 625,961 | ||||
Singapore Airlines Ltd. | ||||||||
3.00%, 07/20/26 (Call 06/20/26)(a) | 400 | 373,720 | ||||||
3.38%, 01/19/29 (Call 11/19/28)(a) | 400 | 357,900 | ||||||
Singapore Telecommunications Ltd., 7.38%, 12/01/31(a) | 432 | 472,116 | ||||||
SingTel Group Treasury Pte Ltd. | ||||||||
1.88%, 06/10/30 (Call 03/10/30)(a) | 600 | 472,092 | ||||||
2.38%, 10/03/26(a) | 400 | 365,784 | ||||||
2.38%, 08/28/29 (Call 05/28/29)(a) | 400 | 336,204 | ||||||
3.25%, 06/30/25(a) | 300 | 288,729 | ||||||
3.88%, 08/28/28 (Call 05/28/28)(a) | 400 | 371,572 | ||||||
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(a) | 400 | 375,820 | ||||||
Ste Transcore Holdings Inc. | ||||||||
3.38%, 05/05/27 (Call 02/05/27)(a) | 600 | 558,780 | ||||||
4.13%, 05/23/26 | 400 | 387,927 | ||||||
United Overseas Bank Ltd, 3.06%, 04/07/25(a) | 600 | 579,732 | ||||||
United Overseas Bank Ltd. | ||||||||
1.25%, 04/14/26(a) | 600 | 542,064 | ||||||
1.75%, 03/16/31 (Call 03/16/26), (5-year CMT + 1.520%)(a)(d) | 400 | 360,104 | ||||||
2.00%, 10/14/31 (Call 10/14/26), (5-year CMT + 1.230%)(a)(d) | 600 | 530,730 | ||||||
3.75%, 04/15/29 (Call 04/15/24), (5-year CMT + 1.500%)(a)(d) | 400 | 395,400 | ||||||
3.86%, 10/07/32 (Call 10/07/27), (5-year CMT + 1.450%)(a)(c)(d) | 800 | 730,080 | ||||||
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a) | 400 | 379,049 | ||||||
|
| |||||||
12,710,514 | ||||||||
South Africa — 2.4% | ||||||||
Absa Group Ltd., 6.38%, (Call 05/27/26), | ||||||||
(5-year CMT + 5.411%)(a)(d)(e) | 400 | 359,880 | ||||||
Anglo American Capital PLC | ||||||||
2.63%, 09/10/30 (Call 06/10/30)(a) | 800 | 624,968 | ||||||
2.88%, 03/17/31 (Call 12/17/30)(a) | 400 | 310,420 | ||||||
3.88%, 03/16/29 (Call 01/16/29)(a) | 600 | 528,978 | ||||||
3.95%, 09/10/50 | 400 | 259,280 | ||||||
4.75%, 04/10/27(a) | 1,600 | 1,524,784 | ||||||
4.75%, 03/16/52 (Call 09/16/51)(a) | 600 | 431,766 | ||||||
5.50%, 05/02/33 | 700 | 636,762 | ||||||
5.63%, 04/01/30 | 600 | 567,081 | ||||||
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 11/10/23)(a) | 600 | 531,000 | ||||||
Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a) | 400 | 381,600 | ||||||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 11/30/23)(a) | 400 | 242,916 | ||||||
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a) | 400 | 390,000 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 (Call 08/18/26) | 400 | 352,000 | ||||||
5.50%, 03/18/31 (Call 03/18/30) | 700 | 538,125 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 600 | 527,100 | ||||||
8.75%, 05/03/29 (Call 03/03/29)(a) | 900 | 855,000 | ||||||
Stillwater Mining Co. | ||||||||
4.00%, 11/16/26 (Call 11/30/23)(a) | 600 | 516,000 | ||||||
4.50%, 11/16/29 (Call 11/16/25)(a) | 400 | 303,000 | ||||||
|
| |||||||
9,880,660 |
Security | Par (000) | Value | ||||||
South Korea — 4.0% | ||||||||
Hana Bank | ||||||||
1.25%, 12/16/26(a) | $ | 400 | $ | 349,428 | ||||
3.25%, 03/30/27(a) | 400 | 368,232 | ||||||
Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32 (Call 02/04/27), (5-year CMT + 1.850%)(a)(d) | 600 | 531,930 | ||||||
Hyundai Capital Services Inc., 1.25%, 02/08/26(a) | 400 | 358,318 | ||||||
Kookmin Bank | ||||||||
1.38%, 05/06/26(a) | 200 | 179,894 | ||||||
1.75%, 05/04/25(a) | 400 | 376,188 | ||||||
2.50%, 11/04/30(a) | 400 | 307,548 | ||||||
4.35%, (Call 07/02/24), | 200 | 194,238 | ||||||
4.63%, 04/21/28 | 200 | 191,214 | ||||||
Korea East-West Power Co. Ltd. | ||||||||
1.75%, 05/06/25(a) | 400 | 376,572 | ||||||
3.60%, 05/06/25 | 400 | 387,084 | ||||||
Korea Electric Power Corp., 1.13%, 06/15/25(a) | 400 | 371,288 | ||||||
Korea Gas Corp. | ||||||||
2.88%, 07/16/29(a) | 200 | 173,110 | ||||||
3.50%, 07/21/25(a)(c) | 400 | 385,592 | ||||||
3.50%, 07/02/26(a) | 200 | 189,650 | ||||||
6.25%, 01/20/42(a)(c) | 600 | 604,452 | ||||||
KT Corp., 4.00%, 08/08/25(a) | 200 | 194,053 | ||||||
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (Call 06/15/27), (5-year CMT + 2.887%)(a)(d) | 400 | 383,500 | ||||||
LG Chem Ltd. | ||||||||
1.38%, 07/07/26(a) | 400 | 355,568 | ||||||
2.38%, 07/07/31(a) | 400 | 306,350 | ||||||
3.63%, 04/15/29(a) | 200 | 178,758 | ||||||
NAVER Corp., 1.50%, 03/29/26(a) | 600 | 541,416 | ||||||
NongHyup Bank | ||||||||
1.25%, 07/20/25(a) | 400 | 369,824 | ||||||
4.88%, 07/03/28 | 200 | 192,024 | ||||||
POSCO | ||||||||
4.38%, 08/04/25(a) | 400 | 388,880 | ||||||
5.63%, 01/17/26(a) | 400 | 397,356 | ||||||
5.75%, 01/17/28(a) | 600 | 590,304 | ||||||
Shinhan Bank Co. Ltd. | ||||||||
1.38%, 10/21/26(a) | 400 | 351,888 | ||||||
3.88%, 03/24/26(a) | 200 | 189,160 | ||||||
4.38%, 04/13/32(a)(c) | 200 | 170,044 | ||||||
4.50%, 04/12/28(a) | 400 | 380,328 | ||||||
7.36%, 04/24/25, (3-mo. SOFR + 1.962%)(a)(d) | 400 | 405,548 | ||||||
Shinhan Financial Group Co. Ltd. | ||||||||
1.35%, 01/10/26(a) | 400 | 363,328 | ||||||
2.88%, (Call 05/12/26), | 400 | 348,492 | ||||||
3.34%, 02/05/30 (Call 02/05/25), (5-year CMT + 1.500%)(a)(c)(d) | 200 | 191,916 | ||||||
SK Battery America Inc., 2.13%, 01/26/26(a) | 400 | 359,928 | ||||||
SK Hynix Inc. | ||||||||
1.50%, 01/19/26(a) | 600 | 538,710 | ||||||
2.38%, 01/19/31(a) | 600 | 441,750 | ||||||
6.25%, 01/17/26(a) | 600 | 597,852 | ||||||
6.38%, 01/17/28(a) | 600 | 593,220 | ||||||
6.50%, 01/17/33(a) | 400 | 380,600 | ||||||
SK On Co. Ltd., 5.38%, 05/11/26(a) | 600 | 593,652 | ||||||
Woori Bank | ||||||||
0.75%, 02/01/26(a) | 400 | 357,968 | ||||||
2.00%, 01/20/27(a) | 200 | 178,164 |
SCHEDULE OF INVESTMENTS | 33 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Korea (continued) | ||||||||
4.25%, (Call 10/04/24), | $ | 200 | $ | 192,375 | ||||
4.88%, 01/26/28(a)(c) | 600 | 578,982 | ||||||
|
| |||||||
16,456,676 | ||||||||
Spain — 0.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
1.13%, 09/18/25 | 400 | 364,197 | ||||||
5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(d) | 200 | 197,187 | ||||||
6.13%, (Call 11/16/27), (5-year USD Swap + 3.870%)(d)(e) | 400 | 318,000 | ||||||
6.14%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(d) | 200 | 194,928 | ||||||
9.38%, (Call 03/19/29), | 200 | 193,250 | ||||||
|
| |||||||
1,267,562 | ||||||||
Supranational — 0.4% | ||||||||
Africa Finance Corp., 2.88%, 04/28/28(a) | 800 | 654,000 | ||||||
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(a) | 600 | 534,564 | ||||||
Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a) | 600 | 490,455 | ||||||
|
| |||||||
1,679,019 | ||||||||
Switzerland — 0.0% | ||||||||
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 11/30/23)(a) | 400 | 122,925 | ||||||
|
| |||||||
Taiwan — 3.4% | ||||||||
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a) | 1,000 | 962,670 | ||||||
Foxconn Far East Ltd. | ||||||||
1.63%, 10/28/25(a) | 800 | 732,624 | ||||||
2.50%, 10/28/30(a) | 600 | 464,706 | ||||||
TSMC Arizona Corp. | ||||||||
1.75%, 10/25/26 (Call 09/25/26) | 1,200 | 1,073,412 | ||||||
2.50%, 10/25/31 (Call 07/25/31) | 1,200 | 943,704 | ||||||
3.13%, 10/25/41 (Call 04/25/41) | 1,000 | 687,650 | ||||||
3.25%, 10/25/51 (Call 04/25/51) | 1,000 | 635,680 | ||||||
3.88%, 04/22/27 (Call 03/22/27) | 1,000 | 945,410 | ||||||
4.13%, 04/22/29 (Call 02/22/29) | 600 | 558,846 | ||||||
4.25%, 04/22/32 (Call 01/22/32)(c) | 900 | 809,388 | ||||||
4.50%, 04/22/52 (Call 10/22/51)(c) | 900 | 729,981 | ||||||
TSMC Global Ltd. | ||||||||
0.75%, 09/28/25 (Call 08/28/25)(a) | 800 | 727,880 | ||||||
1.00%, 09/28/27 (Call 07/28/27)(a) | 800 | 670,960 | ||||||
1.25%, 04/23/26 (Call 03/23/26)(a) | 1,000 | 899,590 | ||||||
1.38%, 09/28/30 (Call 06/28/30)(a) | 1,100 | 823,009 | ||||||
1.75%, 04/23/28 (Call 02/23/28)(a) | 700 | 593,033 | ||||||
2.25%, 04/23/31 (Call 01/23/31)(a) | 1,500 | 1,179,690 | ||||||
4.63%, 07/22/32 (Call 04/22/32)(a) | 600 | 555,240 | ||||||
|
| |||||||
13,993,473 | ||||||||
Tanzania — 0.1% | ||||||||
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 11/10/23)(a) | 600 | 577,902 | ||||||
|
| |||||||
Thailand — 2.6% | ||||||||
Bangkok Bank PCL | ||||||||
5.30%, 09/21/28 (Call 08/21/28)(b) | 400 | 387,504 | ||||||
5.50%, 09/21/33 (Call 06/21/33)(b) | 600 | 559,944 | ||||||
Bangkok Bank PCL/Hong Kong 3.47%, 09/23/36 (Call 09/23/31), (5-year CMT + 2.150%)(a)(d) | 1,200 | 894,300 |
Security | Par (000) | Value | ||||||
Thailand (continued) | ||||||||
3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)(a)(d) | $ | 1,200 | $ | 973,140 | ||||
4.30%, 06/15/27 (Call 05/15/27)(a) | 800 | 756,712 | ||||||
4.45%, 09/19/28(a) | 600 | 561,720 | ||||||
5.00%, 09/23/25(e) | 600 | 559,482 | ||||||
GC Treasury Center Co. Ltd. | ||||||||
2.98%, 03/18/31 (Call 12/18/30)(a) | 500 | 385,410 | ||||||
4.30%, 03/18/51 (Call 09/18/50)(a)(c) | 600 | 377,850 | ||||||
4.40%, 03/30/32 (Call 09/30/31)(a)(c) | 800 | 665,192 | ||||||
Kasikornbank PCL, 5.46%, 03/07/28(a) | 400 | 391,640 | ||||||
Kasikornbank PCL/Hong Kong | ||||||||
3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)(a)(d) | 600 | 529,086 | ||||||
5.28%, (Call 10/14/25), | 800 | 744,300 | ||||||
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(d)(e) | 600 | 532,254 | ||||||
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(c) | 600 | 345,456 | ||||||
PTTEP Treasury Center Co. Ltd. | ||||||||
2.59%, 06/10/27 (Call 04/10/27)(a) | 600 | 535,332 | ||||||
3.90%, 12/06/59(a) | 400 | 246,824 | ||||||
Siam Commercial Bank PCL/Cayman Islands, 4.40%, 02/11/29(a) | 400 | 370,848 | ||||||
Thaioil Treasury Center Co. Ltd. | ||||||||
3.50%, 10/17/49(a)(c) | 600 | 327,486 | ||||||
3.75%, 06/18/50(a) | 600 | 344,850 | ||||||
5.38%, 11/20/48(a) | 600 | 456,414 | ||||||
|
| |||||||
10,945,744 | ||||||||
Turkey — 2.9% | ||||||||
Akbank TAS | ||||||||
5.13%, 03/31/25(a) | 400 | 382,000 | ||||||
6.80%, 02/06/26(a) | 700 | 679,175 | ||||||
6.80%, 06/22/31 (Call 06/22/26), (5-year CMT + 6.015%)(a)(d) | 400 | 371,000 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a) | 400 | 323,000 | ||||||
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a) | 600 | 523,950 | ||||||
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a) | 600 | 525,000 | ||||||
KOC Holding AS, 6.50%, 03/11/25 | 700 | 691,250 | ||||||
Turk Telekomunikasyon AS, 6.88%, 02/28/25(a) | 600 | 584,250 | ||||||
Turkcell Iletisim Hizmetleri AS | ||||||||
5.75%, 10/15/25(a) | 400 | 383,000 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(a) | 565 | 511,325 | ||||||
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, (5-year USD ICE Swap + 4.220%)(a)(d) | 800 | 748,000 | ||||||
Turkiye Is Bankasi AS | ||||||||
7.75%, 01/22/30 (Call 01/22/25), (5-year CMT + 6.119%)(a)(d) | 700 | 679,000 | ||||||
9.19%, 06/29/28, | 400 | 398,000 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) | 800 | 769,976 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.25%, 02/05/25(a) | 800 | 772,000 | ||||||
6.50%, 01/08/26(a) | 500 | 477,500 | ||||||
9.00%, 10/12/28(b) | 600 | 597,000 | ||||||
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a) | 600 | 559,500 |
34 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Turkey (continued) | ||||||||
WE Soda Investments Holding PLC, 9.50%, 10/06/28 (Call 10/06/25)(b) | $ | 800 | $ | 798,600 | ||||
Yapi ve Kredi Bankasi AS | ||||||||
7.88%, 01/22/31 (Call 01/22/26), (5-year CMT + 7.415%)(a)(d) | 600 | 571,500 | ||||||
9.25%, 10/16/28(b) | 400 | 402,000 | ||||||
13.88%, (Call 01/15/24), (5-year USD Swap + 11.245%)(a)(d)(e) | 500 | 503,750 | ||||||
|
| |||||||
12,250,776 | ||||||||
Ukraine — 0.1% | ||||||||
Metinvest BV, 7.75%, 10/17/29(a) | 400 | 235,376 | ||||||
MHP Lux SA, 6.95%, 04/03/26(a) | 500 | 367,295 | ||||||
|
| |||||||
602,671 | ||||||||
United Arab Emirates — 4.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | ||||||||
3.50%, 03/31/27(a) | 400 | 368,440 | ||||||
5.38%, 07/18/28 | 200 | 194,250 | ||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
2.00%, 04/29/28 (Call 01/29/28)(a) | 600 | 513,000 | ||||||
3.40%, 04/29/51 (Call 10/29/50)(a) | 400 | 253,020 | ||||||
4.00%, 10/03/49(a) | 200 | 144,000 | ||||||
4.38%, 04/23/25(a) | 200 | 195,046 | ||||||
4.38%, 06/22/26(a) | 400 | 385,440 | ||||||
4.38%, 01/24/29(a) | 400 | 375,500 | ||||||
4.70%, 04/24/33(a) | 600 | 550,500 | ||||||
4.88%, 04/23/30(a) | 400 | 382,828 | ||||||
6.50%, 10/27/36(a) | 300 | 315,978 | ||||||
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)(a) | 500 | 397,690 | ||||||
Adib Capital Invest 3 Ltd., 7.25%, , (5-year CMT + 3.059%)(e) | 400 | 416,072 | ||||||
Aldar Investment Properties Sukuk Ltd., 4.88%, 05/24/33(a) | 200 | 183,500 | ||||||
Aldar Sukuk Ltd., 4.75%, 09/29/25(a) | 200 | 193,988 | ||||||
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a) | 400 | 353,000 | ||||||
Arada Sukuk Ltd., 8.13%, 06/08/27(a) | 200 | 201,750 | ||||||
BOS Funding Ltd., 7.00%, 03/14/28(a) | 200 | 201,250 | ||||||
Commercial Bank of Dubai PSC | ||||||||
5.32%, 06/14/28 | 200 | 193,914 | ||||||
6.00%, (Call 04/21/26)(a)(d)(e) | 400 | 386,500 | ||||||
DIB Sukuk Ltd. | ||||||||
1.96%, 06/22/26(a) | 400 | 361,875 | ||||||
2.74%, 02/16/27(a) | 400 | 362,875 | ||||||
2.95%, 02/20/25(a) | 400 | 381,750 | ||||||
2.95%, 01/16/26(a) | 800 | 747,750 | ||||||
4.80%, 08/16/28(a) | 200 | 193,052 | ||||||
5.49%, 11/30/27(a) | 400 | 397,125 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, | 400 | 394,852 | ||||||
DIB Tier 1 Sukuk 4 Ltd., 4.63%, | 400 | 374,804 | ||||||
EI Sukuk Co. Ltd., 1.83%, 09/23/25(a) | 400 | 367,996 | ||||||
Emaar Sukuk Ltd. | ||||||||
3.64%, 09/15/26(a) | 200 | 186,788 | ||||||
3.70%, 07/06/31(a) | 200 | 170,974 | ||||||
3.88%, 09/17/29(a) | 400 | 358,332 | ||||||
Emirates NBD Bank PJSC | ||||||||
1.64%, 01/13/26(a) | 400 | 361,500 | ||||||
2.63%, 02/18/25(a) | 200 | 189,437 | ||||||
4.25%, (Call 02/27/27)(a)(d)(e) | 400 | 350,000 | ||||||
5.63%, 10/21/27(a) | 200 | 196,750 | ||||||
6.13%, (Call 03/20/25)(a)(d)(e) | 400 | 389,000 |
Security | Par (000) | Value | ||||||
United Arab Emirates (continued) | ||||||||
6.13%, (Call 04/09/26)(a)(d)(e) | $ | 400 | $ | 390,500 | ||||
Fab Sukuk Co. Ltd. | ||||||||
1.41%, 01/14/26(a) | 200 | 181,424 | ||||||
2.50%, 01/21/25(a) | 200 | 190,788 | ||||||
2.59%, 03/02/27(a) | 200 | 181,918 | ||||||
4.58%, 01/17/28(a) | 400 | 385,375 | ||||||
First Abu Dhabi Bank PJSC | ||||||||
4.38%, 04/24/28(a) | 400 | 379,250 | ||||||
4.50%, (Call 04/05/26), | 400 | 374,500 | ||||||
5.13%, 10/13/27(a) | 400 | 391,972 | ||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 09/30/27(a) | 259 | 237,060 | ||||||
2.16%, 03/31/34(a) | 679 | 547,889 | ||||||
2.63%, 03/31/36(a) | 800 | 598,000 | ||||||
2.94%, 09/30/40(a) | 933 | 687,709 | ||||||
3.25%, 09/30/40(a) | 600 | 415,875 | ||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 11/30/23)(a) | 400 | 383,000 | ||||||
MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(d)(e) | 400 | 393,750 | ||||||
MAF Sukuk Ltd. | ||||||||
3.93%, 02/28/30(a) | 200 | 175,250 | ||||||
4.64%, 05/14/29(a) | 200 | 184,625 | ||||||
5.00%, 06/01/33 | 200 | 182,250 | ||||||
Masdar Abu Dhabi Future Energy Co., 4.88%, 07/25/33(a) | 200 | 182,375 | ||||||
Mashreqbank PSC, 7.88%, 02/24/33 (Call 11/24/27), (5-year CMT + 3.997%)(a)(d) | 200 | 203,760 | ||||||
National Central Cooling Co. PJSC, 2.50%, 10/21/27(a) | 200 | 173,638 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) | 400 | 385,520 | ||||||
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29 (Call 10/15/25)(b) | 400 | 380,000 | ||||||
SIB Sukuk Co. III Ltd., 2.85%, 06/23/25(a) | 200 | 189,418 | ||||||
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a) | 388 | 286,975 | ||||||
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(a) | 200 | 197,142 | ||||||
|
| |||||||
20,270,489 | ||||||||
United Kingdom — 2.6% | ||||||||
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a) | 400 | 368,432 | ||||||
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a) | 200 | 181,716 | ||||||
CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a) | 200 | 185,670 | ||||||
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a) | 200 | 169,296 | ||||||
CK Hutchison International 19 Ltd., 3.38%, 09/06/49(a) | 400 | 255,764 | ||||||
CK Hutchison International 20 Ltd. | ||||||||
2.50%, 05/08/30 (Call 02/08/30)(a) | 200 | 161,960 | ||||||
3.38%, 05/08/50(a) | 200 | 127,832 | ||||||
CK Hutchison International 21 Co. | ||||||||
1.50%, 04/15/26 (Call 03/15/26)(a) | 200 | 180,780 | ||||||
2.50%, 04/15/31 (Call 01/15/31)(a) | 400 | 315,572 | ||||||
CK Hutchison International 23 Ltd. | ||||||||
4.75%, 04/21/28 (Call 03/21/28)(a) | 200 | 192,250 | ||||||
4.88%, 04/21/33 (Call 01/21/33)(a) | 400 | 364,664 | ||||||
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a) | 305 | 331,306 | ||||||
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/30/23)(a) | 200 | 135,514 |
SCHEDULE OF INVESTMENTS | 35 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
United Kingdom (continued) | ||||||||
Standard Chartered PLC | ||||||||
1.82%, 11/23/25 (Call 11/23/24), (1-year CMT + 0.950%)(a)(d) | $ | 400 | $ | 378,380 | ||||
2.61%, 01/12/28 (Call 01/12/27), (5-year CMT + 1.180%)(a)(d) | 200 | 174,866 | ||||||
2.68%, 06/29/32 (Call 06/29/31), (1-year CMT + 1.200%)(a)(d) | 1,200 | 887,376 | ||||||
3.27%, 02/18/36 (Call 11/18/30), (5-year CMT + 2.300%)(a)(d) | 400 | 293,744 | ||||||
3.60%, 01/12/33 (Call 01/12/32), (1-year CMT + 1.900%)(a)(d) | 200 | 148,370 | ||||||
4.05%, 04/12/26(a) | 400 | 379,196 | ||||||
4.30%, (Call 08/19/28), | 600 | 420,144 | ||||||
4.31%, 05/21/30 (Call 05/21/29), (3-mo. LIBOR US + 1.910%)(a)(d) | 400 | 351,716 | ||||||
4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)(a)(d) | 500 | 439,638 | ||||||
4.75%, (Call 01/14/31), | 400 | 276,208 | ||||||
6.00%, (Call 07/26/25), | 400 | 375,688 | ||||||
6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)(a)(d) | 1,200 | 1,189,339 | ||||||
6.19%, 07/06/27, (1-year CMT + 1.850%)(a)(d) | 400 | 395,573 | ||||||
6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)(a)(d) | 800 | 781,336 | ||||||
6.30%, 07/06/34, (1-year CMT + 2.580%)(a)(d) | 200 | 185,464 | ||||||
7.75%, (Call 08/15/27), | 400 | 382,000 | ||||||
7.77%, 11/16/28 (Call 11/16/27), (1-year CMT + 3.450%)(a)(d) | 800 | 823,448 | ||||||
|
| |||||||
10,853,242 | ||||||||
United States — 1.4% | ||||||||
Flex Ltd. | ||||||||
3.75%, 02/01/26 (Call 01/01/26) | 550 | 520,134 | ||||||
4.75%, 06/15/25 (Call 03/15/25) | 484 | 472,152 | ||||||
4.88%, 06/15/29 (Call 03/15/29) | 399 | 364,909 | ||||||
4.88%, 05/12/30 (Call 02/12/30) | 515 | 466,281 | ||||||
GCC SAB de CV, 3.61%, 04/20/32 | 200 | 155,858 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL | ||||||||
6.75%, 03/15/34 (Call 12/15/33)(b)(c) | 550 | 514,207 | ||||||
7.25%, 11/15/53 (Call 05/15/53)(b) | 200 | 177,554 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||
2.50%, 01/15/27 (Call 12/15/26) | 200 | 175,326 | ||||||
3.00%, 02/02/29 (Call 12/02/28) | 200 | 164,378 | ||||||
3.00%, 05/15/32 (Call 02/15/32) | 250 | 180,690 | ||||||
3.63%, 01/15/32 (Call 01/15/27) | 200 | 152,654 | ||||||
4.38%, 02/02/52 (Call 08/02/51) | 300 | 180,236 | ||||||
5.13%, 02/01/28 (Call 01/01/28) | 303 | 284,370 | ||||||
5.50%, 01/15/30 (Call 01/15/25) | 400 | 364,843 | ||||||
5.75%, 04/01/33 (Call 01/01/33) | 650 | 571,894 | ||||||
6.50%, 12/01/52 (Call 06/01/52) | 450 | 367,402 | ||||||
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) | 390 | 314,629 | ||||||
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a) | 400 | 370,836 | ||||||
|
| |||||||
5,798,353 |
Security | Par (000) | Value | ||||||
Vietnam — 0.2% | ||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(a) | $ | 750 | $ | 675,390 | ||||
|
| |||||||
Zambia — 1.0% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.88%, 03/01/26 (Call 11/10/23)(a) | 1,050 | 921,112 | ||||||
6.88%, 10/15/27 (Call 11/10/23)(a) | 1,300 | 1,095,250 | ||||||
7.50%, 04/01/25 (Call 11/10/23)(a)(c) | 1,038 | 968,039 | ||||||
8.63%, 06/01/31 | 1,200 | 1,011,000 | ||||||
|
| |||||||
3,995,401 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 96.5% |
| 400,458,196 | ||||||
|
| |||||||
Foreign Government Obligations(j) |
| |||||||
South Korea — 0.7% | ||||||||
Industrial Bank of Korea, 1.04%, 06/22/25(a) | 400 | 370,248 | ||||||
Korea Electric Power Corp. | ||||||||
3.63%, 06/14/25(a) | 400 | 386,602 | ||||||
5.38%, 04/06/26(a) | 200 | 198,658 | ||||||
5.38%, 07/31/26(b) | 200 | 198,498 | ||||||
Korea Expressway Corp. | ||||||||
1.13%, 05/17/26(a) | 200 | 178,742 | ||||||
3.63%, 05/18/25(a) | 400 | 388,300 | ||||||
Korea Gas Corp. | ||||||||
3.88%, 07/13/27(a) | 200 | 188,056 | ||||||
4.88%, 07/05/28 | 200 | 193,308 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. | ||||||||
1.25%, 04/27/26(a) | 400 | 358,984 | ||||||
4.25%, 07/27/27(a) | 600 | 570,414 | ||||||
|
| |||||||
3,031,810 | ||||||||
Supranational — 0.6% | ||||||||
Africa Finance Corp. | ||||||||
3.13%, 06/16/25(a) | 400 | 371,500 | ||||||
3.75%, 10/30/29(a) | 400 | 322,736 | ||||||
4.38%, 04/17/26(a) | 800 | 736,288 | ||||||
African Export-Import Bank (The) | ||||||||
3.80%, 05/17/31 (Call 02/17/31)(a) | 600 | 453,456 | ||||||
3.99%, 09/21/29 (Call 06/23/29)(a) | 800 | 646,472 | ||||||
|
| |||||||
2,530,452 | ||||||||
Turkey — 0.2% | ||||||||
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a) | 600 | 550,500 | ||||||
|
| |||||||
Total Foreign Government Obligations — 1.5% |
| 6,112,762 | ||||||
|
| |||||||
Total Long-Term Investments — 98.0% |
| 406,570,958 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 6.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(k)(l)(m) | 21,307,678 | 21,316,201 |
36 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(k)(l) | 5,390,000 | $ | 5,390,000 | |||||
|
| |||||||
Total Short-Term Securities — 6.4% |
| 26,706,201 | ||||||
|
| |||||||
Total Investments — 104.4% |
| 433,277,159 | ||||||
Liabilities in Excess of Other Assets — (4.4)% |
| (18,442,173 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 414,834,986 | |||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) | Perpetual security with no stated maturity date. |
(f) | Zero-coupon bond. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Non-income producing security. |
(i) | 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. |
(j) | U.S. dollar denominated security issued by foreign domiciled entity. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7-day yield as of period end. |
(m) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/23 | Shares Held at | Income | Capital Gain from Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 17,956,028 | $ | 3,345,868 | (a) | $ | — | $ | 2,742 | $ | 11,563 | $ | 21,316,201 | 21,307,678 | $ | 230,581 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 3,897,000 | 1,493,000 | (a) | — | — | — | 5,390,000 | 5,390,000 | 133,484 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 2,742 | $ | 11,563 | $ | 26,706,201 | $ | 364,065 | $ | 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. |
SCHEDULE OF INVESTMENTS | 37 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Corporate 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 | $ | — | $ | 400,458,196 | $ | — | $ | 400,458,196 | ||||||||
Foreign Government Obligations | — | 6,112,762 | — | 6,112,762 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 26,706,201 | — | — | 26,706,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 26,706,201 | $ | 406,570,958 | $ | — | $ | 433,277,159 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
38 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments October 31, 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 — 0.8% | ||||||||
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 11/30/23)(a) | $ | 300 | $ | 209,067 | ||||
Pampa Energia SA, 7.50%, 01/24/27 (Call 11/30/23)(a) | 250 | 232,500 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 11/10/23)(a) | 300 | 275,137 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(a) | 400 | 293,000 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a) | 250 | 156,875 | ||||||
8.50%, 07/28/25(a) | 600 | 542,700 | ||||||
9.00%, 06/30/29 | 350 | 305,375 | ||||||
YPF Sociedad Anonima | ||||||||
7.00%, 09/30/33 | 300 | 225,159 | ||||||
9.00%, 02/12/26 | 269 | 260,481 | ||||||
|
| |||||||
2,500,294 | ||||||||
Azerbaijan — 0.3% | ||||||||
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a) | 1,000 | 984,110 | ||||||
|
| |||||||
Bahrain — 0.3% | ||||||||
AUB Sukuk Ltd., 2.62%, 09/09/26(a) | 200 | 180,254 | ||||||
GFH Sukuk Ltd., 7.50%, 01/28/25(a) | 200 | 196,142 | ||||||
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a) | 600 | 602,250 | ||||||
|
| |||||||
978,646 | ||||||||
Brazil — 8.3% | ||||||||
Acu Petroleo Luxembourg Sarl, 7.50%, 07/13/35 (Call 01/13/27)(a) | 245 | 219,944 | ||||||
Adecoagro SA, 6.00%, 09/21/27 | 200 | 184,854 | ||||||
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a) | 200 | 182,500 | ||||||
Aegea Finance SARL, 9.00%, 01/20/31 (Call 01/20/27)(b) | 200 | 199,500 | ||||||
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 | 400 | 365,000 | ||||||
Azul Secured Finance LLP | ||||||||
10.88%, 05/28/30 | 375 | 289,898 | ||||||
11.93%, 08/28/28 | 400 | 386,920 | ||||||
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a) | 400 | 326,000 | ||||||
Banco Bradesco SA/Cayman Islands | ||||||||
3.20%, 01/27/25(a) | 400 | 383,480 | ||||||
4.38%, 03/18/27(a)(c) | 200 | 188,084 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
2.75%, 01/11/26 (Call 12/11/25)(a)(c) | 200 | 183,375 | ||||||
4.50%, 01/10/25 (Call 12/10/24)(a) | 600 | 582,900 | ||||||
7.75%, 02/15/29 (Call 02/15/24), (5-year CMT + 5.257%)(a)(d) | 200 | 199,778 | ||||||
Banco do Brasil SA, 6.25%, 04/18/30 | 400 | 382,550 | ||||||
Banco do Brasil SA/Cayman | ||||||||
3.25%, 09/30/26(a) | 400 | 365,000 | ||||||
4.63%, 01/15/25 | 400 | 389,940 | ||||||
4.88%, 01/11/29(a) | 400 | 369,000 | ||||||
6.25%, (Call 04/15/24), (10-year CMT + 4.398%)(a)(d)(e) | 1,000 | 956,250 | ||||||
9.00%, (Call 06/18/24), (10-year CMT + 6.362%)(a)(d)(e) | 400 | 402,696 | ||||||
Banco Votorantim SA, 4.38%, 07/29/25(a) | 200 | 190,988 | ||||||
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25), (5-year CMT + 8.220%)(a)(d) | 400 | 388,480 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
BRF SA | ||||||||
4.88%, 01/24/30 (Call 10/24/29)(a) | $ | 400 | $ | 323,200 | ||||
5.75%, 09/21/50 (Call 03/21/50)(a) | 400 | 259,375 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) | 400 | 398,556 | ||||||
Centrais Eletricas Brasileiras SA | ||||||||
3.63%, 02/04/25(a) | 200 | 190,424 | ||||||
4.63%, 02/04/30(a) | 400 | 335,180 | ||||||
Cosan Luxembourg SA, 7.50%, 06/27/30 (Call 06/27/26)(a) | 200 | 194,300 | ||||||
Cosan Overseas Ltd., | 200 | 197,528 | ||||||
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a) | 400 | 357,248 | ||||||
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a) | 600 | 548,820 | ||||||
CSN Resources SA | ||||||||
4.63%, 06/10/31 (Call 06/10/26)(a) | 600 | 448,500 | ||||||
5.88%, 04/08/32 (Call 04/08/27)(a) | 200 | 157,500 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.40%, 02/01/27(c) | 300 | 288,567 | ||||||
7.00%, 07/28/30 (Call 04/28/30)(a) | 400 | 389,100 | ||||||
FS Luxembourg Sarl, 10.00%, 12/15/25 | 200 | 203,345 | ||||||
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a) | 200 | 159,000 | ||||||
Itau Unibanco Holding SA/Cayman Island | ||||||||
3.25%, 01/24/25(a) | 200 | 192,164 | ||||||
3.88%, 04/15/31 (Call 01/15/26), (5-year CMT + 3.446%)(a)(c)(d) | 400 | 368,750 | ||||||
4.50%, 11/21/29 (Call 11/21/24), (5-year CMT + 2.822%)(a)(c)(d) | 400 | 386,116 | ||||||
4.63%, (Call 02/27/25), (5-year CMT + 3.222%)(a)(d)(e) | 200 | 164,000 | ||||||
7.72%, (Call 12/12/23), (5-year CMT + 3.981%)(a)(d)(e) | 600 | 578,775 | ||||||
7.86%, (Call 03/19/24), (5-year CMT + 3.863%)(a)(d)(e) | 400 | 387,000 | ||||||
Klabin Austria GmbH | ||||||||
3.20%, 01/12/31 (Call 10/12/30)(a) | 200 | 152,750 | ||||||
5.75%, 04/03/29 (Call 01/03/29)(a) | 400 | 378,130 | ||||||
7.00%, 04/03/49 (Call 10/03/48)(a) | 400 | 365,500 | ||||||
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a) | 600 | 436,500 | ||||||
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a) | 773 | 549,990 | ||||||
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(c) | 400 | 302,200 | ||||||
Minerva Luxembourg SA | ||||||||
4.38%, 03/18/31 (Call 03/18/26)(a) | 600 | 462,750 | ||||||
8.88%, 09/13/33 (Call 09/13/28)(b)(c) | 600 | 587,670 | ||||||
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 11/30/23)(a) | 400 | 396,524 | ||||||
Nexa Resources SA | ||||||||
5.38%, 05/04/27 (Call 02/04/27)(a) | 400 | 365,196 | ||||||
6.50%, 01/18/28 (Call 10/18/27)(a) | 200 | 186,750 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30(c) | 250 | 229,378 | ||||||
5.30%, 01/27/25 | 350 | 343,906 | ||||||
5.50%, 06/10/51 (Call 12/10/50)(c) | 350 | 260,547 | ||||||
5.60%, 01/03/31 (Call 10/03/30)(c) | 575 | 536,906 | ||||||
6.00%, 01/27/28(c) | 626 | 616,610 | ||||||
6.50%, 07/03/33 (Call 04/03/33)(c) | 600 | 556,860 | ||||||
6.75%, 01/27/41(c) | 400 | 368,800 | ||||||
6.85%, 06/05/2115(c) | 850 | 713,872 |
SCHEDULE OF INVESTMENTS | 39 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
6.88%, 01/20/40 | $ | 350 | $ | 328,153 | ||||
6.90%, 03/19/49(c) | 400 | 359,972 | ||||||
7.25%, 03/17/44(c) | 416 | 401,648 | ||||||
7.38%, 01/17/27(c) | 300 | 307,281 | ||||||
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a) | 400 | 378,250 | ||||||
Rede D’or Finance Sarl | ||||||||
4.50%, 01/22/30 (Call 10/22/29)(a) | 300 | 243,570 | ||||||
4.95%, 01/17/28 (Call 10/17/27)(a) | 400 | 357,000 | ||||||
Rumo Luxembourg Sarl | ||||||||
4.20%, 01/18/32 (Call 01/18/27)(a) | 200 | 154,000 | ||||||
5.25%, 01/10/28 (Call 01/10/24)(a) | 200 | 182,600 | ||||||
Simpar Europe SA, 5.20%, 01/26/31(a) | 200 | 155,000 | ||||||
StoneCo Ltd., 3.95%, 06/16/28 | 300 | 234,510 | ||||||
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 11/30/23)(a) | 200 | 68,000 | ||||||
Usiminas International Sarl, 5.88%, 07/18/26 (Call 11/30/23)(a) | 400 | 376,000 | ||||||
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a) | 400 | 361,000 | ||||||
|
| |||||||
25,382,408 | ||||||||
Burkina Faso — 0.1% | ||||||||
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 11/30/23)(a) | 200 | 175,222 | ||||||
|
| |||||||
Cayman Islands — 0.0% | ||||||||
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/30/23)(a)(f) | 900 | 963 | ||||||
|
| |||||||
Chile — 0.3% | ||||||||
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24), | 200 | 188,492 | ||||||
Agrosuper SA, 4.60%, 01/20/32 | 200 | 160,000 | ||||||
Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a) | 400 | 429,550 | ||||||
|
| |||||||
778,042 | ||||||||
China — 2.7% | ||||||||
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24), (5-year CMT + 11.294%)(a)(d)(e)(g)(h) | 600 | 7,608 | ||||||
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(d)(e) | 1,300 | 1,238,575 | ||||||
Central Plaza Development Ltd., 5.75%, (Call 11/14/24), (5-year CMT + 8.066%)(a)(d)(e) | 400 | 296,344 | ||||||
Ease Trade Global Ltd., 4.00%, 11/10/25(a) | 200 | 182,950 | ||||||
Easy Tactic Ltd. | ||||||||
7.50%, 07/11/25 (Call 11/30/23), | 646 | 35,521 | ||||||
7.50%, 07/11/27 (Call 11/30/23), | 1,260 | 72,462 | ||||||
7.50%, 07/11/28 (Call 11/30/23), | 754 | 30,155 | ||||||
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a) | 400 | 364,540 | ||||||
