iShares Inc
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
Name of Fund:
iShares, Inc.
Fund Address:  c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service:  The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

Registrant's telephone number, including area code:
(415) 670-2000
Date of fiscal year end:
10/31/2025
Date of reporting period:
4/30/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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iShares International High Yield Bond ETF
HYXU | Cboe BZX Exchange
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares International High Yield Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares International High Yield Bond ETF $20 0.40%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Fund NAV 5.96 % 13.42 % 5.15 % 3.04 %
iBoxx Global Government Index 11.77 14.99 (0.41 ) 0.72
Markit iBoxx® Global Developed Markets ex-US High Yield Index 6.64 13.72 5.46 3.36
Key Fund statistics
Net Assets $41,288,448
Number of Portfolio Holdings 337
Portfolio Turnover Rate 20%
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. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Credit quality allocation
Moody's Credit Rating* Percent of Total
Investments(a)
Baa 3.5 %
Ba 44.8 %
B 32.0 %
Caa 5.9 %
Ca 0.2 %
C 0.2 %
Not Rated 13.4 %
Geographic allocation
Country/Geographic Region Percent of Total
Investments(a)
France 17.3 %
Italy 13.9 %
United Kingdom 13.8 %
United States 13.5 %
Germany 10.7 %
Luxembourg 4.4 %
Netherlands 3.8 %
Spain 3.5 %
Sweden 2.8 %
Greece 2.7 %
​(a)
Excludes money market funds.
​*
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.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Markit Indices Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK iShares Logo Footer
iShares International High Yield Bond ETF
Semi-Annual Shareholder Report — April 30, 2025
HYXU-04/25-SAR
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iShares J.P. Morgan EM Corporate Bond ETF
CEMB | Cboe BZX Exchange
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares J.P. Morgan EM Corporate Bond ETF $25 0.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Fund NAV 1.71 % 7.69 % 3.18 % 3.23 %
J.P. Morgan EMBI Global Diversified Index 1.79 8.77 2.99 2.97
J.P. Morgan CEMBI Broad Diversified Core Index 1.89 8.10 3.42 3.64
Key Fund statistics
Net Assets $371,018,581
Number of Portfolio Holdings 1,040
Portfolio Turnover Rate 15%
The performance of the J.P. Morgan CEMBI Broad Diversified Core Index in this report reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM through May 31, 2017 and, beginning on June 1, 2017, 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. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Credit quality allocation
Moody's Credit Rating* Percent of Total
Investments(a)
Aaa 0.2 %
Aa 11.8 %
A 13.0 %
Baa 30.0 %
Ba 13.5 %
B 6.6 %
Caa 1.4 %
Not Rated 23.5 %
Geographic allocation
Country/Geographic Region Percent of Total
Investments(a)
China 9.2 %
United Arab Emirates 5.3 %
Brazil 5.1 %
Saudi Arabia 5.0 %
Mexico 4.9 %
India 4.3 %
South Korea 4.2 %
Turkey 4.1 %
Chile 3.9 %
Hong Kong 3.4 %
​(a)
Excludes money market funds.
​*
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.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by JPMorgan Chase & Co., Morningstar Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares J.P. Morgan EM Corporate Bond ETF
Semi-Annual Shareholder Report — April 30, 2025
CEMB-04/25-SAR
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iShares J.P. Morgan EM High Yield Bond ETF
EMHY | Cboe BZX Exchange
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares J.P. Morgan EM High Yield Bond ETF $25 0.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Fund NAV 1.81 % 10.00 % 5.98 % 3.76 %
J.P. Morgan EMBI Global Diversified Index 1.79 8.77 2.99 2.97
J.P. Morgan USD Emerging Markets High Yield Bond Index 1.89 10.24 6.33 4.07
Key Fund statistics
Net Assets $437,349,405
Number of Portfolio Holdings 664
Portfolio Turnover Rate 14%
The performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index in this report reflects the performance of the Morningstar® Emerging Markets High Yield Bond IndexSM through March 1, 2020 which terminated on April 1, 2020 and, beginning on March 2, 2020, 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. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Credit quality allocation