Fortune Star BVI Ltd. | ||||||||
5.00%, 05/18/26 (Call 05/18/24)(a) | 200 | 131,000 | ||||||
5.05%, 01/27/27 (Call 01/27/25)(a) | 200 | 118,375 | ||||||
5.95%, 10/19/25 (Call 11/30/23)(a) | 400 | 296,960 | ||||||
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26), | 200 | 169,312 | ||||||
Guojing Capital BVI Ltd., 6.30%, 12/02/25(a) | 200 | 199,780 | ||||||
Huarong Finance 2017 Co. Ltd. | ||||||||
4.25%, 11/07/27(a) | 600 | 506,748 | ||||||
4.75%, 04/27/27(a) | 600 | 520,710 | ||||||
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a) | 200 | 162,772 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26), (5-year CMT + 2.368%)(a)(d)(e) | $ | 3,100 | $ | 2,852,496 | ||||
Lenovo Group Ltd., 5.88%, 04/24/25(a) | 600 | 596,616 | ||||||
RKPF Overseas 2020 A Ltd. | ||||||||
5.13%, 07/26/26 (Call 07/26/24)(a) | 200 | 57,380 | ||||||
5.20%, 01/12/26 (Call 01/12/24)(a) | 200 | 62,046 | ||||||
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a) | 400 | 272,800 | ||||||
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a) | 200 | 99,416 | ||||||
|
| |||||||
8,274,566 | ||||||||
Colombia — 3.2% | ||||||||
ABRA Global Finance, 11.50%, 03/02/28 | 507 | 392,074 | ||||||
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a) | 400 | 271,300 | ||||||
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a) | 850 | 704,438 | ||||||
Banco Davivienda SA, 6.65%, (Call 04/22/31), (10-year CMT + 5.097%)(a)(d)(e) | 200 | 122,826 | ||||||
Banco de Bogota SA, 6.25%, 05/12/26(a) | 600 | 566,508 | ||||||
Bancolombia SA | ||||||||
4.63%, 12/18/29 (Call 12/18/24), (5-year CMT + 2.944%)(d) | 200 | 173,680 | ||||||
6.91%, 10/18/27, (5-year CMT + 2.929%)(c)(d) | 400 | 365,990 | ||||||
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a) | 200 | 143,260 | ||||||
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a) | 200 | 131,900 | ||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25 | 560 | 539,168 | ||||||
4.63%, 11/02/31 (Call 08/02/31)(c) | 600 | 447,900 | ||||||
5.38%, 06/26/26 (Call 03/26/26) | 750 | 716,044 | ||||||
5.88%, 05/28/45(c) | 990 | 640,728 | ||||||
5.88%, 11/02/51 (Call 05/02/51) | 405 | 251,728 | ||||||
6.88%, 04/29/30 (Call 01/29/30)(c) | 950 | 851,627 | ||||||
7.38%, 09/18/43(c) | 400 | 316,920 | ||||||
8.63%, 01/19/29 (Call 12/19/28)(c) | 700 | 696,850 | ||||||
8.88%, 01/13/33 (Call 10/13/32) | 1,200 | 1,147,200 | ||||||
EnfraGen Energia Sur SA, 5.38%, 12/30/30 | 400 | 267,800 | ||||||
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a) | 200 | 167,450 | ||||||
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a) | 600 | 442,500 | ||||||
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 | 200 | 188,000 | ||||||
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a) | 200 | 153,500 | ||||||
|
| |||||||
9,699,391 | ||||||||
Czech Republic — 0.1% | ||||||||
Allwyn Entertainment Financing U.K. PLC, 7.88%, 04/30/29 | 400 | 392,000 | ||||||
|
| |||||||
Ghana — 0.4% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/10/23)(a) | 400 | 367,716 | ||||||
Tullow Oil PLC | ||||||||
7.00%, 03/01/25 (Call 11/30/23)(a) | 200 | 155,750 | ||||||
10.25%, 05/15/26 (Call 11/10/23)(a) | 860 | 736,913 | ||||||
|
| |||||||
1,260,379 |
40 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Guatemala — 0.6% | ||||||||
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a) | $ | 500 | $ | 439,185 | ||||
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a) | 400 | 306,000 | ||||||
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a) | 400 | 348,000 | ||||||
Millicom International Cellular SA | ||||||||
4.50%, 04/27/31 (Call 04/27/26)(a)(c) | 400 | 298,120 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(a) | 360 | 311,400 | ||||||
|
| |||||||
1,702,705 | ||||||||
Hong Kong — 2.7% | ||||||||
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25), (5-year CMT + 2.525%)(a)(d)(e) | 250 | 240,337 | ||||||
Bank of East Asia Ltd. (The) | ||||||||
5.83%, (Call 10/21/25), | 500 | 390,775 | ||||||
5.88%, (Call 09/19/24), | 250 | 213,853 | ||||||
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), (5-year CMT + 3.642%)(a)(d)(e) | 400 | 314,268 | ||||||
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a) | 400 | 380,820 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24), (5-year CMT + 8.205%)(a)(d)(e) | 400 | 391,896 | ||||||
China Citic Bank, 3.25%, (Call 07/29/26), (5-year CMT + 2.530%)(a)(d)(e) | 250 | 230,120 | ||||||
China CITIC Bank International Ltd. | ||||||||
4.80%, (Call 04/22/27), | 250 | 237,502 | ||||||
7.10%, (Call 11/06/23), | 400 | 399,696 | ||||||
FWD Group Ltd., 8.05%, (Call 12/15/23), (5-year CMT + 4.865%)(a)(d)(e) | 400 | 366,160 | ||||||
Henderson Land MTN Ltd., 2.38%, 05/27/25(a) | 200 | 188,042 | ||||||
Lai Sun MTN Ltd., 5.00%, 07/28/26(a) | 200 | 89,618 | ||||||
Li & Fung Ltd., 5.25%, (Call 05/03/24)(a)(e) | 200 | 68,292 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 11/30/23)(a) | 400 | 375,880 | ||||||
5.25%, 04/26/26 (Call 11/30/23)(a) | 300 | 274,251 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | 600 | 475,044 | ||||||
5.63%, 07/17/27 (Call 11/30/23)(a)(c) | 400 | 347,208 | ||||||
5.75%, 07/21/28 (Call 11/30/23)(a) | 400 | 337,772 | ||||||
Nanyang Commercial Bank Ltd., 6.50%, (Call 04/28/27), (5-year CMT + 3.509%)(a)(d)(e) | 250 | 239,535 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(a) | 200 | 155,378 | ||||||
NWD Finance BVI Ltd. | ||||||||
4.13%, (Call 03/10/28), | 600 | 294,288 | ||||||
4.80%, (Call 11/30/23)(a)(e) | 400 | 159,304 | ||||||
5.25%, (Call 03/22/26), | 600 | 359,034 | ||||||
6.15%, (Call 03/16/25), | 200 | 146,566 | ||||||
6.25%, (Call 03/07/24)(a)(e) | 600 | 283,380 | ||||||
NWD MTN Ltd. | ||||||||
4.13%, 07/18/29(a) | 400 | 259,972 | ||||||
4.50%, 05/19/30(a) | 400 | 250,812 | ||||||
PCPD Capital Ltd., 5.13%, 06/18/26 | 400 | 269,792 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a) | 400 | 306,716 |
Security | Par (000) | Value | ||||||
Hong Kong (continued) | ||||||||
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a) | $ | 200 | $ | 184,396 | ||||
|
| |||||||
8,230,707 | ||||||||
Hungary — 0.1% | ||||||||
OTP Bank Nyrt, 8.75%, 05/15/33 (Call 02/15/28), (5-year CMT + 5.060%)(a)(d) | 400 | 394,000 | ||||||
|
| |||||||
India — 2.0% | ||||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) | 200 | 190,460 | ||||||
Axis Bank Ltd., 4.10%, (Call 09/08/26), (5-year CMT + 3.315%)(a)(d)(e) | 200 | 172,132 | ||||||
CA Magnum Holdings, 5.38%, 10/31/26 (Call 11/10/23)(a) | 600 | 522,516 | ||||||
Delhi International Airport Ltd. | ||||||||
6.13%, 10/31/26(a) | 400 | 378,976 | ||||||
6.45%, 06/04/29(a) | 200 | 181,192 | ||||||
Greenko Dutch BV, 3.85%, 03/29/26 (Call 11/30/23)(a) | 555 | 493,603 | ||||||
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a) | 557 | 466,820 | ||||||
Greenko Solar Mauritius Ltd. | ||||||||
5.55%, 01/29/25 (Call 11/30/23)(a) | 200 | 191,970 | ||||||
5.95%, 07/29/26 (Call 11/30/23)(a) | 200 | 183,650 | ||||||
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a) | 200 | 189,562 | ||||||
HDFC Bank Ltd., 3.70%, (Call 08/25/26), (5-year CMT + 2.925%)(a)(d)(e) | 600 | 516,306 | ||||||
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a) | 336 | 273,723 | ||||||
JSW Steel Ltd. | ||||||||
3.95%, 04/05/27 (Call 10/05/26)(a) | 400 | 342,500 | ||||||
5.05%, 04/05/32 (Call 10/05/31)(a) | 200 | 154,380 | ||||||
Network i2i Ltd. | ||||||||
3.98%, (Call 03/03/26), (5-year CMT + 3.390%)(d)(e) | 200 | 180,150 | ||||||
5.65%, (Call 01/15/25), (5-year CMT + 4.274%)(a)(d)(e) | 600 | 580,896 | ||||||
Periama Holdings LLC/DE, 5.95%, 04/19/26(a) | 400 | 375,500 | ||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd.other 9 Subsidiaries, 4.50%, 07/14/28 (Call 11/10/23)(a) | 200 | 164,106 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/25 (Call 09/11/24)(a) | 400 | 291,484 | ||||||
9.25%, 04/23/26 (Call 11/30/23)(a)(c) | 400 | 234,196 | ||||||
|
| |||||||
6,084,122 | ||||||||
Indonesia — 0.6% | ||||||||
Bank Negara Indonesia Persero Tbk PT | ||||||||
3.75%, 03/30/26(a) | 600 | 551,250 | ||||||
4.30%, (Call 03/24/27), (5-year CMT + 3.466%)(a)(d)(e) | 200 | 161,920 | ||||||
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/23)(a) | 350 | 345,720 | ||||||
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a) | 400 | 374,504 | ||||||
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29 (Call 10/27/25)(b) | 250 | 245,625 | ||||||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 11/30/23)(a) | 200 | 197,782 | ||||||
|
| |||||||
1,876,801 |
SCHEDULE OF INVESTMENTS | 41 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Israel — 2.0% | ||||||||
Energian Israel Finance Ltd. | ||||||||
4.88%, 03/30/26 (Call 12/30/25)(a)(b) | $ | 350 | $ | 306,919 | ||||
5.38%, 03/30/28 (Call 09/30/27)(a)(b) | 325 | 265,281 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(a)(b) | 300 | 238,125 | ||||||
8.50%, 09/30/33(b) | 370 | 322,362 | ||||||
Leviathan Bond Ltd. | ||||||||
6.13%, 06/30/25 (Call 03/30/25)(a)(b) | 275 | 252,656 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(a)(b) | 350 | 305,375 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(a)(b) | 250 | 205,250 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(c) | 500 | 416,880 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/26 | 1,600 | 1,396,944 | ||||||
4.10%, 10/01/46 | 900 | 532,458 | ||||||
4.75%, 05/09/27 (Call 02/09/27)(c) | 500 | 450,000 | ||||||
5.13%, 05/09/29 (Call 02/09/29)(c) | 400 | 345,500 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(c) | 600 | 572,730 | ||||||
7.88%, 09/15/29 (Call 06/15/29) | 300 | 294,225 | ||||||
8.13%, 09/15/31 (Call 06/15/31) | 300 | 295,668 | ||||||
|
| |||||||
6,200,373 | ||||||||
Kazakhstan — 0.3% | ||||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
2.63%, 08/15/25 (Call 05/15/25)(a) | 200 | 180,300 | ||||||
3.25%, 08/15/30 (Call 02/15/30)(a) | 400 | 297,400 | ||||||
4.00%, 08/15/26(a) | 600 | 534,150 | ||||||
|
| |||||||
1,011,850 | ||||||||
Kuwait — 0.2% | ||||||||
Burgan Bank SAK, 5.75%, (Call 07/09/24), (5-year CMT + 4.007%)(a)(d)(e) | 200 | 179,710 | ||||||
Kuwait Projects Co. SPC Ltd. | ||||||||
4.23%, 10/29/26(a) | 400 | 342,640 | ||||||
4.50%, 02/23/27(a) | 200 | 167,574 | ||||||
|
| |||||||
689,924 | ||||||||
Luxembourg — 0.4% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 11/30/23)(a) | 700 | 568,260 | ||||||
5.75%, 08/15/29 | 1,000 | 772,500 | ||||||
|
| |||||||
1,340,760 | ||||||||
Macau — 1.3% | ||||||||
Champion Path Holdings Ltd. | ||||||||
4.50%, 01/27/26 (Call 01/27/24)(a) | 400 | 345,544 | ||||||
4.85%, 01/27/28 (Call 01/27/25)(a) | 200 | 155,628 | ||||||
MGM China Holdings Ltd. | ||||||||
4.75%, 02/01/27 (Call 02/01/24)(a) | 200 | 174,985 | ||||||
5.25%, 06/18/25 (Call 11/10/23)(a) | 400 | 380,640 | ||||||
5.88%, 05/15/26 (Call 11/10/23)(a) | 400 | 372,288 | ||||||
Studio City Finance Ltd. | ||||||||
5.00%, 01/15/29 (Call 01/15/24)(a) | 600 | 428,055 | ||||||
6.00%, 07/15/25 (Call 11/30/23)(a) | 200 | 187,125 | ||||||
6.50%, 01/15/28 (Call 11/30/23)(a) | 200 | 163,322 | ||||||
Wynn Macau Ltd. | ||||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | 400 | 311,744 | ||||||
5.50%, 01/15/26 (Call 11/30/23)(a) | 400 | 368,608 | ||||||
5.50%, 10/01/27 (Call 11/10/23)(a) | 400 | 347,916 | ||||||
5.63%, 08/26/28 (Call 11/10/23)(a) | 800 | 666,400 | ||||||
|
| |||||||
3,902,255 | ||||||||
Mexico — 8.3% | ||||||||
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a) | 200 | 197,925 |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
Banco Mercantil del Norte SA/Grand Cayman | ||||||||
5.88%, (Call 01/24/27), (5-year CMT + 4.643%)(a)(d)(e) | $ | 400 | $ | 337,620 | ||||
6.63%, (Call 01/24/32), (10-year CMT + 5.034%)(a)(d)(e) | 200 | 151,000 | ||||||
6.75%, (Call 09/27/24), (5-year CMT + 4.967%)(a)(c)(d)(e) | 300 | 290,643 | ||||||
7.50%, (Call 06/27/29), (10-year CMT + 5.470%)(a)(d)(e) | 200 | 171,000 | ||||||
7.63%, 01/10/28, (10-year CMT + 5.353%) | 400 | 360,500 | ||||||
8.38%, (Call 10/14/30), (10-year CMT + 7.760%)(a)(d)(e) | 200 | 182,187 | ||||||
BBVA Bancomer SA/Texas | ||||||||
5.13%, 01/18/33 (Call 01/17/28), (5-year CMT + 2.650%)(a)(d) | 600 | 505,920 | ||||||
5.88%, 09/13/34 (Call 09/13/29), (5-year CMT + 4.308%)(a)(d) | 350 | 302,750 | ||||||
8.45%, 06/29/38 (Call 06/29/33), (5-year CMT + 4.661%)(a)(d) | 600 | 571,500 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/32 (Call 02/20/27)(a) | 700 | 408,415 | ||||||
7.45%, 11/15/29 (Call 11/15/24)(a) | 400 | 253,280 | ||||||
Cemex SAB de CV | ||||||||
3.88%, 07/11/31 (Call 07/11/26)(a) | 500 | 405,750 | ||||||
5.20%, 09/17/30 (Call 09/17/25)(a) | 400 | 360,400 | ||||||
5.45%, 11/19/29 (Call 11/19/24)(a) | 200 | 185,125 | ||||||
9.13%, (Call 03/14/28), (5-year CMT + 4.907%)(a)(d)(e) | 500 | 510,625 | ||||||
Cemex SAB De CV, 5.13%, (Call 06/08/26), (5-year CMT + 4.534%)(a)(d)(e) | 500 | 460,180 | ||||||
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a) | 300 | 278,085 | ||||||
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a) | 200 | 146,750 | ||||||
Petroleos Mexicanos | ||||||||
4.50%, 01/23/26 | 500 | 447,330 | ||||||
5.35%, 02/12/28(c) | 953 | 765,593 | ||||||
5.95%, 01/28/31 (Call 10/28/30) | 1,900 | 1,345,200 | ||||||
6.35%, 02/12/48(c) | 800 | 437,000 | ||||||
6.38%, 01/23/45(c) | 550 | 308,000 | ||||||
6.49%, 01/23/27 (Call 11/23/26)(c) | 748 | 660,589 | ||||||
6.50%, 03/13/27 | 2,050 | 1,800,546 | ||||||
6.50%, 01/23/29(c) | 625 | 504,531 | ||||||
6.50%, 06/02/41(c) | 800 | 468,280 | ||||||
6.63%, 06/15/35(c) | 1,600 | 1,052,000 | ||||||
6.70%, 02/16/32 (Call 11/16/31)(c) | 3,350 | 2,445,500 | ||||||
6.75%, 09/21/47 | 2,750 | 1,556,500 | ||||||
6.84%, 01/23/30 (Call 10/23/29) | 1,100 | 854,150 | ||||||
6.88%, 08/04/26 | 1,300 | 1,193,725 | ||||||
6.95%, 01/28/60 (Call 07/28/59)(c) | 1,900 | 1,075,875 | ||||||
7.69%, 01/23/50 (Call 07/23/49)(c) | 4,000 | 2,470,000 | ||||||
8.75%, 06/02/29 (Call 04/02/29) | 1,000 | 878,900 | ||||||
10.00%, 02/07/33 | 900 | 802,350 | ||||||
Total Play Telecomunicaciones SA de CV 6.38%, 09/20/28 (Call 09/30/25)(a) | 200 | 94,656 | ||||||
7.50%, 11/12/25 | 400 | 287,988 | ||||||
|
| |||||||
25,528,368 | ||||||||
Moldova — 0.0% | ||||||||
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a) | 200 | 135,684 | ||||||
|
|
42 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Morocco — 0.4% | ||||||||
OCP SA | ||||||||
3.75%, 06/23/31 (Call 03/23/31)(a) | $ | 200 | $ | 156,586 | ||||
4.50%, 10/22/25(a) | 400 | 382,000 | ||||||
5.13%, 06/23/51 (Call 12/23/50)(a) | 400 | 256,000 | ||||||
6.88%, 04/25/44(a) | 400 | 327,000 | ||||||
|
| |||||||
1,121,586 | ||||||||
Nigeria — 0.5% | ||||||||
Access Bank PLC | ||||||||
6.13%, 09/21/26(a) | 200 | 166,625 | ||||||
9.13%, (Call 10/07/26), (5-year CMT + 8.070%)(a)(d)(e) | 200 | 160,060 | ||||||
IHS Holding Ltd. | ||||||||
5.63%, 11/29/26 (Call 11/30/23)(a) | 200 | 160,250 | ||||||
6.25%, 11/29/28 (Call 11/29/24)(a) | 200 | 146,490 | ||||||
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 11/30/23)(a) | 600 | 489,450 | ||||||
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 11/30/23)(a) | 400 | 336,000 | ||||||
|
| |||||||
1,458,875 | ||||||||
Oman — 0.3% | ||||||||
Bank Muscat SAOG, 4.75%, 03/17/26(a) | 200 | 190,590 | ||||||
EDO Sukuk Ltd., 5.88%, 09/21/33(b) | 400 | 383,700 | ||||||
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) | 450 | 447,350 | ||||||
|
| |||||||
1,021,640 | ||||||||
Panama — 0.3% | ||||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/10/23)(a) | 600 | 512,880 | ||||||
Cable Onda SA, 4.50%, 01/30/30 | 400 | 312,500 | ||||||
|
| |||||||
825,380 | ||||||||
Paraguay — 0.2% | ||||||||
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f) | 445 | 306,338 | ||||||
Telefonica Celular del Paraguay SA, | 400 | 360,600 | ||||||
|
| |||||||
666,938 | ||||||||
Peru — 0.5% | ||||||||
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 11/30/23)(a) | 400 | 348,484 | ||||||
Minsur SA, 4.50%, 10/28/31(a) | 200 | 161,600 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(a) | 400 | 306,250 | ||||||
Petroleos del Peru SA | ||||||||
4.75%, 06/19/32(a) | 400 | 265,996 | ||||||
5.63%, 06/19/47(a) | 1,100 | 599,984 | ||||||
|
| |||||||
1,682,314 | ||||||||
Philippines — 0.8% | ||||||||
Globe Telecom Inc., 4.20%, (Call 08/02/26), (5-year CMT + 5.527%)(a)(d)(e) | 400 | 369,740 | ||||||
JGSH Philippines Ltd., 4.13%, 07/09/30(a) | 400 | 355,104 | ||||||
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a) | 200 | 175,976 | ||||||
Petron Corp., 5.95%, (Call 04/19/26), (5-year CMT + 7.574%)(a)(d)(e) | 200 | 182,764 | ||||||
San Miguel Crop., 5.50%, (Call 07/29/25), (5-year CMT + 10.237%)(a)(d)(e) | 200 | 182,782 | ||||||
SMC Global Power Holdings Corp. | ||||||||
5.45%, (Call 12/09/26), (5-year CMT + 7.155%)(a)(d)(e) | 400 | 272,248 | ||||||
5.70%, (Call 01/21/26), (5-year CMT + 6.554%)(a)(d)(e) | 200 | 142,814 |
Security | Par (000) | Value | ||||||
Philippines (continued) | ||||||||
6.50%, (Call 04/25/24), | $ | 400 | $ | 357,252 | ||||
7.00%, (Call 10/21/25), | 400 | 316,600 | ||||||
|
| |||||||
2,355,280 | ||||||||
Poland — 0.1% | ||||||||
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a) | 400 | 320,996 | ||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(d)(e) | 200 | 179,375 | ||||||
|
| |||||||
Saudi Arabia — 0.4% | ||||||||
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a) | 400 | 358,668 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. | ||||||||
6.75%, 02/15/25(a) | 400 | 394,500 | ||||||
8.00%, 02/25/29 | 200 | 196,068 | ||||||
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), (5-year CMT + 2.170%)(a)(d)(e) | 400 | 366,504 | ||||||
|
| |||||||
1,315,740 | ||||||||
Singapore — 0.4% | ||||||||
GLP Pte Ltd. | ||||||||
3.88%, 06/04/25(a) | 200 | 122,100 | ||||||
4.50%, (Call 05/17/26), | 400 | 114,944 | ||||||
Puma International Financing SA, 5.00%, 01/24/26 (Call 11/10/23)(a) | 400 | 357,692 | ||||||
Singapore Airlines Ltd. | ||||||||
3.00%, 07/20/26 (Call 06/20/26)(a) | 200 | 186,860 | ||||||
3.38%, 01/19/29 (Call 11/19/28)(a) | 400 | 357,900 | ||||||
|
| |||||||
1,139,496 | ||||||||
South Africa — 1.4% | ||||||||
Absa Group Ltd., 6.38%, (Call 05/27/26), (5-year CMT + 5.411%)(a)(d)(e) | 200 | 179,940 | ||||||
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 11/10/23)(a) | 400 | 354,000 | ||||||
Eskom Holdings SOC Ltd. | ||||||||
6.35%, 08/10/28(a) | 600 | 543,000 | ||||||
7.13%, 02/11/25(a) | 460 | 450,800 | ||||||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 11/30/23)(a) | 200 | 121,458 | ||||||
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a) | 200 | 195,000 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 (Call 08/18/26) | 400 | 352,000 | ||||||
5.50%, 03/18/31 (Call 03/18/30) | 400 | 307,500 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 400 | 351,400 | ||||||
8.75%, 05/03/29 (Call 03/03/29)(a) | 500 | 475,000 | ||||||
Stillwater Mining Co. | ||||||||
4.00%, 11/16/26 (Call 11/30/23)(a) | 200 | 172,000 | ||||||
4.50%, 11/16/29 (Call 11/16/25)(a) | 400 | 303,000 | ||||||
Transnet SOC Ltd., 8.25%, 02/06/28(a) | 600 | 567,000 | ||||||
|
| |||||||
4,372,098 | ||||||||
South Korea — 0.1% | ||||||||
Woori Bank, 4.25%, (Call 10/04/24), (5-year CMT + 2.664%)(a)(d)(e) | 200 | 192,375 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 43 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Spain — 0.2% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
6.13%, (Call 11/16/27), | $ | 400 | $ | 318,000 | ||||
9.38%, (Call 03/19/29), | 400 | 386,500 | ||||||
|
| |||||||
704,500 | ||||||||
Supranational — 0.1% | ||||||||
Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a) | 400 | 326,970 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 11/30/23)(a) | 200 | 61,462 | ||||||
|
| |||||||
Tanzania — 0.1% | ||||||||
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 11/10/23)(a) | 200 | 192,634 | ||||||
|
| |||||||
Thailand — 0.6% | ||||||||
Bangkok Bank PCL/Hong Kong | ||||||||
3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)(a)(d) | 600 | 486,570 | ||||||
5.00%, 09/23/25 | 400 | 372,988 | ||||||
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)(a)(d) | 600 | 529,086 | ||||||
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(d)(e) | 400 | 354,836 | ||||||
|
| |||||||
1,743,480 | ||||||||
Turkey — 2.1% | ||||||||
Akbank TAS | ||||||||
5.13%, 03/31/25(a) | 200 | 191,000 | ||||||
6.80%, 02/06/26(a) | 400 | 388,100 | ||||||
6.80%, 06/22/31 (Call 06/22/26), (5-year CMT + 6.015%)(a)(d) | 200 | 185,500 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a) | 200 | 161,500 | ||||||
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a) | 400 | 349,300 | ||||||
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a) | 200 | 175,000 | ||||||
KOC Holding AS, 6.50%, 03/11/25 | 400 | 395,000 | ||||||
Turk Telekomunikasyon AS, 6.88%, 02/28/25(a) | 200 | 194,750 | ||||||
Turkcell Iletisim Hizmetleri AS | ||||||||
5.75%, 10/15/25(a) | 200 | 191,500 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(a) | 200 | 181,000 | ||||||
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, (5-year USD ICE Swap + 4.220%)(a)(d) | 400 | 374,000 | ||||||
Turkiye Is Bankasi AS | ||||||||
7.75%, 01/22/30 (Call 01/22/25), (5-year CMT + 6.119%)(a)(d) | 400 | 388,000 | ||||||
9.19%, 06/29/28, | 200 | 199,000 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) | 300 | 288,741 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.25%, 02/05/25(a) | 400 | 386,000 | ||||||
6.50%, 01/08/26(a) | 400 | 382,000 | ||||||
9.00%, 10/12/28(b) | 400 | 398,000 | ||||||
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a) | 400 | 373,000 | ||||||
WE Soda Investments Holding PLC, 9.50%, 10/06/28 (Call 10/06/25)(b) | 400 | 399,300 |
Security | Par (000) | Value | ||||||
Turkey (continued) | ||||||||
Yapi ve Kredi Bankasi AS | ||||||||
7.88%, 01/22/31 (Call 01/22/26), (5-year CMT + 7.415%)(a)(d) | $ | 200 | $ | 190,500 | ||||
9.25%, 10/16/28(b) | 200 | 201,000 | ||||||
13.88%, (Call 01/15/24), (5-year USD Swap + 11.245%)(a)(d)(e) | 400 | 403,000 | ||||||
|
| |||||||
6,395,191 | ||||||||
Ukraine — 0.1% | ||||||||
Metinvest BV, 7.75%, 10/17/29(a) | 200 | 117,688 | ||||||
MHP Lux SA, 6.95%, 04/03/26(a) | 200 | 146,918 | ||||||
|
| |||||||
264,606 | ||||||||
United Arab Emirates — 1.6% | ||||||||
Adib Capital Invest 3 Ltd., 7.25%, , (5-year CMT + 3.059%)(e) | 400 | 416,072 | ||||||
Arada Sukuk Ltd., 8.13%, 06/08/27(a) | 200 | 201,750 | ||||||
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(d)(e) | 400 | 386,500 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, | 400 | 394,852 | ||||||
DIB Tier 1 Sukuk 4 Ltd., 4.63%, | 400 | 374,804 | ||||||
DP World Salaam, 6.00%, (Call 10/01/25), (5-year CMT + 5.750%)(a)(d)(e) | 800 | 781,008 | ||||||
Emirates NBD Bank PJSC | ||||||||
4.25%, (Call 02/27/27)(a)(d)(e) | 400 | 350,000 | ||||||
6.13%, (Call 03/20/25)(a)(d)(e) | 400 | 389,000 | ||||||
6.13%, (Call 04/09/26)(a)(d)(e) | 400 | 390,500 | ||||||
GEMS MENASA Cayman Ltd./GEMS Education | ||||||||
Delaware LLC, 7.13%, 07/31/26 (Call 11/30/23)(a) | 400 | 383,000 | ||||||
MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(d)(e) | 200 | 196,875 | ||||||
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29 (Call 10/15/25)(b) | 600 | 570,000 | ||||||
|
| |||||||
4,834,361 | ||||||||
United Kingdom — 0.8% | ||||||||
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/30/23)(a) | 400 | 271,028 | ||||||
Standard Chartered PLC | ||||||||
4.30%, (Call 08/19/28), | 800 | 560,192 | ||||||
4.75%, (Call 01/14/31), | 600 | 414,312 | ||||||
6.00%, (Call 07/26/25), | 600 | 563,532 | ||||||
7.75%, (Call 08/15/27), | 600 | 573,000 | ||||||
|
| |||||||
2,382,064 | ||||||||
United States — 0.1% | ||||||||
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) | 300 | 242,022 | ||||||
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a) | 200 | 185,418 | ||||||
|
| |||||||
427,440 | ||||||||
Vietnam — 0.1% | ||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(a) | 250 | 225,130 | ||||||
|
| |||||||
Zambia — 0.7% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.88%, 03/01/26 (Call 11/10/23)(a) | 600 | 526,350 | ||||||
6.88%, 10/15/27 (Call 11/10/23)(a) | 800 | 674,000 | ||||||
7.50%, 04/01/25 (Call 11/10/23)(a) | 443 | 413,142 |
44 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Zambia (continued) | ||||||||
8.63%, 06/01/31 | $ | 600 | $ | 505,500 | ||||
|
| |||||||
2,118,992 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 47.0% | 143,852,493 | |||||||
|
| |||||||
Foreign Government Obligations(j) |
| |||||||
Angola — 1.0% | ||||||||
Angolan Government International Bond | ||||||||
8.00%, 11/26/29(a) | 800 | 640,000 | ||||||
8.25%, 05/09/28(a) | 800 | 679,000 | ||||||
8.75%, 04/14/32(a) | 1,100 | 860,750 | ||||||
9.13%, 11/26/49(a) | 600 | 421,500 | ||||||
9.38%, 05/08/48(a) | 800 | 570,000 | ||||||
|
| |||||||
3,171,250 | ||||||||
Argentina — 2.7% | ||||||||
Argentine Republic Government International Bond | ||||||||
0.75%, 07/09/30 (Call 12/01/23)(k) | 7,948 | 2,209,678 | ||||||
1.00%, 07/09/29 (Call 12/01/23)(c) | 1,318 | 352,529 | ||||||
3.50%, 07/09/41 (Call 12/01/23)(c)(k) | 5,144 | 1,338,945 | ||||||
3.63%, 07/09/35 (Call 12/01/23)(c)(k) | 10,154 | 2,497,941 | ||||||
3.63%, 07/09/46 (Call 12/01/23)(c)(k) | 1,046 | 259,518 | ||||||
5.00%, 01/09/38 (Call 12/01/23)(k) | 5,855 | 1,762,210 | ||||||
|
| |||||||
8,420,821 | ||||||||
Azerbaijan — 0.1% | ||||||||
Republic of Azerbaijan International Bond, 3.50%, 09/01/32(a) | 450 | 351,675 | ||||||
|
| |||||||
Bahrain — 2.4% | ||||||||
Bahrain Government International Bond | ||||||||
5.25%, 01/25/33(a) | 600 | 488,250 | ||||||
5.45%, 09/16/32(a) | 600 | 504,750 | ||||||
5.63%, 09/30/31(a) | 400 | 347,500 | ||||||
5.63%, 05/18/34(a) | 600 | 491,250 | ||||||
6.00%, 09/19/44(a) | 600 | 432,750 | ||||||
6.75%, 09/20/29(a) | 600 | 578,250 | ||||||
7.00%, 01/26/26(a) | 600 | 597,000 | ||||||
7.00%, 10/12/28(a) | 900 | 894,375 | ||||||
7.38%, 05/14/30(a) | 400 | 394,500 | ||||||
7.75%, 04/18/35(a) | 400 | 384,000 | ||||||
CBB International Sukuk Co. 7 SPC, | 400 | 398,000 | ||||||
CBB International Sukuk Programme Co. | ||||||||
3.88%, 05/18/29(a) | 550 | 468,188 | ||||||
3.95%, 09/16/27(a) | 500 | 451,250 | ||||||
4.50%, 03/30/27(a) | 600 | 555,750 | ||||||
CBB International Sukuk Programme Co. WLL, 6.25%, 10/18/30(a) | 400 | 381,500 | ||||||
|
| |||||||
7,367,313 | ||||||||
Bolivia — 0.1% | ||||||||
Bolivian Government International Bond, 4.50%, 03/20/28(a) | 600 | 300,000 | ||||||
|
| |||||||
Brazil — 5.0% | ||||||||
Brazilian Government International Bond | ||||||||
2.88%, 06/06/25(c) | 1,000 | 949,660 | ||||||
3.75%, 09/12/31 | 734 | 608,119 | ||||||
3.88%, 06/12/30(c) | 1,700 | 1,458,957 | ||||||
4.25%, 01/07/25(c) | 2,100 | 2,050,818 | ||||||
4.50%, 05/30/29 (Call 02/28/29) | 1,000 | 920,570 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
4.63%, 01/13/28 (Call 10/13/27)(c) | $ | 1,400 | $ | 1,334,480 | ||||
4.75%, 01/14/50 (Call 07/14/49)(c) | 2,050 | 1,368,375 | ||||||
5.00%, 01/27/45(c) | 1,700 | 1,216,350 | ||||||
5.63%, 01/07/41(c) | 1,100 | 893,750 | ||||||
5.63%, 02/21/47 | 1,300 | 996,450 | ||||||
6.00%, 04/07/26 | 1,000 | 1,008,780 | ||||||
6.00%, 10/20/33 | 1,200 | 1,110,000 | ||||||
7.13%, 01/20/37(c) | 800 | 786,000 | ||||||
8.25%, 01/20/34(c) | 650 | 695,175 | ||||||
|
| |||||||
15,397,484 | ||||||||
Colombia — 4.1% | ||||||||
Colombia Government International Bond | ||||||||
3.00%, 01/30/30 (Call 10/30/29) | 700 | 537,600 | ||||||
3.13%, 04/15/31 (Call 01/15/31) | 1,200 | 883,800 | ||||||
3.25%, 04/22/32 (Call 01/22/32) | 1,000 | 713,000 | ||||||
3.88%, 04/25/27 (Call 01/25/27) | 1,000 | 909,000 | ||||||
3.88%, 02/15/61 (Call 08/15/60)(c) | 600 | 306,600 | ||||||
4.13%, 02/22/42 (Call 08/22/41)(c) | 600 | 355,500 | ||||||
4.13%, 05/15/51 (Call 11/15/50)(c) | 800 | 440,000 | ||||||
4.50%, 01/28/26 (Call 10/28/25)(c) | 800 | 766,240 | ||||||
4.50%, 03/15/29 (Call 12/15/28) | 1,000 | 867,000 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(c) | 2,200 | 1,397,000 | ||||||
5.20%, 05/15/49 (Call 11/15/48)(c) | 1,450 | 922,925 | ||||||
5.63%, 02/26/44 (Call 08/26/43)(c) | 1,200 | 833,400 | ||||||
6.13%, 01/18/41 | 1,300 | 988,000 | ||||||
7.38%, 09/18/37 | 900 | 807,750 | ||||||
7.50%, 02/02/34 (Call 11/02/33) | 1,000 | 932,500 | ||||||
8.00%, 04/20/33 (Call 01/20/33)(c) | 889 | 865,441 | ||||||
|
| |||||||
12,525,756 | ||||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond | ||||||||
6.13%, 02/19/31(a)(c) | 400 | 380,000 | ||||||
7.00%, 04/04/44(a) | 650 | 595,075 | ||||||
7.16%, 03/12/45(a) | 600 | 558,600 | ||||||
Costa Rica Government International Bonds, | 800 | 760,400 | ||||||
|
| |||||||
2,294,075 | ||||||||
Dominican Republic — 3.4% | ||||||||
Dominican Republic International Bond | ||||||||
4.50%, 01/30/30(a) | 1,000 | 845,500 | ||||||
4.88%, 09/23/32(a) | 1,500 | 1,212,750 | ||||||
5.30%, 01/21/41(a) | 700 | 508,200 | ||||||
5.50%, 01/27/25(a) | 625 | 613,200 | ||||||
5.50%, 02/22/29 (Call 12/22/28)(a) | 850 | 773,075 | ||||||
5.88%, 01/30/60(a) | 1,650 | 1,169,850 | ||||||
5.95%, 01/25/27(a) | 850 | 816,773 | ||||||
6.00%, 07/19/28(a) | 650 | 614,250 | ||||||
6.00%, 02/22/33 (Call 11/22/32)(a) | 850 | 747,575 | ||||||
6.40%, 06/05/49(a)(c) | 800 | 625,600 | ||||||
6.50%, 02/15/48(a) | 450 | 357,300 | ||||||
6.85%, 01/27/45(a) | 1,000 | 832,500 | ||||||
6.88%, 01/29/26(a) | 800 | 795,592 | ||||||
7.45%, 04/30/44(a) | 750 | 674,250 | ||||||
|
| |||||||
10,586,415 | ||||||||
Ecuador — 1.0% | ||||||||
Ecuador Government International Bond | ||||||||
0.00%, 07/31/30(a)(f) | 482 | 142,942 | ||||||
2.50%, 07/31/40(a)(k) | 1,463 | 489,405 | ||||||
6.00%, 07/31/30(a)(k) | 1,756 | 889,202 |
SCHEDULE OF INVESTMENTS | 45 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ecuador (continued) | ||||||||
6.90%, 07/31/35(a)(k) | $ | 3,735 | $ | 1,415,769 | ||||
|
| |||||||
2,937,318 | ||||||||
Egypt — 2.3% | ||||||||
Egypt Government International Bond | ||||||||
5.80%, 09/30/27(a) | 400 | 255,000 | ||||||
5.88%, 06/11/25(a) | 600 | 483,234 | ||||||
5.88%, 02/16/31(a) | 800 | 437,000 | ||||||
6.59%, 02/21/28(a) | 800 | 508,000 | ||||||
7.05%, 01/15/32(a) | 600 | 339,000 | ||||||
7.30%, 09/30/33(a) | 500 | 275,000 | ||||||
7.50%, 01/31/27(a) | 1,000 | 690,000 | ||||||
7.50%, 02/16/61(a) | 600 | 295,500 | ||||||
7.60%, 03/01/29(a) | 800 | 496,000 | ||||||
7.63%, 05/29/32(a) | 1,000 | 570,000 | ||||||
7.90%, 02/21/48(a) | 650 | 329,063 | ||||||
8.50%, 01/31/47(a) | 1,300 | 674,115 | ||||||
8.70%, 03/01/49(a) | 800 | 419,000 | ||||||
8.88%, 05/29/50(a) | 1,000 | 527,500 | ||||||
Egyptian Financial Co. for Sovereign Taskeek (The), | ||||||||
10.88%, 02/28/26(a) | 800 | 739,000 | ||||||
|
| |||||||
7,037,412 | ||||||||
El Salvador — 0.3% | ||||||||
El Salvador Government International Bond | ||||||||
7.12%, 01/20/50 (Call 07/20/49)(a) | 550 | 342,100 | ||||||
7.65%, 06/15/35(a) | 450 | 312,075 | ||||||
9.50%, 07/15/52 (Call 01/15/52)(a) | 550 | 403,700 | ||||||
|
| |||||||
1,057,875 | ||||||||
Ethiopia — 0.1% | ||||||||
Ethiopia International Bond, 6.63%, 12/11/24(a) | 400 | 251,876 | ||||||
|
| |||||||
Ghana — 0.7% | ||||||||
Ghana Government International Bond | ||||||||
6.38%, 02/11/27(a)(g)(h) | 600 | 261,000 | ||||||
7.63%, 05/16/29(a)(g)(h) | 500 | 215,000 | ||||||
7.75%, 04/07/29(a)(g)(h) | 400 | 172,500 | ||||||
7.88%, 02/11/35(a)(g)(h) | 400 | 173,500 | ||||||
8.13%, 01/18/26(a)(g)(h) | 470 | 206,213 | ||||||
8.13%, 03/26/32(a)(g)(h) | 500 | 211,250 | ||||||
8.63%, 04/07/34(a)(g)(h) | 400 | 172,500 | ||||||
8.63%, 06/16/49(a)(g)(h) | 600 | 250,500 | ||||||
8.95%, 03/26/51(a)(g)(h) | 500 | 210,000 | ||||||
10.75%, 10/14/30(a)(g)(h) | 600 | 373,500 | ||||||
|
| |||||||
2,245,963 | ||||||||
Guatemala — 0.4% | ||||||||
Guatemala Government Bond | ||||||||
6.13%, 06/01/50 (Call 12/01/49)(a)(c) | 700 | 556,500 | ||||||
6.60%, 06/13/36 (Call 03/13/36)(a) | 600 | 554,400 | ||||||
|
| |||||||
1,110,900 | ||||||||
Iraq — 0.2% | ||||||||
Iraq International Bond, 5.80%, | ||||||||
01/15/28(Call 12/17/23)(a) | 703 | 624,389 | ||||||
|
| |||||||
Ivory Coast — 0.2% | ||||||||
Ivory Coast Government International Bond, 6.13%, 06/15/33(a) | 600 | 490,500 | ||||||
|
| |||||||
Jamaica — 0.8% | ||||||||
Jamaica Government International Bond | ||||||||
6.75%, 04/28/28 | 600 | 607,260 | ||||||
7.88%, 07/28/45(c) | 900 | 962,100 |
Security | Par (000) | Value | ||||||
Jamaica (continued) | ||||||||
8.00%, 03/15/39 | $ | 700 | $ | 774,550 | ||||
|
| |||||||
2,343,910 | ||||||||
Jordan — 0.8% | ||||||||
Jordan Government International Bond | ||||||||
5.75%, 01/31/27(a) | 400 | 360,000 | ||||||
5.85%, 07/07/30(a) | 900 | 759,375 | ||||||
6.13%, 01/29/26(a) | 400 | 370,500 | ||||||
7.38%, 10/10/47(a) | 400 | 301,500 | ||||||
7.50%, 01/13/29(a) | 600 | 555,750 | ||||||
|
| |||||||
2,347,125 | ||||||||
Kenya — 0.5% | ||||||||
Republic of Kenya Government International Bond | ||||||||
6.30%, 01/23/34(a) | 400 | 274,000 | ||||||
7.25%, 02/28/28(a) | 400 | 324,000 | ||||||
8.00%, 05/22/32(a) | 600 | 470,250 | ||||||
8.25%, 02/28/48(a) | 600 | 421,500 | ||||||
|
| |||||||
1,489,750 | ||||||||
Lebanon — 0.1% | ||||||||
Lebanon Government International Bond | ||||||||
0.00%, 11/27/26(a)(g)(h) | 760 | 44,604 | ||||||
6.00%, 01/27/23(a)(g)(h) | 500 | 30,455 | ||||||
6.10%, 10/04/24(g)(h) | 730 | 44,545 | ||||||
6.65%, 02/26/30(a)(g)(h) | 760 | 46,641 | ||||||
6.75%, 11/29/27(a)(g)(h) | 470 | 28,317 | ||||||
6.85%, 03/23/27(a)(g)(h) | 700 | 42,664 | ||||||
7.00%, 03/23/32(a)(g)(h) | 475 | 28,505 | ||||||
|
| |||||||
265,731 | ||||||||
Morocco — 0.6% | ||||||||
Morocco Government International Bond | ||||||||
3.00%, 12/15/32(a) | 400 | 298,500 | ||||||
4.00%, 12/15/50(a) | 600 | 354,750 | ||||||
5.95%, 03/08/28(a) | 600 | 587,250 | ||||||
6.50%, 09/08/33(a) | 700 | 671,125 | ||||||
|
| |||||||
1,911,625 | ||||||||
Nigeria — 1.8% | ||||||||
Nigeria Government International Bond | ||||||||
6.13%, 09/28/28(a) | 600 | 487,500 | ||||||
6.50%, 11/28/27(a) | 600 | 516,000 | ||||||
7.14%, 02/23/30(a) | 714 | 572,093 | ||||||
7.38%, 09/28/33(a) | 800 | 600,000 | ||||||
7.63%, 11/21/25(a) | 300 | 291,000 | ||||||
7.63%, 11/28/47(a) | 600 | 403,500 | ||||||
7.70%, 02/23/38(a) | 600 | 426,000 | ||||||
7.88%, 02/16/32(a) | 800 | 638,000 | ||||||
8.25%, 09/28/51(a) | 600 | 419,250 | ||||||
8.38%, 03/24/29(a) | 800 | 699,000 | ||||||
8.75%, 01/21/31(a) | 600 | 513,750 | ||||||
|
| |||||||
5,566,093 | ||||||||
Oman — 3.3% | ||||||||
Oman Government International Bond | ||||||||
4.75%, 06/15/26(a) | 1,200 | 1,150,704 | ||||||
5.38%, 03/08/27(a) | 750 | 724,687 | ||||||
5.63%, 01/17/28(a) | 1,200 | 1,156,512 | ||||||
6.00%, 08/01/29(a) | 1,000 | 970,000 | ||||||
6.25%, 01/25/31(a) | 800 | 777,000 | ||||||
6.50%, 03/08/47(a) | 1,000 | 867,500 | ||||||
6.75%, 10/28/27(a) | 800 | 806,750 | ||||||
6.75%, 01/17/48(a) | 1,400 | 1,247,750 | ||||||
7.00%, 01/25/51(a) | 400 | 367,000 |
46 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oman (continued) | ||||||||
7.38%, 10/28/32(a) | $ | 600 | $ | 622,500 | ||||
Oman Sovereign Sukuk Co. | ||||||||
4.88%, 06/15/30(a) | 800 | 747,000 | ||||||
5.93%, 10/31/25(a) | 800 | 795,000 | ||||||
|
| |||||||
10,232,403 | ||||||||
Pakistan — 0.5% | ||||||||
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29(a) | 400 | 237,712 | ||||||
Pakistan Government International Bond | ||||||||
6.00%, 04/08/26(a) | 700 | 379,820 | ||||||
6.88%, 12/05/27(a) | 750 | 391,650 | ||||||
7.38%, 04/08/31(a) | 800 | 388,176 | ||||||
|
| |||||||
1,397,358 | ||||||||
Paraguay — 0.4% | ||||||||
Paraguay Government International Bond | ||||||||
4.95%, 04/28/31 (Call 01/28/31)(a) | 400 | 362,800 | ||||||
5.40%, 03/30/50 (Call 09/30/49)(a) | 600 | 448,500 | ||||||
6.10%, 08/11/44(a) | 400 | 334,400 | ||||||
|
| |||||||
1,145,700 | ||||||||
Senegal — 0.3% | ||||||||
Senegal Government International Bond | ||||||||
6.25%, 05/23/33(a) | 500 | 395,625 | ||||||
6.75%, 03/13/48(a) | 600 | 397,500 | ||||||
|
| |||||||
793,125 | ||||||||
Serbia — 0.3% | ||||||||
Serbia International Bond | ||||||||
2.13%, 12/01/30(a) | 535 | 391,524 | ||||||
6.50%, 09/26/33(a) | 500 | 468,930 | ||||||
|
| |||||||
860,454 | ||||||||
South Africa — 2.5% | ||||||||
Republic of South Africa Government | ||||||||
International Bond | ||||||||
4.30%, 10/12/28(c) | 1,000 | 860,000 | ||||||
4.85%, 09/27/27(c) | 600 | 552,750 | ||||||
4.85%, 09/30/29 | 900 | 763,875 | ||||||
4.88%, 04/14/26 | 604 | 573,800 | ||||||
5.00%, 10/12/46(c) | 600 | 363,000 | ||||||
5.38%, 07/24/44 | 500 | 330,000 | ||||||
5.65%, 09/27/47 | 800 | 520,000 | ||||||
5.75%, 09/30/49 | 1,550 | 1,007,500 | ||||||
5.88%, 09/16/25 | 986 | 971,890 | ||||||
5.88%, 06/22/30 | 700 | 613,375 | ||||||
5.88%, 04/20/32(c) | 600 | 506,250 | ||||||
7.30%, 04/20/52 | 700 | 545,125 | ||||||
|
| |||||||
7,607,565 | ||||||||
Sri Lanka — 0.7% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.20%, 05/11/27(a)(g)(h) | 700 | 346,563 | ||||||
6.75%, 04/18/28(a)(g)(h) | 700 | 347,634 | ||||||
6.83%, 07/18/26(a)(g)(h) | 600 | 307,614 | ||||||
6.85%, 03/14/24(a)(g)(h) | 600 | 307,638 | ||||||
6.85%, 11/03/25(a)(g)(h) | 900 | 460,881 | ||||||
7.55%, 03/28/30(a)(g)(h) | 400 | 198,572 | ||||||
7.85%, 03/14/29(a)(g)(h) | 700 | 346,318 | ||||||
|
| |||||||
2,315,220 | ||||||||
Trinidad And Tobago — 0.1% | ||||||||
Trinidad & Tobago Government International Bond, | ||||||||
4.50%, 08/04/26(a) | 400 | 380,580 | ||||||
|
|
Security | Par (000) | Value | ||||||
Tunisia — 0.1% | ||||||||
Tunisian Republic, 5.75%, 01/30/25(a) | $ | 400 | $ | 276,500 | ||||
|
| |||||||
Turkey — 11.0% | ||||||||
Hazine Mustesarligi Varlik Kiralama AS | ||||||||
5.13%, 06/22/26(a) | 1,200 | 1,113,000 | ||||||
7.25%, 02/24/27(a) | 1,500 | 1,452,525 | ||||||
9.76%, 11/13/25(a) | 1,400 | 1,445,500 | ||||||
Turkey Government International Bond | ||||||||
4.25%, 03/13/25(c) | 1,000 | 953,750 | ||||||
4.25%, 04/14/26 | 900 | 825,750 | ||||||
4.75%, 01/26/26 | 800 | 750,000 | ||||||
4.88%, 10/09/26 | 1,500 | 1,380,000 | ||||||
4.88%, 04/16/43 | 1,570 | 951,813 | ||||||
5.13%, 02/17/28(c) | 1,000 | 885,000 | ||||||
5.25%, 03/13/30(c) | 900 | 742,500 | ||||||
5.75%, 05/11/47(c) | 1,800 | 1,172,250 | ||||||
5.88%, 06/26/31 | 900 | 745,875 | ||||||
5.95%, 01/15/31 | 1,200 | 1,008,000 | ||||||
6.00%, 03/25/27 | 1,700 | 1,595,875 | ||||||
6.00%, 01/14/41 | 1,500 | 1,065,000 | ||||||
6.13%, 10/24/28(c) | 1,300 | 1,178,125 | ||||||
6.38%, 10/14/25 | 1,200 | 1,168,500 | ||||||
6.50%, 09/20/33 | 700 | 586,250 | ||||||
6.63%, 02/17/45(c) | 1,400 | 1,032,500 | ||||||
6.75%, 05/30/40 | 1,050 | 816,375 | ||||||
6.88%, 03/17/36(c) | 1,350 | 1,115,437 | ||||||
7.25%, 03/05/38(c) | 500 | 425,000 | ||||||
7.38%, 02/05/25(c) | 1,570 | 1,575,887 | ||||||
7.63%, 04/26/29(c) | 1,400 | 1,331,750 | ||||||
8.00%, 02/14/34 | 750 | 700,313 | ||||||
8.60%, 09/24/27 | 1,200 | 1,213,500 | ||||||
9.13%, 07/13/30 | 1,100 | 1,097,250 | ||||||
9.38%, 03/14/29(c) | 1,100 | 1,119,250 | ||||||
9.38%, 01/19/33 | 1,400 | 1,398,250 | ||||||
9.88%, 01/15/28 | 1,800 | 1,883,250 | ||||||
11.88%, 01/15/30 | 700 | 801,500 | ||||||
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a) | 200 | 183,500 | ||||||
|
| |||||||
33,713,475 | ||||||||
Ukraine — 0.7% | ||||||||
Ukraine Government International Bond | ||||||||
6.88%, 05/21/31(a)(g)(h) | 800 | 197,200 | ||||||
7.25%, 03/15/35(a)(g)(h) | 1,200 | 301,800 | ||||||
7.38%, 09/25/34(a)(g)(h) | 1,600 | 402,400 | ||||||
7.75%, 09/01/23(a)(g)(h) | 625 | 190,625 | ||||||
7.75%, 09/01/24(a)(g)(h) | 850 | 242,131 | ||||||
7.75%, 09/01/25(a)(g)(h) | 600 | 170,400 | ||||||
7.75%, 09/01/26(a)(g)(h) | 700 | 196,000 | ||||||
7.75%, 09/01/27(a)(g)(h) | 750 | 208,500 | ||||||
9.75%, 11/01/30(a)(g)(h) | 800 | 232,000 | ||||||
|
| |||||||
2,141,056 | ||||||||
United Arab Emirates — 1.2% | ||||||||
Emirate of Dubai Government International Bond, | ||||||||
5.25%, 01/30/43(a) | 600 | 508,500 | ||||||
Emirate of Dubai Government International Bonds, | ||||||||
3.90%, 09/09/50(a) | 600 | 384,000 | ||||||
Finance Department Government of Sharjah | ||||||||
4.00%, 07/28/50(a) | 500 | 283,125 | ||||||
6.50%, 11/23/32(a) | 500 | 483,750 | ||||||
Sharjah Sukuk Program Ltd. | ||||||||
2.94%, 06/10/27(a) | 400 | 358,500 | ||||||
3.23%, 10/23/29(a) | 500 | 428,906 |
SCHEDULE OF INVESTMENTS | 47 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
United Arab Emirates (continued) | ||||||||
3.85%, 04/03/26(a) | $ | 400 | $ | 378,500 | ||||
4.23%, 03/14/28(a) | 800 | 739,096 | ||||||
|
| |||||||
3,564,377 | ||||||||
Zambia — 0.2% | ||||||||
Zambia Government International Bond | ||||||||
8.50%, 04/14/24(a)(g)(h) | 400 | 244,125 | ||||||
8.97%, 07/30/27(a)(g)(h) | 600 | 363,938 | ||||||
|
| |||||||
608,063 | ||||||||
|
| |||||||
Total Foreign Government Obligations — 50.6% |
| 155,131,132 | ||||||
|
| |||||||
Total Long-Term Investments — 97.6% |
| 298,983,625 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 14.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(l)(m)(n) | 38,860,732 | 38,876,276 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(l)(m) | 4,080,000 | 4,080,000 | ||||||
|
| |||||||
Total Short-Term Securities — 14.0% |
| 42,956,276 | ||||||
|
| |||||||
Total Investments — 111.6% | 341,939,901 | |||||||
Liabilities in Excess of Other Assets — (11.6)% |
| (35,487,487 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 306,452,414 | ||||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) | Perpetual security with no stated maturity date. |
(f) | Zero-coupon bond. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Non-income producing security. |
(i) | 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. |
(j) | U.S. dollar denominated security issued by foreign domiciled entity. |
(k) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(l) | Affiliate of the Fund. |
(m) | Annualized 7-day yield as of period end. |
(n) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain from Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 34,730,604 | $ | 4,122,533 | (a) | $ | — | $ | 4,360 | $ | 18,779 | $ | 38,876,276 | 38,860,732 | $ | 292,662 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,469,000 | 1,611,000 | (a) | — | — | — | 4,080,000 | 4,080,000 | 96,657 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 4,360 | $ | 18,779 | $ | 42,956,276 | $ | 389,319 | $ | 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. |
48 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 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 | $ | — | $ | 143,852,493 | $ | — | $ | 143,852,493 | ||||||||
Foreign Government Obligations | — | 155,131,132 | — | 155,131,132 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 42,956,276 | — | — | 42,956,276 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 42,956,276 | $ | 298,983,625 | $ | — | $ | 341,939,901 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 49 |
Schedule of Investments October 31, 2023 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Foreign Government Obligations |
| |||||||||||
Brazil — 4.7% | ||||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||||
0.00%, 07/01/24(a) | BRL | 10,514 | $ | 1,944,639 | ||||||||
0.00%, 07/01/25(a) | BRL | 13,651 | 2,275,973 | |||||||||
0.00%, 01/01/26(a) | BRL | 19,696 | 3,105,892 | |||||||||
0.00%, 07/01/26(a) | BRL | 22,629 | 3,379,944 | |||||||||
0.00%, 07/01/27(a) | BRL | 4,842 | 645,911 | |||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
Series F, 10.00%, 01/01/25 | BRL | 14,632 | 2,867,978 | |||||||||
Series F, 10.00%, 01/01/29 | BRL | 13,699 | 2,555,416 | |||||||||
Series F, 10.00%, 01/01/31 | BRL | 6,000 | 1,092,757 | |||||||||
Brazil Notas do Tesouro Nacional Serie F | ||||||||||||
10.00%, 01/01/33 | BRL | 6,976 | 1,247,513 | |||||||||
Series F, 10.00%, 01/01/27 | BRL | 15,584 | 2,989,297 | |||||||||
Brazilian Government International Bond, 10.25%, 01/10/28 | BRL | 702 | 135,723 | |||||||||
|
| |||||||||||
22,241,043 | ||||||||||||
Chile — 4.5% | ||||||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||||
2.30%, 10/01/28(b)(c) | CLP | 780,000 | 716,452 | |||||||||
2.50%, 03/01/25 | CLP | 4,350,000 | 4,580,657 | |||||||||
4.50%, 03/01/26 | CLP | 2,690,000 | 2,857,429 | |||||||||
4.70%, 09/01/30(b)(c) | CLP | 2,990,000 | 2,977,205 | |||||||||
5.00%, 10/01/28(b)(c) | CLP | 1,050,000 | 1,095,951 | |||||||||
5.00%, 03/01/35 | CLP | 3,145,000 | 3,099,529 | |||||||||
6.00%, 04/01/33(b) | CLP | 2,005,000 | 2,144,542 | |||||||||
6.00%, 01/01/43 | CLP | 2,600,000 | 2,770,387 | |||||||||
7.00%, 05/01/34(b) | CLP | 825,000 | 951,844 | |||||||||
|
| |||||||||||
21,193,996 | ||||||||||||
China — 15.0% | ||||||||||||
China Government Bond | ||||||||||||
1.99%, 04/09/25 | CNY | 12,110 | 1,645,413 | |||||||||
2.18%, 08/25/25 | CNY | 10,460 | 1,424,547 | |||||||||
2.18%, 08/15/26 | CNY | 4,060 | 551,097 | |||||||||
2.24%, 05/25/25 | CNY | 7,980 | 1,088,075 | |||||||||
2.26%, 02/24/25 | CNY | 8,030 | 1,096,188 | |||||||||
2.28%, 11/25/25 | CNY | 8,480 | 1,156,287 | |||||||||
2.37%, 01/20/27 | CNY | 9,340 | 1,272,704 | |||||||||
2.40%, 07/15/28 | CNY | 7,010 | 951,470 | |||||||||
2.44%, 10/15/27 | CNY | 6,570 | 894,703 | |||||||||
2.46%, 02/15/26 | CNY | 9,540 | 1,305,428 | |||||||||
2.47%, 09/02/24 | CNY | 11,380 | 1,557,136 | |||||||||
2.48%, 04/15/27 | CNY | 9,170 | 1,252,586 | |||||||||
2.50%, 07/25/27 | CNY | 11,240 | 1,535,003 | |||||||||
2.52%, 08/25/33 | CNY | 7,450 | 1,001,042 | |||||||||
2.60%, 09/01/32 | CNY | 7,800 | 1,054,675 | |||||||||
2.62%, 09/25/29 | CNY | 7,600 | 1,036,060 | |||||||||
2.62%, 06/25/30 | CNY | 8,600 | 1,170,556 | |||||||||
2.64%, 01/15/28 | CNY | 9,170 | 1,258,718 | |||||||||
2.68%, 05/21/30 | CNY | 14,310 | 1,953,554 | |||||||||
2.69%, 08/12/26 | CNY | 9,590 | 1,320,349 | |||||||||
2.69%, 08/15/32 | CNY | 8,490 | 1,157,343 | |||||||||
2.75%, 06/15/29 | CNY | 8,960 | 1,230,611 | |||||||||
2.75%, 02/17/32 | CNY | 10,000 | 1,369,460 | |||||||||
2.76%, 05/15/32 | CNY | 8,580 | 1,175,722 | |||||||||
2.79%, 12/15/29 | CNY | 8,850 | 1,217,239 | |||||||||
2.80%, 03/24/29 | CNY | 7,960 | 1,097,523 | |||||||||
2.80%, 03/25/30 | CNY | 10,880 | 1,497,095 | |||||||||
2.80%, 11/15/32 | CNY | 10,260 | 1,412,024 | |||||||||
2.85%, 06/04/27 | CNY | 13,910 | 1,925,743 |
Security | Par (000) | Value | ||||||||||
China (continued) | ||||||||||||
2.88%, 02/25/33 | CNY | 8,910 | $ | 1,234,277 | ||||||||
2.89%, 11/18/31 | CNY | 8,850 | 1,226,455 | |||||||||
2.94%, 10/17/24 | CNY | 7,990 | 1,099,735 | |||||||||
3.01%, 05/13/28 | CNY | 12,150 | 1,695,681 | |||||||||
3.02%, 10/22/25 | CNY | 14,350 | 1,990,005 | |||||||||
3.02%, 05/27/31 | CNY | 13,400 | 1,877,629 | |||||||||
3.03%, 03/11/26 | CNY | 12,370 | 1,719,325 | |||||||||
3.12%, 10/25/52 | CNY | 6,080 | 837,771 | |||||||||
3.13%, 11/21/29 | CNY | 10,100 | 1,423,172 | |||||||||
3.19%, 04/15/53 | CNY | 4,010 | 566,164 | |||||||||
3.22%, 12/06/25 | CNY | 7,660 | 1,068,423 | |||||||||
3.25%, 06/06/26 | CNY | 11,180 | 1,568,164 | |||||||||
3.27%, 11/19/30 | CNY | 10,570 | 1,509,838 | |||||||||
3.28%, 12/03/27 | CNY | 12,750 | 1,802,525 | |||||||||
3.29%, 05/23/29 | CNY | 11,740 | 1,669,311 | |||||||||
3.32%, 04/15/52 | CNY | 4,550 | 649,512 | |||||||||
3.72%, 04/12/51 | CNY | 5,820 | 884,156 | |||||||||
3.81%, 09/14/50 | CNY | 10,140 | 1,565,522 | |||||||||
China Government Bonds | ||||||||||||
2.30%, 05/15/26 | CNY | 11,770 | 1,605,882 | |||||||||
2.62%, 04/15/28 | CNY | 10,670 | 1,462,205 | |||||||||
2.67%, 05/25/33 | CNY | 10,260 | 1,396,352 | |||||||||
2.91%, 10/14/28 | CNY | 13,160 | 1,827,352 | |||||||||
3.12%, 12/05/26 | CNY | 8,810 | 1,231,047 | |||||||||
3.25%, 11/22/28 | CNY | 7,240 | 1,024,609 | |||||||||
3.53%, 10/18/51 | CNY | 7,420 | 1,091,435 | |||||||||
|
| |||||||||||
70,634,898 | ||||||||||||
Colombia — 4.3% | ||||||||||||
Colombia Government International Bond, 9.85%, 06/28/27 | COP | 745,000 | 169,165 | |||||||||
Colombia TES, 13.25%, 02/09/33 | COP | 6,524,300 | 1,711,075 | |||||||||
Colombian TES | ||||||||||||
9.25%, 05/28/42 | COP | 10,135,200 | 1,959,903 | |||||||||
Series B, 5.75%, 11/03/27 | COP | 6,430,600 | 1,304,552 | |||||||||
Series B, 6.00%, 04/28/28 | COP | 10,837,000 | 2,176,661 | |||||||||
Series B, 6.25%, 11/26/25 | COP | 5,748,800 | 1,286,703 | |||||||||
Series B, 6.25%, 07/09/36 | COP | 3,942,400 | 616,151 | |||||||||
Series B, 7.00%, 03/26/31 | COP | 10,462,300 | 2,005,681 | |||||||||
Series B, 7.00%, 06/30/32 | COP | 8,325,600 | 1,529,065 | |||||||||
Series B, 7.25%, 10/18/34 | COP | 8,720,300 | 1,541,963 | |||||||||
Series B, 7.25%, 10/26/50 | COP | 8,267,700 | 1,259,504 | |||||||||
Series B, 7.50%, 08/26/26 | COP | 9,866,700 | 2,203,611 | |||||||||
Series B, 7.75%, 09/18/30 | COP | 7,815,600 | 1,590,862 | |||||||||
Series B, 10.00%, 07/24/24 | COP | 3,841,500 | 935,059 | |||||||||
|
| |||||||||||
20,289,955 | ||||||||||||
Czech Republic — 4.5% | ||||||||||||
Czech Republic Government Bond | ||||||||||||
0.00%, 12/12/24(a) | CZK | 6,760 | 275,609 | |||||||||
0.05%, 11/29/29 | CZK | 24,040 | 790,923 | |||||||||
0.25%, 02/10/27 | CZK | 33,590 | 1,259,750 | |||||||||
0.95%, 05/15/30(c) | CZK | 35,490 | 1,220,655 | |||||||||
1.00%, 06/26/26(c) | CZK | 34,340 | 1,349,315 | |||||||||
1.20%, 03/13/31 | CZK | 34,630 | 1,178,868 | |||||||||
1.25%, 02/14/25 | CZK | 27,820 | 1,138,645 | |||||||||
1.50%, 04/24/40 | CZK | 17,060 | 461,653 | |||||||||
1.75%, 06/23/32 | CZK | 34,990 | 1,202,072 | |||||||||
1.95%, 07/30/37 | CZK | 11,830 | 369,197 | |||||||||
2.00%, 10/13/33 | CZK | 40,860 | 1,388,529 | |||||||||
2.40%, 09/17/25(c) | CZK | 33,080 | 1,365,415 | |||||||||
2.50%, 08/25/28(c) | CZK | 37,540 | 1,477,146 |
50 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Czech Republic (continued) | ||||||||||||
2.75%, 07/23/29 | CZK | 40,350 | $ | 1,579,643 | ||||||||
3.50%, 05/30/35 | CZK | 15,750 | 606,407 | |||||||||
4.20%, 12/04/36(c) | CZK | 19,910 | 813,121 | |||||||||
4.50%, 11/11/32 | CZK | 6,720 | 285,720 | |||||||||
4.90%, 04/14/34 | CZK | 10,440 | 454,686 | |||||||||
5.00%, 09/30/30 | CZK | 35,760 | 1,577,946 | |||||||||
5.50%, 12/12/28 | CZK | 25,910 | 1,168,134 | |||||||||
6.00%, 02/26/26 | CZK | 23,010 | 1,018,243 | |||||||||
6.20%, 06/16/31 | CZK | 4,840 | 229,011 | |||||||||
|
| |||||||||||
21,210,688 | ||||||||||||
Dominican Republic — 4.4% | ||||||||||||
Dominican Republic International Bond | ||||||||||||
11.25%, 09/15/35 (Call 06/15/35)(b) | DOP | 347,900 | 6,079,999 | |||||||||
11.25%, 09/15/35 (Call 06/15/35)(c) | DOP | 235,000 | 4,106,927 | |||||||||
13.63%, 02/03/33 (Call 11/03/32)(c) | DOP | 526,750 | 10,649,491 | |||||||||
|
| |||||||||||
20,836,417 | ||||||||||||
Egypt — 2.9% | ||||||||||||
Egypt Government Bond | ||||||||||||
13.54%, 01/14/25 | EGP | 21,307 | 429,561 | |||||||||
14.06%, 01/12/26 | EGP | 147,209 | 2,788,777 | |||||||||
14.29%, 01/05/28 | EGP | 48,756 | 829,945 | |||||||||
14.35%, 09/10/24 | EGP | 26,886 | 552,615 | |||||||||
14.37%, 10/20/25 | EGP | 108,405 | 2,099,444 | |||||||||
14.40%, 09/10/29 | EGP | 22,306 | 350,382 | |||||||||
14.48%, 04/06/26 | EGP | 100,236 | 1,883,095 | |||||||||
14.53%, 09/14/24 | EGP | 80,754 | 1,662,133 | |||||||||
14.56%, 07/06/26 | EGP | 47,947 | 890,373 | |||||||||
14.56%, 10/13/27 | EGP | 76,013 | 1,320,395 | |||||||||
14.66%, 10/06/30 | EGP | 29,769 | 457,918 | |||||||||
16.10%, 05/07/29 | EGP | 25,844 | 440,679 | |||||||||
|
| |||||||||||
13,705,317 | ||||||||||||
Hungary — 4.5% | ||||||||||||
Hungary Government Bond | ||||||||||||
1.00%, 11/26/25 | HUF | 701,820 | 1,699,443 | |||||||||
1.50%, 04/22/26 | HUF | 544,340 | 1,299,428 | |||||||||
1.50%, 08/26/26 | HUF | 386,310 | 902,963 | |||||||||
2.00%, 05/23/29 | HUF | 504,710 | 1,071,086 | |||||||||
2.25%, 04/20/33 | HUF | 693,510 | 1,282,049 | |||||||||
2.25%, 06/22/34 | HUF | 219,350 | 387,249 | |||||||||
2.50%, 10/24/24 | HUF | 582,640 | 1,524,119 | |||||||||
2.75%, 12/22/26 | HUF | 461,850 | 1,100,208 | |||||||||
3.00%, 06/26/24 | HUF | 370,420 | 988,266 | |||||||||
3.00%, 10/27/27 | HUF | 554,520 | 1,302,027 | |||||||||
3.00%, 08/21/30 | HUF | 626,090 | 1,346,331 | |||||||||
3.00%, 10/27/38 | HUF | 450,030 | 750,848 | |||||||||
3.00%, 04/25/41 | HUF | 314,930 | 496,025 | |||||||||
3.25%, 10/22/31 | HUF | 705,730 | 1,489,103 | |||||||||
4.50%, 03/23/28 | HUF | 311,760 | 768,004 | |||||||||
4.75%, 11/24/32 | HUF | 552,590 | 1,258,449 | |||||||||
5.50%, 06/24/25 | HUF | 627,070 | 1,668,997 | |||||||||
6.75%, 10/22/28 | HUF | 733,350 | 1,966,748 | |||||||||
|
| |||||||||||
21,301,343 | ||||||||||||
Indonesia — 6.1% | ||||||||||||
Indonesia Treasury Bond | ||||||||||||
5.13%, 04/15/27 | IDR | 15,259,000 | 905,358 | |||||||||
5.50%, 04/15/26 | IDR | 16,341,000 | 992,702 | |||||||||
6.13%, 05/15/28 | IDR | 15,475,000 | 937,657 | |||||||||
6.25%, 06/15/36 | IDR | 7,546,000 | 439,411 | |||||||||
6.38%, 08/15/28 | IDR | 13,732,000 | 841,123 | |||||||||
6.38%, 04/15/32 | IDR | 26,597,000 | 1,597,327 |
Security | Par (000) | Value | ||||||||||
Indonesia (continued) | ||||||||||||
6.38%, 07/15/37 | IDR | 2,511,000 | $ | 147,009 | ||||||||
6.50%, 06/15/25 | IDR | 21,030,000 | 1,311,975 | |||||||||
6.50%, 02/15/31 | IDR | 26,553,000 | 1,613,072 | |||||||||
6.63%, 05/15/33 | IDR | 12,050,000 | 730,131 | |||||||||
7.00%, 05/15/27 | IDR | 15,446,000 | 969,933 | |||||||||
7.00%, 09/15/30 | IDR | 24,198,000 | 1,517,231 | |||||||||
7.00%, 02/15/33 | IDR | 22,646,000 | 1,418,494 | |||||||||
7.13%, 06/15/38 | IDR | 9,768,000 | 611,845 | |||||||||
7.13%, 06/15/42 | IDR | 17,037,000 | 1,060,460 | |||||||||
7.13%, 06/15/43 | IDR | 5,585,000 | 348,953 | |||||||||
7.50%, 08/15/32 | IDR | 8,559,000 | 546,532 | |||||||||
7.50%, 06/15/35 | IDR | 14,948,000 | 959,834 | |||||||||
7.50%, 05/15/38 | IDR | 9,483,000 | 610,410 | |||||||||
7.50%, 04/15/40 | IDR | 19,064,000 | 1,224,128 | |||||||||
8.25%, 05/15/29 | IDR | 14,522,000 | 961,734 | |||||||||
8.25%, 06/15/32 | IDR | 6,046,000 | 405,350 | |||||||||
8.25%, 05/15/36 | IDR | 13,435,000 | 913,428 | |||||||||
8.38%, 09/15/26 | IDR | 16,750,000 | 1,089,778 | |||||||||
8.38%, 03/15/34 | IDR | 20,968,000 | 1,427,566 | |||||||||
8.38%, 04/15/39 | IDR | 10,195,000 | 705,980 | |||||||||
8.75%, 05/15/31 | IDR | 8,461,000 | 579,247 | |||||||||
9.00%, 03/15/29 | IDR | 12,524,000 | 854,250 | |||||||||
9.50%, 07/15/31 | IDR | 4,603,000 | 328,165 | |||||||||
10.50%, 08/15/30 | IDR | 4,112,000 | 305,455 | |||||||||
11.00%, 09/15/25 | IDR | 3,897,000 | 261,640 | |||||||||
Perusahaan Penerbit SBSN Indonesia | ||||||||||||
4.88%, 07/15/26 | IDR | 4,867,000 | 291,538 | |||||||||
6.38%, 03/15/34 | IDR | 9,639,000 | 572,939 | |||||||||
6.50%, 06/15/39 | IDR | 2,829,000 | 169,353 | |||||||||
6.63%, 10/15/24 | IDR | 6,528,000 | 409,810 | |||||||||
6.88%, 03/15/36 | IDR | 3,722,000 | 229,091 | |||||||||
8.88%, 11/15/31 | IDR | 5,023,000 | 354,951 | |||||||||
|
| |||||||||||
28,643,860 | ||||||||||||
Malaysia — 4.9% | ||||||||||||
Malaysia Government Bond | ||||||||||||
2.63%, 04/15/31 | MYR | 3,143 | 598,110 | |||||||||
3.48%, 06/14/24 | MYR | 2,682 | 563,048 | |||||||||
3.50%, 05/31/27 | MYR | 2,414 | 502,003 | |||||||||
3.58%, 07/15/32 | MYR | 2,754 | 555,679 | |||||||||
3.73%, 06/15/28 | MYR | 3,408 | 710,297 | |||||||||
3.76%, 05/22/40 | MYR | 3,655 | 707,587 | |||||||||
3.83%, 07/05/34 | MYR | 2,773 | 564,407 | |||||||||
3.88%, 03/14/25 | MYR | 1,682 | 355,019 | |||||||||
3.89%, 08/15/29 | MYR | 2,753 | 574,377 | |||||||||
3.90%, 11/30/26 | MYR | 3,239 | 684,327 | |||||||||
3.90%, 11/16/27 | MYR | 2,845 | 598,450 | |||||||||
3.91%, 07/15/26 | MYR | 2,683 | 567,076 | |||||||||
3.96%, 09/15/25 | MYR | 4,145 | 876,144 | |||||||||
4.06%, 09/30/24 | MYR | 1,634 | 344,634 | |||||||||
4.07%, 06/15/50 | MYR | 4,102 | 795,088 | |||||||||
4.18%, 07/15/24 | MYR | 1,823 | 384,929 | |||||||||
4.25%, 05/31/35 | MYR | 2,642 | 557,562 | |||||||||
4.50%, 04/30/29 | MYR | 1,473 | 317,122 | |||||||||
4.64%, 11/07/33 | MYR | 1,582 | 346,562 | |||||||||
4.70%, 10/15/42 | MYR | 4,096 | 890,133 | |||||||||
4.76%, 04/07/37 | MYR | 3,006 | 663,080 | |||||||||
4.89%, 06/08/38 | MYR | 3,789 | 851,012 | |||||||||
4.92%, 07/06/48 | MYR | 2,595 | 576,357 | |||||||||
Malaysia Government Bonds | ||||||||||||
3.52%, 04/20/28 | MYR | 561 | 115,990 | |||||||||
4.46%, 03/31/53 | MYR | 1,442 | 299,547 |
SCHEDULE OF INVESTMENTS | 51 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Malaysia (continued) | ||||||||||||
Malaysia Government Investment Issue | ||||||||||||
3.42%, 09/30/27 | MYR | 3,256 | $ | 673,622 | ||||||||
3.45%, 07/15/36 | MYR | 3,020 | 585,827 | |||||||||
3.47%, 10/15/30 | MYR | 3,398 | 686,133 | |||||||||
3.60%, 07/31/28 | MYR | 1,461 | 302,770 | |||||||||
3.66%, 10/15/24 | MYR | 2,377 | 499,482 | |||||||||
3.73%, 03/31/26 | MYR | 2,800 | 587,780 | |||||||||
3.99%, 10/15/25 | MYR | 3,713 | 786,171 | |||||||||
4.07%, 09/30/26 | MYR | 1,977 | 419,404 | |||||||||
4.13%, 08/15/25 | MYR | 1,483 | 314,743 | |||||||||
4.13%, 07/09/29 | MYR | 3,004 | 633,970 | |||||||||
4.19%, 10/07/32 | MYR | 2,892 | 609,035 | |||||||||
4.25%, 09/30/30 | MYR | 2,414 | 512,217 | |||||||||
4.26%, 07/26/27 | MYR | 1,715 | 365,893 | |||||||||
4.29%, 08/14/43 | MYR | 2,080 | 428,211 | |||||||||
4.37%, 10/31/28 | MYR | 3,718 | 797,234 | |||||||||
4.66%, 03/31/38 | MYR | 1,919 | 421,528 | |||||||||
Malaysia Investment Issue Bond, 4.42%, 09/30/41 | MYR | 2,206 | 461,818 | |||||||||
|
| |||||||||||
23,084,378 | ||||||||||||
Mexico — 5.9% | ||||||||||||
Mexican Bonos | ||||||||||||
5.00%, 03/06/25 | MXN | 24,549 | 1,260,476 | |||||||||
5.50%, 03/04/27 | MXN | 50,204 | 2,404,795 | |||||||||
7.50%, 05/26/33 | MXN | 30,590 | 1,417,284 | |||||||||
8.00%, 07/31/53 | MXN | 26,940 | 1,198,623 | |||||||||
Series M, 5.75%, 03/05/26 | MXN | 64,248 | 3,196,065 | |||||||||
Series M, 7.75%, 05/29/31 | MXN | 56,634 | 2,735,098 | |||||||||
Series M, 7.75%, 11/23/34 | MXN | 13,167 | 613,788 | |||||||||
Series M, 7.75%, 11/13/42 | MXN | 41,249 | 1,825,773 | |||||||||
Series M, 8.00%, 09/05/24 | MXN | 40,044 | 2,156,704 | |||||||||
Series M, 8.00%, 11/07/47 | MXN | 34,320 | 1,542,019 | |||||||||
Series M 20, 7.50%, 06/03/27 | MXN | 49,920 | 2,533,463 | |||||||||
Series M 20, 8.50%, 05/31/29 | MXN | 42,716 | 2,201,686 | |||||||||
Series M 20, 10.00%, 12/05/24 | MXN | 32,637 | 1,785,545 | |||||||||
Series M 30, 8.50%, 11/18/38 | MXN | 31,188 | 1,508,051 | |||||||||
Series M 30, 10.00%, 11/20/36 | MXN | 11,723 | 642,955 | |||||||||
Mexico Bonos | ||||||||||||
7.00%, 09/03/26 | MXN | 7,000 | 353,845 | |||||||||
8.00%, 05/24/35 | MXN | 4,820 | 227,622 | |||||||||
|
| |||||||||||
27,603,792 | ||||||||||||
Peru — 4.4% | ||||||||||||
Peru Government Bond | ||||||||||||
5.35%, 08/12/40 | PEN | 5,602 | 1,132,304 | |||||||||
5.40%, 08/12/34 | PEN | 9,053 | 1,970,547 | |||||||||
5.70%, 08/12/24 | PEN | 2,644 | 685,069 | |||||||||
5.94%, 02/12/29 | PEN | 11,297 | 2,816,136 | |||||||||
6.15%, 08/12/32 | PEN | 12,379 | 2,943,406 | |||||||||
6.35%, 08/12/28 | PEN | 7,188 | 1,843,051 | |||||||||
6.90%, 08/12/37 | PEN | 11,687 | 2,824,426 | |||||||||
6.95%, 08/12/31 | PEN | 11,224 | 2,845,484 | |||||||||
7.30%, 08/12/33(b)(c) | PEN | 9,721 | 2,479,212 | |||||||||
8.20%, 08/12/26 | PEN | 4,437 | 1,205,075 | |||||||||
|
| |||||||||||
20,744,710 | ||||||||||||
Poland — 4.5% | ||||||||||||
Republic of Poland Government Bond | ||||||||||||
0.25%, 10/25/26 | PLN | 6,775 | 1,397,271 | |||||||||
0.75%, 04/25/25 | PLN | 5,713 | 1,273,487 | |||||||||
1.25%, 10/25/30 | PLN | 7,894 | 1,433,385 | |||||||||
1.75%, 04/25/32 | PLN | 8,008 | 1,416,403 | |||||||||
2.25%, 10/25/24 | PLN | 6,676 | 1,542,610 |
Security | Par (000) | Value | ||||||||||
Poland (continued) | ||||||||||||
2.50%, 07/25/26 | PLN | 9,224 | $ | 2,047,038 | ||||||||
2.50%, 07/25/27 | PLN | 6,013 | 1,302,245 | |||||||||
2.75%, 04/25/28 | PLN | 7,536 | 1,616,911 | |||||||||
2.75%, 10/25/29 | PLN | 9,182 | 1,898,441 | |||||||||
3.25%, 07/25/25 | PLN | 7,562 | 1,738,414 | |||||||||
3.75%, 05/25/27 | PLN | 7,271 | 1,648,177 | |||||||||
7.50%, 07/25/28 | PLN | 9,573 | 2,475,541 | |||||||||
Republic of Poland Government Bonds | ||||||||||||
0.00%, 10/25/25(a) | PLN | 2,225 | 478,179 | |||||||||
6.00%, 10/25/33 | PLN | 4,872 | 1,185,922 | |||||||||
|
| |||||||||||
21,454,024 | ||||||||||||
Romania — 4.4% | ||||||||||||
Romania Government Bond | ||||||||||||
2.50%, 10/25/27 | RON | 5,170 | 948,982 | |||||||||
3.25%, 06/24/26 | RON | 4,675 | 923,517 | |||||||||
3.50%, 11/25/25 | RON | 3,540 | 715,576 | |||||||||
3.65%, 07/28/25 | RON | 5,070 | 1,036,931 | |||||||||
3.65%, 09/24/31 | RON | 5,070 | 868,017 | |||||||||
3.70%, 11/25/24 | RON | 4,770 | 992,082 | |||||||||
4.15%, 01/26/28 | RON | 5,710 | 1,103,998 | |||||||||
4.15%, 10/24/30 | RON | 4,915 | 893,809 | |||||||||
4.25%, 04/28/36 | RON | 4,630 | 755,204 | |||||||||
4.50%, 06/17/24 | RON | 3,880 | 818,656 | |||||||||
4.75%, 02/24/25 | RON | 5,765 | 1,207,249 | |||||||||
4.75%, 10/11/34 | RON | 5,440 | 954,102 | |||||||||
4.85%, 04/22/26 | RON | 5,290 | 1,090,344 | |||||||||
4.85%, 07/25/29 | RON | 4,810 | 931,038 | |||||||||
5.00%, 02/12/29 | RON | 5,400 | 1,059,022 | |||||||||
5.80%, 07/26/27 | RON | 6,060 | 1,258,787 | |||||||||
6.70%, 02/25/32 | RON | 5,955 | 1,238,885 | |||||||||
7.35%, 04/28/31 | RON | 2,690 | 583,465 | |||||||||
8.00%, 04/29/30 | RON | 1,885 | 422,330 | |||||||||
8.25%, 09/29/32 | RON | 5,320 | 1,222,429 | |||||||||
Romania Government Bonds | ||||||||||||
7.90%, 02/24/38 | RON | 3,395 | 770,837 | |||||||||
8.00%, 04/29/30 | RON | 1,005 | 225,168 | |||||||||
8.75%, 10/30/28 | RON | 3,510 | 806,965 | |||||||||
|
| |||||||||||
20,827,393 | ||||||||||||
Serbia — 4.4% | ||||||||||||
Serbia Treasury Bonds | ||||||||||||
4.50%, 01/11/26 | RSD | 717,230 | 6,334,638 | |||||||||
4.50%, 08/20/32 | RSD | 952,690 | 7,461,776 | |||||||||
5.88%, 02/08/28 | RSD | 756,920 | 6,909,645 | |||||||||
|
| |||||||||||
20,706,059 | ||||||||||||
South Africa — 4.5% | ||||||||||||
Republic of South Africa Government Bond | ||||||||||||
6.25%, 03/31/36 | ZAR | 19,815 | 656,887 | |||||||||
6.50%, 02/28/41 | ZAR | 16,942 | 520,441 | |||||||||
7.00%, 02/28/31 | ZAR | 29,067 | 1,232,974 | |||||||||
8.00%, 01/31/30 | ZAR | 60,912 | 2,875,272 | |||||||||
8.25%, 03/31/32 | ZAR | 57,010 | 2,514,539 | |||||||||
8.50%, 01/31/37 | ZAR | 45,636 | 1,808,739 | |||||||||
8.75%, 01/31/44 | ZAR | 38,790 | 1,466,308 | |||||||||
8.75%, 02/28/48 | ZAR | 67,731 | 2,541,087 | |||||||||
8.88%, 02/28/35 | ZAR | 52,493 | 2,240,723 | |||||||||
9.00%, 01/31/40 | ZAR | 38,839 | 1,545,617 | |||||||||
10.50%, 12/21/26 | ZAR | 65,003 | 3,592,914 | |||||||||