Moody's Credit Rating* Percent of Total
Investments(a)
Baa 8.3 %
Ba 34.1 %
B 26.4 %
Caa 15.6 %
Ca 1.0 %
Not Rated 14.6 %
Geographic allocation
Country/Geographic Region Percent of Total
Investments(a)
Turkey 13.8 %
Brazil 12.7 %
Mexico 8.2 %
Colombia 7.4 %
Argentina 6.7 %
Dominican Republic 3.5 %
South Africa 3.3 %
Oman 3.1 %
United Arab Emirates 2.9 %
Bahrain 2.7 %
​(a)
Excludes money market funds.
​*
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.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by JPMorgan Chase & Co., Morningstar Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares J.P. Morgan EM High Yield Bond ETF
Semi-Annual Shareholder Report — April 30, 2025
EMHY-04/25-SAR
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iShares J.P. Morgan EM Local Currency Bond ETF
LEMB | NYSE Arca
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares J.P. Morgan EM Local Currency Bond ETF $15 0.30%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Fund NAV 4.15 % 8.38 % 1.10 % (0.21 )%
J.P. Morgan EMBI Global Diversified Index 1.79 8.77 2.99 2.97
J.P. Morgan GBI-EM Global Diversified 15% Cap 4% Floor Index 4.46 8.51 1.15 0.16
Key Fund statistics
Net Assets $300,508,260
Number of Portfolio Holdings 388
Portfolio Turnover Rate 14%
Effective March 31, 2025, the Fund has changed the name of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index to the J.P. Morgan GBI-EM Global Diversified 15% Cap 4% Floor Index.
The performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4% Floor Index in this report reflects the performance of the Bloomberg Emerging Markets Broad Local Currency Bond Index through May 31, 2017 and, beginning on June 1, 2017, the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4% 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. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Credit quality allocation
Moody's Credit Rating* Percent of Total
Investments(a)
Aa 4.0 %
A 28.5 %
Baa 46.1 %
Ba 16.4 %
B 3.8 %
Not Rated 1.2 %
Geographic allocation
Country/Geographic Region Percent of Total
Investments(a)
China 15.2 %
India 10.5 %
Indonesia 5.9 %
Mexico 5.7 %
Malaysia 5.6 %
Thailand 5.0 %
Poland 4.3 %
Brazil 4.2 %
South Africa 4.2 %
Czech Republic 4.0 %
​(a)
Excludes money market funds.
​*
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.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by JPMorgan Chase & Co., Bloomberg Index Services Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK iShares Logo Footer
iShares J.P. Morgan EM Local Currency Bond ETF
Semi-Annual Shareholder Report — April 30, 2025
LEMB-04/25-SAR
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iShares US & Intl High Yield Corp Bond ETF
GHYG | Cboe BZX Exchange
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares US & Intl High Yield Corp Bond ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares US & Intl High Yield Corp Bond ETF $20 0.40%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Fund NAV 2.88 % 10.02 % 5.51 % 3.88 %
iBoxx Global Government Index 11.77 14.99 (0.41 ) 0.72
Markit iBoxx® Global Developed Markets High Yield Index 3.12 10.30 5.69 4.06
Key Fund statistics
Net Assets $179,025,466
Number of Portfolio Holdings 1,657
Portfolio Turnover Rate 11%
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. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Credit quality allocation
Moody's Credit Rating* Percent of Total
Investments(a)
Baa 1.6 %
Ba 43.4 %
B 37.9 %
Caa 11.0 %
Ca 0.5 %
C 0.0 %(b)
Not Rated 5.6 %
Geographic allocation
Country/Geographic Region Percent of Total
Investments(a)
United States 65.8 %
United Kingdom 5.9 %
France 5.4 %
Canada 3.8 %
Germany 3.7 %
Italy 3.6 %
Luxembourg 1.9 %
Netherlands 1.4 %
Israel 1.2 %
Japan 1.0 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​*
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Markit Indices Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK iShares Logo Footer
iShares US & Intl High Yield Corp Bond ETF
Semi-Annual Shareholder Report — April 30, 2025
GHYG-04/25-SAR