11.63%, 03/31/53 | ZAR | 4,036 | 196,958 | |||||||||
|
| |||||||||||
21,192,459 |
52 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Thailand — 4.5% | ||||||||||||
Thailand Government Bond | ||||||||||||
0.75%, 06/17/24 | THB | 25,628 | $ | 702,175 | ||||||||
0.75%, 09/17/24 | THB | 41,822 | 1,140,693 | |||||||||
0.95%, 06/17/25 | THB | 38,887 | 1,050,655 | |||||||||
1.00%, 06/17/27 | THB | 46,205 | 1,202,596 | |||||||||
1.45%, 12/17/24 | THB | 36,365 | 994,231 | |||||||||
1.59%, 12/17/35 | THB | 31,118 | 705,872 | |||||||||
1.60%, 12/17/29 | THB | 34,642 | 886,423 | |||||||||
1.60%, 06/17/35 | THB | 19,585 | 449,427 | |||||||||
2.00%, 12/17/31 | THB | 47,308 | 1,199,044 | |||||||||
2.00%, 06/17/42 | THB | 28,702 | 615,748 | |||||||||
2.13%, 12/17/26 | THB | 37,421 | 1,019,011 | |||||||||
2.35%, 06/17/26 | THB | 29,374 | 807,827 | |||||||||
2.65%, 06/17/28 | THB | 41,698 | 1,142,033 | |||||||||
2.88%, 12/17/28 | THB | 31,240 | 865,072 | |||||||||
2.88%, 06/17/46 | THB | 32,950 | 778,992 | |||||||||
3.30%, 06/17/38 | THB | 39,366 | 1,051,779 | |||||||||
3.35%, 06/17/33 | THB | 31,592 | 885,473 | |||||||||
3.39%, 06/17/37 | THB | 20,961 | 573,011 | |||||||||
3.40%, 06/17/36 | THB | 32,492 | 888,758 | |||||||||
3.45%, 06/17/43 | THB | 23,430 | 625,806 | |||||||||
3.65%, 06/20/31 | THB | 31,281 | 897,339 | |||||||||
3.78%, 06/25/32 | THB | 31,983 | 922,353 | |||||||||
3.85%, 12/12/25 | THB | 29,920 | 849,389 | |||||||||
4.88%, 06/22/29 | THB | 38,054 | 1,160,259 | |||||||||
|
| |||||||||||
21,413,966 | ||||||||||||
Turkey — 4.3% | ||||||||||||
Turkey Government Bond | ||||||||||||
8.00%, 03/12/25 | TRY | 32,538 | 860,567 | |||||||||
9.00%, 07/24/24 | TRY | 44,935 | 1,378,873 | |||||||||
10.50%, 08/11/27 | TRY | 143,508 | 3,032,912 | |||||||||
10.60%, 02/11/26 | TRY | 58,047 | 1,404,074 | |||||||||
11.00%, 02/24/27 | TRY | 36,838 | 792,182 | |||||||||
11.70%, 11/13/30 | TRY | 93,010 | 1,877,006 | |||||||||
12.40%, 03/08/28 | TRY | 184,522 | 4,000,689 | |||||||||
12.60%, 10/01/25 | TRY | 95,703 | 2,463,606 | |||||||||
16.90%, 09/02/26 | TRY | 116,311 | 3,076,245 |
Security | Par (000) | Value | ||||||||||
Turkey (continued) | ||||||||||||
Turkiye Government Bond, 17.80%, 07/13/33 | TRY | 52,590 | $ | 1,304,571 | ||||||||
|
| |||||||||||
20,190,725 | ||||||||||||
Uruguay — 4.4% | ||||||||||||
Uruguay Government International Bond | ||||||||||||
8.25%, 05/21/31 | UYU | 511,151 | 11,658,848 | |||||||||
8.50%, 03/15/28(c) | UYU | 190,526 | 4,531,637 | |||||||||
Uruguay Government International Bonds, 9.75%, 07/20/33 (Call 04/20/33) | UYU | 178,469 | 4,422,377 | |||||||||
|
| |||||||||||
20,612,862 | ||||||||||||
|
| |||||||||||
Total Long-Term Investments — 97.1% |
| 457,887,885 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Short-Term Securities |
| |||||||||||
Money Market Funds — 4.6% | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e) | 21,570,000 | 21,570,000 | ||||||||||
|
| |||||||||||
Total Short-Term Securities — 4.6% |
| 21,570,000 | ||||||||||
|
| |||||||||||
Total Investments — 101.7% |
| 479,457,885 | ||||||||||
Liabilities in Excess of Other Assets — (1.7)% |
| (8,157,738 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 471,300,147 | |||||||||
|
|
(a) | Zero-coupon bond. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain from Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 440,000 | $ | 21,130,000 | (a) | $ | — | $ | — | $ | — | $ | 21,570,000 | 21,570,000 | $ | 90,739 | $ | 5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
SCHEDULE OF INVESTMENTS | 53 |
Schedule of Investments (continued) October 31, 2023 | iShares® J.P. Morgan EM Local Currency 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 | ||||||||||||||||
Foreign Government Obligations | $ | — | $ | 457,887,885 | $ | — | $ | 457,887,885 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 21,570,000 | — | — | 21,570,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 21,570,000 | $ | 457,887,885 | $ | — | $ | 479,457,885 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
54 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes | ||||||||||||
Australia — 0.5% | ||||||||||||
FMG Resources August 2006 Pty Ltd. | ||||||||||||
4.38%, 04/01/31 (Call 01/01/31)(a) | USD | 150 | $ | 120,993 | ||||||||
4.50%, 09/15/27 (Call 06/15/27)(a) | USD | 55 | 49,406 | |||||||||
FMG Resources August Pty. Ltd. | ||||||||||||
5.88%, 04/15/30 (Call 01/15/30)(a) | USD | 55 | 49,225 | |||||||||
6.13%, 04/15/32 (Call 01/15/32)(a)(b) | USD | 75 | 66,188 | |||||||||
Mineral Resources Ltd. | ||||||||||||
8.00%, 11/01/27 (Call 11/01/24)(a) | USD | 70 | 67,640 | |||||||||
8.13%, 05/01/27 (Call 12/01/23)(a) | USD | 50 | 48,643 | |||||||||
8.50%, 05/01/30 (Call 05/01/25)(a) | USD | 70 | 67,320 | |||||||||
9.25%, 10/01/28 (Call 10/01/25)(a) | USD | 100 | 100,000 | |||||||||
|
| |||||||||||
569,415 | ||||||||||||
Austria — 0.2% | ||||||||||||
ams-OSRAM AG, 6.00%, 07/31/25 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 103,654 | |||||||||
Benteler International AG, 9.38%, 05/15/28 | ||||||||||||
(Call 05/15/25)(c) | EUR | 100 | 106,415 | |||||||||
|
| |||||||||||
210,069 | ||||||||||||
Belgium — 0.3% | ||||||||||||
Ontex Group NV, 3.50%, 07/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 96,481 | |||||||||
Telenet Finance Luxembourg Notes Sarl | ||||||||||||
3.50%, 03/01/28 (Call 11/10/23)(c) | EUR | 100 | 95,945 | |||||||||
5.50%, 03/01/28 (Call 11/13/23)(a) | USD | 200 | 175,719 | |||||||||
|
| |||||||||||
368,145 | ||||||||||||
Canada — 3.3% | ||||||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||||||
3.50%, 02/15/29 (Call 02/15/24)(a) | USD | 70 | 59,906 | |||||||||
3.88%, 01/15/28 (Call 12/01/23)(a) | USD | 145 | 129,471 | |||||||||
4.00%, 10/15/30 (Call 10/15/25)(a) | USD | 275 | 225,339 | |||||||||
4.38%, 01/15/28 (Call 12/01/23)(a)(b) | USD | 70 | 62,825 | |||||||||
5.75%, 04/15/25 (Call 12/01/23)(a) | USD | 65 | 64,418 | |||||||||
Air Canada | ||||||||||||
3.88%, 08/15/26 (Call 02/15/26)(a) | USD | 100 | 91,000 | |||||||||
4.63%, 08/15/29 (Call 02/15/26)(a) | CAD | 238 | 149,528 | |||||||||
AutoCanada Inc., 5.75%, 02/07/29 | ||||||||||||
(Call 02/07/25)(a) | CAD | 75 | 46,162 | |||||||||
Baytex Energy Corp. | ||||||||||||
8.50%, 04/30/30 (Call 04/30/26)(a) | USD | 75 | 74,250 | |||||||||
8.75%, 04/01/27 (Call 12/01/23)(a) | USD | 50 | 50,375 | |||||||||
Bombardier Inc. | ||||||||||||
6.00%, 02/15/28 (Call 02/15/24)(a) | USD | 65 | 57,653 | |||||||||
7.13%, 06/15/26 (Call 12/01/23)(a) | USD | 125 | 120,222 | |||||||||
7.50%, 02/01/29 (Call 02/01/26)(a)(b) | USD | 60 | 55,575 | |||||||||
7.88%, 04/15/27 (Call 12/01/23)(a) | USD | 175 | 168,206 | |||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC | ||||||||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | USD | 50 | 38,138 | |||||||||
6.25%, 09/15/27 (Call 12/01/23)(a) | USD | 57 | 49,815 | |||||||||
Emera Inc., Series 16-A, 6.75%, 06/15/76 | ||||||||||||
(Call 06/15/26), (3-mo. LIBOR US + | USD | 110 | 103,259 | |||||||||
Garda World Security Corp. | ||||||||||||
4.63%, 02/15/27 (Call 12/01/23)(a) | USD | 60 | 53,452 | |||||||||
6.00%, 06/01/29 (Call 06/01/24)(a) | USD | 50 | 38,379 | |||||||||
7.75%, 02/15/28 (Call 02/15/25)(a) | USD | 30 | 28,725 | |||||||||
9.50%, 11/01/27 (Call 12/01/23)(a) | USD | 75 | 67,705 | |||||||||
GFL Environmental Inc. | ||||||||||||
3.50%, 09/01/28 (Call 03/01/28)(a) | USD | 60 | 51,332 | |||||||||
3.75%, 08/01/25 (Call 12/01/23)(a) | USD | 80 | 75,726 |
Security | Par (000) | Value | ||||||||||
Canada (continued) | ||||||||||||
4.00%, 08/01/28 (Call 11/14/23)(a)(b) | USD | 70 | $ | 60,248 | ||||||||
4.25%, 06/01/25 (Call 12/01/23)(a) | USD | 50 | 48,044 | |||||||||
4.38%, 08/15/29 (Call 08/15/24)(a) | USD | 65 | 55,491 | |||||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) | USD | 70 | 61,244 | |||||||||
5.13%, 12/15/26 (Call 12/01/23)(a) | USD | 54 | 51,192 | |||||||||
Jones Deslauriers Insurance Management Inc., | ||||||||||||
8.50%, 03/15/30 (Call 03/15/26)(a) | USD | 75 | 73,889 | |||||||||
Kronos Acquisition Holdings Inc./KIK Custom Products Inc. | ||||||||||||
5.00%, 12/31/26 (Call 12/01/23)(a) | USD | 45 | 40,725 | |||||||||
7.00%, 12/31/27 (Call 12/31/23)(a) | USD | 70 | 59,675 | |||||||||
Mattamy Group Corp. | ||||||||||||
4.63%, 03/01/30 (Call 03/01/25)(a) | USD | 45 | 36,760 | |||||||||
5.25%, 12/15/27 (Call 12/01/23)(a) | USD | 60 | 53,873 | |||||||||
MEG Energy Corp. | ||||||||||||
5.88%, 02/01/29 (Call 02/01/24)(a) | USD | 50 | 46,685 | |||||||||
7.13%, 02/01/27 (Call 12/01/23)(a) | USD | 60 | 60,525 | |||||||||
Methanex Corp. | ||||||||||||
5.13%, 10/15/27 (Call 04/15/27) | USD | 85 | 77,410 | |||||||||
5.25%, 12/15/29 (Call 09/15/29) | USD | 65 | 57,436 | |||||||||
NOVA Chemicals Corp. | ||||||||||||
4.25%, 05/15/29 (Call 05/15/24)(a) | USD | 57 | 42,174 | |||||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | USD | 54 | 50,916 | |||||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | USD | 100 | 84,716 | |||||||||
NuVista Energy Ltd., 7.88%, 07/23/26 | ||||||||||||
(Call 11/10/23)(a) | CAD | 50 | 36,108 | |||||||||
Open Text Corp. | ||||||||||||
3.88%, 02/15/28 (Call 12/01/23)(a) | USD | 90 | 77,917 | |||||||||
3.88%, 12/01/29 (Call 12/01/24)(a) | USD | 80 | 65,568 | |||||||||
Open Text Holdings Inc. | ||||||||||||
4.13%, 02/15/30 (Call 02/15/25)(a) | USD | 100 | 82,817 | |||||||||
4.13%, 12/01/31 (Call 12/01/26)(a) | USD | 68 | 53,669 | |||||||||
Parkland Corp. | ||||||||||||
3.88%, 06/16/26 (Call 11/10/23)(a) | CAD | 75 | 49,962 | |||||||||
4.50%, 10/01/29 (Call 10/01/24)(a)(b) | USD | 70 | 60,207 | |||||||||
4.63%, 05/01/30 (Call 05/01/25)(a) | USD | 80 | 68,200 | |||||||||
5.88%, 07/15/27 (Call 12/01/23)(a) | USD | 40 | 38,300 | |||||||||
Ritchie Bros Holdings Inc. | ||||||||||||
6.75%, 03/15/28 (Call 03/15/25)(a) | USD | 60 | 58,925 | |||||||||
7.75%, 03/15/31 (Call 03/15/26)(a) | USD | 70 | 70,262 | |||||||||
Rogers Communications Inc., 5.25%, 03/15/82 | ||||||||||||
(Call 03/15/27), (5-year CMT + 3.590%)(a)(b)(d) | USD | 75 | 66,000 | |||||||||
SNC-Lavalin Group Inc., 7.00%, 06/12/26 | ||||||||||||
(Call 06/01/26) | CAD | 25 | 17,936 | |||||||||
Superior Plus LP, 4.25%, 05/18/28 | ||||||||||||
(Call 05/18/24)(a) | CAD | 50 | 31,530 | |||||||||
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 | ||||||||||||
(Call 05/10/24)(a) | CAD | 75 | 51,474 | |||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, | ||||||||||||
7.75%, 04/15/26 (Call 12/01/23)(a) | USD | 90 | 84,237 | |||||||||
Videotron Ltd. | ||||||||||||
3.13%, 01/15/31 (Call 01/15/26) | CAD | 125 | 69,120 | |||||||||
3.63%, 06/15/28 (Call 06/15/24)(a) | CAD | 150 | 93,118 | |||||||||
3.63%, 06/15/29 (Call 06/15/24)(a)(b) | USD | 50 | 42,063 | |||||||||
4.50%, 01/15/30 (Call 10/15/24) | CAD | 110 | 68,229 | |||||||||
5.13%, 04/15/27 (Call 12/01/23)(a) | USD | 60 | 55,894 | |||||||||
|
| |||||||||||
4,064,000 | ||||||||||||
China — 0.1% | ||||||||||||
Swissport Investments SA, | EUR | 100 | 1 |
SCHEDULE OF INVESTMENTS | 55 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
China (continued) | ||||||||||||
TI Automotive Finance PLC, 3.75%, 04/15/29 | ||||||||||||
(Call 04/15/24)(c) | EUR | 100 | $ | 87,776 | ||||||||
|
| |||||||||||
87,777 | ||||||||||||
Cyprus — 0.1% | ||||||||||||
Bank of Cyprus PLC, 7.38%, 07/25/28, | ||||||||||||
(3-mo. EURIBOR + 4.095%)(c)(d) | EUR | 100 | 105,812 | |||||||||
|
| |||||||||||
Czech Republic — 0.1% | ||||||||||||
Allwyn Entertainment Financing U.K. PLC, 7.25%, | ||||||||||||
04/30/30 (Call 04/30/26)(c) | EUR | 100 | 105,102 | |||||||||
|
| |||||||||||
Finland — 0.1% | ||||||||||||
Citycon Treasury BV, 1.63%, 03/12/28 (Call 12/12/27)(c) | EUR | 100 | 81,514 | |||||||||
Huhtamaki Oyj, 4.25%, 06/09/27 (Call 03/09/27)(c) | EUR | 100 | 103,035 | |||||||||
|
| |||||||||||
184,549 | ||||||||||||
France — 4.4% | ||||||||||||
Adevinta ASA, 2.63%, 11/15/25 (Call 11/10/23)(c) | EUR | 100 | 102,588 | |||||||||
Altice France SA/France | ||||||||||||
2.50%, 01/15/25 (Call 11/10/23)(c) | EUR | 100 | 98,355 | |||||||||
3.38%, 01/15/28 (Call 11/10/23)(c) | EUR | 100 | 76,022 | |||||||||
4.13%, 01/15/29 (Call 11/30/23)(c) | EUR | 100 | 75,540 | |||||||||
5.13%, 01/15/29 (Call 12/01/23)(a) | USD | 25 | 17,152 | |||||||||
5.13%, 07/15/29 (Call 04/15/24)(a) | USD | 250 | 171,180 | |||||||||
5.50%, 01/15/28 (Call 12/01/23)(a) | USD | 100 | 74,250 | |||||||||
5.50%, 10/15/29 (Call 10/15/24)(a) | USD | 225 | 154,054 | |||||||||
5.88%, 02/01/27 (Call 11/10/23)(c) | EUR | 100 | 87,466 | |||||||||
8.13%, 02/01/27 (Call 11/13/23)(a) | USD | 175 | 147,186 | |||||||||
Atos SE | ||||||||||||
1.00%, 11/12/29 (Call 08/12/29)(c) | EUR | 100 | 47,575 | |||||||||
2.50%, 11/07/28 (Call 08/07/28)(c) | EUR | 100 | 52,472 | |||||||||
Banijay Entertainment SASU, 7.00%, 05/01/29 | ||||||||||||
(Call 11/01/25)(c) | EUR | 100 | 104,303 | |||||||||
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(c) | EUR | 200 | 175,951 | |||||||||
Chrome Bidco SASU, 3.50%, 05/31/28 | ||||||||||||
(Call 05/31/24)(c) | EUR | 100 | 85,407 | |||||||||
Electricite de France SA, 9.13%, (Call 03/15/33) | ||||||||||||
(5-year CMT + 5.411%)(a)(d)(g) | USD | 150 | 153,498 | |||||||||
Elior Group SA, 3.75%, 07/15/26 (Call 11/30/23)(c) | EUR | 100 | 81,680 | |||||||||
Elis SA | ||||||||||||
1.63%, 04/03/28 (Call 01/03/28)(c) | EUR | 100 | 93,168 | |||||||||
2.88%, 02/15/26 (Call 11/15/25)(c) | EUR | 100 | 101,482 | |||||||||
Emeria SASU, 3.38%, 03/31/28 (Call 03/31/24)(c) | EUR | 100 | 83,811 | |||||||||
Eramet SA, 7.00%, 05/22/28 (Call 02/22/28)(c) | EUR | 100 | 99,907 | |||||||||
Faurecia SE | ||||||||||||
2.38%, 06/15/27 (Call 11/10/23)(c) | EUR | 100 | 93,984 | |||||||||
2.63%, 06/15/25 (Call 11/30/23)(c) | EUR | 235 | 239,450 | |||||||||
2.75%, 02/15/27 (Call 02/15/24)(c) | EUR | 100 | 95,847 | |||||||||
3.13%, 06/15/26 (Call 11/30/23)(c) | EUR | 100 | 99,269 | |||||||||
3.75%, 06/15/28 (Call 11/30/23)(c) | EUR | 100 | 95,885 | |||||||||
Getlink SE, 3.50%, 10/30/25 (Call 11/30/23)(c) | EUR | 100 | 102,951 | |||||||||
Iliad Holding SASU | ||||||||||||
5.13%, 10/15/26 (Call 11/10/23)(c) | EUR | 100 | 102,308 | |||||||||
5.63%, 10/15/28 (Call 10/15/24)(c) | EUR | 100 | 99,622 | |||||||||
6.50%, 10/15/26 (Call 11/13/23)(a) | USD | 125 | 116,719 | |||||||||
7.00%, 10/15/28 (Call 10/15/24)(a) | USD | 75 | 67,880 | |||||||||
iliad SA | ||||||||||||
1.88%, 04/25/25 (Call 01/25/25)(c) | EUR | 100 | 100,990 | |||||||||
1.88%, 02/11/28 (Call 11/11/27)(c) | EUR | 100 | 90,042 | |||||||||
2.38%, 06/17/26 (Call 03/17/26)(c) | EUR | 100 | 98,387 | |||||||||
IPD 3 BV, 8.00%, 06/15/28 (Call 06/15/25)(c) | EUR | 100 | 106,282 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Kapla Holding SAS, 3.38%, 12/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | $ | 93,475 | ||||||||
La Financiere Atalian SASU, 4.00%, 05/15/24 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 82,697 | |||||||||
Loxam SAS, 6.38%, 05/15/28 (Call 05/15/25)(c) | EUR | 100 | 102,690 | |||||||||
Paprec Holding SA, 4.00%, 03/31/25 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 104,135 | |||||||||
Picard Groupe SAS, 3.88%, 07/01/26 | ||||||||||||
(Call 12/12/23)(c) | EUR | 100 | 96,958 | |||||||||
RCI Banque SA, 2.63%, 02/18/30 | ||||||||||||
(Call 02/18/25)(c)(d) | EUR | 100 | 99,001 | |||||||||
Renault SA | ||||||||||||
1.13%, 10/04/27 (Call 07/04/27)(c) | EUR | 100 | 91,265 | |||||||||
1.25%, 06/24/25 (Call 03/24/25)(c) | EUR | 100 | 99,252 | |||||||||
2.38%, 05/25/26 (Call 02/25/26)(c) | EUR | 200 | 196,863 | |||||||||
2.50%, 06/02/27 (Call 03/02/27)(c) | EUR | 100 | 95,791 | |||||||||
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(c) | EUR | 100 | 92,251 | |||||||||
SPCM SA, 2.63%, 02/01/29 (Call 11/10/23)(c) | EUR | 100 | 92,199 | |||||||||
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(c) | EUR | 100 | 100,677 | |||||||||
Tereos Finance Groupe, 4.75%, 04/30/27 | ||||||||||||
(Call 04/30/24)(c) | EUR | 100 | 99,949 | |||||||||
Valeo | ||||||||||||
1.50%, 06/18/25 (Call 03/18/25)(c) | EUR | 100 | 100,265 | |||||||||
5.38%, 05/28/27 (Call 02/28/27)(c) | EUR | 200 | 209,703 | |||||||||
Valeo SE, 5.88%, 04/12/29 | EUR | 100 | 106,301 | |||||||||
|
| |||||||||||
5,456,135 | ||||||||||||
Germany — 3.3% | ||||||||||||
Bayer AG | ||||||||||||
3.13%, 11/12/79 (Call 08/12/27)(c)(d) | EUR | 100 | 91,914 | |||||||||
5.38%, 03/25/82 (Call 06/25/30)(c)(d) | EUR | 100 | 96,538 | |||||||||
6.63%, 09/25/83 | EUR | 100 | 104,677 | |||||||||
7.00%, 09/25/83 | EUR | 100 | 104,882 | |||||||||
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 | ||||||||||||
(Call 04/23/27)(c)(d) | EUR | 100 | 97,019 | |||||||||
Ceconomy AG, 1.75%, 06/24/26 (Call 03/24/26)(c) | EUR | 100 | 80,580 | |||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
4.38%, 01/15/28 (Call 01/15/24)(c) | EUR | 100 | 95,910 | |||||||||
7.50%, 05/15/30 (Call 05/15/26)(c) | EUR | 100 | 105,062 | |||||||||
Commerzbank AG | ||||||||||||
4.00%, 03/23/26(c) | EUR | 100 | 102,466 | |||||||||
4.00%, 03/30/27(c) | EUR | 70 | 71,673 | |||||||||
4.00%, 12/05/30 (Call 09/05/25)(c)(d) | EUR | 100 | 101,360 | |||||||||
8.63%, 02/28/33 (Call 11/28/27)(c)(d) | GBP | 100 | 121,384 | |||||||||
CT Investment GmbH, 5.50%, 04/15/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 99,026 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
2.88%, 02/11/25 (Call 01/11/25)(c) | EUR | 100 | 102,791 | |||||||||
2.88%, 05/16/27 (Call 02/16/27)(c) | EUR | 100 | 97,320 | |||||||||
3.00%, 05/29/26 (Call 03/02/26)(c) | EUR | 100 | 100,183 | |||||||||
3.50%, 07/14/29 (Call 04/14/29)(c) | EUR | 100 | 94,432 | |||||||||
Douglas GmbH, 6.00%, 04/08/26 | EUR | 100 | 100,624 | |||||||||
Evonik Industries AG, 1.38%, 09/02/81 | EUR | 100 | 89,953 | |||||||||
Gruenenthal GmbH, 6.75%, 05/15/30 | ||||||||||||
(Call 05/15/26)(c) | EUR | 100 | 106,622 | |||||||||
HT Troplast GmbH, 9.38%, 07/15/28(c) | EUR | 100 | 102,473 | |||||||||
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(c) | EUR | 100 | 80,244 | |||||||||
Mercer International Inc., 5.13%, 02/01/29 | ||||||||||||
(Call 02/01/24)(b) | USD | 85 | 66,671 | |||||||||
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 | ||||||||||||
(Call 04/30/24)(c) | EUR | 100 | 105,737 |
56 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
PCF GmbH, 4.75%, 04/15/26 (Call 11/10/23)(c) | EUR | 100 | $ | 74,956 | ||||||||
ProGroup AG, 3.00%, 03/31/26 | EUR | 100 | 98,318 | |||||||||
Schaeffler AG | ||||||||||||
2.88%, 03/26/27 (Call 12/26/26)(c) | EUR | 75 | 74,098 | |||||||||
3.38%, 10/12/28 (Call 07/12/28)(c) | EUR | 100 | 95,603 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 11/30/23)(c) | EUR | 100 | 101,422 | |||||||||
Tele Columbus AG, 3.88%, 05/02/25 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 57,605 | |||||||||
thyssenkrupp AG, 2.50%, 02/25/25(c) | EUR | 50 | 51,484 | |||||||||
TK Elevator Holdco GmbH | ||||||||||||
6.63%, 07/15/28 (Call 11/30/23)(c) | EUR | 90 | 81,585 | |||||||||
7.63%, 07/15/28 (Call 12/01/23)(a) | USD | 50 | 45,309 | |||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 95,471 | |||||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 | ||||||||||||
(Call 12/01/23)(a) | USD | 150 | 136,687 | |||||||||
TUI Cruises GmbH, 6.50%, 05/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 97,856 | |||||||||
ZF Europe Finance BV | ||||||||||||
2.00%, 02/23/26 (Call 12/23/25)(c) | EUR | 100 | 96,924 | |||||||||
2.50%, 10/23/27 (Call 07/23/27)(c) | EUR | 100 | 92,714 | |||||||||
3.00%, 10/23/29 (Call 07/23/29)(c) | EUR | 100 | 88,491 | |||||||||
ZF Finance GmbH | ||||||||||||
2.00%, 05/06/27 (Call 02/06/27)(c) | EUR | 100 | 92,689 | |||||||||
2.75%, 05/25/27 (Call 02/25/27)(c) | EUR | 100 | 95,156 | |||||||||
5.75%, 08/03/26 (Call 07/03/26)(c) | EUR | 100 | 105,711 | |||||||||
ZF North America Capital Inc. | ||||||||||||
4.75%, 04/29/25(a) | USD | 75 | 72,267 | |||||||||
6.88%, 04/14/28 (Call 03/14/28)(a) | USD | 50 | 48,437 | |||||||||
7.13%, 04/14/30 (Call 02/14/30)(a) | USD | 75 | 72,758 | |||||||||
|
| |||||||||||
4,095,082 | ||||||||||||
Greece — 0.8% | ||||||||||||
Alpha Bank SA | ||||||||||||
2.50%, 03/23/28 (Call 03/23/27)(c)(d) | EUR | 100 | 92,055 | |||||||||
7.50%, 06/16/27 (Call 06/16/26)(c)(d) | EUR | 100 | 109,386 | |||||||||
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(c)(d) | EUR | 100 | 98,501 | |||||||||
Eurobank Ergasias Services & Holdings SA, | ||||||||||||
10.00%, 12/06/32 (Call 12/06/27)(c)(d) | EUR | 100 | 112,775 | |||||||||
Eurobank SA, 7.00%, 01/26/29 | ||||||||||||
(Call 01/26/28)(c)(d) | EUR | 100 | 109,566 | |||||||||
National Bank of Greece SA, 2.75%, 10/08/26 | ||||||||||||
(Call 10/08/25)(c)(d) | EUR | 100 | 100,485 | |||||||||
Piraeus Bank SA, 8.25%, 01/28/27 | ||||||||||||
(Call 01/28/26)(c)(d) | EUR | 100 | 109,857 | |||||||||
Piraeus Financial Holdings SA, 5.50%, 02/19/30 (Call 02/19/25)(c)(d) | EUR | 100 | 98,310 | |||||||||
Public Power Corp. SA, 4.38%, 03/30/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 102,535 | |||||||||
Titan Global Finance PLC, 2.38%, 11/16/24 | ||||||||||||
(Call 05/16/24)(c) | EUR | 100 | 102,932 | |||||||||
|
| |||||||||||
1,036,402 | ||||||||||||
Hong Kong — 0.3% | ||||||||||||
Melco Resorts Finance Ltd. | ||||||||||||
4.88%, 06/06/25 (Call 12/01/23)(a) | USD | 70 | 65,897 | |||||||||
5.25%, 04/26/26 (Call 12/01/23)(a) | USD | 50 | 45,734 | |||||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | USD | 125 | 99,559 | |||||||||
5.63%, 07/17/27 (Call 12/01/23)(a) | USD | 50 | 43,666 |
Security | Par (000) | Value | ||||||||||
Hong Kong (continued) | ||||||||||||
5.75%, 07/21/28 (Call 12/01/23)(a) | USD | 75 | $ | 63,386 | ||||||||
|
| |||||||||||
318,242 | ||||||||||||
Ireland — 0.5% | ||||||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 | ||||||||||||
(Call 06/15/25), (3-mo. SOFR + 4.562%)(a)(d) | USD | 75 | 73,564 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 08/15/27 (Call 12/01/23)(a) | USD | 75 | 54,563 | |||||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 | ||||||||||||
(Call 11/13/23)(a) | USD | 135 | 115,060 | |||||||||
eircom Finance DAC, 3.50%, 05/15/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 125 | 123,045 | |||||||||
Energia Group Roi Financeco DAC, 6.88%, | ||||||||||||
07/31/28(c) | EUR | 100 | 102,631 | |||||||||
GGAM Finance Ltd. | ||||||||||||
7.75%, 05/15/26 (Call 11/15/25)(a) | USD | 25 | 24,737 | |||||||||
8.00%, 06/15/28 (Call 12/15/27)(a) | USD | 75 | 73,950 | |||||||||
|
| |||||||||||
567,550 | ||||||||||||
Israel — 1.3% | ||||||||||||
Energian Israel Finance Ltd. | ||||||||||||
4.88%, 03/30/26 (Call 12/30/25)(a)(c) | USD | 60 | 52,833 | |||||||||
5.38%, 03/30/28 (Call 09/30/27)(a)(c) | USD | 56 | 45,817 | |||||||||
5.88%, 03/30/31 (Call 09/30/30)(a)(c) | USD | 70 | 56,040 | |||||||||
8.50%, 09/30/33(a) | USD | 65 | 56,779 | |||||||||
Leviathan Bond Ltd. | ||||||||||||
6.13%, 06/30/25 (Call 03/30/25)(a)(c) | USD | 55 | 51,076 | |||||||||
6.50%, 06/30/27 (Call 12/30/26)(a)(c) | USD | 55 | 48,428 | |||||||||
6.75%, 06/30/30 (Call 12/30/29)(a)(c) | USD | 60 | 50,952 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
3.75%, 05/09/27 (Call 02/09/27) | EUR | 100 | 95,885 | |||||||||
4.38%, 05/09/30 (Call 02/09/30) | EUR | 150 | 134,711 | |||||||||
6.00%, 01/31/25 (Call 10/31/24) | EUR | 100 | 105,221 | |||||||||
7.38%, 09/15/29 (Call 06/15/29) | EUR | 100 | 106,674 | |||||||||
7.88%, 09/15/31 (Call 06/15/31) | EUR | 100 | 108,153 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||||
3.15%, 10/01/26 | USD | 310 | 273,392 | |||||||||
4.75%, 05/09/27 (Call 02/09/27) | USD | 100 | 90,638 | |||||||||
5.13%, 05/09/29 (Call 02/09/29) | USD | 100 | 87,601 | |||||||||
6.75%, 03/01/28 (Call 12/01/27) | USD | 125 | 119,531 | |||||||||
7.13%, 01/31/25 (Call 10/31/24) | USD | 25 | 24,772 | |||||||||
7.88%, 09/15/29 (Call 06/15/29) | USD | 75 | 74,000 | |||||||||
8.13%, 09/15/31 (Call 06/15/31) | USD | 50 | 49,375 | |||||||||
|
| |||||||||||
1,631,878 | ||||||||||||
Italy — 4.4% | ||||||||||||
Atlantia SpA | ||||||||||||
1.63%, 02/03/25(c) | EUR | 100 | 101,054 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(c) | EUR | 100 | 93,323 | |||||||||
1.88%, 02/12/28 (Call 11/12/27)(c) | EUR | 100 | 90,476 | |||||||||
Banca IFIS SpA, 6.13%, 01/19/27(c) | EUR | 100 | 103,708 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
2.63%, 04/28/25(c) | EUR | 100 | 99,350 | |||||||||
6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(c)(d) | EUR | 100 | 104,447 | |||||||||
10.50%, 07/23/29(c) | EUR | 100 | 103,964 | |||||||||
Banca Popolare di Sondrio SPA, 5.50%, 09/26/28 | EUR | 100 | 104,677 | |||||||||
Banco BPM SpA | ||||||||||||
1.75%, 01/28/25(c) | EUR | 100 | 101,783 | |||||||||
3.25%, 01/14/31 (Call 01/14/26)(c)(d) | EUR | 100 | 96,307 | |||||||||
4.88%, 01/18/27(c) | EUR | 100 | 104,269 | |||||||||
5.00%, 09/14/30 (Call 09/14/25)(c)(d) | EUR | 100 | 102,082 | |||||||||
6.00%, 06/14/28, (3-mo. EURIBOR + 2.800%) | EUR | 150 | 156,749 |
SCHEDULE OF INVESTMENTS | 57 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
BPER Banca | ||||||||||||
5.75%, 09/11/29, | ||||||||||||
(3-mo. EURIBOR + 2.600%)(c)(d) | EUR | 150 | $ | 153,624 | ||||||||
6.13%, 02/01/28 (Call 02/01/27), | ||||||||||||
(3-mo. EURIBOR + 3.600%)(c)(d) | EUR | 150 | 158,887 | |||||||||
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(c) | EUR | 100 | 87,775 | |||||||||
Centurion Bidco SpA, 5.88%, 09/30/26 | ||||||||||||
(Call 11/14/23)(c) | EUR | 100 | 93,511 | |||||||||
doValue SpA, 3.38%, 07/31/26 (Call 11/10/23)(c) | EUR | 100 | 91,056 | |||||||||
Guala Closures SpA, 3.25%, 06/15/28 | ||||||||||||
(Call 06/15/24)(c) | EUR | 100 | 91,034 | |||||||||
Iccrea Banca SpA | ||||||||||||
2.25%, 10/20/25 (Call 10/20/24), | ||||||||||||
(3-mo. EURIBOR + 2.750%)(c)(d) | EUR | 100 | 102,769 | |||||||||
4.75%, 01/18/32 (Call 10/18/26)(c)(d) | EUR | 100 | 92,723 | |||||||||
6.88%, 01/20/28 (Call 01/20/27), | ||||||||||||
(3-mo. EURIBOR + 4.045%)(c)(d) | EUR | 100 | 108,154 | |||||||||
IMA Industria Macchine Automatiche SpA, 3.75%, | ||||||||||||
01/15/28 (Call 11/10/23)(c) | EUR | 100 | 94,605 | |||||||||
Infrastrutture Wireless Italiane SpA | ||||||||||||
1.63%, 10/21/28 (Call 07/21/28)(c) | EUR | 100 | 92,594 | |||||||||
1.75%, 04/19/31 (Call 01/19/31)(c) | EUR | 100 | 88,098 | |||||||||
1.88%, 07/08/26 (Call 04/08/26)(c) | EUR | 100 | 98,663 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25(c) | EUR | 100 | 102,259 | |||||||||
2.93%, 10/14/30(c) | EUR | 100 | 86,479 | |||||||||
3.93%, 09/15/26(c) | EUR | 100 | 102,334 | |||||||||
4.20%, 06/01/32 (Call 06/01/31), | ||||||||||||
(1-year CMT + 2.600%)(a)(d) | USD | 85 | 60,419 | |||||||||
5.15%, 06/10/30(c) | GBP | 100 | 100,206 | |||||||||
5.71%, 01/15/26(a) | USD | 150 | 142,118 | |||||||||
Lottomatica SpA, 9.75%, 09/30/27 | ||||||||||||
(Call 09/30/24)(c) | EUR | 100 | 112,841 | |||||||||
Nexi SpA | ||||||||||||
1.63%, 04/30/26 (Call 01/30/26)(c) | EUR | 100 | 96,789 | |||||||||
2.13%, 04/30/29 (Call 01/30/29)(c) | EUR | 100 | 86,694 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 11/10/23)(c) | EUR | 100 | 105,235 | |||||||||
Saipem Finance International BV | ||||||||||||
2.63%, 01/07/25(c) | EUR | 100 | 101,932 | |||||||||
3.13%, 03/31/28 (Call 12/31/27)(c) | EUR | 100 | 94,971 | |||||||||
Telecom Italia SpA | ||||||||||||
6.88%, 02/15/28 (Call 11/15/27)(c) | EUR | 100 | 105,042 | |||||||||
7.88%, 07/31/28 (Call 05/01/28)(c) | EUR | 100 | 107,992 | |||||||||
7.88%, 07/31/28 | EUR | 100 | 107,992 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
1.63%, 01/18/29 (Call 10/18/28)(c) | EUR | 100 | 81,807 | |||||||||
2.38%, 10/12/27 (Call 07/12/27)(c) | EUR | 100 | 90,481 | |||||||||
2.75%, 04/15/25 (Call 01/15/25)(c) | EUR | 100 | 100,469 | |||||||||
3.00%, 09/30/25(c) | EUR | 100 | 99,466 | |||||||||
3.63%, 05/25/26(c) | EUR | 100 | 98,737 | |||||||||
UniCredit SpA | ||||||||||||
2.73%, 01/15/32 (Call 01/15/27)(c)(d) | EUR | 200 | 185,449 | |||||||||
5.46%, 06/30/35 (Call 06/30/30), | ||||||||||||
(5-year CMT + 4.750%)(a)(d) | USD | 135 | 110,794 | |||||||||
5.86%, 06/19/32 (Call 06/19/27), | ||||||||||||
(5-year USD ICE Swap + 3.703%)(a)(d) | USD | 85 | 76,852 | |||||||||
7.30%, 04/02/34 (Call 04/02/29), | ||||||||||||
(5-year USD ICE Swap + 4.914%)(a)(d) | USD | 125 | 115,803 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
Webuild SpA | ||||||||||||
5.88%, 12/15/25 (Call 06/15/25)(c) | EUR | 100 | $ | 104,417 | ||||||||
7.00%, 09/27/28 | EUR | 100 | 102,887 | |||||||||
|
| |||||||||||
5,396,147 | ||||||||||||
Japan — 0.5% | ||||||||||||
Rakuten Group Inc. | ||||||||||||
5.13%, (Call 04/22/26), | ||||||||||||
(5-year CMT + 4.578%)(a)(d)(g) | USD | 70 | 51,100 | |||||||||
6.25%, (Call 04/22/31), | ||||||||||||
(5-year CMT + 4.956%)(a)(d)(g) | USD | 110 | 69,345 | |||||||||
10.25%, 11/30/24 (Call 11/28/23)(a) | USD | 100 | 101,250 | |||||||||
SoftBank Group Corp. | ||||||||||||
2.88%, 01/06/27 (Call 10/06/26)(c) | EUR | 100 | 92,384 | |||||||||
3.13%, 09/19/25 (Call 06/21/25)(c) | EUR | 150 | 148,940 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(c) | EUR | 125 | 109,053 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(c) | EUR | 100 | 95,943 | |||||||||
|
| |||||||||||
668,015 | ||||||||||||
Jersey — 0.1% | ||||||||||||
Aston Martin Capital Holdings Ltd., 10.50%, | ||||||||||||
11/30/25 (Call 11/01/24)(a) | USD | 100 | 98,875 | |||||||||
|
| |||||||||||
Luxembourg — 1.5% | ||||||||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., | ||||||||||||
6.13%, 10/15/26 (Call 12/01/23)(a) | USD | 65 | 60,125 | |||||||||
Albion Financing 2 Sarl, 8.75%, 04/15/27 | ||||||||||||
(Call 12/01/23)(a) | USD | 50 | 45,558 | |||||||||
Altice Financing SA | ||||||||||||
4.25%, 08/15/29 (Call 08/15/24)(c) | EUR | 100 | 83,041 | |||||||||
5.00%, 01/15/28 (Call 12/01/23)(a) | USD | 75 | 60,567 | |||||||||
5.75%, 08/15/29 (Call 08/15/24)(a) | USD | 200 | 154,500 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 | EUR | 100 | 78,489 | |||||||||
Altice France Holding SA | ||||||||||||
4.00%, 02/15/28 (Call 11/30/23)(c) | EUR | 100 | 46,429 | |||||||||
6.00%, 02/15/28 (Call 12/01/23)(a)(b) | USD | 100 | 43,000 | |||||||||
8.00%, 05/15/27 (Call 11/10/23)(c) | EUR | 100 | 56,625 | |||||||||
10.50%, 05/15/27 (Call 11/13/23)(a) | USD | 150 | 81,375 | |||||||||
Cidron Aida Finco Sarl, 5.00%, 04/01/28 | ||||||||||||
(Call 04/01/24)(c) | EUR | 100 | 94,556 | |||||||||
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 79,444 | |||||||||
Herens Midco Sarl, 5.25%, 05/15/29 | ||||||||||||
(Call 05/15/24)(c) | EUR | 100 | 59,261 | |||||||||
INEOS Finance PLC, 6.63%, 05/15/28 | ||||||||||||
(Call 02/15/25)(c) | EUR | 100 | 103,774 | |||||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 | ||||||||||||
(Call 03/15/25)(a)(b) | USD | 290 | 255,200 | |||||||||
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 60,530 | |||||||||
Loarre Investments Sarl, 6.50%, 05/15/29 | ||||||||||||
(Call 05/15/25)(c) | EUR | 100 | 98,761 | |||||||||
Matterhorn Telecom SA, 4.00%, 11/15/27 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 98,961 | |||||||||
Mytilineos Financial Partners SA, 2.50%, 12/01/24 | ||||||||||||
(Call 06/01/24)(c) | EUR | 100 | 102,712 | |||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 200 | 190,764 | |||||||||
|
| |||||||||||
1,853,672 | ||||||||||||
Macau — 0.6% | ||||||||||||
MGM China Holdings Ltd. | ||||||||||||
4.75%, 02/01/27 (Call 02/01/24)(a) | USD | 75 | 65,856 |
58 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Macau (continued) | ||||||||||||
5.25%, 06/18/25 (Call 11/14/23)(a) | USD | 35 | $ | 33,312 | ||||||||
5.88%, 05/15/26 (Call 11/14/23)(a) | USD | 75 | 70,191 | |||||||||
Studio City Finance Ltd. | ||||||||||||
5.00%, 01/15/29 (Call 01/15/24)(a) | USD | 95 | 68,685 | |||||||||
6.00%, 07/15/25 (Call 12/01/23)(a) | USD | 50 | 47,108 | |||||||||
6.50%, 01/15/28 (Call 12/01/23)(a) | USD | 60 | 49,538 | |||||||||
Wynn Macau Ltd. | ||||||||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | USD | 100 | 78,455 | |||||||||
5.50%, 01/15/26 (Call 12/01/23)(a) | USD | 125 | 115,771 | |||||||||
5.50%, 10/01/27 (Call 12/01/23)(a)(b) | USD | 75 | 65,343 | |||||||||
5.63%, 08/26/28 (Call 11/14/23)(a) | USD | 150 | 125,573 | |||||||||
|
| |||||||||||
719,832 | ||||||||||||
Netherlands — 1.5% | ||||||||||||
GTCR W-2 Merger Sub LLC / GTCR W Dutch | ||||||||||||
Finance Sub BV, 8.50%, 01/15/31 | ||||||||||||
(Call 01/15/27)(c) | GBP | 100 | 121,927 | |||||||||
Maxeda DIY Holding BV, 5.88%, 10/01/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 75,718 | |||||||||
Nobel Bidco BV, 3.13%, 06/15/28 | ||||||||||||
(Call 06/15/24)(c) | EUR | 100 | 81,132 | |||||||||
Nobian Finance BV, 3.63%, 07/15/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 94,366 | |||||||||
PPF Telecom Group BV, 3.25%, 09/29/27 | ||||||||||||
(Call 06/29/27)(c) | EUR | 175 | 170,966 | |||||||||
Q-Park Holding I BV, 2.00%, 03/01/27 | ||||||||||||
(Call 11/30/23)(c) | EUR | 150 | 136,557 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 87,063 | |||||||||
Trivium Packaging Finance BV | ||||||||||||
3.75%, 08/15/26 (Call 11/30/23)(c) | EUR | 100 | 95,475 | |||||||||
5.50%, 08/15/26 (Call 12/01/23)(a) | USD | 75 | 68,032 | |||||||||
8.50%, 08/15/27 (Call 11/13/23)(a) | USD | 100 | 83,500 | |||||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 | ||||||||||||
(Call 07/15/26)(a) | USD | 75 | 59,548 | |||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 91,937 | |||||||||
VZ Secured Financing BV, 5.00%, 01/15/32 | ||||||||||||
(Call 01/15/27)(a) | USD | 150 | 113,631 | |||||||||
VZ Vendor Financing II BV, 2.88%, 01/15/29 | ||||||||||||
(Call 12/18/23)(c) | EUR | 100 | 80,350 | |||||||||
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(c) | EUR | 100 | 91,133 | |||||||||
Ziggo Bond Co. BV | ||||||||||||
3.38%, 02/28/30 (Call 02/15/25)(c) | EUR | 100 | 77,707 | |||||||||
5.13%, 02/28/30 (Call 02/15/25)(a) | USD | 50 | 36,249 | |||||||||
6.00%, 01/15/27 (Call 12/01/23)(a)(b) | USD | 75 | 68,619 | |||||||||
Ziggo BV | ||||||||||||
2.88%, 01/15/30 (Call 10/15/24)(c) | EUR | 100 | 84,084 | |||||||||
4.88%, 01/15/30 (Call 10/15/24)(a) | USD | 110 | 87,764 | |||||||||
|
| |||||||||||
1,805,758 | ||||||||||||
Portugal — 0.4% | ||||||||||||
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(d) | EUR | 100 | 97,856 | |||||||||
EDP - Energias de Portugal SA | ||||||||||||
1.50%, 03/14/82 (Call 12/14/26)(c)(d) | EUR | 100 | 89,302 | |||||||||
1.88%, 08/02/81 (Call 05/02/26)(c)(d) | EUR | 100 | 93,780 | |||||||||
5.94%, 04/23/83 (Call 01/23/28)(c)(d) | EUR | 100 | 104,716 | |||||||||
Novo Banco SA, 9.88%, 12/01/33 | ||||||||||||
(Call 06/01/28)(c)(d) | EUR | 100 | 109,027 | |||||||||
|
| |||||||||||
494,681 |
Security | Par (000) | Value | ||||||||||
Slovenia — 0.1% | ||||||||||||
United Group BV | ||||||||||||
3.63%, 02/15/28 (Call 11/30/23)(c) | EUR | 100 | $ | 86,816 | ||||||||
4.63%, 08/15/28 (Call 08/15/24)(c) | EUR | 100 | 88,407 | |||||||||
|
| |||||||||||
175,223 | ||||||||||||
Spain — 2.4% | ||||||||||||
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 | ||||||||||||
(Call 04/07/25)(c)(d) | EUR | 100 | 100,281 | |||||||||
ACS Actividades de Construccion y Servicios SA, 1.38%, 06/17/25 (Call 03/17/25)(c) | EUR | 100 | 100,022 | |||||||||
Banco de Credito Social Cooperativo SA | ||||||||||||
7.50%, 09/14/29(c)(d) | EUR | 100 | 103,516 | |||||||||
8.00%, 09/22/26 (Call 09/22/25)(c)(d) | EUR | 100 | 107,444 | |||||||||
Banco de Sabadell SA | ||||||||||||
2.63%, 03/24/26 (Call 03/24/25)(c)(d) | EUR | 100 | 102,138 | |||||||||
5.25%, 02/07/29 (Call 02/07/28)(c)(d) | EUR | 100 | 104,456 | |||||||||
5.38%, 09/08/26 (Call 09/08/25)(c)(d) | EUR | 100 | 105,936 | |||||||||
5.50%, 09/08/29 | EUR | 100 | 105,228 | |||||||||
6.00%, 08/16/33 (Call 05/16/28)(c)(d) | EUR | 100 | 97,813 | |||||||||
Cellnex Finance Co. SA | ||||||||||||
0.75%, 11/15/26 (Call 08/15/26)(c) | EUR | 100 | 93,911 | |||||||||
1.00%, 09/15/27 (Call 06/15/27)(c) | EUR | 100 | 91,287 | |||||||||
1.25%, 01/15/29 (Call 10/15/28)(c) | EUR | 100 | 87,679 | |||||||||
2.00%, 09/15/32 (Call 06/15/32)(c) | EUR | 100 | 81,330 | |||||||||
2.00%, 02/15/33 (Call 11/15/32)(c) | EUR | 100 | 80,396 | |||||||||
2.25%, 04/12/26 (Call 01/12/26)(c) | EUR | 100 | 99,566 | |||||||||
Cellnex Telecom SA | ||||||||||||
1.75%, 10/23/30 (Call 07/23/30)(c) | EUR | 100 | 84,940 | |||||||||
1.88%, 06/26/29 (Call 03/26/29)(c) | EUR | 100 | 89,739 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)(c) | EUR | 100 | 103,378 | |||||||||
Cirsa Finance International Sarl, 7.88%, 07/31/28 | EUR | 100 | 104,996 | |||||||||
eDreams ODIGEO SA, 5.50%, 07/15/27 | ||||||||||||
(Call 01/15/24)(c) | EUR | 100 | 96,968 | |||||||||
Grifols Escrow Issuer SA, 3.88%, 10/15/28 | ||||||||||||
(Call 10/15/24)(c) | EUR | 125 | 109,827 | |||||||||
Grifols SA | ||||||||||||
1.63%, 02/15/25 (Call 11/30/23)(c) | EUR | 100 | 101,329 | |||||||||
3.20%, 05/01/25 (Call 11/30/23)(c) | EUR | 100 | 101,144 | |||||||||
Grupo-Antolin Irausa SA, 3.38%, 04/30/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 85,248 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 | ||||||||||||
(Call 07/23/25)(c)(d) | EUR | 100 | 95,593 | |||||||||
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 | ||||||||||||
(Call 09/30/24)(c) | �� | EUR | 100 | 93,642 | ||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 | ||||||||||||
(Call 11/14/23)(c) | EUR | 150 | 146,827 | |||||||||
Unicaja Banco SA | ||||||||||||
6.50%, 09/11/28 (Call 09/11/27)(c)(d) | EUR | 100 | 105,118 | |||||||||
7.25%, 11/15/27 (Call 11/15/26)(c)(d) | EUR | 100 | 107,813 | |||||||||
Via Celere Desarrollos Inmobiliarios SA, 5.25%, | ||||||||||||
04/01/26 (Call 11/30/23)(c) | EUR | 100 | 98,518 | |||||||||
|
| |||||||||||
2,986,083 | ||||||||||||
Sweden — 1.1% | ||||||||||||
Dometic Group AB, 2.00%, 09/29/28 | ||||||||||||
(Call 06/29/28)(c) | EUR | 100 | 84,986 | |||||||||
Fastighets AB Balder, 2.87%, 06/02/81 | ||||||||||||
(Call 03/02/26)(c)(d) | EUR | 100 | 72,226 | |||||||||
Heimstaden AB, 4.25%, 03/09/26 | ||||||||||||
(Call 12/09/25)(c) | EUR | 100 | 44,041 | |||||||||
Intrum AB | ||||||||||||
3.00%, 09/15/27 (Call 11/10/23)(c) | EUR | 100 | 73,865 |
SCHEDULE OF INVESTMENTS | 59 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Sweden (continued) | ||||||||||||
3.50%, 07/15/26 (Call 11/10/23)(c) | EUR | 100 | $ | 83,656 | ||||||||
4.88%, 08/15/25 (Call 11/10/23)(c) | EUR | 100 | 94,757 | |||||||||
Samhallsbyggnadsbolaget, 2.25%, 08/12/27 | ||||||||||||
(Call 05/12/27)(c) | EUR | 100 | 67,579 | |||||||||
Samhallsbyggnadsbolaget i Norden AB, 2.38%, 09/04/26 (Call 06/04/26)(c) | EUR | 100 | 75,921 | |||||||||
SBB Treasury OYJ, 1.13%, 11/26/29 | ||||||||||||
(Call 08/26/29)(c) | EUR | 125 | 71,790 | |||||||||
Stena International SA, 7.25%, 02/15/28 | ||||||||||||
(Call 02/15/25)(c) | EUR | 100 | 108,161 | |||||||||
Verisure Holding AB | ||||||||||||
3.25%, 02/15/27 (Call 11/10/23)(c) | EUR | 100 | 95,464 | |||||||||
3.88%, 07/15/26 (Call 11/10/23)(c) | EUR | 100 | 99,894 | |||||||||
7.13%, 02/01/28 (Call 02/01/25)(c) | EUR | 100 | 106,373 | |||||||||
Verisure Midholding AB, 5.25%, 02/15/29 | ||||||||||||
(Call 02/15/24)(c) | EUR | 100 | 91,070 | |||||||||
Volvo Car AB | ||||||||||||
2.00%, 01/24/25 (Call 10/24/24)(c) | EUR | 100 | 101,795 | |||||||||
2.50%, 10/07/27 (Call 07/07/27)(c) | EUR | 100 | 95,541 | |||||||||
|
| |||||||||||
1,367,119 | ||||||||||||
Switzerland — 0.3% | ||||||||||||
Dufry One BV, 2.00%, 02/15/27 | EUR | 100 | 93,037 | |||||||||
SIG Combibloc Purchase Co. Sarl, 2.13%, | ||||||||||||
06/18/25 (Call 03/18/25)(c) | EUR | 100 | 101,407 | |||||||||
VistaJet Malta Finance PLC/Vista Management Holding Inc. | ||||||||||||
6.38%, 02/01/30 (Call 02/01/25)(a)(b) | USD | 95 | 63,678 | |||||||||
7.88%, 05/01/27 (Call 05/01/24)(a)(b) | USD | 60 | 46,200 | |||||||||
9.50%, 06/01/28 (Call 06/01/25)(a)(b) | USD | 50 | 38,250 | |||||||||
|
| |||||||||||
342,572 | ||||||||||||
United Kingdom — 5.5% | ||||||||||||
888 Acquisitions Ltd., 7.56%, 07/15/27 | ||||||||||||
(Call 07/15/24)(c) | EUR | 100 | 94,577 | |||||||||
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 11/10/23)(c) | GBP | 100 | 116,792 | |||||||||
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(c) | EUR | 150 | 130,889 | |||||||||
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 | ||||||||||||
(Call 11/30/23)(c) | GBP | 175 | 184,136 | |||||||||
Bellis Finco PLC, 4.00%, 02/16/27 | ||||||||||||
(Call 11/30/23)(c) | GBP | 100 | 89,736 | |||||||||
British Telecommunications PLC | ||||||||||||
1.87%, 08/18/80 (Call 05/18/25)(c)(d) | EUR | 100 | 97,011 | |||||||||
4.25%, 11/23/81 (Call 11/23/26), | ||||||||||||
(5-year CMT + 2.985%)(a)(d) | USD | 50 | 43,673 | |||||||||
4.88%, 11/23/81 (Call 08/23/31), | ||||||||||||
(5-year CMT + 3.493%)(a)(d) | USD | 45 | 36,269 | |||||||||
Canary Wharf Group Investment Holdings PLC, 2.63%, 04/23/25 (Call 03/23/25)(c) | GBP | 100 | 106,952 | |||||||||
Connect Finco Sarl/Connect U.S. Finco LLC, | ||||||||||||
6.75%, 10/01/26 (Call 11/13/23)(a) | USD | 200 | 186,190 | |||||||||
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 11/30/23)(c) | GBP | 100 | 93,883 | |||||||||
Deuce Finco PLC, 5.50%, 06/15/27 | ||||||||||||
(Call 11/30/23)(c) | GBP | 100 | 105,029 | |||||||||
eG Global Finance PLC | ||||||||||||
6.25%, 10/30/25 (Call 11/30/23)(c) | EUR | 92 | 95,771 | |||||||||
6.75%, 02/07/25 (Call 11/13/23)(a) | USD | 50 | 49,272 | |||||||||
8.50%, 10/30/25 (Call 12/01/23)(a) | USD | 50 | 49,159 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(c)(h) | GBP | 100 | 106,286 |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Iceland Bondco PLC, 10.88%, 12/15/27 | ||||||||||||
(Call 08/15/25)(c) | GBP | 100 | $ | 121,954 | ||||||||
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 94,381 | |||||||||
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 98,397 | |||||||||
International Consolidated Airlines Group SA | ||||||||||||
1.50%, 07/04/27 (Call 04/04/27)(c) | EUR | 100 | 92,338 | |||||||||
3.75%, 03/25/29 (Call 12/25/28)(c) | EUR | 100 | 93,078 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
4.50%, 01/15/26 (Call 10/15/25)(c) | EUR | 100 | 102,747 | |||||||||
4.50%, 10/01/27 (Call 07/01/27)(a) | USD | 50 | 43,424 | |||||||||
5.88%, 01/15/28 (Call 01/15/24)(a) | USD | 105 | 94,566 | |||||||||
7.75%, 10/15/25 (Call 12/01/23)(a) | USD | 85 | 84,919 | |||||||||
Jerrold Finco PLC, 4.88%, 01/15/26 | ||||||||||||
(Call 11/30/23)(c) | GBP | 100 | 112,813 | |||||||||
Kane Bidco Ltd., 6.50%, 02/15/27 | ||||||||||||
(Call 02/15/24)(c) | GBP | 100 | 109,289 | |||||||||
Macquarie Airfinance Holdings Ltd., 8.13%, | ||||||||||||
03/30/29 (Call 09/30/25)(a) | USD | 50 | 49,098 | |||||||||
Market Bidco Finco PLC, 5.50%, 11/04/27 | ||||||||||||
(Call 11/04/24)(c) | GBP | 100 | 99,391 | |||||||||
Motion Finco Sarl, 7.38%, 06/15/30 | ||||||||||||
(Call 06/15/26)(c) | EUR | 100 | 100,497 | |||||||||
NGG Finance PLC | ||||||||||||
1.63%, 12/05/79 (Call 09/05/24)(c)(d) | EUR | 100 | 100,817 | |||||||||
2.13%, 09/05/82 (Call 06/05/27)(c)(d) | EUR | 100 | 90,281 | |||||||||
5.63%, 06/18/73 (Call 06/18/25)(c)(d) | GBP | 100 | 116,134 | |||||||||
Nomad Foods Bondco PLC, 2.50%, 06/24/28 | ||||||||||||
(Call 06/24/24)(c) | EUR | 100 | 91,405 | |||||||||
Ocado Group PLC, 3.88%, 10/08/26 | ||||||||||||
(Call 11/30/23)(c) | GBP | 100 | 95,189 | |||||||||
Odeon Finco PLC, 12.75%, 11/01/27 | ||||||||||||
(Call 11/01/24)(a) | USD | 25 | 24,794 | |||||||||
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 101,512 | |||||||||
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 | ||||||||||||
(Call 11/30/23)(c) | GBP | 100 | 114,625 | |||||||||
Pinnacle Bidco PLC, 10.00%, 10/11/28 | ||||||||||||
(Call 10/11/25)(c) | GBP | 100 | 116,788 | |||||||||
Playtech PLC, 5.88%, 06/28/28(c) | EUR | 100 | 101,851 | |||||||||
Punch Finance PLC, 6.13%, 06/30/26 | ||||||||||||
(Call 06/30/24)(c) | GBP | 100 | 104,270 | |||||||||
Rolls-Royce PLC | ||||||||||||
1.63%, 05/09/28 (Call 02/09/28)(c) | EUR | 100 | 89,439 | |||||||||
3.63%, 10/14/25 (Call 07/14/25)(a) | USD | 110 | 103,858 | |||||||||
4.63%, 02/16/26 (Call 11/16/25)(c) | EUR | 100 | 104,240 | |||||||||
5.75%, 10/15/27 (Call 07/15/27)(a) | USD | 100 | 94,837 | |||||||||
Sherwood Financing PLC, 4.50%, 11/15/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 91,042 | |||||||||
Stonegate Pub Co. Financing 2019 PLC, 8.25%, | ||||||||||||
07/31/25 (Call 11/30/23)(c) | GBP | 100 | 110,932 | |||||||||
Synthomer PLC, 3.88%, 07/01/25 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 102,030 | |||||||||
TalkTalk Telecom Group PLC, 3.88%, 02/20/25 | ||||||||||||
(Call 11/10/23)(c) | GBP | 100 | 91,371 | |||||||||
Thames Water Utilities Finance PLC, 2.88%, | ||||||||||||
05/03/27(c) | GBP | 100 | 90,586 | |||||||||
Very Group Funding PLC (The), 6.50%, 08/01/26 | ||||||||||||
(Call 11/10/23)(c) | GBP | 100 | 99,384 | |||||||||
Victoria PLC, 3.63%, 08/24/26 (Call 11/10/23)(c) | EUR | 100 | 79,969 |
60 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 | ||||||||||||
(Call 07/15/25)(a) | USD | 75 | $ | 58,981 | ||||||||
Virgin Media Secured Finance PLC | GBP | 100 | 96,190 | |||||||||
4.25%, 01/15/30 (Call 10/15/24)(c) | GBP | 150 | 146,654 | |||||||||
4.50%, 08/15/30 (Call 08/15/25)(a) | USD | 75 | 61,745 | |||||||||
5.25%, 05/15/29 (Call 05/15/24)(c) | GBP | 100 | 105,923 | |||||||||
5.50%, 05/15/29 (Call 05/15/24)(a) | USD | 125 | 110,865 | |||||||||
Virgin Media Vendor Financing Notes III DAC, | GBP | 100 | 101,482 | |||||||||
Virgin Media Vendor Financing Notes IV DAC, | USD | 75 | 63,750 | |||||||||
Vmed O2 UK Financing I PLC | EUR | 150 | 130,535 | |||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) | USD | 125 | 99,031 | |||||||||
4.75%, 07/15/31 (Call 07/15/26)(a) | USD | 125 | 100,625 | |||||||||
Vodafone Group PLC | EUR | 100 | 85,271 | |||||||||
3.25%, 06/04/81 (Call 06/04/26), | ||||||||||||
(5-year CMT + 2.447%)(d) | USD | 40 | 35,197 | |||||||||
4.13%, 06/04/81 (Call 03/04/31), | ||||||||||||
(5-year CMT + 2.767%)(d) | USD | 95 | 71,981 | |||||||||
6.50%, 08/30/84 (Call 05/30/29)(c)(d) | EUR | 150 | 158,642 | |||||||||
7.00%, 04/04/79 (Call 01/04/29), | ||||||||||||
(5-year USD Swap + 4.873%)(d) | USD | 205 | 197,645 | |||||||||
8.00%, 08/30/86 (Call 05/30/31)(c)(d) | GBP | 100 | 120,904 | |||||||||
|
| |||||||||||
6,743,292 | ||||||||||||
United States — 63.7% | ||||||||||||
Acrisure LLC/Acrisure Finance Inc. | USD | 70 | 57,488 | |||||||||
6.00%, 08/01/29 (Call 08/01/24)(a) | USD | 60 | 48,196 | |||||||||
7.00%, 11/15/25 (Call 12/01/23)(a)(b) | USD | 85 | 82,475 | |||||||||
10.13%, 08/01/26 (Call 12/01/23)(a)(b) | USD | 35 | 35,195 | |||||||||
AdaptHealth LLC | USD | 35 | 26,163 | |||||||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) | USD | 60 | 45,450 | |||||||||
Adient Global Holdings Ltd. | USD | 50 | 49,143 | |||||||||
8.25%, 04/15/31 (Call 04/15/26)(a)(b) | USD | 55 | 53,501 | |||||||||
ADT Security Corp. (The), 4.13%, 08/01/29 | ||||||||||||
(Call 08/01/28)(a)(b) | USD | 85 | 72,937 | |||||||||
AG Issuer LLC, 6.25%, 03/01/28 (Call 12/01/23)(a) . | USD | 50 | 46,184 | |||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 | ||||||||||||
(Call 09/30/24)(a) | USD | 40 | 40,026 | |||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC | ||||||||||||
3.25%, 03/15/26 (Call 12/01/23)(a) | USD | 55 | 50,978 | |||||||||
3.50%, 03/15/29 (Call 12/01/23)(a) | USD | 135 | 115,025 | |||||||||
4.63%, 01/15/27 (Call 12/01/23)(a) | USD | 140 | 131,357 | |||||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | USD | 85 | 75,987 | |||||||||
5.88%, 02/15/28 (Call 12/01/23)(a) | USD | 75 | 71,625 | |||||||||
6.50%, 02/15/28 (Call 02/15/25)(a) | USD | 75 | 73,642 | |||||||||
7.50%, 03/15/26 (Call 12/01/23)(a) | USD | 50 | 50,813 | |||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||||||
4.25%, 10/15/27 (Call 12/01/23)(a) | USD | 75 | 66,000 | |||||||||
5.88%, 11/01/29 (Call 11/01/24)(a) | USD | 55 | 46,163 | |||||||||
6.75%, 10/15/27 (Call 12/01/23)(a) | USD | 130 | 118,484 | |||||||||
6.75%, 04/15/28 (Call 04/15/25)(a) | USD | 110 | 104,500 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | USD | 100 | $ | 72,400 | ||||||||
6.63%, 07/15/26 (Call 12/01/23)(a) | USD | 170 | 158,695 | |||||||||
9.75%, 07/15/27 (Call 12/01/23)(a) | USD | 90 | 78,361 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl | EUR | 100 | 84,891 | |||||||||
4.63%, 06/01/28 (Call 06/01/24)(a) | USD | 200 | 163,741 | |||||||||
Allison Transmission Inc. | USD | 110 | 87,168 | |||||||||
4.75%, 10/01/27 (Call 11/13/23)(a) | USD | 60 | 54,750 | |||||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) | USD | 40 | 37,041 | |||||||||
Ally Financial Inc. 5.75%, 11/20/25 (Call 10/21/25)(b) | USD | 105 | 100,427 | |||||||||
6.70%, 02/14/33 (Call 11/16/32)(b) | USD | 35 | 29,470 | |||||||||
AMC Entertainment Holdings Inc., | USD | 105 | 72,975 | |||||||||
AMC Networks Inc. | ||||||||||||
4.25%, 02/15/29 (Call 02/15/24) | USD | 85 | 52,358 | |||||||||
4.75%, 08/01/25 (Call 12/01/23) | USD | 85 | 77,137 | |||||||||
American Airlines Group Inc., 3.75%, 03/01/25(a) | USD | 40 | 37,350 | |||||||||
American Airlines Inc. | USD | 65 | 60,531 | |||||||||
11.75%, 07/15/25(a) | USD | 215 | 227,766 | |||||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. | USD | 296 | 287,527 | |||||||||
5.75%, 04/20/29(a) | USD | 305 | 274,372 | |||||||||
American Axle & Manufacturing Inc. | USD | 60 | 47,368 | |||||||||
6.50%, 04/01/27 (Call 12/01/23)(b) | USD | 45 | 42,392 | |||||||||
6.88%, 07/01/28 (Call 11/13/23) | USD | 25 | 22,185 | |||||||||
American Builders & Contractors Supply Co. Inc. 3.88%, 11/15/29 (Call 11/15/24)(a)(b) | USD | 35 | 29,050 | |||||||||
4.00%, 01/15/28 (Call 12/01/23)(a) | USD | 65 | 58,285 | |||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | USD | 75 | 71,844 | |||||||||
5.75%, 05/20/27 (Call 02/20/27) | USD | 50 | 45,985 | |||||||||
5.88%, 08/20/26 (Call 05/20/26) | USD | 70 | 65,642 | |||||||||
9.38%, 06/01/28 (Call 06/01/25)(a) | USD | 40 | 39,663 | |||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) | USD | 80 | 72,790 | |||||||||
5.75%, 03/01/27 (Call 11/16/23)(a) | USD | 80 | 76,339 | |||||||||
5.75%, 01/15/28 (Call 11/16/23)(a) | USD | 55 | 51,563 | |||||||||
7.88%, 05/15/26 (Call 11/16/23)(a) | USD | 60 | 60,433 | |||||||||
Antero Resources Corp. | ||||||||||||
5.38%, 03/01/30 (Call 03/01/25)(a) | USD | 85 | 77,562 | |||||||||
7.63%, 02/01/29 (Call 02/01/24)(a) | USD | 41 | 41,577 | |||||||||
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 | ||||||||||||
(Call 04/15/25)(a) | USD | 155 | 124,231 | |||||||||
APX Group Inc. | ||||||||||||
5.75%, 07/15/29 (Call 07/15/24)(a) | USD | 85 | 70,498 | |||||||||
6.75%, 02/15/27 (Call 12/01/23)(a) | USD | 65 | 62,582 | |||||||||
Aramark Services Inc. | ||||||||||||
5.00%, 04/01/25 (Call 12/01/23)(a) | USD | 55 | 53,694 | |||||||||
5.00%, 02/01/28 (Call 12/01/23)(a)(b) | USD | 120 | 110,100 | |||||||||
Arches Buyer Inc. | ||||||||||||
4.25%, 06/01/28 (Call 12/01/23)(a) | USD | 90 | 74,587 | |||||||||
6.13%, 12/01/28 (Call 12/01/23)(a) | USD | 60 | 48,463 |
SCHEDULE OF INVESTMENTS | 61 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Archrock Partners LP/Archrock Partners | USD | 75 | $ | 69,656 | ||||||||
6.88%, 04/01/27 (Call 12/01/23)(a) | USD | 50 | 48,194 | |||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | EUR | 100 | 86,942 | |||||||||
3.25%, 09/01/28 (Call 05/15/24)(a) | USD | 75 | 61,031 | |||||||||
4.00%, 09/01/29 (Call 05/15/24)(a)(b) | USD | 100 | 75,000 | |||||||||
6.00%, 06/15/27 (Call 06/15/24)(a) | USD | 50 | 47,313 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | EUR | 100 | 91,070 | |||||||||
4.13%, 08/15/26 (Call 11/13/23)(a) | USD | 100 | 88,250 | |||||||||
4.75%, 07/15/27 (Call 11/10/23)(c) | GBP | 100 | 85,062 | |||||||||
5.25%, 04/30/25 (Call 12/04/23)(a) | USD | 75 | 71,906 | |||||||||
5.25%, 08/15/27 (Call 12/01/23)(a) | USD | 100 | 72,750 | |||||||||
Aretec Escrow Issuer 2 Inc., 10.00%, 08/15/30 | ||||||||||||
(Call 08/15/26)(a) | USD | 25 | 25,344 | |||||||||
Asbury Automotive Group Inc. | USD | 36 | 31,848 | |||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) | USD | 70 | 59,110 | |||||||||
4.75%, 03/01/30 (Call 03/01/25) | USD | 60 | 50,610 | |||||||||
5.00%, 02/15/32 (Call 11/15/26)(a)(b) | USD | 60 | 48,673 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||||||
5.88%, 06/30/29 (Call 09/01/24)(a)(b) | USD | 65 | 57,720 | |||||||||
7.00%, 11/01/26 (Call 12/01/23)(a) | USD | 50 | 48,336 | |||||||||
8.25%, 12/31/28 (Call 02/01/24)(a) | USD | 25 | 24,758 | |||||||||
Ashland Services BV, 2.00%, 01/30/28 | ||||||||||||
(Call 11/01/27)(c) | EUR | 100 | 89,742 | |||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b) | USD | 30 | 23,438 | |||||||||
ASP Unifrax Holdings Inc | USD | 85 | 57,308 | |||||||||
7.50%, 09/30/29 (Call 09/30/24)(a) | USD | 25 | 13,088 | |||||||||
AssuredPartners Inc. | USD | 50 | 42,404 | |||||||||
7.00%, 08/15/25 (Call 12/01/23)(a) | USD | 50 | 49,088 | |||||||||
ATI Inc., 7.25%, 08/15/30 (Call 08/15/26) | USD | 45 | 43,231 | |||||||||
Audacy Capital Corp. | USD | 25 | 320 | |||||||||
6.75%, 03/31/29 (Call 03/31/24)(a) | USD | 25 | 504 | |||||||||
Avantor Funding Inc. | EUR | 100 | 101,368 | |||||||||
3.88%, 11/01/29 (Call 11/01/24)(a)(b) | USD | 80 | 66,968 | |||||||||
4.63%, 07/15/28 (Call 12/01/23)(a) | USD | 130 | 115,862 | |||||||||
Avient Corp. | USD | 50 | 49,015 | |||||||||
7.13%, 08/01/30 (Call 08/01/25)(a) | USD | 75 | 71,998 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. | ||||||||||||
4.75%, 04/01/28 (Call 04/01/24)(a)(b) | USD | 50 | 42,947 | |||||||||
5.38%, 03/01/29 (Call 03/01/24)(a) | USD | 40 | 34,207 | |||||||||
5.75%, 07/15/27 (Call 11/13/23)(a) | USD | 40 | 36,706 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 | ||||||||||||
(Call 11/30/23)(c) | EUR | 100 | 102,232 | |||||||||
Axalta Coating Systems Dutch Holding B BV, | EUR | 100 | 103,990 | |||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 | ||||||||||||
(Call 02/15/24)(a) | USD | 75 | 61,819 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 12/04/23)(a) | USD | 50 | $ | 46,044 | ||||||||
B&G Foods Inc. | ||||||||||||
5.25%, 04/01/25 (Call 12/01/23) | USD | 22 | 21,120 | |||||||||
5.25%, 09/15/27 (Call 12/01/23) | USD | 55 | 45,282 | |||||||||
8.00%, 09/15/28 (Call 09/15/25)(b) | USD | 70 | 68,222 | |||||||||
Ball Corp. | ||||||||||||
2.88%, 08/15/30 (Call 05/15/30) | USD | 125 | 98,406 | |||||||||
3.13%, 09/15/31 (Call 06/15/31)(b) | USD | 90 | 69,903 | |||||||||
4.88%, 03/15/26 (Call 12/15/25) | USD | 70 | 67,206 | |||||||||
5.25%, 07/01/25 | USD | 95 | 93,542 | |||||||||
6.00%, 06/15/29 (Call 05/15/26) | USD | 85 | 81,579 | |||||||||
6.88%, 03/15/28 (Call 11/15/24) | USD | 65 | 64,947 | |||||||||
Bath & Body Works Inc. | ||||||||||||
5.25%, 02/01/28 | USD | 40 | 36,695 | |||||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) | USD | 105 | 97,384 | |||||||||
7.50%, 06/15/29 (Call 06/15/24)(b) | USD | 65 | 63,588 | |||||||||
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 | ||||||||||||
(Call 10/01/25)(a) | USD | 140 | 139,022 | |||||||||
Bausch Health Companies Inc. | ||||||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) | USD | 175 | 87,022 | |||||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) | USD | 100 | 34,625 | |||||||||
5.25%, 02/15/31 (Call 02/15/26)(a)(b) | USD | 75 | 26,250 | |||||||||
5.50%, 11/01/25 (Call 12/01/23)(a) | USD | 195 | 168,187 | |||||||||
5.75%, 08/15/27 (Call 11/16/23)(a) | USD | 60 | 31,200 | |||||||||
6.13%, 02/01/27 (Call 02/01/24)(a) | USD | 140 | 77,700 | |||||||||
6.25%, 02/15/29 (Call 02/15/24)(a) | USD | 75 | 27,375 | |||||||||
11.00%, 09/30/28(a) | USD | 264 | 160,229 | |||||||||
Beacon Roofing Supply Inc., 6.50%, 08/01/30 | ||||||||||||
(Call 08/01/26)(a) | USD | 65 | 62,010 | |||||||||
Belden Inc.Co., 3.38%, 07/15/31 (Call 07/15/26)(c) | EUR | 100 | 86,820 | |||||||||
Berry Global Inc., 5.63%, 07/15/27 | ||||||||||||
(Call 12/01/23)(a)(b) | USD | 30 | 28,622 | |||||||||
Block Inc. | ||||||||||||
2.75%, 06/01/26 (Call 05/01/26)(b) | USD | 100 | 90,035 | |||||||||
3.50%, 06/01/31 (Call 03/01/31)(b) | USD | 105 | 80,924 | |||||||||
Boyd Gaming Corp. | USD | 95 | 86,722 | |||||||||
4.75%, 06/15/31 (Call 06/15/26)(a) | USD | 75 | 62,244 | |||||||||
Brand Industrial Services Inc., 10.38%, 08/01/30 | ||||||||||||
(Call 08/01/26)(a) | USD | 130 | 129,364 | |||||||||
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27) | USD | 50 | 41,523 | |||||||||
Brink’s Co. (The) | USD | 60 | 54,218 | |||||||||
5.50%, 07/15/25 (Call 12/01/23)(a) | USD | 35 | 34,034 | |||||||||
Brookfield Property Finance ULC | CAD | 125 | 78,833 | |||||||||
7.13%, 02/13/28 (Call 01/13/28) | CAD | 100 | 67,341 | |||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | ||||||||||||
4.50%, 04/01/27 (Call 12/01/23)(a) | USD | 80 | 66,544 | |||||||||
5.75%, 05/15/26 (Call 11/13/23)(a) | USD | 75 | 68,599 | |||||||||
Buckeye Partners LP | ||||||||||||
3.95%, 12/01/26 (Call 09/01/26) | USD | 50 | 45,396 | |||||||||
4.13%, 03/01/25 (Call 02/01/25)(a) | USD | 25 | 23,808 | |||||||||
4.13%, 12/01/27 (Call 09/01/27) | USD | 35 | 30,331 | |||||||||
4.50%, 03/01/28 (Call 12/01/27)(a)(b) | USD | 75 | 65,419 | |||||||||
Builders FirstSource Inc. | USD | 125 | 99,531 |
62 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.00%, 03/01/30 (Call 03/01/25)(a) | USD | 60 | $ | 52,326 | ||||||||
6.38%, 06/15/32 (Call 06/15/27)(a) | USD | 65 | 59,481 | |||||||||
Burford Capital Global Finance LLC, | USD | 50 | 49,350 | |||||||||
Caesars Entertainment Inc. | USD | 115 | 94,573 | |||||||||
6.25%, 07/01/25 (Call 11/13/23)(a) | USD | 330 | 324,637 | |||||||||
7.00%, 02/15/30 (Call 02/15/26)(a) | USD | 180 | 173,414 | |||||||||
8.13%, 07/01/27 (Call 12/01/23)(a)(b) | USD | 160 | 158,920 | |||||||||
Caesars Resort Collection LLC/CRC Finco Inc., | USD | 110 | 108,287 | |||||||||
Callon Petroleum Co. | USD | 50 | 48,430 | |||||||||
8.00%, 08/01/28 (Call 08/01/24)(a) | USD | 75 | 73,875 | |||||||||
Calpine Corp. | ||||||||||||
3.75%, 03/01/31 (Call 03/01/26)(a)(b) | USD | 85 | 68,680 | |||||||||
4.50%, 02/15/28 (Call 12/01/23)(a) | USD | 105 | 94,999 | |||||||||
4.63%, 02/01/29 (Call 02/01/24)(a) | USD | 65 | 54,865 | |||||||||
5.00%, 02/01/31 (Call 02/01/26)(a) | USD | 85 | 68,616 | |||||||||
5.13%, 03/15/28 (Call 12/01/23)(a)(b) | USD | 125 | 111,870 | |||||||||
5.25%, 06/01/26 (Call 12/01/23)(a) | USD | 47 | 45,191 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 | ||||||||||||
(Call 12/01/23)(a) | USD | 21 | 21,128 | |||||||||
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a) | USD | 60 | 55,845 | |||||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a) | USD | 200 | 213,250 | |||||||||
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) | EUR | 100 | 64,460 | |||||||||
Catalent Pharma Solutions Inc. | EUR | 100 | 86,614 | |||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 60 | 47,086 | |||||||||
3.50%, 04/01/30 (Call 04/01/25)(a)(b) | USD | 70 | 54,950 | |||||||||
5.00%, 07/15/27 (Call 12/01/23)(a) | USD | 50 | 44,563 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | USD | 275 | 213,641 | |||||||||
4.25%, 01/15/34 (Call 01/15/28)(a) | USD | 185 | 133,200 | |||||||||
4.50%, 08/15/30 (Call 02/15/25)(a) | USD | 260 | 208,000 | |||||||||
4.50%, 05/01/32 (Call 05/01/26) | USD | 285 | 217,640 | |||||||||
4.50%, 06/01/33 (Call 06/01/27)(a) | USD | 180 | 134,325 | |||||||||
4.75%, 03/01/30 (Call 09/01/24)(a) | USD | 285 | 235,353 | |||||||||
4.75%, 02/01/32 (Call 02/01/27)(a) | USD | 120 | 94,027 | |||||||||
5.00%, 02/01/28 (Call 11/16/23)(a) | USD | 240 | 214,800 | |||||||||
5.13%, 05/01/27 (Call 12/01/23)(a) | USD | 305 | 280,945 | |||||||||
5.38%, 06/01/29 (Call 06/01/24)(a) | USD | 150 | 131,307 | |||||||||
5.50%, 05/01/26 (Call 12/01/23)(a) | USD | 70 | 67,095 | |||||||||
6.38%, 09/01/29 (Call 09/01/25)(a) | USD | 135 | 123,636 | |||||||||
7.38%, 03/01/31 (Call 03/01/26)(a)(b) | USD | 105 | 99,225 | |||||||||
CDI Escrow Issuer Inc., 5.75%, 04/01/30 | ||||||||||||
(Call 04/01/25)(a)(b) | USD | 120 | 106,937 | |||||||||
Cedar Fair LP, 5.25%, 07/15/29 | USD | 45 | 38,665 | |||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | USD | 70 | 64,767 | |||||||||
5.50%, 05/01/25 (Call 12/01/23)(a) | USD | 75 | 73,570 | |||||||||
Central Garden & Pet Co. | USD | 50 | 40,750 | |||||||||
4.13%, 04/30/31 (Call 04/30/26)(a) | USD | 30 | 23,850 | |||||||||
Central Parent Inc./CDK Global Inc., | USD | 75 | 72,000 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 | ||||||||||||
(Call 06/15/25)(a) | USD | 75 | $ | 74,662 | ||||||||
Century Communities Inc. | USD | 50 | 40,375 | |||||||||
6.75%, 06/01/27 (Call 12/01/23) | USD | 50 | 48,300 | |||||||||
Charles River Laboratories International Inc. | USD | 35 | 29,638 | |||||||||
4.00%, 03/15/31 (Call 03/15/26)(a) | USD | 40 | 32,702 | |||||||||
4.25%, 05/01/28 (Call 11/16/23)(a) | USD | 50 | 44,548 | |||||||||
Chart Industries Inc. | USD | 139 | 136,567 | |||||||||
9.50%, 01/01/31 (Call 01/01/26)(a)(b) | USD | 50 | 51,500 | |||||||||
Chemours Co. (The) | EUR | 100 | 97,004 | |||||||||
4.63%, 11/15/29 (Call 11/15/24)(a) | USD | 55 | 42,529 | |||||||||
5.38%, 05/15/27 (Call 02/15/27)(b) | USD | 50 | 45,178 | |||||||||
5.75%, 11/15/28 (Call 11/15/23)(a)(b) | USD | 85 | 71,920 | |||||||||
Chesapeake Energy Corp. | USD | 40 | 38,839 | |||||||||
5.88%, 02/01/29 (Call 02/05/24)(a) | USD | 57 | 53,697 | |||||||||
6.75%, 04/15/29 (Call 04/15/24)(a)(b) | USD | 75 | 73,372 | |||||||||
CHS/Community Health Systems Inc. | USD | 95 | 64,244 | |||||||||
5.25%, 05/15/30 (Call 05/15/25)(a)(b) | USD | 140 | 99,400 | |||||||||
5.63%, 03/15/27 (Call 12/15/23)(a) | USD | 180 | 144,917 | |||||||||
6.00%, 01/15/29 (Call 01/15/24)(a) | USD | 80 | 60,600 | |||||||||
6.13%, 04/01/30 (Call 04/01/25)(a)(b) | USD | 115 | 44,563 | |||||||||
6.88%, 04/01/28 (Call 11/16/23)(a) | USD | 85 | 36,763 | |||||||||
6.88%, 04/15/29 (Call 04/15/24)(a) | USD | 140 | 57,400 | |||||||||
8.00%, 03/15/26 (Call 12/01/23)(a)(b) | USD | 210 | 191,554 | |||||||||
8.00%, 12/15/27 (Call 11/16/23)(a) | USD | 74 | 62,900 | |||||||||
Churchill Downs Inc. | USD | 65 | 58,437 | |||||||||
5.50%, 04/01/27 (Call 12/01/23)(a) | USD | 50 | 46,952 | |||||||||
6.75%, 05/01/31 (Call 05/01/26)(a) | USD | 55 | 51,174 | |||||||||
Cinemark USA Inc. | USD | 60 | 52,165 | |||||||||
5.88%, 03/15/26 (Call 12/01/23)(a)(b) | USD | 35 | 33,340 | |||||||||
CITGO Petroleum Corp. | USD | 65 | 63,780 | |||||||||
7.00%, 06/15/25 (Call 12/01/23)(a) | USD | 120 | 117,722 | |||||||||
8.38%, 01/15/29 (Call 10/15/25)(a) | USD | 95 | 94,050 | |||||||||
Civitas Resources Inc. | USD | 155 | 155,969 | |||||||||
8.63%, 11/01/30 (Call 11/01/26)(a) | USD | 35 | 35,621 | |||||||||
8.75%, 07/01/31 (Call 07/01/26)(a) | USD | 155 | 156,550 | |||||||||
Clarios Global LP, 6.75%, 05/15/25 | ||||||||||||
(Call 12/01/23)(a) | USD | 32 | 31,731 | |||||||||
Clarios Global LP/Clarios U.S. Finance Co. | USD | 110 | 107,358 | |||||||||
6.75%, 05/15/28 (Call 05/15/25)(a) | USD | 75 | 72,804 | |||||||||
8.50%, 05/15/27 (Call 12/04/23)(a)(b) | USD | 145 | 142,702 | |||||||||
Clarios Global LP/Clarios US Finance Co., | EUR | 100 | 101,068 | |||||||||
Clarivate Science Holdings Corp. | USD | 85 | 73,461 | |||||||||
4.88%, 07/01/29 (Call 06/30/24)(a)(b) | USD | 85 | 71,671 | |||||||||
Clean Harbors Inc. | USD | 50 | 46,633 | |||||||||
6.38%, 02/01/31 (Call 02/01/26)(a) | USD | 35 | 33,229 |
SCHEDULE OF INVESTMENTS | 63 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Clear Channel Outdoor Holdings Inc. | USD | 130 | $ | 115,437 | ||||||||
7.50%, 06/01/29 (Call 06/01/24)(a)(b) | USD | 100 | 72,750 | |||||||||
7.75%, 04/15/28 (Call 04/15/24)(a) | USD | 85 | 64,791 | |||||||||
9.00%, 09/15/28 (Call 09/15/25)(b) | USD | 60 | 58,398 | |||||||||
Clearway Energy Operating LLC | USD | 95 | 74,095 | |||||||||
4.75%, 03/15/28 (Call 11/13/23)(a) | USD | 85 | 75,862 | |||||||||
Cleveland-Cliffs Inc. | USD | 45 | 42,872 | |||||||||
6.75%, 03/15/26 (Call 12/01/23)(a) | USD | 90 | 89,346 | |||||||||
6.75%, 04/15/30 (Call 04/15/26)(a)(b) | USD | 75 | 69,375 | |||||||||
Cloud Software Group Inc. | USD | 405 | 355,689 | |||||||||
9.00%, 09/30/29 (Call 09/30/25)(a) | USD | 365 | 311,202 | |||||||||
Clydesdale Acquisition Holdings Inc. | USD | 40 | 36,302 | |||||||||
8.75%, 04/15/30 (Call 04/15/25)(a) | USD | 95 | 75,715 | |||||||||
CNX Resources Corp. | USD | 65 | 59,637 | |||||||||
7.38%, 01/15/31 (Call 01/15/26)(a) | USD | 45 | 42,975 | |||||||||
Coinbase Global Inc. | USD | 105 | 76,650 | |||||||||
3.63%, 10/01/31 (Call 10/01/26)(a) | USD | 65 | 44,181 | |||||||||
Colgate Energy Partners III LLC, 5.88%, 07/01/29 | ||||||||||||
(Call 07/01/24)(a) | USD | 70 | 65,100 | |||||||||
CommScope Inc. | USD | 140 | 95,725 | |||||||||
6.00%, 03/01/26 (Call 12/01/23)(a) | USD | 140 | 117,600 | |||||||||
7.13%, 07/01/28 (Call 12/01/23)(a)(b) | USD | 60 | 21,360 | |||||||||
8.25%, 03/01/27 (Call 12/01/23)(a)(b) | USD | 100 | 40,913 | |||||||||
CommScope Technologies LLC | USD | 65 | 23,725 | |||||||||
6.00%, 06/15/25 (Call 11/13/23)(a)(b) | USD | 106 | 63,600 | |||||||||
Compass Group Diversified Holdings LLC, | USD | 100 | 85,630 | |||||||||
Comstock Resources Inc. | USD | 110 | 94,050 | |||||||||
6.75%, 03/01/29 (Call 03/01/24)(a) | USD | 115 | 104,506 | |||||||||
Condor Merger Sub Inc., 7.38%, 02/15/30 | ||||||||||||
(Call 02/15/25)(a)(b) | USD | 210 | 168,000 | |||||||||
Consolidated Communications Inc. | USD | 35 | 26,250 | |||||||||
6.50%, 10/01/28 (Call 11/13/23)(a)(b) | USD | 85 | 67,362 | |||||||||
Constellium SE | EUR | 100 | 87,046 | |||||||||
3.75%, 04/15/29 (Call 04/15/24)(a)(b) | USD | 75 | 61,500 | |||||||||
Coty Inc. | EUR | 100 | 102,677 | |||||||||
5.00%, 04/15/26 (Call 12/01/23)(a) | USD | 95 | 90,875 | |||||||||
5.75%, 09/15/28 | EUR | 100 | 106,232 | |||||||||
6.50%, 04/15/26 (Call 12/01/23)(a) | USD | 35 | 34,475 | |||||||||
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC | ||||||||||||
4.75%, 01/15/29 (Call 01/15/25)(a) | USD | 35 | 30,987 | |||||||||
6.63%, 07/15/30 (Call 07/16/26)(a) | USD | 75 | 71,697 | |||||||||
Covanta Holding Corp. | USD | 65 | 50,700 | |||||||||
5.00%, 09/01/30 (Call 09/01/25) | USD | 30 | 23,384 | |||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, | USD | 150 | 130,475 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Crescent Energy Finance LLC, 9.25%, 02/15/28 | ||||||||||||
(Call 02/15/25)(a) | USD | 80 | $ | 80,877 | ||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | USD | 60 | 57,713 | |||||||||
5.75%, 04/01/25 (Call 12/01/23) | USD | 30 | 29,625 | |||||||||
6.00%, 02/01/29 (Call 02/01/24)(a) | USD | 70 | 67,375 | |||||||||
7.38%, 02/01/31 (Call 02/01/26)(a) | USD | 65 | 65,674 | |||||||||
8.00%, 04/01/29 (Call 04/01/24)(a) | USD | 35 | 35,791 | |||||||||
Crown Americas LLC, 5.25%, 04/01/30 | ||||||||||||
(Call 01/01/30)(b) | USD | 45 | 40,669 | |||||||||
Crown Americas LLC/Crown Americas Capital | USD | 60 | 56,488 | |||||||||
Crown Americas LLC/Crown Americas Capital | USD | 75 | 71,933 | |||||||||
Crown European Holdings SA, 2.88%, 02/01/26 | ||||||||||||
(Call 08/01/25)(c) | EUR | 100 | 101,251 | |||||||||
CrownRock LP/CrownRock Finance Inc. | USD | 45 | 42,266 | |||||||||
5.63%, 10/15/25 (Call 12/01/23)(a) | USD | 100 | 98,623 | |||||||||
CSC Holdings LLC | USD | 100 | 63,675 | |||||||||
4.13%, 12/01/30 (Call 12/01/25)(a) | USD | 100 | 66,675 | |||||||||
4.50%, 11/15/31 (Call 11/15/26)(a) | USD | 150 | 98,812 | |||||||||
4.63%, 12/01/30 (Call 12/01/25)(a) | USD | 250 | 125,392 | |||||||||
5.00%, 11/15/31 (Call 11/15/26)(a) | USD | 35 | 17,850 | |||||||||
5.38%, 02/01/28 (Call 12/01/23)(a) | USD | 100 | 79,625 | |||||||||
5.50%, 04/15/27 (Call 12/01/23)(a) | USD | 125 | 104,406 | |||||||||
5.75%, 01/15/30 (Call 01/15/25)(a) | USD | 200 | 104,250 | |||||||||
6.50%, 02/01/29 (Call 02/01/24)(a) | USD | 175 | 138,353 | |||||||||
7.50%, 04/01/28 (Call 11/13/23)(a) | USD | 100 | 64,000 | |||||||||
11.25%, 05/15/28 (Call 05/15/25)(a) | USD | 100 | 95,250 | |||||||||
Curo Group Holdings Corp., 7.50%, 08/01/28 | ||||||||||||
(Call 08/01/24)(a) | USD | 78 | 29,640 | |||||||||
Cushman & Wakefield U.S. Borrower LLC | USD | 75 | 68,522 | |||||||||
8.88%, 09/01/31 (Call 09/01/26)(a)(b) | USD | 40 | 37,950 | |||||||||
CVR Energy Inc. | USD | 65 | 63,552 | |||||||||
5.75%, 02/15/28 (Call 11/16/23)(a) | USD | 45 | 40,370 | |||||||||
Dana Financing Luxembourg Sarl, | EUR | 100 | 107,776 | |||||||||
Dana Inc. | ||||||||||||
4.25%, 09/01/30 (Call 05/01/26) | USD | 50 | 39,574 | |||||||||
5.38%, 11/15/27 (Call 11/13/23) | USD | 40 | 36,767 | |||||||||
5.63%, 06/15/28 (Call 11/13/23)(b) | USD | 55 | 49,844 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 | ||||||||||||
(Call 11/10/23)(c) | EUR | 100 | 101,726 | |||||||||
Darling Ingredients Inc. | USD | 35 | 33,276 | |||||||||
6.00%, 06/15/30 (Call 06/15/25)(a)(b) | USD | 105 | 98,860 | |||||||||
DaVita Inc. | USD | 150 | 107,876 | |||||||||
4.63%, 06/01/30 (Call 06/01/25)(a) | USD | 250 | 195,937 | |||||||||
Delta Air Lines Inc. | USD | 85 | 72,144 | |||||||||
4.38%, 04/19/28 (Call 01/19/28)(b) | USD | 40 | 36,588 | |||||||||
7.38%, 01/15/26 (Call 12/15/25) | USD | 90 | 90,895 | |||||||||
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 12/01/23)(a) | USD | 375 | 328,125 |
64 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
DISH DBS Corp. | USD | 235 | $ | 189,833 | ||||||||
5.75%, 12/01/28 (Call 12/01/27)(a) | USD | 225 | 161,071 | |||||||||
5.88%, 11/15/24 | USD | 200 | 183,500 | |||||||||
7.38%, 07/01/28 (Call 11/13/23) | USD | 105 | 58,816 | |||||||||
7.75%, 07/01/26 | USD | 200 | 133,938 | |||||||||
5.13%, 06/01/29(b) | USD | 140 | 72,100 | |||||||||
DISH Network Corp., 11.75%, 11/15/27 | ||||||||||||
(Call 05/15/25)(a) | USD | 338 | 333,707 | |||||||||
Diversified Healthcare Trust | USD | 40 | 27,491 | |||||||||
4.75%, 02/15/28 (Call 08/15/27)(b) | USD | 60 | 43,712 | |||||||||
9.75%, 06/15/25 (Call 11/16/23) | USD | 65 | 63,050 | |||||||||
DPL Inc. | USD | 55 | 51,865 | |||||||||
4.35%, 04/15/29 (Call 01/15/29) | USD | 25 | 20,501 | |||||||||
DT Midstream Inc. | USD | 110 | 94,435 | |||||||||
4.38%, 06/15/31 (Call 06/15/26)(a) | USD | 90 | 74,700 | |||||||||
Earthstone Energy Holdings LLC | USD | 50 | 50,741 | |||||||||
9.88%, 07/15/31 (Call 07/15/26)(a) | USD | 55 | 59,334 | |||||||||
Edgewell Personal Care Co. | USD | 40 | 33,495 | |||||||||
5.50%, 06/01/28 (Call 12/01/23)(a) | USD | 80 | 72,996 | |||||||||
Edison International, 8.13%, 06/15/53 | ||||||||||||
(Call 03/15/28), (5-year CMT + 3.864%)(d) | USD | 50 | 48,224 | |||||||||
Emerald Debt Merger Sub LLC | EUR | 100 | 103,839 | |||||||||
6.63%, 12/15/30 (Call 06/15/26)(a) | USD | 210 | 199,605 | |||||||||
Encompass Health Corp. | USD | 65 | 58,599 | |||||||||
4.63%, 04/01/31 (Call 04/01/26) | USD | 35 | 29,138 | |||||||||
4.75%, 02/01/30 (Call 02/01/25) | USD | 80 | 69,316 | |||||||||
Encore Capital Group Inc., 4.25%, 06/01/28 | ||||||||||||
(Call 06/01/24)(c) | GBP | 100 | 93,772 | |||||||||
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 12/01/23)(a) | USD | 125 | 119,925 | |||||||||
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(c) | EUR | 100 | 83,043 | |||||||||
Energizer Holdings Inc. | USD | 90 | 74,019 | |||||||||
4.75%, 06/15/28 (Call 12/01/23)(a) | USD | 60 | 51,405 | |||||||||
EnLink Midstream LLC | USD | 50 | 45,763 | |||||||||
5.63%, 01/15/28 (Call 07/15/27)(a) | USD | 50 | 47,207 | |||||||||
6.50%, 09/01/30 (Call 03/01/30)(a) | USD | 95 | 91,149 | |||||||||
EnLink Midstream Partners LP | USD | 66 | 63,215 | |||||||||
4.85%, 07/15/26 (Call 04/15/26) | USD | 40 | 37,970 | |||||||||
Entegris Escrow Corp. | USD | 150 | 134,722 | |||||||||
5.95%, 06/15/30 (Call 06/15/25)(a) | USD | 100 | 91,500 | |||||||||
Entegris Inc. | USD | 35 | 29,374 | |||||||||
4.38%, 04/15/28 (Call 11/13/23)(a) | USD | 50 | 44,543 | |||||||||
EQM Midstream Partners LP | USD | 35 | 32,410 | |||||||||
4.50%, 01/15/29 (Call 07/15/28)(a)(b) | USD | 80 | 70,241 | |||||||||
4.75%, 01/15/31 (Call 07/15/30)(a)(b) | USD | 110 | 92,732 | |||||||||
5.50%, 07/15/28 (Call 04/15/28) | USD | 85 | 79,164 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.00%, 07/01/25 (Call 04/01/25)(a) | USD | 35 | $ | 34,182 | ||||||||
6.50%, 07/01/27 (Call 01/01/27)(a) | USD | 75 | 72,936 | |||||||||
7.50%, CALL, 06/01/27 (Call 06/01/24)(a) | USD | 40 | 39,664 | |||||||||
7.50%, CALL, 06/01/30 (Call 12/01/29)(a) | USD | 50 | 49,208 | |||||||||
EquipmentShare.com Inc., 9.00%, 05/15/28 | ||||||||||||
(Call 05/15/25)(a) | USD | 95 | 89,621 | |||||||||
Fair Isaac Corp. | USD | 75 | 66,706 | |||||||||
5.25%, 05/15/26 (Call 02/15/26)(a) | USD | 60 | 57,739 | |||||||||
Ferrellgas LP/Ferrellgas Finance Corp. | USD | 65 | 60,876 | |||||||||
5.88%, 04/01/29 (Call 04/01/24)(a) | USD | 95 | 83,932 | |||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. | USD | 100 | 84,125 | |||||||||
6.75%, 01/15/30 (Call 01/15/25)(a) | USD | 115 | 91,699 | |||||||||
FirstCash Inc. | USD | 50 | 43,877 | |||||||||
5.63%, 01/01/30 (Call 01/01/25)(a) | USD | 60 | 53,100 | |||||||||
FirstEnergy Corp. | USD | 55 | 44,280 | |||||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) | USD | 60 | 46,087 | |||||||||
Series B, 4.15%, 07/15/27 (Call 04/15/27) | USD | 165 | 152,809 | |||||||||
Ford Credit Canada Co, 2.96%, 09/16/26 | ||||||||||||
(Call 08/16/26) | CAD | 50 | 32,674 | |||||||||
Ford Credit Canada Co. | ||||||||||||
4.46%, 11/13/24 | CAD | 50 | 35,328 | |||||||||
7.00%, 02/10/26 | CAD | 50 | 36,089 | |||||||||
7.38%, 05/12/26 | CAD | 75 | 54,896 | |||||||||
Ford Motor Co. | USD | 280 | 211,103 | |||||||||
4.35%, 12/08/26 (Call 09/08/26) | USD | 25 | 23,560 | |||||||||
6.10%, 08/19/32 (Call 05/19/32)(b) | USD | 195 | 180,375 | |||||||||
Ford Motor Credit Co. LLC | USD | 25 | 23,620 | |||||||||
2.39%, 02/17/26 | EUR | 100 | 100,354 | |||||||||
2.70%, 08/10/26 (Call 07/10/26) | USD | 210 | 188,330 | |||||||||
2.90%, 02/10/29 (Call 12/10/28) | USD | 100 | 81,885 | |||||||||
3.25%, 09/15/25 | EUR | 100 | 102,739 | |||||||||
3.38%, 11/13/25 (Call 10/13/25) | USD | 200 | 186,700 | |||||||||
3.63%, 06/17/31 (Call 03/17/31) | USD | 50 | 39,477 | |||||||||
3.82%, 11/02/27 (Call 08/02/27) | USD | 120 | 107,112 | |||||||||
4.00%, 11/13/30 (Call 08/13/30) | USD | 200 | 164,770 | |||||||||
4.06%, 11/01/24 (Call 10/01/24) | USD | 225 | 219,037 | |||||||||
4.13%, 08/04/25 | USD | 25 | 23,850 | |||||||||
4.13%, 08/17/27 (Call 06/17/27) | USD | 160 | 145,416 | |||||||||
4.54%, 08/01/26 (Call 06/01/26) | USD | 100 | 93,937 | |||||||||
4.87%, 08/03/27 | EUR | 100 | 105,410 | |||||||||
5.11%, 05/03/29 (Call 02/03/29) | USD | 235 | 212,879 | |||||||||
5.13%, 06/16/25 (Call 05/16/25) | USD | 365 | 355,032 | |||||||||
6.13%, 05/15/28 | EUR | 100 | 110,252 | |||||||||
6.80%, 05/12/28 (Call 04/12/28) | USD | 200 | 199,500 | |||||||||
6.86%, 06/05/26 | GBP | 100 | 120,725 | |||||||||
6.95%, 03/06/26 (Call 02/06/26) | USD | 150 | 150,390 | |||||||||
6.95%, 06/10/26 (Call 05/10/26) | USD | 100 | 100,262 | |||||||||
7.35%, 11/04/27 (Call 10/04/27) | USD | 175 | 177,078 | |||||||||
7.35%, 03/06/30 (Call 01/06/30) | USD | 50 | 50,250 | |||||||||
Fortress Transportation and Infrastructure Investors LLC | USD | 85 | 77,302 | |||||||||
6.50%, 10/01/25 (Call 12/01/23)(a) | USD | 56 | 55,293 |
SCHEDULE OF INVESTMENTS | 65 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
9.75%, 08/01/27 (Call 11/13/23)(a) | USD | 55 | $ | 56,537 | ||||||||
Freedom Mortgage Corp. | USD | 85 | 73,525 | |||||||||
7.63%, 05/01/26 (Call 12/01/23)(a) | USD | 45 | 41,351 | |||||||||
12.00%, 10/01/28 (Call 10/01/25)(a) | USD | 50 | 50,105 | |||||||||
12.25%, 10/01/30 (Call 10/01/26)(a) | USD | 40 | 39,875 | |||||||||
Frontier Communications Holdings LLC | USD | 140 | 120,750 | |||||||||
5.88%, 10/15/27 (Call 12/01/23)(a) | USD | 110 | 100,237 | |||||||||
5.88%, 11/01/29 (Call 11/01/24)(b) | USD | 75 | 56,344 | |||||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) | USD | 115 | 86,537 | |||||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) | USD | 85 | 67,256 | |||||||||
8.63%, 03/15/31 (Call 03/15/26)(a) | USD | 65 | 61,019 | |||||||||
8.75%, 05/15/30 (Call 05/15/25)(a) | USD | 125 | 118,906 | |||||||||
FXI Holdings Inc. | USD | 84 | 70,119 | |||||||||
12.25%, 11/15/26 (Call 11/16/23)(a) | USD | 49 | 40,352 | |||||||||
Gap Inc. (The) | USD | 80 | 61,200 | |||||||||
3.88%, 10/01/31 (Call 10/01/26)(a)(b) | USD | 89 | 63,735 | |||||||||
Gartner Inc. | USD | 30 | 25,326 | |||||||||
3.75%, 10/01/30 (Call 10/01/25)(a) | USD | 49 | 40,731 | |||||||||
4.50%, 07/01/28 (Call 12/01/23)(a) | USD | 54 | 48,601 | |||||||||
Gen Digital Inc., 5.00%, 04/15/25 | ||||||||||||
(Call 11/13/23)(a) | USD | 100 | 97,163 | |||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | USD | 55 | 53,781 | |||||||||
7.75%, 02/01/28 (Call 12/01/23) | USD | 90 | 84,600 | |||||||||
8.00%, 01/15/27 (Call 01/15/24) | USD | 105 | 100,800 | |||||||||
8.88%, 04/15/30 (Call 04/15/26) | USD | 30 | 28,921 | |||||||||
Global Atlantic Fin Co., 4.70%, 10/15/51 | ||||||||||||
(Call 07/15/26), (5-year CMT + 3.796%)(a)(d) | USD | 70 | 48,902 | |||||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. | USD | 70 | 58,593 | |||||||||
5.25%, 12/01/27 (Call 12/01/23)(a) | USD | 50 | 46,934 | |||||||||
Goodyear Tire & Rubber Co. (The) | USD | 85 | 78,245 | |||||||||
5.00%, 05/31/26 (Call 12/01/23)(b) | USD | 65 | 61,459 | |||||||||
5.00%, 07/15/29 (Call 04/15/29)(b) | USD | 70 | 60,175 | |||||||||
5.25%, 04/30/31 (Call 01/30/31)(b) | USD | 60 | 49,436 | |||||||||
5.25%, 07/15/31 (Call 04/15/31)(b) | USD | 65 | 52,934 | |||||||||
5.63%, 04/30/33 (Call 01/30/33) | USD | 30 | 24,060 | |||||||||
9.50%, 05/31/25 (Call 11/16/23) | USD | 70 | 70,787 | |||||||||
Graphic Packaging International LLC | USD | 35 | 30,416 | |||||||||
3.75%, 02/01/30 (Call 08/01/29)(a) | USD | 30 | 24,609 | |||||||||
Gray Escrow II Inc., 5.38%, 11/15/31 | ||||||||||||
(Call 11/15/26)(a)(b) | USD | 120 | 75,648 | |||||||||
Gray Television Inc. | USD | 85 | 54,411 | |||||||||
5.88%, 07/15/26 (Call 12/01/23)(a) | USD | 75 | 66,695 | |||||||||
7.00%, 05/15/27 (Call 11/13/23)(a)(b) | USD | 75 | 63,187 | |||||||||
GTCR AP Finance Inc., 8.00%, 05/15/27 | ||||||||||||
(Call 12/01/23)(a) | USD | 25 | 24,330 | |||||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31 | ||||||||||||
(Call 01/15/27)(a) | USD | 200 | 197,527 | |||||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 | ||||||||||||
(Call 12/15/23)(a)(b) | USD | 125 | 105,949 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Hanesbrands Inc. | USD | 75 | $ | 68,906 | ||||||||
9.00%, 02/15/31 (Call 02/15/26)(a)(b) | USD | 50 | 46,500 | |||||||||
HAT Holdings I LLC/HAT Holdings II LLC | USD | 105 | 92,137 | |||||||||
6.00%, 04/15/25 (Call 12/01/23)(a)(b) | USD | 25 | 24,257 | |||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a) | USD | 100 | 73,655 | |||||||||
Heartland Dental LLC/Heartland Dental Finance | ||||||||||||
Corp., 10.50%, 04/30/28 (Call 05/15/25)(a) | USD | 75 | 71,991 | |||||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/23)(a) | USD | 65 | 60,904 | |||||||||
Herc Holdings Inc., 5.50%, 07/15/27 | ||||||||||||
(Call 12/01/23)(a)(b) | USD | 110 | 103,537 | |||||||||
Hertz Corp. (The) | USD | 35 | 29,414 | |||||||||
5.00%, 12/01/29 (Call 12/01/24)(a)(b) | USD | 100 | 72,000 | |||||||||
Hess Midstream Operations LP | USD | 95 | 81,568 | |||||||||
5.13%, 06/15/28 (Call 12/01/23)(a) | USD | 45 | 41,672 | |||||||||
5.50%, 10/15/30 (Call 10/15/25)(a) | USD | 35 | 31,862 | |||||||||
5.63%, 02/15/26 (Call 12/01/23)(a) | USD | 75 | 72,857 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | USD | 55 | 49,187 | |||||||||
6.00%, 04/15/30 (Call 04/15/25)(a) | USD | 45 | 39,919 | |||||||||
6.00%, 02/01/31 (Call 02/01/26)(a) | USD | 80 | 70,114 | |||||||||
6.25%, 11/01/28 (Call 12/01/23)(a) | USD | 50 | 46,736 | |||||||||
6.25%, 04/15/32 (Call 05/15/27)(a) | USD | 60 | 52,350 | |||||||||
Hilton Domestic Operating Co. Inc. | USD | 140 | 110,639 | |||||||||
3.75%, 05/01/29 (Call 05/01/24)(a) | USD | 75 | 64,615 | |||||||||
4.00%, 05/01/31 (Call 05/01/26)(a) | USD | 100 | 82,907 | |||||||||
4.88%, 01/15/30 (Call 01/15/25) | USD | 105 | 94,439 | |||||||||
5.38%, 05/01/25 (Call 11/13/23)(a) | USD | 35 | 34,450 | |||||||||
5.75%, 05/01/28 (Call 12/01/23)(a) | USD | 60 | 57,486 | |||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.88%, | USD | 55 | 43,445 | |||||||||
5.00%, 06/01/29 (Call 06/01/24)(a) | USD | 80 | 67,367 | |||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide | ||||||||||||
Finance Corp., 4.88%, 04/01/27 (Call 11/16/23) . | USD | 60 | 56,637 | |||||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) | USD | 65 | 44,403 | |||||||||
Hologic Inc. | USD | 100 | 83,456 | |||||||||
4.63%, 02/01/28 (Call 12/01/23)(a) | USD | 50 | 45,538 | |||||||||
Howard Hughes Corp. (The) | USD | 65 | 52,329 | |||||||||
4.38%, 02/01/31 (Call 02/01/26)(a) | USD | 65 | 49,744 | |||||||||
5.38%, 08/01/28 (Call 12/01/23)(a) | USD | 75 | 66,009 | |||||||||
Hub International Ltd. | USD | 40 | 34,496 | |||||||||
7.00%, 05/01/26 (Call 11/13/23)(a) | USD | 150 | 145,402 | |||||||||
HUB International Ltd., 7.25%, 06/15/30 | ||||||||||||
(Call 06/15/26)(a) | USD | 220 | 214,500 | |||||||||
Hughes Satellite Systems Corp. | USD | 70 | 62,933 | |||||||||
6.63%, 08/01/26(b) | USD | 85 | 71,899 |
66 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | USD | 60 | $ | 46,498 | ||||||||
5.25%, 05/15/27 (Call 11/15/26) | USD | 117 | 100,327 | |||||||||
6.25%, 05/15/26 (Call 12/01/23) | USD | 130 | 118,641 | |||||||||
6.38%, 12/15/25 (Call 12/01/23) | USD | 70 | 65,714 | |||||||||
iHeartCommunications Inc. | USD | 50 | 35,375 | |||||||||
5.25%, 08/15/27 (Call 11/16/23)(a)(b) | USD | 70 | 51,275 | |||||||||
6.38%, 05/01/26 (Call 11/16/23) | USD | 75 | 61,125 | |||||||||
8.38%, 05/01/27 (Call 11/16/23)(b) | USD | 95 | 58,178 | |||||||||
Imola Merger Corp., 4.75%, 05/15/29 | ||||||||||||
(Call 05/15/24)(a) | USD | 200 | 174,168 | |||||||||
Independence Energy Finance LLC, | USD | 75 | 72,375 | |||||||||
International Game Technology PLC | EUR | 100 | 93,046 | |||||||||
4.13%, 04/15/26 (Call 12/01/23)(a) | USD | 75 | 70,687 | |||||||||
5.25%, 01/15/29 (Call 01/15/24)(a) | USD | 75 | 68,250 | |||||||||
6.25%, 01/15/27 (Call 07/15/26)(a) | USD | 85 | 82,882 | |||||||||
6.50%, 02/15/25 (Call 08/15/24)(a) | USD | 40 | 39,602 | |||||||||
IQVIA Inc. | EUR | 100 | 102,219 | |||||||||
2.88%, 06/15/28 (Call 11/10/23)(c) | EUR | 200 | 187,480 | |||||||||
5.00%, 10/15/26 (Call 12/01/23)(a) | USD | 50 | 47,800 | |||||||||
5.00%, 05/15/27 (Call 12/01/23)(a) | USD | 120 | 113,065 | |||||||||
6.50%, 05/15/30 (Call 05/15/26)(a) | USD | 75 | 72,779 | |||||||||
Iron Mountain Inc. | USD | 110 | 89,776 | |||||||||
4.88%, 09/15/27 (Call 11/13/23)(a) | USD | 95 | 86,824 | |||||||||
4.88%, 09/15/29 (Call 09/15/24)(a) | USD | 95 | 82,769 | |||||||||
5.00%, 07/15/28 (Call 11/13/23)(a) | USD | 25 | 22,375 | |||||||||
5.25%, 03/15/28 (Call 11/13/23)(a) | USD | 90 | 82,341 | |||||||||
5.25%, 07/15/30 (Call 07/15/25)(a) | USD | 120 | 104,214 | |||||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) | USD | 60 | 51,170 | |||||||||
7.00%, 02/15/29 (Call 08/15/25)(a) | USD | 100 | 96,875 | |||||||||
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 | USD | 80 | 65,474 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 | ||||||||||||
(Call 11/10/23)(c) | GBP | 100 | 114,222 | |||||||||
ITT Holdings LLC, 6.50%, 08/01/29 | ||||||||||||
(Call 08/01/24)(a) | USD | 115 | 96,169 | |||||||||
Jazz Securities DAC, 4.38%, 01/15/29 | ||||||||||||
(Call 07/15/24)(a) | USD | 155 | 134,462 | |||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., | USD | 100 | 79,330 | |||||||||
Kaiser Aluminum Corp. | USD | 60 | 44,325 | |||||||||
4.63%, 03/01/28 (Call 12/01/23)(a)(b) | USD | 50 | 41,688 | |||||||||
Kennedy-Wilson Inc. | USD | 55 | 41,674 | |||||||||
4.75%, 02/01/30 (Call 09/01/24) | USD | 50 | 36,500 | |||||||||
5.00%, 03/01/31 (Call 03/01/26) | USD | 61 | 43,768 | |||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 | ||||||||||||
(Call 12/01/23)(a) | USD | 75 | 70,937 | |||||||||
Kinetik Holdings LP, 5.88%, 06/15/30 | ||||||||||||
(Call 06/15/25)(a)(b) | USD | 75 | 69,167 | |||||||||
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31) | USD | 60 | 40,794 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
LABL Inc. | USD | 45 | $ | 38,348 | ||||||||
6.75%, 07/15/26 (Call 11/13/23)(a) | USD | 65 | 59,853 | |||||||||
8.25%, 11/01/29 (Call 11/01/24)(a) | USD | 45 | 33,413 | |||||||||
10.50%, 07/15/27 (Call 11/13/23)(a) | USD | 85 | 73,312 | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | USD | 70 | 61,189 | |||||||||
4.75%, 06/15/29 (Call 06/15/24)(a) | USD | 53 | 42,731 | |||||||||
Lamar Media Corp. | USD | 55 | 44,275 | |||||||||
3.75%, 02/15/28 (Call 11/16/23) | USD | 50 | 44,494 | |||||||||
4.00%, 02/15/30 (Call 02/15/25) | USD | 60 | 50,766 | |||||||||
4.88%, 01/15/29 (Call 01/15/24)(b) | USD | 50 | 45,837 | |||||||||
Lamb Weston Holdings Inc. | USD | 90 | 76,441 | |||||||||
4.38%, 01/31/32 (Call 01/31/27)(a) | USD | 70 | 57,874 | |||||||||
4.88%, 05/15/28 (Call 11/15/27)(a) | USD | 40 | 36,850 | |||||||||
Laredo Petroleum Inc. | USD | 50 | 50,250 | |||||||||
10.13%, 01/15/28 (Call 12/01/23) | USD | 30 | 30,056 | |||||||||
Las Vegas Sands Corp. | USD | 50 | 47,188 | |||||||||
3.50%, 08/18/26 (Call 06/18/26) | USD | 110 | 100,971 | |||||||||
3.90%, 08/08/29 (Call 05/08/29)(b) | USD | 75 | 64,804 | |||||||||
LBM Acquisition LLC, 6.25%, 01/15/29 | ||||||||||||
(Call 01/15/24)(a) | USD | 95 | 75,050 | |||||||||
LCM Investments Holdings II LLC | USD | 125 | 104,407 | |||||||||
8.25%, 08/01/31 (Call 08/01/26)(a) | USD | 40 | 38,180 | |||||||||
LCPR Senior Secured Financing DAC | USD | 75 | 59,248 | |||||||||
6.75%, 10/15/27 (Call 12/01/23)(a) | USD | 115 | 104,075 | |||||||||
LD Holdings Group LLC | USD | 40 | 22,412 | |||||||||
6.50%, 11/01/25 (Call 12/01/23)(a) | USD | 50 | 40,403 | |||||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/27 | ||||||||||||
(Call 12/01/23)(a)(b) | USD | 60 | 49,575 | |||||||||
Level 3 Financing Inc. | USD | 75 | 69,281 | |||||||||
3.63%, 01/15/29 (Call 01/15/24)(a) | USD | 85 | 43,846 | |||||||||
3.75%, 07/15/29 (Call 01/15/24)(a) | USD | 90 | 45,844 | |||||||||
3.88%, 11/15/29 (Call 08/15/29)(a) | USD | 75 | 66,187 | |||||||||
4.25%, 07/01/28 (Call 12/01/23)(a) | USD | 125 | 70,625 | |||||||||
4.63%, 09/15/27 (Call 12/01/23)(a) | USD | 95 | 64,018 | |||||||||
10.50%, 05/15/30 (Call 05/15/26)(a) | USD | 70 | 69,818 | |||||||||
Liberty Mutual Group Inc. | ||||||||||||
4.13%, 12/15/51 (Call 09/15/26), (5-year CMT + 3.315%)(a)(d) | USD | 50 | 39,701 | |||||||||
4.30%, 02/01/61 (Call 02/01/26)(a) | USD | 75 | 39,282 | |||||||||
Life Time Inc. | USD | 103 | 99,827 | |||||||||
8.00%, 04/15/26 (Call 12/01/23)(a)(b) | USD | 45 | 43,875 | |||||||||
Lifepoint Health Inc., 5.38%, 01/15/29 | ||||||||||||
(Call 01/15/24)(a) | USD | 45 | 27,281 | |||||||||
LifePoint Health Inc. | USD | 90 | 81,454 | |||||||||
11.00%, 10/15/30 (Call 10/15/26)(a) | USD | 79 | 74,363 | |||||||||
Light & Wonder International Inc. | USD | 55 | 53,715 | |||||||||
7.25%, 11/15/29 (Call 11/15/24)(a) | USD | 50 | 48,406 |
SCHEDULE OF INVESTMENTS | 67 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
7.50%, 09/01/31 (Call 09/01/26)(a) | USD | 50 | $ | 48,874 | ||||||||
Lithia Motors Inc. | USD | 80 | 66,168 | |||||||||
4.38%, 01/15/31 (Call 10/15/25)(a) | USD | 50 | 40,500 | |||||||||
4.63%, 12/15/27 (Call 12/01/23)(a) | USD | 25 | 22,506 | |||||||||
Live Nation Entertainment Inc. | USD | 45 | 39,410 | |||||||||
4.75%, 10/15/27 (Call 12/01/23)(a)(b) | USD | 95 | 86,827 | |||||||||
4.88%, 11/01/24 (Call 12/01/23)(a) | USD | 50 | 48,817 | |||||||||
6.50%, 05/15/27 (Call 12/01/23)(a) | USD | 110 | 107,006 | |||||||||
Lumen Technologies Inc. | USD | 125 | 84,312 | |||||||||
4.50%, 01/15/29 (Call 01/15/24)(a) | USD | 80 | 23,281 | |||||||||
Macy’s Retail Holdings LLC | USD | 40 | 35,264 | |||||||||
5.88%, 03/15/30 (Call 03/15/25)(a)(b) | USD | 35 | 29,608 | |||||||||
6.13%, 03/15/32 (Call 03/15/27)(a)(b) | USD | 45 | 37,219 | |||||||||
Madison IAQ LLC | USD | 75 | 62,625 | |||||||||
5.88%, 06/30/29 (Call 06/30/24)(a) | USD | 105 | 81,375 | |||||||||
Matador Resources Co. | USD | 50 | 48,184 | |||||||||
6.88%, 04/15/28 (Call 04/15/25)(a) | USD | 45 | 43,999 | |||||||||
Match Group Holdings II LLC | USD | 35 | 26,887 | |||||||||
4.13%, 08/01/30 (Call 05/01/25)(a) | USD | 60 | 48,949 | |||||||||
4.63%, 06/01/28 (Call 12/01/23)(a) | USD | 60 | 53,641 | |||||||||
5.00%, 12/15/27 (Call 12/01/23)(a) | USD | 50 | 46,143 | |||||||||
Mauser Packaging Solutions Holding Co. | USD | 275 | 257,469 | |||||||||
9.25%, 04/15/27 (Call 10/15/24)(a) | USD | 135 | 112,064 | |||||||||
McGraw-Hill Education Inc. | ||||||||||||
5.75%, 08/01/28 (Call 08/01/24)(a) | USD | 75 | 63,244 | |||||||||
8.00%, 08/01/29 (Call 08/01/24)(a) | USD | 80 | 65,824 | |||||||||
Meritage Homes Corp., 6.00%, 06/01/25 | ||||||||||||
(Call 03/01/25) | USD | 23 | 22,540 | |||||||||
MGM Resorts International | USD | 57 | 53,010 | |||||||||
4.75%, 10/15/28 (Call 07/15/28) | USD | 65 | 56,779 | |||||||||
5.50%, 04/15/27 (Call 01/15/27) | USD | 61 | 56,883 | |||||||||
5.75%, 06/15/25 (Call 03/15/25) | USD | 65 | 63,571 | |||||||||
6.75%, 05/01/25 (Call 12/01/23) | USD | 60 | 59,672 | |||||||||
Michaels Companies Inc. (The) | USD | 90 | 64,797 | |||||||||
7.88%, 05/01/29 (Call 05/01/24)(a) | USD | 115 | 64,170 | |||||||||
Midcap Financial Issuer Trust | USD | 50 | 38,716 | |||||||||
6.50%, 05/01/28 (Call 05/01/24)(a) | USD | 90 | 76,698 | |||||||||
Minerva Merger Sub Inc., 6.50%, 02/15/30 | ||||||||||||
(Call 02/15/25)(a) | USD | 240 | 195,300 | |||||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 | ||||||||||||
(Call 10/01/24)(a) | USD | 60 | 43,713 | |||||||||
ModivCare Inc., 5.88%, 11/15/25 | USD | 50 | 47,480 | |||||||||
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 12/01/23)(a) | USD | 100 | 91,875 | |||||||||
Molina Healthcare Inc. | ||||||||||||
3.88%, 11/15/30 (Call 08/17/30)(a) | USD | 75 | 61,189 | |||||||||
3.88%, 05/15/32 (Call 02/15/32)(a) | USD | 85 | 67,109 | |||||||||
4.38%, 06/15/28 (Call 12/01/23)(a) | USD | 55 | 49,184 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Moss Creek Resources Holdings Inc. | USD | 55 | $ | 52,653 | ||||||||
10.50%, 05/15/27 (Call 12/01/23)(a) | USD | 50 | 49,438 | |||||||||
Mozart Debt Merger Sub Inc. | USD | 430 | 362,812 | |||||||||
5.25%, 10/01/29 (Call 10/01/24)(a)(b) | USD | 240 | 204,000 | |||||||||
MPH Acquisition Holdings LLC | USD | 100 | 83,712 | |||||||||
5.75%, 11/01/28 (Call 12/01/23)(a)(b) | USD | 115 | 85,723 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | EUR | 100 | 94,093 | |||||||||
3.38%, 04/24/30 (Call 01/24/30) | GBP | 125 | 91,381 | |||||||||
3.50%, 03/15/31 (Call 03/15/26) | USD | 110 | 66,550 | |||||||||
4.63%, 08/01/29 (Call 08/01/24)(b) | USD | 100 | 69,262 | |||||||||
5.00%, 10/15/27 (Call 12/01/23)(b) | USD | 135 | 104,406 | |||||||||
5.25%, 08/01/26 (Call 12/01/23) | USD | 40 | 34,400 | |||||||||
Murphy Oil Corp. | USD | 30 | 28,832 | |||||||||
6.38%, 07/15/28 (Call 07/15/24) | USD | 60 | 57,971 | |||||||||
Murphy Oil USA Inc. | USD | 55 | 43,991 | |||||||||
4.75%, 09/15/29 (Call 09/15/24)(b) | USD | 25 | 22,171 | |||||||||
Nabors Industries Inc. | USD | 45 | 43,720 | |||||||||
7.38%, 05/15/27 (Call 05/15/24)(a) | USD | 60 | 56,093 | |||||||||
Nabors Industries Ltd., 7.25%, 01/15/26 | ||||||||||||
(Call 12/01/23)(a) | USD | 60 | 56,075 | |||||||||
Nationstar Mortgage Holdings Inc. | USD | 55 | 44,839 | |||||||||
5.50%, 08/15/28 (Call 12/01/23)(a)(b) | USD | 75 | 66,436 | |||||||||
5.75%, 11/15/31 (Call 11/15/26)(a)(b) | USD | 85 | 70,378 | |||||||||
6.00%, 01/15/27 (Call 12/01/23)(a)(b) | USD | 65 | 60,462 | |||||||||
Navient Corp. | USD | 55 | 45,458 | |||||||||
5.00%, 03/15/27 (Call 09/15/26) | USD | 85 | 74,276 | |||||||||
5.50%, 03/15/29 (Call 06/15/28) | USD | 65 | 52,573 | |||||||||
6.75%, 06/25/25 | USD | 50 | 48,756 | |||||||||
6.75%, 06/15/26 | USD | 50 | 47,398 | |||||||||
9.38%, 07/25/30 (Call 10/25/29)(b) | USD | 45 | 42,219 | |||||||||
11.50%, 03/15/31 (Call 03/15/27) | USD | 40 | 39,924 | |||||||||
NCL Corp. Ltd. | USD | 50 | 47,313 | |||||||||
5.88%, 03/15/26 (Call 12/15/25)(a) | USD | 155 | 139,112 | |||||||||
5.88%, 02/15/27 (Call 02/15/24)(a) | USD | 95 | 87,514 | |||||||||
7.75%, 02/15/29 (Call 11/15/28)(a) | USD | 55 | 47,999 | |||||||||
8.13%, 01/15/29 (Call 01/15/26)(a) | USD | 65 | 63,537 | |||||||||
8.38%, 02/01/28 (Call 02/01/25)(a) | USD | 65 | 64,261 | |||||||||
NCL Finance Ltd., 6.13%, 03/15/28 | ||||||||||||
(Call 12/15/27)(a) | USD | 35 | 29,315 | |||||||||
NCR Atleos Escrow Corp., 9.50%, 04/01/29 | ||||||||||||
(Call 10/01/26)(a) | USD | 125 | 122,529 | |||||||||
NCR Corp. | USD | 70 | 60,462 | |||||||||
5.13%, 04/15/29 (Call 04/15/24)(a) | USD | 110 | 94,889 | |||||||||
5.25%, 10/01/30 (Call 10/01/25)(a) | USD | 40 | 33,157 | |||||||||
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 | ||||||||||||
(Call 10/15/25)(a) | USD | 270 | 238,396 | |||||||||
New Fortress Energy Inc. | ||||||||||||
6.50%, 09/30/26 (Call 12/01/23)(a) | USD | 135 | 120,825 | |||||||||
6.75%, 09/15/25 (Call 11/21/23)(a) | USD | 125 | 115,937 |
68 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Newell Brands Inc. | USD | 50 | $ | 47,761 | ||||||||
5.20%, 04/01/26 (Call 01/01/26)(b) | USD | 195 | 183,864 | |||||||||
6.38%, 09/15/27 (Call 06/15/27)(b) | USD | 35 | 32,767 | |||||||||
6.63%, 09/15/29 (Call 06/15/29)(b) | USD | 60 | 55,200 | |||||||||
Newfold Digital Holdings Group Inc., 11.75%, 10/15/28 (Call 10/15/25)(a) | USD | 30 | 30,303 | |||||||||
News Corp. | USD | 85 | 72,758 | |||||||||
5.13%, 02/15/32 (Call 02/15/27)(a) | USD | 60 | 51,693 | |||||||||
Nexstar Media Inc. | USD | 95 | 79,680 | |||||||||
5.63%, 07/15/27 (Call 11/13/23)(a) | USD | 175 | 157,510 | |||||||||
NextEra Energy Operating Partners LP | USD | 50 | 45,453 | |||||||||
4.50%, 09/15/27 (Call 06/15/27)(a) | USD | 35 | 31,316 | |||||||||
NFP Corp. | USD | 60 | 52,712 | |||||||||
6.88%, 08/15/28 (Call 12/01/23)(a) | USD | 195 | 166,656 | |||||||||
NGL Energy Operating LLC/NGL Energy Finance | ||||||||||||
Corp., 7.50%, 02/01/26 (Call 12/01/23)(a) | USD | 195 | 190,369 | |||||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, | USD | 110 | 102,826 | |||||||||
Nordstrom Inc. | USD | 25 | 18,315 | |||||||||
4.38%, 04/01/30 (Call 01/01/30)(b) | USD | 55 | 42,620 | |||||||||
Northern Oil and Gas Inc. | USD | 50 | 49,252 | |||||||||
8.75%, 06/15/31 (Call 06/15/26)(a) | USD | 65 | 64,752 | |||||||||
NortonLifeLock Inc. | USD | 85 | 82,875 | |||||||||
7.13%, 09/30/30 (Call 09/30/25)(a)(b) | USD | 65 | 63,272 | |||||||||
Novelis Corp. | USD | 65 | 57,931 | |||||||||
3.88%, 08/15/31 (Call 08/15/26)(a) | USD | 70 | 54,547 | |||||||||
4.75%, 01/30/30 (Call 01/30/25)(a) | USD | 145 | 123,250 | |||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 | ||||||||||||
(Call 04/15/24)(c) | EUR | 100 | 89,737 | |||||||||
NRG Energy Inc. | ||||||||||||
3.38%, 02/15/29 (Call 02/15/24)(a) | USD | 35 | 28,473 | |||||||||
3.63%, 02/15/31 (Call 02/15/26)(a)(b) | USD | 105 | 79,237 | |||||||||
3.88%, 02/15/32 (Call 02/15/27)(a) | USD | 120 | 89,412 | |||||||||
5.25%, 06/15/29 (Call 06/15/24)(a) | USD | 65 | 57,671 | |||||||||
5.75%, 01/15/28 (Call 11/16/23) | USD | 55 | 51,548 | |||||||||
NuStar Logistics LP | ||||||||||||
5.63%, 04/28/27 (Call 01/28/27) | USD | 45 | 42,533 | |||||||||
5.75%, 10/01/25 (Call 07/01/25) | USD | 55 | 53,270 | |||||||||
6.00%, 06/01/26 (Call 03/01/26) | USD | 60 | 58,023 | |||||||||
6.38%, 10/01/30 (Call 04/01/30) | USD | 60 | 55,570 | |||||||||
Office Properties Income Trust | USD | 45 | 22,219 | |||||||||
4.50%, 02/01/25 (Call 11/01/24) | USD | 45 | 38,802 | |||||||||
OI European Group BV | USD | 40 | 33,959 | |||||||||
6.25%, 05/15/28 (Call 05/15/25)(c) | EUR | 100 | 104,597 | |||||||||
Olin Corp. | USD | 50 | 42,817 | |||||||||
5.13%, 09/15/27 (Call 12/01/23) | USD | 40 | 36,775 | |||||||||
5.63%, 08/01/29 (Call 08/01/24)(b) | USD | 60 | 54,882 | |||||||||
Olympus Water U.S. Holding Corp. | EUR | 100 | 86,593 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.25%, 10/01/28 (Call 10/01/24)(a) | USD | 125 | $ | 99,531 | ||||||||
9.75%, 11/15/28 (Call 06/01/25)(a) | USD | 200 | 195,135 | |||||||||
OneMain Finance Corp. | USD | 75 | 63,375 | |||||||||
3.88%, 09/15/28 (Call 09/15/24) | USD | 60 | 47,604 | |||||||||
4.00%, 09/15/30 (Call 09/15/25)(b) | USD | 75 | 55,185 | |||||||||
5.38%, 11/15/29 (Call 05/15/29) | USD | 70 | 57,674 | |||||||||
6.63%, 01/15/28 (Call 07/15/27)(b) | USD | 60 | 54,825 | |||||||||
6.88%, 03/15/25 | USD | 120 | 118,347 | |||||||||
7.13%, 03/15/26 | USD | 160 | 155,364 | |||||||||
9.00%, 01/15/29 (Call 07/15/25)(b) | USD | 60 | 58,500 | |||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV | ||||||||||||
4.13%, 04/30/28 (Call 04/30/24)(a) | USD | 200 | 172,755 | |||||||||
5.13%, 04/30/31 (Call 04/30/26)(a) | USD | 200 | 156,445 | |||||||||
2.88%, 04/30/28 (Call 04/30/24)(c) | EUR | 150 | 136,377 | |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||||||
4.25%, 01/15/29 (Call 01/15/24)(a)(b) | USD | 60 | 48,908 | |||||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) | USD | 50 | 40,193 | |||||||||
5.00%, 08/15/27 (Call 11/13/23)(a)(b) | USD | 55 | 48,813 | |||||||||
6.25%, 06/15/25 (Call 12/01/23)(a) | USD | 40 | 39,472 | |||||||||
Owens & Minor Inc. | USD | 50 | 40,321 | |||||||||
6.63%, 04/01/30 (Call 04/01/25)(a)(b) | USD | 50 | 43,809 | |||||||||
Owens-Brockway Glass Container Inc. | USD | 60 | 57,000 | |||||||||
7.25%, 05/15/31 (Call 05/15/26)(a) | USD | 80 | 73,100 | |||||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc. | ||||||||||||
4.00%, 10/15/27 (Call 12/01/23)(a)(b) | USD | 90 | 79,262 | |||||||||
4.38%, 10/15/28 (Call 10/15/24)(a)(b) | USD | 40 | 34,150 | |||||||||
Paramount Global | ||||||||||||
(3-mo. LIBOR US + 3.899%)(d) | USD | 80 | 57,702 | |||||||||
6.38%, 03/30/62 (Call 03/30/27), | ||||||||||||
(5-year CMT + 3.999%)(b)(d) | USD | 95 | 69,616 | |||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | USD | 70 | 58,630 | |||||||||
5.88%, 10/01/28 (Call 12/01/23)(a)(b) | USD | 75 | 67,373 | |||||||||
7.50%, 06/01/25 (Call 12/01/23)(a) | USD | 60 | 59,473 | |||||||||
PBF Holding Co. LLC/PBF Finance Corp. | USD | 70 | 64,570 | |||||||||
7.88%, 09/15/30 (Call 09/15/26)(a) | USD | 50 | 48,408 | |||||||||
PennyMac Financial Services Inc. | USD | 75 | 61,302 | |||||||||
5.38%, 10/15/25 (Call 12/01/23)(a) | USD | 50 | 47,447 | |||||||||
5.75%, 09/15/31 (Call 09/15/26)(a) | USD | 45 | 36,855 | |||||||||
Penske Automotive Group Inc. | USD | 55 | 52,388 | |||||||||
3.75%, 06/15/29 (Call 06/15/24) | USD | 50 | 41,343 | |||||||||
Performance Food Group Inc. | USD | 105 | 88,757 | |||||||||
5.50%, 10/15/27 (Call 12/01/23)(a) | USD | 120 | 112,150 | |||||||||
Permian Resources Operating LLC, | USD | 40 | 38,817 | |||||||||
Perrigo Finance Unlimited Co. | USD | 65 | 62,969 | |||||||||
4.38%, 03/15/26 (Call 12/15/25) | USD | 65 | 60,990 | |||||||||
4.65%, 06/15/30 (Call 03/15/30) | USD | 85 | 70,959 |
SCHEDULE OF INVESTMENTS | 69 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
PetSmart Inc./PetSmart Finance Corp. | USD | 100 | $ | 88,491 | ||||||||
7.75%, 02/15/29 (Call 02/15/24)(a) | USD | 125 | 115,156 | |||||||||
PG&E Corp. | USD | 85 | 77,015 | |||||||||
5.25%, 07/01/30 (Call 07/01/25)(b) | USD | 105 | 92,260 | |||||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 | ||||||||||||
(Call 11/16/23)(a) | USD | 55 | 54,109 | |||||||||
Pilgrim’s Pride Corp. | USD | 75 | 57,135 | |||||||||
4.25%, 04/15/31 (Call 04/15/26) | USD | 90 | 74,130 | |||||||||
6.25%, 07/01/33 (Call 04/01/33) | USD | 100 | 91,994 | |||||||||
6.88%, 05/15/34 (Call 02/15/34) | USD | 18 | 17,070 | |||||||||
Post Holdings Inc. | USD | 100 | 80,992 | |||||||||
4.63%, 04/15/30 (Call 04/15/25)(a)(b) | USD | 130 | 109,026 | |||||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | USD | 130 | 114,887 | |||||||||
5.63%, 01/15/28 (Call 11/16/23)(a) | USD | 90 | 83,626 | |||||||||
5.75%, 03/01/27 (Call 11/16/23)(a) | USD | 50 | 47,579 | |||||||||
PRA Group Inc., 8.38%, 02/01/28 | ||||||||||||
(Call 02/01/25)(a)(b) | USD | 40 | 32,900 | |||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||||||
5.63%, 09/01/29 (Call 09/01/24)(a) | USD | 65 | 45,546 | |||||||||
5.88%, 09/01/31 (Call 09/01/26)(a) | USD | 85 | 57,163 | |||||||||
Presidio Holdings Inc. | USD | 50 | 45,655 | |||||||||
8.25%, 02/01/28 (Call 12/01/23)(a) | USD | 55 | 52,169 | |||||||||
Prestige Brands Inc. | USD | 60 | 47,475 | |||||||||
5.13%, 01/15/28 (Call 12/01/23)(a)(b) | USD | 35 | 32,269 | |||||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) | USD | 80 | 70,360 | |||||||||
5.75%, 04/15/26(a) | USD | 135 | 130,950 | |||||||||
6.25%, 01/15/28 (Call 12/01/23)(a)(b) | USD | 130 | 120,645 | |||||||||
PTC Inc. | USD | 50 | 48,113 | |||||||||
4.00%, 02/15/28 (Call 12/01/23)(a) | USD | 50 | 44,484 | |||||||||
QVC Inc. | USD | 65 | 32,500 | |||||||||
4.45%, 02/15/25 (Call 11/15/24) | USD | 60 | 51,637 | |||||||||
4.75%, 02/15/27 (Call 11/15/26) | USD | 45 | 25,538 | |||||||||
Rackspace Technology Global Inc. | USD | 45 | 19,854 | |||||||||
5.38%, 12/01/28 (Call 12/01/23)(a) | USD | 45 | 13,106 | |||||||||
Radiate Holdco LLC/Radiate Finance Inc. | USD | 90 | 68,791 | |||||||||
6.50%, 09/15/28 (Call 12/01/23)(a) | USD | 90 | 44,550 | |||||||||
Radiology Partners Inc., 9.25%, 02/01/28 | ||||||||||||
(Call 12/01/23)(a) | USD | 60 | 22,826 | |||||||||
Range Resources Corp. | USD | 35 | 31,019 | |||||||||
4.88%, 05/15/25 (Call 02/15/25) | USD | 70 | 68,075 | |||||||||
8.25%, 01/15/29 (Call 01/15/24) | USD | 55 | 56,306 | |||||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | USD | 5 | 3,081 | |||||||||
5.75%, 01/15/29 (Call 01/15/24)(a) | USD | 6 | 3,720 | |||||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., | ||||||||||||
9.75%, 12/01/26 (Call 12/01/23)(a)(b) | USD | 130 | 121,225 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Resorts World Las Vegas LLC/RWLV Capital Inc. | ||||||||||||
4.63%, 04/16/29 (Call 01/16/29)(a) | USD | 100 | $ | 76,505 | ||||||||
8.45%, 07/27/30 (Call 05/27/30)(a) | USD | 50 | 46,242 | |||||||||
RHP Hotel Properties LP/RHP Finance Corp. | ||||||||||||
4.50%, 02/15/29 (Call 02/15/24)(a) | USD | 45 | 38,288 | |||||||||
4.75%, 10/15/27 (Call 12/01/23) | USD | 65 | 59,069 | |||||||||
7.25%, 07/15/28 (Call 07/15/25) | USD | 40 | 38,888 | |||||||||
Rite Aid Corp., 8.00%, 11/15/26 | USD | 54 | 37,969 | |||||||||
RLJ Lodging Trust LP | USD | 50 | 45,099 | |||||||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) | USD | 65 | 52,975 | |||||||||
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) | USD | 90 | 73,027 | |||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. | ||||||||||||
2.88%, 10/15/26 (Call 12/01/23)(a) | USD | 120 | 104,437 | |||||||||
3.63%, 03/01/29 (Call 03/01/24)(a) | USD | 55 | 44,727 | |||||||||
3.88%, 03/01/31 (Call 03/01/26)(a)(b) | USD | 105 | 81,287 | |||||||||
4.00%, 10/15/33 (Call 10/15/27)(a)(b) | USD | 90 | 66,118 | |||||||||
Rockies Express Pipeline LLC | ||||||||||||
3.60%, 05/15/25 (Call 04/15/25)(a) | USD | 35 | 33,119 | |||||||||
4.95%, 07/15/29 (Call 04/15/29)(a) | USD | 45 | 39,606 | |||||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 | USD | 70 | 49,875 | |||||||||
Sabre GLBL Inc., 11.25%, 12/15/27 | ||||||||||||
(Call 06/15/25)(a)(b) | USD | 60 | 53,168 | |||||||||
Sabre Global Inc., 8.63%, 06/01/27 | ||||||||||||
(Call 03/01/25)(a) | USD | 75 | 61,843 | |||||||||
SBA Communications Corp. | ||||||||||||
3.13%, 02/01/29 (Call 02/01/24)(b) | USD | 165 | 136,278 | |||||||||
3.88%, 02/15/27 (Call 11/13/23) | USD | 145 | 131,769 | |||||||||
SCIH Salt Holdings Inc. | ||||||||||||
4.88%, 05/01/28 (Call 05/01/24)(a)(b) | USD | 100 | 86,731 | |||||||||
6.63%, 05/01/29 (Call 05/01/24)(a)(b) | USD | 75 | 62,812 | |||||||||
SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, | ||||||||||||
07/15/28 (Call 07/15/25)(c) | EUR | 100 | 106,878 | |||||||||
Scotts Miracle-Gro Co. (The) | ||||||||||||
4.00%, 04/01/31 (Call 04/01/26)(b) | USD | 45 | 33,464 | |||||||||
4.38%, 02/01/32 (Call 08/01/26) | USD | 40 | 29,316 | |||||||||
4.50%, 10/15/29 (Call 10/15/24) | USD | 45 | 35,549 | |||||||||
Scripps Escrow II Inc., 3.88%, 01/15/29 | ||||||||||||
(Call 01/15/24)(a)(b) | USD | 45 | 34,180 | |||||||||
Scripps Escrow Inc., 5.88%, 07/15/27 | ||||||||||||
(Call 12/01/23)(a)(b) | USD | 35 | 26,163 | |||||||||
Seagate HDD Cayman | ||||||||||||
4.09%, 06/01/29 (Call 03/01/29)(b) | USD | 35 | 29,943 | |||||||||
4.88%, 06/01/27 (Call 03/01/27) | USD | 60 | 56,250 | |||||||||
8.25%, 12/15/29 (Call 07/15/26)(a) | USD | 55 | 55,977 | |||||||||
8.50%, 07/15/31 (Call 07/15/26)(a)(b) | USD | 65 | 66,219 | |||||||||
9.63%, 12/01/32 (Call 12/01/27)(a) | USD | 97 | 103,861 | |||||||||
Sealed Air Corp. | ||||||||||||
4.00%, 12/01/27 (Call 09/01/27)(a)(b) | USD | 48 | 42,343 | |||||||||
5.00%, 04/15/29 (Call 04/15/25)(a)(b) | USD | 60 | 53,336 | |||||||||
5.13%, 12/01/24 (Call 09/01/24)(a) | USD | 30 | 29,438 | |||||||||
5.50%, 09/15/25 (Call 06/15/25)(a) | USD | 35 | 33,959 | |||||||||
Sealed Air Corp./Sealed Air Corp. US, 6.13%, | ||||||||||||
02/01/28 (Call 02/01/25)(a) | USD | 70 | 66,587 | |||||||||
Select Medical Corp., 6.25%, 08/15/26 | ||||||||||||
(Call 12/01/23)(a)(b) | USD | 115 | 112,053 |
70 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Sensata Technologies BV | USD | 95 | $ | 80,750 | ||||||||
5.00%, 10/01/25(a) | USD | 70 | 68,032 | |||||||||
5.63%, 11/01/24(a) | USD | 25 | 24,762 | |||||||||
5.88%, 09/01/30 (Call 09/01/25)(a) | USD | 50 | 45,540 | |||||||||
Sensata Technologies Inc. | USD | 80 | 63,976 | |||||||||
4.38%, 02/15/30 (Call 11/15/29)(a) | USD | 50 | 42,285 | |||||||||
Service Corp. International/U.S. | USD | 75 | 59,782 | |||||||||
4.00%, 05/15/31 (Call 05/15/26) | USD | 80 | 64,703 | |||||||||
4.63%, 12/15/27 (Call 12/01/23) | USD | 35 | 32,351 | |||||||||
5.13%, 06/01/29 (Call 06/01/24)(b) | USD | 75 | 68,705 | |||||||||
Service Properties Trust | USD | 40 | 29,850 | |||||||||
4.38%, 02/15/30 (Call 08/15/29) | USD | 35 | 24,172 | |||||||||
4.75%, 10/01/26 (Call 08/01/26) | USD | 50 | 42,367 | |||||||||
4.95%, 02/15/27 (Call 08/15/26) | USD | 45 | 37,519 | |||||||||
4.95%, 10/01/29 (Call 07/01/29) | USD | 60 | 43,215 | |||||||||
5.50%, 12/15/27 (Call 09/15/27) | USD | 40 | 33,793 | |||||||||
7.50%, 09/15/25 (Call 06/15/25) | USD | 100 | 97,158 | |||||||||
Silgan Holdings Inc. | EUR | 100 | 102,858 | |||||||||
4.13%, 02/01/28 (Call 11/16/23) | USD | 60 | 53,318 | |||||||||
Sinclair Television Group Inc. | USD | 80 | 49,643 | |||||||||
5.50%, 03/01/30 (Call 12/01/24)(a)(b) | USD | 40 | 21,250 | |||||||||
Sirius XM Radio Inc. | USD | 90 | 80,709 | |||||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) | USD | 140 | 105,350 | |||||||||
4.00%, 07/15/28 (Call 07/15/24)(a)(b) | USD | 200 | 170,000 | |||||||||
4.13%, 07/01/30 (Call 07/01/25)(a) | USD | 130 | 103,187 | |||||||||
5.00%, 08/01/27 (Call 12/01/23)(a) | USD | 140 | 128,389 | |||||||||
5.50%, 07/01/29 (Call 07/01/24)(a) | USD | 130 | 115,212 | |||||||||
Six Flags Entertainment Corp. | USD | 40 | 36,252 | |||||||||
7.25%, 05/15/31 (Call 05/15/26)(a)(b) | USD | 75 | 69,000 | |||||||||
SLM Corp. | USD | 50 | 43,713 | |||||||||
4.20%, 10/29/25 (Call 09/29/25) | USD | 50 | 46,604 | |||||||||
SM Energy Co. | USD | 30 | 28,840 | |||||||||
6.63%, 01/15/27 (Call 12/01/23) | USD | 60 | 58,485 | |||||||||
Sonic Automotive Inc. | USD | 40 | 33,300 | |||||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) | USD | 77 | 61,311 | |||||||||
Sotheby’s, | USD | 75 | 66,994 | |||||||||
Southwestern Energy Co. | USD | 100 | 85,987 | |||||||||
5.38%, 02/01/29 (Call 02/01/24)(b) | USD | 75 | 69,320 | |||||||||
5.38%, 03/15/30 (Call 03/15/25) | USD | 115 | 105,512 | |||||||||
Spectrum Brands Inc., | USD | 55 | 44,069 | |||||||||
Spirit AeroSystems Inc. | USD | 60 | 47,462 | |||||||||
7.50%, 04/15/25 (Call 12/01/23)(a) | USD | 125 | 124,687 | |||||||||
9.38%, 11/30/29 (Call 11/30/25)(a) | USD | 80 | 82,176 | |||||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., | USD | 95 | 70,063 | |||||||||
SRM Escrow Issuer LLC, | USD | 120 | 110,844 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
SRS Distribution Inc. | USD | 65 | $ | 56,841 | ||||||||
6.00%, 12/01/29 (Call 12/01/24)(a) | USD | 60 | 49,950 | |||||||||
6.13%, 07/01/29 (Call 07/01/24)(a) | USD | 50 | 41,875 | |||||||||
SS&C Technologies Inc., | USD | 175 | 164,281 | |||||||||
Stagwell Global LLC, | USD | 110 | 90,914 | |||||||||
Standard Industries Inc./NJ | EUR | 100 | 92,483 | |||||||||
3.38%, 01/15/31 (Call 07/15/25)(a) | USD | 120 | 90,761 | |||||||||
4.38%, 07/15/30 (Call 07/15/25)(a) | USD | 160 | 130,746 | |||||||||
4.75%, 01/15/28 (Call 12/01/23)(a) | USD | 85 | 76,097 | |||||||||
5.00%, 02/15/27 (Call 12/01/23)(a) | USD | 80 | 73,941 | |||||||||
Staples Inc. | USD | 200 | 163,000 | |||||||||
10.75%, 04/15/27 (Call 12/01/23)(a) | USD | 85 | 47,444 | |||||||||
Star Parent Inc., | USD | 100 | 99,190 | |||||||||
Starwood Property Trust Inc. | USD | 50 | 44,006 | |||||||||
3.75%, 12/31/24 (Call 09/30/24)(a) | USD | 50 | 47,227 | |||||||||
4.38%, 01/15/27 (Call 07/15/26)(a) | USD | 70 | 60,121 | |||||||||
Station Casinos LLC | USD | 70 | 60,280 | |||||||||
4.63%, 12/01/31 (Call 06/01/31)(a)(b) | USD | 55 | 43,308 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a) | USD | 75 | 62,418 | |||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 11/13/23)(a) | USD | 65 | 58,906 | |||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26 (Call 12/01/23)(a)(h) | USD | 75 | 72,000 | |||||||||
Sunoco LP/Sunoco Finance Corp. | USD | 75 | 64,868 | |||||||||
4.50%, 04/30/30 (Call 04/30/25) | USD | 83 | 71,006 | |||||||||
5.88%, 03/15/28 (Call 12/01/23) | USD | 50 | 47,272 | |||||||||
6.00%, 04/15/27 (Call 12/01/23) | USD | 50 | 48,082 | |||||||||
7.00%, 09/15/28 (Call 09/15/25)(a) | USD | 45 | 43,894 | |||||||||
Synchrony Financial, | USD | 85 | 72,231 | |||||||||
Talen Energy Supply LLC, | USD | 135 | 137,556 | |||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | USD | 70 | 61,600 | |||||||||
6.00%, 03/01/27 (Call 12/01/23)(a) | USD | 40 | 36,669 | |||||||||
6.00%, 12/31/30 (Call 12/31/25)(a) | USD | 65 | 54,887 | |||||||||
6.00%, 09/01/31 (Call 09/01/26)(a) | USD | 55 | 46,338 | |||||||||
7.50%, 10/01/25 (Call 12/01/23)(a) | USD | 50 | 49,296 | |||||||||
Taylor Morrison Communities Inc. | USD | 70 | 58,660 | |||||||||
5.75%, 01/15/28 (Call 10/15/27)(a) | USD | 40 | 36,456 | |||||||||
5.88%, 06/15/27 (Call 03/15/27)(a) | USD | 35 | 32,813 | |||||||||
TEGNA Inc. | USD | 100 | 86,250 | |||||||||
4.75%, 03/15/26 (Call 12/01/23)(a) | USD | 55 | 51,597 | |||||||||
5.00%, 09/15/29 (Call 09/15/24) | USD | 95 | 79,562 | |||||||||
Teleflex Inc., | USD | 90 | 79,673 |
SCHEDULE OF INVESTMENTS | 71 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Tempur Sealy International Inc., | USD | 125 | $ | 93,594 | ||||||||
Tenet Healthcare Corp. | USD | 125 | 106,860 | |||||||||
4.38%, 01/15/30 (Call 12/01/24) | USD | 130 | 110,012 | |||||||||
4.63%, 06/15/28 (Call 11/16/23) | USD | 75 | 66,778 | |||||||||
4.88%, 01/01/26 (Call 11/16/23) | USD | 200 | 191,922 | |||||||||
5.13%, 11/01/27 (Call 11/16/23) | USD | 145 | 133,969 | |||||||||
6.13%, 10/01/28 (Call 12/01/23)(b) | USD | 235 | 217,669 | |||||||||
6.13%, 06/15/30 (Call 06/15/25)(b) | USD | 185 | 171,628 | |||||||||
6.25%, 02/01/27 (Call 11/16/23) | USD | 160 | 153,901 | |||||||||
6.75%, 05/15/31 (Call 05/15/26)(a)(b) | USD | 130 | 123,337 | |||||||||
Tenneco Inc., | USD | 200 | 160,500 | |||||||||
TerraForm Power Operating LLC | USD | 60 | 50,700 | |||||||||
5.00%, 01/31/28 (Call 07/31/27)(a) | USD | 85 | 77,459 | |||||||||
Terrier Media Buyer Inc., | USD | 90 | 70,067 | |||||||||
TKC Holdings Inc. | USD | 35 | 30,188 | |||||||||
10.50%, 05/15/29 (Call 05/15/24)(a) | USD | 75 | 60,232 | |||||||||
TransDigm Inc. | USD | 100 | 86,232 | |||||||||
4.88%, 05/01/29 (Call 05/01/24) | USD | 70 | 60,693 | |||||||||
5.50%, 11/15/27 (Call 12/01/23)(b) | USD | 245 | 228,046 | |||||||||
6.25%, 03/15/26 (Call 12/01/23)(a) | USD | 430 | 420,174 | |||||||||
6.75%, 08/15/28 (Call 02/15/25)(a) | USD | 195 | 188,906 | |||||||||
6.88%, 12/15/30 (Call 08/18/26)(a) | USD | 150 | 144,937 | |||||||||
7.50%, 03/15/27 (Call 12/01/23) | USD | 60 | 59,920 | |||||||||
Transocean Inc. | USD | 35 | 33,525 | |||||||||
8.75%, 02/15/30 (Call 02/15/26)(a) | USD | 138 | 137,273 | |||||||||
11.50%, 01/30/27 (Call 11/13/23)(a) | USD | 60 | 62,438 | |||||||||
Transocean Poseidon Ltd., | USD | 53 | 51,450 | |||||||||
Transocean Titan Financing Ltd., | USD | 100 | 100,115 | |||||||||
Travel + Leisure Co. | USD | 45 | 37,064 | |||||||||
6.00%, 04/01/27 (Call 01/01/27) | USD | 50 | 46,688 | |||||||||
6.63%, 07/31/26 (Call 04/30/26)(a) | USD | 60 | 58,194 | |||||||||
Triumph Group Inc. | USD | 52 | 49,400 | |||||||||
9.00%, 03/15/28 (Call 03/15/25)(a) | USD | 110 | 106,538 | |||||||||
Tronox Inc., | USD | 105 | 82,425 | |||||||||
Twilio Inc. | USD | 50 | 41,563 | |||||||||
3.88%, 03/15/31 (Call 03/15/26)(b) | USD | 45 | 35,998 | |||||||||
U.S. Foods Inc. | USD | 55 | 46,956 | |||||||||
4.75%, 02/15/29 (Call 02/15/24)(a) | USD | 105 | 92,400 | |||||||||
6.88%, 09/15/28 (Call 09/15/25) | USD | 45 | 44,156 | |||||||||
7.25%, 01/15/32 (Call 09/15/26)(a) | USD | 45 | 44,216 | |||||||||
Uber Technologies Inc. | USD | 135 | 119,137 | |||||||||
6.25%, 01/15/28 (Call 11/13/23)(a)(b) | USD | 60 | 57,821 | |||||||||
7.50%, 05/15/25 (Call 12/01/23)(a) | USD | 90 | 90,295 | |||||||||
7.50%, 09/15/27 (Call 11/21/23)(a) | USD | 125 | 125,312 | |||||||||
8.00%, 11/01/26 (Call 12/01/23)(a) | USD | 140 | 140,987 | |||||||||
UGI International LLC, | EUR | 100 | 85,582 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
United Airlines Inc. | USD | 225 | $ | 208,594 | ||||||||
4.63%, 04/15/29 (Call 10/15/28)(a) | USD | 190 | 160,455 | |||||||||
United Rentals North America Inc. | USD | 80 | 63,846 | |||||||||
3.88%, 11/15/27 (Call 11/13/23) | USD | 75 | 68,791 | |||||||||
3.88%, 02/15/31 (Call 08/15/25) | USD | 100 | 82,412 | |||||||||
4.00%, 07/15/30 (Call 07/15/25)(b) | USD | 70 | 58,957 | |||||||||
4.88%, 01/15/28 (Call 11/13/23) | USD | 145 | 134,669 | |||||||||
5.25%, 01/15/30 (Call 01/15/25) | USD | 90 | 82,309 | |||||||||
5.50%, 05/15/27 (Call 12/01/23)(b) | USD | 47 | 45,336 | |||||||||
United Wholesale Mortgage LLC | USD | 75 | 71,389 | |||||||||
5.50%, 04/15/29 (Call 04/15/24)(a) | USD | 50 | 41,500 | |||||||||
5.75%, 06/15/27 (Call 06/15/24)(a) | USD | 60 | 54,596 | |||||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)(b) | USD | 75 | 46,331 | |||||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | USD | 40 | 31,925 | |||||||||
6.50%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 105 | 67,790 | |||||||||
10.50%, 02/15/28 (Call 09/15/25)(a) | USD | 254 | 244,543 | |||||||||
Univision Communications Inc. | USD | 105 | 83,697 | |||||||||
5.13%, 02/15/25 (Call 11/13/23)(a) | USD | 112 | 109,225 | |||||||||
6.63%, 06/01/27 (Call 11/13/23)(a) | USD | 165 | 150,199 | |||||||||
7.38%, 06/30/30 (Call 06/30/25)(a) | USD | 90 | 79,260 | |||||||||
8.00%, 08/15/28 (Call 08/15/25)(a)(b) | USD | 65 | 61,591 | |||||||||
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 12/01/23) | USD | 65 | 62,937 | |||||||||
6.88%, 09/01/27 (Call 12/01/23) | USD | 80 | 76,400 | |||||||||
Valaris Ltd., | USD | 95 | 93,219 | |||||||||
Valvoline Inc. | USD | 75 | 57,000 | |||||||||
4.25%, 02/15/30 (Call 02/15/25)(a)(b) | USD | 35 | 34,374 | |||||||||
Vector Group Ltd. | USD | 70 | 59,405 | |||||||||
10.50%, 11/01/26 (Call 12/01/23)(a) | USD | 45 | 44,960 | |||||||||
Venture Global Calcasieu Pass LLC | USD | 130 | 98,200 | |||||||||
6.25%, 01/15/30 (Call 10/15/29)(a) | USD | 90 | 84,647 | |||||||||
3.88%, 08/15/29 (Call 02/15/29)(a) | USD | 125 | 104,062 | |||||||||
4.13%, 08/15/31 (Call 02/15/31)(a) | USD | 110 | 88,623 | |||||||||
Venture Global LNG Inc. | USD | 205 | 198,747 | |||||||||
8.38%, 06/01/31 (Call 06/01/26)(a) | USD | 215 | 204,250 | |||||||||
9.50%, 02/01/29 (Call 11/01/28)(a) | USD | 180 | 182,475 | |||||||||
9.88%, 02/01/32 (Call 02/01/27)(a) | USD | 150 | 152,175 | |||||||||
Vericast Corp., | USD | 126 | 133,245 | |||||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., | USD | 165 | 134,887 | |||||||||
Verscend Escrow Corp., | USD | 65 | 64,662 | |||||||||
Viasat Inc., | USD | 70 | 45,731 | |||||||||
ViaSat Inc. | USD | 65 | 60,384 | |||||||||
5.63%, 04/15/27 (Call 11/13/23)(a) | USD | 60 | 52,413 | |||||||||
6.50%, 07/15/28 (Call 12/01/23)(a) | USD | 50 | 35,445 |
72 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Viking Cruises Ltd. | USD | 90 | $ | 81,081 | ||||||||
7.00%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 50 | 45,250 | |||||||||
9.13%, 07/15/31 (Call 07/15/26)(a) | USD | 75 | 73,687 | |||||||||
Vistra Operations Co. LLC | USD | 110 | 93,392 | |||||||||
5.00%, 07/31/27 (Call 11/13/23)(a) | USD | 115 | 105,699 | |||||||||
5.50%, 09/01/26 (Call 11/13/23)(a) | USD | 100 | 95,075 | |||||||||
5.63%, 02/15/27 (Call 11/13/23)(a) | USD | 120 | 112,950 | |||||||||
7.75%, 10/15/31 (Call 10/15/26)(a) | USD | 120 | 115,800 | |||||||||
Vital Energy Inc., 9.75%, 10/15/30 (Call 10/15/26) . | USD | 55 | 53,824 | |||||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 12/01/23)(a) | USD | 70 | 62,780 | |||||||||
Weatherford International Ltd. | USD | 46 | 46,345 | |||||||||
8.63%, 04/30/30 (Call 10/30/24)(a) | USD | 150 | 151,687 | |||||||||
Wesco Aircraft Holdings Inc. | USD | 74 | 2,812 | |||||||||
9.00%, 11/15/26 (Call 12/01/23)(a)(b) | USD | 89 | 7,120 | |||||||||
WESCO Distribution Inc. | USD | 80 | 80,030 | |||||||||
7.25%, 06/15/28 (Call 12/01/23)(a) | USD | 140 | 139,238 | |||||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25) | USD | 210 | 196,898 | |||||||||
Williams Scotsman Inc., 7.38%, 10/01/31 (Call 10/01/26)(a)(b) | USD | 45 | 44,246 | |||||||||
Williams Scotsman International Inc., | USD | 65 | 57,682 | |||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., | USD | 125 | 97,406 | |||||||||
WMG Acquisition Corp. | EUR | 100 | 95,905 | |||||||||
3.00%, 02/15/31 (Call 02/15/26)(a)(b) | USD | 65 | 50,465 | |||||||||
3.75%, 12/01/29 (Call 12/01/24)(a) | USD | 70 | 58,757 | |||||||||
3.88%, 07/15/30 (Call 07/15/25)(a) | USD | 50 | 41,538 | |||||||||
WR Grace Holdings LLC | USD | 80 | 71,624 | |||||||||
5.63%, 08/15/29 (Call 08/15/24)(a) | USD | 95 | 73,625 | |||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | USD | 100 | 92,640 | |||||||||
5.50%, 03/01/25 (Call 12/01/24)(a) | USD | 77 | 75,599 | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | USD | 75 | 63,757 | |||||||||
7.13%, 02/15/31 (Call 11/15/30)(a)(b) | USD | 40 | 37,146 | |||||||||
Xerox Holdings Corp. | USD | 75 | 69,110 | |||||||||
5.50%, 08/15/28 (Call 07/15/28)(a) | USD | 65 | 50,213 | |||||||||
XHR LP | USD | 35 | 29,681 | |||||||||
6.38%, 08/15/25 (Call 11/13/23)(a) | USD | 46 | 44,678 | |||||||||
XPO Inc., | USD | 50 | 48,688 | |||||||||
Yum! Brands Inc. | USD | 95 | 77,087 | |||||||||
4.63%, 01/31/32 (Call 10/01/26) | USD | 115 | 97,897 | |||||||||
4.75%, 01/15/30 (Call 10/15/29)(a) | USD | 75 | 66,829 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.38%, 04/01/32 (Call 04/01/27) | USD | 95 | $ | 85,049 | ||||||||
Zayo Group Holdings Inc. | USD | 130 | 97,825 | |||||||||
6.13%, 03/01/28 (Call 12/01/23)(a) | USD | 115 | 75,900 | |||||||||
|
| |||||||||||
78,113,992 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.4% |
| 119,565,419 | ||||||||||
|
| |||||||||||
Fixed Rate Loan Interests | ||||||||||||
United States — 0.0% | ||||||||||||
Curo Group Holdings Corp., Term Loan, (6.00% Cash + 12.00% PIK), 18.00%, 08/02/27(i) | $ | 19 | 17,420 | |||||||||
|
| |||||||||||
Total Fixed Rate Loan Interests — 0.0% |
| 17,420 | ||||||||||
|
| |||||||||||
Total Long-Term Investments — 97.4% |
| 119,582,839 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Short-Term Securities | ||||||||||||
Money Market Funds — 13.2% | ||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(j)(k)(l) | 15,483,888 | 15,490,082 | ||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(j)(k) | 710,000 | 710,000 | ||||||||||
|
| |||||||||||
Total Short-Term Securities — 13.2% |
| 16,200,082 | ||||||||||
|
| |||||||||||
Total Investments — 110.6% | 135,782,921 | |||||||||||
Liabilities in Excess of Other Assets — (10.6)% |
| (13,065,965 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 122,716,956 | ||||||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | Perpetual security with no stated maturity date. |
(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) | 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. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
(l) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
SCHEDULE OF INVESTMENTS | 73 |
Schedule of Investments (continued) October 31, 2023 | iShares® US & Intl High Yield Corp Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 15,572,440 | $ | — | $ | (88,858 | )(a) | $ | (2,268 | ) | $ | 8,768 | $ | 15,490,082 | 15,483,888 | $ | 124,154 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,490,000 | — | (780,000 | )(a) | — | — | 710,000 | 710,000 | 44,755 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,268 | ) | $ | 8,768 | $ | 16,200,082 | $ | 168,909 | $ | 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 | $ | — | $ | 119,565,419 | $ | — | $ | 119,565,419 | ||||||||
Fixed Rate Loan Interests | — | 17,420 | — | 17,420 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 16,200,082 | — | — | 16,200,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 16,200,082 | $ | 119,582,839 | $ | — | $ | 135,782,921 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
74 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities
October 31, 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) | $ | 44,465,062 | $ | 406,570,958 | $ | 298,983,625 | $ | 457,887,885 | ||||||||
Investments, at value — affiliated(c) | 10,000 | 26,706,201 | 42,956,276 | 21,570,000 | ||||||||||||
Cash | 6,628 | — | — | 10,304 | ||||||||||||
Foreign currency, at value(d) | 653,495 | 5,332 | 1,287 | 6,311,077 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 704,925 | 4,017,262 | 3,513,777 | 2,007,996 | ||||||||||||
Securities lending income — affiliated | — | 17,361 | 19,503 | — | ||||||||||||
Capital shares sold | — | 926,056 | — | — | ||||||||||||
Dividends — affiliated | 25 | 13,949 | 10,940 | 23,319 | ||||||||||||
Interest — unaffiliated | 676,879 | 5,138,558 | 5,333,262 | 6,863,878 | ||||||||||||
From custodian | — | — | — | 1,046,419 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 46,517,014 | 443,395,677 | 350,818,670 | 495,720,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | 688,961 | 281,466 | — | ||||||||||||
Collateral on securities loaned, at value | — | 21,332,034 | 38,885,913 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 660,465 | 6,362,900 | 5,068,484 | 3,599,789 | ||||||||||||
Capital shares redeemed | — | — | — | 20,682,060 | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 11,298 | ||||||||||||
Investment advisory fees | 15,952 | 176,796 | 130,393 | 127,584 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 676,417 | 28,560,691 | 44,366,256 | 24,420,731 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Commitments and contingent liabilities | ||||||||||||||||
NET ASSETS | $ | 45,840,597 | $ | 414,834,986 | $ | 306,452,414 | $ | 471,300,147 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 56,889,681 | $ | 496,238,952 | $ | 476,885,293 | $ | 622,906,336 | ||||||||
Accumulated loss | (11,049,084 | ) | (81,403,966 | ) | (170,432,879 | ) | (151,606,189 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 45,840,597 | $ | 414,834,986 | $ | 306,452,414 | $ | 471,300,147 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETVALUE | ||||||||||||||||
Shares outstanding | 1,000,000 | 10,000,000 | 9,150,000 | 13,600,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 45.84 | $ | 41.48 | $ | 33.49 | $ | 34.65 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | 50,390,879 | $ | 456,144,541 | $ | 377,470,327 | $ | 521,344,915 | ||||||||
(b) Securities loaned, at value | $ | — | $ | 20,354,680 | $ | 36,787,265 | $ | — | ||||||||
(c) Investments, at cost — affiliated | $ | 10,000 | $ | 26,693,268 | $ | 42,936,153 | $ | 21,570,000 | ||||||||
(d) Foreign currency, at cost | $ | 653,446 | $ | 5,415 | $ | 1,293 | $ | 6,789,513 |
See notes to financial statements.
FINANCIAL STATEMENTS | 75 |
Statements of Assets and Liabilities (continued)
October 31, 2023
iShares US&Intl High Yield Corp Bond ETF | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 119,582,839 | ||
Investments, at value — affiliated(c) | 16,200,082 | |||
Cash | 61,999 | |||
Foreign currency, at value(d) | 338,424 | |||
Receivables: | ||||
Investments sold | 819,289 | |||
Securities lending income — affiliated | 7,071 | |||
Dividends — unaffiliated | 8 | |||
Dividends — affiliated | 3,216 | |||
Interest — unaffiliated | 2,050,413 | |||
|
| |||
Total assets | 139,063,341 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 15,492,371 | |||
Payables: | ||||
Investments purchased | 811,127 | |||
Investment advisory fees | 42,887 | |||
|
| |||
Total liabilities | 16,346,385 | |||
|
| |||
Commitments and contingent liabilities | ||||
NET ASSETS | $ | 122,716,956 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 148,195,253 | ||
Accumulated loss | (25,478,297 | ) | ||
|
| |||
NET ASSETS | $ | 122,716,956 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 3,000,000 | |||
|
| |||
Net asset value | $ | 40.91 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 134,858,327 | ||
(b) Securities loaned, at value | $ | 14,810,590 | ||
(c) Investments, at cost — affiliated | $ | 16,191,470 | ||
(d) Foreign currency, at cost | $ | 338,984 |
See notes to financial statements.
76 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Year Ended October 31, 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 | $ | 363 | $ | 133,484 | $ | 96,657 | $ | 90,739 | ||||||||
Interest — unaffiliated | 2,339,560 | 19,200,330 | 23,852,887 | 34,705,224 | ||||||||||||
Securities lending income — affiliated — net | — | 230,581 | 292,662 | — | ||||||||||||
Other income — unaffiliated | 549 | 16,015 | 13,879 | — | ||||||||||||
Foreign taxes withheld | (1,308 | ) | — | — | (851,337 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 2,339,164 | 19,580,410 | 24,256,085 | 33,944,626 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 189,517 | 1,860,712 | 1,623,590 | 1,540,521 | ||||||||||||
Commitment costs | — | — | — | 6,035 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 189,517 | 1,860,712 | 1,623,590 | 1,546,556 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 2,149,647 | 17,719,698 | 22,632,495 | 32,398,070 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated(a) | (1,450,543 | ) | (8,212,267 | ) | (10,167,244 | ) | (42,411,604 | ) | ||||||||
Investments — affiliated | — | 2,742 | 4,360 | — | ||||||||||||
Capital gain distributions from underlying funds — affiliated | — | 1 | 2 | 5 | ||||||||||||
Foreign currency transactions | 71,730 | 25 | (1 | ) | (700,407 | ) | ||||||||||
In-kind redemptions — unaffiliated(b) | (401,656 | ) | (1,521,349 | ) | (2,788,907 | ) | 961,046 | |||||||||
|
|
|
|
|
|
|
| |||||||||
(1,780,469 | ) | (9,730,848 | ) | (12,951,790 | ) | (42,150,960 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated(c) | 4,742,959 | 12,994,148 | 23,966,481 | 36,249,903 | ||||||||||||
Investments — affiliated | — | 11,563 | 18,779 | — | ||||||||||||
Foreign currency translations | 68 | (92 | ) | 36 | (333,625 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
4,743,027 | 13,005,619 | 23,985,296 | 35,916,278 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 2,962,558 | 3,274,771 | 11,033,506 | (6,234,682 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,112,205 | $ | 20,994,469 | $ | 33,666,001 | $ | 26,163,388 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of | $ | — | $ | — | $ | — | $ | (16,143 | ) | |||||||
(b) See Note 2 of the Notes to Financial Statements. | ||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | (4,034 | ) |
See notes to financial statements.
FINANCIAL STATEMENTS | 77 |
Statements of Operations (continued)
Year Ended October 31, 2023
iShares US & Intl High Yield Corp Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — affiliated | $ | 44,755 | ||
Interest — unaffiliated | 7,971,685 | |||
Securities lending income — affiliated — net | 124,154 | |||
Other income — unaffiliated | 712 | |||
Foreign taxes withheld | (703 | ) | ||
|
| |||
Total investment income | 8,140,603 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 516,366 | |||
|
| |||
Total expenses | 516,366 | |||
|
| |||
Net investment income | 7,624,237 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (1,939,892 | ) | ||
Investments — affiliated | (2,268 | ) | ||
Capital gain distributions from underlying funds — affiliated | 1 | |||
Foreign currency transactions | 80,623 | |||
In-kind redemptions — unaffiliated(a) | (1,954,323 | ) | ||
|
| |||
(3,815,859 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 3,529,291 | |||
Investments — affiliated | 8,768 | |||
Foreign currency translations | (2,620 | ) | ||
|
| |||
3,535,439 | ||||
|
| |||
Net realized and unrealized loss | (280,420 | ) | ||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,343,817 | ||
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
78 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares International High Yield Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | |||||||||||||||
Year Ended 10/31/23 | Year Ended 10/31/22 | Year Ended 10/31/23 | Year Ended 10/31/22 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 2,149,647 | $ | 1,408,096 | $ | 17,719,698 | $ | 14,229,480 | ||||||||
Net realized loss | (1,780,469 | ) | (5,099,669 | ) | (9,730,848 | ) | (34,007,022 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 4,743,027 | (10,447,043 | ) | 13,005,619 | (61,434,431 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,112,205 | (14,138,616 | ) | 20,994,469 | (81,211,973 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
From net investment income | (215,619 | ) | (2,017,426 | ) | (17,634,770 | ) | (15,559,902 | ) | ||||||||
Return of capital | — | (85,561 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (215,619 | ) | (2,102,987 | ) | (17,634,770 | ) | (15,559,902 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 9,148,256 | (23,123,187 | ) | 125,577,014 | (135,692,796 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 14,044,842 | (39,364,790 | ) | 128,936,713 | (232,464,671 | ) | ||||||||||
Beginning of year | 31,795,755 | 71,160,545 | 285,898,273 | 518,362,944 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 45,840,597 | $ | 31,795,755 | $ | 414,834,986 | $ | 285,898,273 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 79 |
Statements of Changes in Net Assets (continued)
iShares J.P. Morgan EM High Yield Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
Year Ended 10/31/23 | Year Ended 10/31/22 | Year Ended 10/31/23 | Year Ended 10/31/22 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 22,632,495 | $ | 24,998,720 | $ | 32,398,070 | $ | 24,817,042 | ||||||||
Net realized loss | (12,951,790 | ) | (43,819,891 | ) | (42,150,960 | ) | (76,305,751 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 23,985,296 | (82,734,878 | ) | 35,916,278 | (58,369,093 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 33,666,001 | (101,556,049 | ) | 26,163,388 | (109,857,802 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (23,258,290 | ) | (25,663,616 | ) | (3,783,011 | ) | (19,531,059 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 4,748,155 | (56,838,898 | ) | 102,394,288 | (41,512,997 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 15,155,866 | (184,058,563 | ) | 124,774,665 | (170,901,858 | ) | ||||||||||
Beginning of year | 291,296,548 | 475,355,111 | 346,525,482 | 517,427,340 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 306,452,414 | $ | 291,296,548 | $ | 471,300,147 | $ | 346,525,482 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
80 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares US & Intl High Yield Corp Bond ETF | ||||||||
Year Ended | Year Ended | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 7,624,237 | $ | 5,806,839 | ||||
Net realized loss | (3,815,859 | ) | (5,745,195 | ) | ||||
Net change in unrealized appreciation (depreciation) | 3,535,439 | (21,725,310 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 7,343,817 | (21,663,666 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (7,108,819 | ) | (6,204,063 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | 22,404,887 | (65,519,501 | ) | |||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 22,639,885 | (93,387,230 | ) | |||||
Beginning of year | 100,077,071 | 193,464,301 | ||||||
|
|
|
| |||||
End of year | $ | 122,716,956 | $ | 100,077,071 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 81 |
(For a share outstanding throughout each period)
iShares International High Yield Bond ETF | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 39.74 | $ | 54.74 | $ | 51.94 | $ | 51.05 | $ | 50.66 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.07 | 1.38 | 1.44 | 1.42 | 1.51 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 4.30 | (14.76 | ) | 2.18 | 0.09 | 0.82 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 6.37 | (13.38 | ) | 3.62 | 1.51 | 2.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 year | $ | 45.84 | $ | 39.74 | $ | 54.74 | $ | 51.94 | $ | 51.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 16.06 | % | (25.15 | )% | 6.90 | % | 3.00 | % | 4.85 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||
Total expenses | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 4.54 | % | 2.92 | % | 2.56 | % | 2.85 | % | 3.03 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | �� | |||||||||||||||||||
Net assets, end of year (000) | $ | 45,841 | $ | 31,796 | $ | 71,161 | $ | 46,750 | $ | 40,838 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 33 | % | 23 | % | 33 | % | 46 | % | 34 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
82 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Corporate Bond ETF | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 40.27 | $ | 51.32 | $ | 51.13 | $ | 51.29 | $ | 47.68 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.04 | 1.68 | 1.75 | 2.06 | 2.25 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.21 | (10.93 | ) | 0.23 | (0.13 | ) | 3.61 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 3.25 | (9.25 | ) | 1.98 | 1.93 | 5.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions from net investment income(c) | (2.04 | ) | (1.80 | ) | (1.79 | ) | (2.09 | ) | (2.25 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 41.48 | $ | 40.27 | $ | 51.32 | $ | 51.13 | $ | 51.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 8.06 | % | (18.42 | )% | 3.88 | % | 3.94 | % | 12.57 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 4.76 | % | 3.62 | % | 3.36 | % | 4.08 | % | 4.51 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 414,835 | $ | 285,898 | $ | 518,363 | $ | 214,731 | $ | 166,685 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 25 | % | 18 | % | 16 | % | 25 | % | 21 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM High Yield Bond ETF | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 32.19 | $ | 43.61 | $ | 43.06 | $ | 46.63 | $ | 45.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.41 | 2.34 | 2.43 | 2.52 | 2.66 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.37 | (11.36 | ) | 0.68 | (3.54 | ) | 1.93 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 3.78 | (9.02 | ) | 3.11 | (1.02 | ) | 4.59 | |||||||||||||
|
|
|
|
|
|
|
| �� |
|
| ||||||||||
Distributions from net investment income(c) | (2.48 | ) | (2.40 | ) | (2.56 | ) | (2.55 | ) | (3.25 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 33.49 | $ | 32.19 | $ | 43.61 | $ | 43.06 | $ | 46.63 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 11.82 | % | (21.35 | )% | 7.16 | % | (2.08 | )% | 10.51 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 0.50 | % | 0.50 | % | 0.49 | % | 0.48 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 6.97 | % | 6.13 | % | 5.40 | % | 5.75 | % | 5.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 306,452 | $ | 291,297 | $ | 475,355 | $ | 303,584 | $ | 333,378 | ||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 20 | % | 16 | % | 23 | % | 65 | % | 32 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
84 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
Net asset value, beginning of year | $ | 32.09 | $ | 41.73 | $ | 41.68 | $ | 45.43 | $ | 43.24 | ||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.25 | 1.95 | 2.06 | 2.29 | 3.09 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.61 | (10.06 | ) | (2.01 | ) | (4.11 | ) | 0.59 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 2.86 | (8.11 | ) | 0.05 | (1.82 | ) | 3.68 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions from net investment income(c) | (0.30 | ) | (1.53 | ) | — | (1.93 | ) | (1.49 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 34.65 | $ | 32.09 | $ | 41.73 | $ | 41.68 | $ | 45.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 8.92 | % | (20.04 | )% | 0.12 | % | (4.20 | )% | 8.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||
Total expenses | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 6.31 | % | 5.37 | % | 4.72 | % | 5.46 | % | 6.95 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 471,300 | $ | 346,525 | $ | 517,427 | $ | 500,100 | $ | 536,078 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 45 | % | 47 | % | 29 | % | 43 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares US & Intl High Yield Corp Bond ETF | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
Net asset value, beginning of year | $ | 40.03 | $ | 49.61 | $ | 47.80 | $ | 48.97 | $ | 48.03 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.47 | 2.02 | 2.09 | 2.21 | 2.42 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.71 | (9.53 | ) | 1.99 | (1.27 | ) | 1.17 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 3.18 | (7.51 | ) | 4.08 | 0.94 | 3.59 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions from net investment income(c) | (2.30 | ) | (2.07 | ) | (2.27 | ) | (2.11 | ) | (2.65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 40.91 | $ | 40.03 | $ | 49.61 | $ | 47.80 | $ | 48.97 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 7.93 | % | (15.46 | )% | 8.56 | % | 2.04 | % | 7.74 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||
Total expenses | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 5.91 | % | 4.48 | % | 4.16 | % | 4.65 | % | 5.02 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 122,717 | $ | 100,077 | $ | 193,464 | $ | 176,851 | $ | 176,300 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 19 | % | 16 | % | 31 | % | 33 | % | 24 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
86 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
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.
Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of iShares J.P. Morgan EM Local Currency Bond ETF’s local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), iShares J.P. Morgan EM Local Currency Bond ETF’s investment adviser, with assistance from other BlackRock pricing committees on a quarterly basis.
Monetary policies enacted by government agencies in Egypt limiting their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impact iShares J.P. Morgan EM Local Currency Bond ETF’s ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of October 31, 2023 iShares J.P. Morgan EM Local Currency Bond ETF’s assets and liabilities denominated in Egyptian pound use the 12-month non-deliverable forward rate.
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
NOTES TO FINANCIAL STATEMENTS | 87 |
Notes to Financial Statements (continued)
are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 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.
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.
88 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the 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.
NOTES TO FINANCIAL STATEMENTS | 89 |
Notes to Financial Statements (continued)
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 | $ | 2,159,145 | $ | (2,159,145 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 2,131,078 | (2,131,078 | ) | — | — | |||||||||||
BMO Capital Markets Corp. | 739,410 | (739,410 | ) | — | — | |||||||||||
BNP Paribas SA | 1,757,448 | (1,757,448 | ) | — | — | |||||||||||
BofA Securities, Inc. | 2,000,938 | (2,000,938 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 572,274 | (572,274 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 135,903 | (135,903 | ) | — | — | |||||||||||
Deutsche Bank Securities, Inc. | 291,791 | (291,791 | ) | — | — | |||||||||||
HSBC Securities (USA), Inc. | 495,447 | (495,447 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 3,304,556 | (3,304,556 | ) | — | — | |||||||||||
Jefferies LLC | 1,569,504 | (1,569,504 | ) | — | — | |||||||||||
Morgan Stanley | 1,227,584 | (1,227,584 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 1,325,667 | (1,325,667 | ) | — | — | |||||||||||
Pershing LLC | 756,757 | (756,757 | ) | — | — | |||||||||||
Wells Fargo Securities LLC | 1,887,178 | (1,887,178 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 20,354,680 | $ | (20,354,680 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
J.P. Morgan EM High Yield Bond | ||||||||||||||||
Barclays Bank PLC | $ | 2,777,572 | $ | (2,777,572 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 2,088,899 | (2,088,899 | ) | — | — | |||||||||||
BNP Paribas SA | 6,142,619 | (6,142,619 | ) | — | — | |||||||||||
BofA Securities, Inc. | 5,603,866 | (5,603,866 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 329,109 | (329,109 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 68,368 | (68,368 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 984,387 | (984,387 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 7,996,396 | (7,996,396 | ) | — | — | |||||||||||
Jefferies LLC | 1,295,482 | (1,295,482 | ) | — | — | |||||||||||
Morgan Stanley | 3,975,685 | (3,975,685 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 1,929,664 | (1,929,664 | ) | — | — | |||||||||||
Pershing LLC | 2,226,810 | (2,226,810 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 1,187,678 | (1,187,678 | ) | — | — | |||||||||||
UBS AG | 1,665 | (1,665 | ) | — | — | |||||||||||
UBS Securities LLC | 117,098 | (117,098 | ) | — | — | |||||||||||
Wells Fargo Securities LLC | 61,967 | (61,967 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 36,787,265 | $ | (36,787,265 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
US & Intl High Yield Corp Bond | ||||||||||||||||
Barclays Bank PLC | $ | 646,208 | $ | (646,208 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 366,660 | (366,660 | ) | — | — | |||||||||||
BMO Capital Markets Corp. | 276,497 | (276,497 | ) | — | — | |||||||||||
BNP Paribas SA | 3,564,970 | (3,564,970 | ) | — | — | |||||||||||
BofA Securities, Inc. | 255,774 | (255,774 | ) | — | — | |||||||||||
Citadel Clearing LLC | 243,383 | (243,383 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 148,418 | (148,418 | ) | — | — | |||||||||||
Deutsche Bank Securities, Inc. | 414,200 | (414,200 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 2,529,433 | (2,529,433 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 1,468,233 | (1,468,233 | ) | — | — | |||||||||||
Jefferies LLC | 102,659 | (102,659 | ) | — | — | |||||||||||
Morgan Stanley | 790,485 | (790,485 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 271,696 | (271,696 | ) | — | — | |||||||||||
Pershing LLC | 50,483 | (50,483 | ) | — | — | |||||||||||
RBC Capital Markets LLC | 1,621,871 | (1,621,871 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 454,104 | (454,104 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 1,284,169 | (1,284,169 | ) | — | — | |||||||||||
Toronto-Dominion Bank | 221,376 | (221,376 | ) | — | — | |||||||||||
Wells Fargo Securities LLC | 99,971 | (99,971 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 14,810,590 | $ | (14,810,590 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(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. |
90 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each 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 year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
J.P. Morgan EM Corporate Bond | $ | 58,439 | ||
J.P. Morgan EM High Yield Bond | 77,050 | |||
US & Intl High Yield Corp Bond | 34,378 |
NOTES TO FINANCIAL STATEMENTS | 91 |
Notes to Financial Statements (continued)
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.
6. PURCHASES AND SALES
For the year ended October 31, 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 | $ | 16,545,417 | $ | 15,055,449 | ||||
J.P. Morgan EM Corporate Bond | 94,875,793 | 89,248,510 | ||||||
J.P. Morgan EM High Yield Bond | 62,670,032 | 63,480,638 | ||||||
J.P. Morgan EM Local Currency Bond | 288,788,566 | 219,635,059 | ||||||
US & Intl High Yield Corp Bond | 24,058,712 | 23,435,815 |
For the year ended October 31, 2023, in-kind transactions were as follows:
iShares ETF | In-kind | In-kind Sales | ||||||
International High Yield Bond | $ | 17,868,817 | $ | 8,956,718 | ||||
J.P. Morgan EM Corporate Bond | 148,407,591 | 31,980,699 | ||||||
J.P. Morgan EM High Yield Bond | 24,608,227 | 21,186,206 | ||||||
J.P. Morgan EM Local Currency Bond | 82,713,743 | 31,402,046 | ||||||
US & Intl High Yield Corp Bond | 66,156,292 | 44,306,649 |
7. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) | ||||||
International High Yield Bond | $ | (401,656 | ) | $ | 401,656 | |||
J.P. Morgan EM Corporate Bond | (1,567,441 | ) | 1,567,441 | |||||
J.P. Morgan EM High Yield Bond | (2,950,214 | ) | 2,950,214 | |||||
J.P. Morgan EM Local Currency Bond | (201,762 | ) | 201,762 | |||||
US & Intl High Yield Corp Bond | (1,953,449 | ) | 1,953,449 |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended | Year Ended | ||||||
International High Yield Bond | ||||||||
Ordinary income | $ | 215,619 | $ | 2,017,426 | ||||
Return of capital | — | 85,561 | ||||||
|
|
|
| |||||
$ | 215,619 | $ | 2,102,987 | |||||
|
|
|
| |||||
J.P. Morgan EM Corporate Bond | ||||||||
Ordinary income | $ | 17,634,770 | $ | 15,559,902 | ||||
|
|
|
|
92 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
iShares ETF | Year Ended | Year Ended | ||||||
J.P. Morgan EM High Yield Bond | ||||||||
Ordinary income | $ | 23,258,290 | $ | 25,663,616 | ||||
|
|
|
| |||||
J.P. Morgan EM Local Currency Bond | ||||||||
Ordinary income | $ | 3,783,011 | $ | 19,531,059 | ||||
|
|
|
| |||||
US & Intl High Yield Corp Bond | ||||||||
Ordinary income | $ | 7,108,819 | $ | 6,204,063 | ||||
|
|
|
|
As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | | Undistributed | | | Non-expiring | | | Net Unrealized | |
| Total |
| ||||
International High Yield Bond | $ | 1,280,029 | $ | (6,322,936 | ) | $ | (6,006,177 | ) | $ | (11,049,084 | ) | |||||
J.P. Morgan EM Corporate Bond | 2,019,357 | (31,514,702 | ) | (51,908,621 | ) | (81,403,966 | ) | |||||||||
J.P. Morgan EM High Yield Bond | 1,987,433 | (91,363,810 | ) | (81,056,502 | ) | (170,432,879 | ) | |||||||||
J.P. Morgan EM Local Currency Bond | 6,390,257 | (75,603,562 | ) | (82,392,884 | ) | (151,606,189 | ) | |||||||||
US & Intl High Yield Corp Bond | 535,536 | (10,497,599 | ) | (15,516,234 | ) | (25,478,297 | ) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments and the accrual of income on securities in default. |
As of October 31, 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 | Gross Unrealized | Net Unrealized | ||||||||||||
International High Yield Bond | $ | 50,468,028 | $ | 254,771 | $ | (6,247,737 | ) | $ | (5,992,966 | ) | ||||||
J.P. Morgan EM Corporate Bond | 485,185,697 | 925,069 | (52,833,607 | ) | (51,908,538 | ) | ||||||||||
J.P. Morgan EM High Yield Bond | 422,996,397 | 1,023,634 | (82,080,130 | ) | (81,056,496 | ) | ||||||||||
J.P. Morgan EM Local Currency Bond | 561,110,288 | 3,952,581 | (85,599,707 | ) | (81,647,126 | ) | ||||||||||
US & Intl High Yield Corp Bond | 151,287,429 | 453,292 | (15,957,800 | ) | (15,504,508 | ) |
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 October 16, 2024. 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 Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended October 31, 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.
NOTES TO FINANCIAL STATEMENTS | 93 |
Notes to Financial Statements (continued)
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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
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.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in 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.
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 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.
94 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (continued)
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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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 recently transitioned from, or continue to be 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, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
10. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
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| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
International High Yield Bond | ||||||||||||||||
Shares sold | 400,000 | $ | 18,331,323 | — | $ | — | ||||||||||
Shares redeemed | (200,000 | ) | (9,183,067 | ) | (500,000 | ) | (23,123,187 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
200,000 | $ | 9,148,256 | (500,000 | ) | $ | (23,123,187 | ) | |||||||||
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|
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|
|
NOTES TO FINANCIAL STATEMENTS | 95 |
Notes to Financial Statements (continued)
| ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
J.P. Morgan EM Corporate Bond | ||||||||||||||||
Shares sold | 3,700,000 | $ | 159,296,527 | 1,100,000 | $ | 53,884,330 | ||||||||||
Shares redeemed | (800,000 | ) | (33,719,513 | ) | (4,100,000 | ) | (189,577,126 | ) | ||||||||
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| |||||||||
2,900,000 | $ | 125,577,014 | (3,000,000 | ) | $ | (135,692,796 | ) | |||||||||
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| |||||||||
J.P. Morgan EM High Yield Bond | ||||||||||||||||
Shares sold | 750,000 | $ | 26,852,043 | 2,400,000 | $ | 98,689,988 | ||||||||||
Shares redeemed | (650,000 | ) | (22,103,888 | ) | (4,250,000 | ) | (155,528,886 | ) | ||||||||
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100,000 | $ | 4,748,155 | (1,850,000 | ) | $ | (56,838,898 | ) | |||||||||
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J.P. Morgan EM Local Currency Bond | ||||||||||||||||
Shares sold | 6,800,000 | $ | 242,603,715 | 4,200,000 | $ | 161,169,803 | ||||||||||
Shares redeemed | (4,000,000 | ) | (140,209,427 | ) | (5,800,000 | ) | (202,682,800 | ) | ||||||||
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2,800,000 | $ | 102,394,288 | (1,600,000 | ) | $ | (41,512,997 | ) | |||||||||
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US & Intl High Yield Corp Bond | ||||||||||||||||
Shares sold | 1,600,000 | $ | 68,162,901 | 500,000 | $ | 21,399,097 | ||||||||||
Shares redeemed | (1,100,000 | ) | (45,758,014 | ) | (1,900,000 | ) | (86,918,598 | ) | ||||||||
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500,000 | $ | 22,404,887 | (1,400,000 | ) | $ | (65,519,501 | ) | |||||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
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.
96 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
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
iShares US & Intl High Yield Corp Bond ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 97 |
Important Tax Information (unaudited)
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2023:
iShares ETF | Foreign Source | Foreign | ||||||
International High Yield Bond | $ | 2,158,604 | $ | 1,308 | ||||
J.P. Morgan EM Corporate Bond | 18,324,291 | — | ||||||
J.P. Morgan EM High Yield Bond | 23,576,503 | — | ||||||
J.P. Morgan EM Local Currency Bond | 34,704,793 | 835,593 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:
iShares ETF | Federal Obligation | |||
J.P. Morgan EM Corporate Bond | $ | 75,388 | ||
J.P. Morgan EM High Yield Bond | 55,700 | |||
J.P. Morgan EM Local Currency Bond | 44,597 | |||
US & Intl High Yield Corp Bond | 26,819 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:
iShares ETF | Interest Dividends | |||
International High Yield Bond | $ | 1,488,243 | ||
J.P. Morgan EM Corporate Bond | 16,597,590 | |||
J.P. Morgan EM High Yield Bond | 21,298,657 | |||
J.P. Morgan EM Local Currency Bond | 11,048,930 | |||
US & Intl High Yield Corp Bond | 7,368,412 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:
iShares ETF | Interest-Related | |||
International High Yield Bond | $ | 183,050 | ||
J.P. Morgan EM Corporate Bond | 1,042,451 | |||
J.P. Morgan EM High Yield Bond | 444,189 | |||
J.P. Morgan EM Local Currency Bond | 69,758 | |||
US & Intl High Yield Corp Bond | 4,869,599 |
98 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract
iShares International HighYield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM HighYield Bond ETF, iShares US & Intl HighYield Corp Bond ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the “Advisory Agreements”), on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management
BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT | 99 |
Board Review and Approval of Investment Advisory Contract (continued)
processes and strategies for BFA and BlackRock International Limited, which were provided at the May 2, 2023 meeting and throughout the year and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA
100 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract (continued)
(including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.
iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited and BlackRock (Singapore) Limited, (together the “Advisory Agreements”), on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited and BlackRock (Singapore) Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited and BlackRock (Singapore) Limited for sub-advisory services, and that are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited and BlackRock (Singapore) Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related
BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT | 101 |
Board Review and Approval of Investment Advisory Contract (continued)
programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited and BlackRock (Singapore) Limited, which were provided at the May 2, 2023 meeting and throughout the year and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment
102 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract (continued)
operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.
BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT | 103 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
October 31, 2023
Total Cumulative Distributions for the Fiscal Year | % Breakdown of the Total Cumulative Distributions for the Fiscal Year | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
J.P. Morgan EM High Yield Bond | $ | 2.483877 | $ | — | $ | — | $ | 2.483877 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||||||
US & Intl High Yield Corp Bond | 2.296498 | — | — | 2.296498 | 100 | — | — | 100 |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares J.P. Morgan EM High Yield Bond ETF and iShares J.P. Morgan EM Local Currency Bond ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
104 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited) (continued)
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares J.P. Morgan EM High Yield Bond ETF and iShares J.P. Morgan EM Local Currency Bond ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
SUPPLEMENTAL INFORMATION | 105 |
Director and Officer Information (unaudited)
The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).
The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Directors | ||||||
Name (Year of Birth) | Position(s) | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Director | |||
Robert S. Kapito(a) (1957) | Director (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009). | |||
Salim Ramji(b) (1970) | Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019). | |||
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
Independent Directors | ||||||
Name (Year of Birth) | Position(s) | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Director | |||
John E. Kerrigan (1955) | Director (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022). | |||
Jane D. Carlin (1956) | Director (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (1954) | Director (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017). | |||
Cecilia H. Herbert (1949) | Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005). |
106 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Director and Officer Information (unaudited) (continued)
Independent Directors (continued) | ||||||
Name (Year of Birth) | Position(s) | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Director | |||
Drew E. Lawton (1959) | Director (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) | Director (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003). | |||
Madhav V. Rajan (1964) | Director (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011). |
Officers | ||||
Name (Year of Birth) | Position(s) | Principal Occupation(s) During Past 5 Years | ||
Dominik Rohé (1973) | President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||
Trent Walker (1974) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Aaron Wasserman (1974) | Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||
Marisa Rolland (1980) | Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | ||
Jennifer Hsui (1976) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
D I R E C T O R A N D O F F I C E R I N F O R M A T I O N | 107 |
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.
108 | 2 0 2 3 I SHARES ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Currency Abbreviation
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 | |
USD | United States Dollar | |
UYU | Uruguayan Peso | |
ZAR | South African Rand | |
Portfolio Abbreviation | ||
JSC | Joint Stock Company | |
Portfolio Abbreviation | ||
CAB | Capital Appreciation Bonds | |
CJSC | Closed Joint Stock Company | |
CMT | Constant Maturity Treasury | |
EURIBOR | Euro Interbank Offered Rate | |
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
GLOSSARY OF TERMS USED IN THIS REPORT | 109 |
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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-AR-1002-1023
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(b) Not Applicable
Item 2. | Code of Ethics. |
The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
Item 4. | Principal Accountant Fees and Services. |
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the five series of the registrant for which the fiscal year-end is October 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.
(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $78,000 for the fiscal year ended October 31, 2022 and $82,000 for the fiscal year ended October 31, 2023.
(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2022 and October 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $48,500 for the fiscal year ended October 31, 2022 and $48,500 for the fiscal year ended October 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.
(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2022 and October 31, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $48,500 for the fiscal year ended October 31, 2022 and $48,500 for the fiscal year ended October 31, 2023.
(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
(i) Not Applicable
(j) Not Applicable
Item 5. | Audit Committee of Listed Registrants. |
(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.
(b) Not applicable.
Item 6. | Investments. |
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.
Item 11. | Controls and Procedures. |
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Recovery of Erroneously Awarded Compensation. |
Not applicable
Item 14. | Exhibits. |
(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.
(a) (2) Section 302 Certifications are attached.
(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
(a) (4) Change in Registrant’s independent public accountant – Not Applicable.
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
By: | /s/ Dominik Rohe | |||
Dominik Rohe, President (Principal Executive Officer) |
Date: December 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: December 21, 2023
By: | /s/ Trent Walker | |||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: December 21, 2023