(b) Not applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 

April 30, 2025
 
 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
iShares, Inc.
• iShares International High Yield Bond ETF | HYXU | Cboe BZX Exchange
• iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX Exchange
• iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX Exchange
• iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca
• iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX Exchange
 
Table of Contents
 
 
Page
3
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66
71
81
82
2
Schedule of Investments (unaudited)
April 30, 2025
iShares® International High Yield Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Australia — 0.3%
APA Infrastructure Ltd., 7.13%, 11/09/83, (5-year
EURIBOR ICE Swap + 4.098%)(a)(b)
EUR100
$123,665
Austria — 0.6%
ams-OSRAM AG, 10.50%, 03/30/29(a)
EUR100
113,009
Benteler International AG, 9.38%, 05/15/28(a)
EUR100
117,641
 
230,650
Belgium — 0.5%
Azelis Finance NV, 5.75%, 03/15/28(a)
EUR100
115,871
Telenet Finance Luxembourg Notes SARL, 3.50%,
03/01/28(a)
EUR100
110,988
 
226,859
Canada — 1.0%
Air Canada, 4.63%, 08/15/29(c)
CAD325
225,875
Cineplex Inc., 7.63%, 03/31/29(c)
CAD25
18,695
Mattamy Group Corp., 4.63%, 03/01/28(a)
CAD50
34,920
Parkland Corp.
3.88%, 06/16/26(c)
CAD125
89,448
4.38%, 03/26/29
CAD75
52,578
Southern Pacific Resource Corp., 8.75%,
01/25/18(c)(d)(e)(f)
CAD50
—
 
421,516
Cyprus — 0.3%
Bank of Cyprus PCL, 2.50%, 06/24/27,
(1-year EUR Swap + 2.785%)(a)(b)
EUR100
111,766
Czech Republic — 0.6%
Allwyn Entertainment Financing U.K. PLC, 7.25%,
04/30/30(a)
EUR100
119,377
Allwyn International AS, 3.88%, 02/15/27(a)
EUR100
112,538
 
231,915
Denmark — 0.9%
Orsted A/S
1.50%, (5-year EUR Swap + 1.860%)(a)(b)
EUR100
91,532
1.75%, (5-year EURIBOR ICE Swap + 1.952%)(a)(b)
EUR100
105,689
5.13%, (5-year EURIBOR ICE Swap + 2.590%)(a)(b)
EUR150
169,552
 
366,773
France — 16.9%
Air France-KLM
4.63%, 05/23/29(a)
EUR100
116,945
7.25%, 05/31/26(a)
EUR100
117,695
Altice France SA/France
3.38%, 01/15/28(a)
EUR100
90,718
4.00%, 07/15/29(a)
EUR100
91,001
4.13%, 01/15/29(a)
EUR100
91,110
4.25%, 10/15/29(a)
EUR100
91,088
5.88%, 02/01/27(a)
EUR200
200,134
CAB SELAS, 3.38%, 02/01/28(a)
EUR200
213,208
Cerba Healthcare SACA, 3.50%, 05/31/28(a)
EUR100
84,119
Chrome Holdco SASU, 5.00%, 05/31/29(a)
EUR100
36,745
ELO SACA
3.25%, 07/23/27(a)
EUR100
108,430
4.88%, 12/08/28(a)
EUR100
103,024
5.88%, 04/17/28(a)
EUR100
108,498
6.00%, 03/22/29(a)
EUR100
104,760
Emeria SASU, 7.75%, 03/31/28(a)
EUR100
101,492
Eramet SA, 6.50%, 11/30/29(a)
EUR100
111,179
Security
Par
(000
)
Value
France (continued)
Eutelsat SA
1.50%, 10/13/28(a)
EUR100
$93,341
2.25%, 07/13/27(a)
EUR100
104,893
Forvia SE
2.38%, 06/15/27(a)
EUR100
107,675
2.75%, 02/15/27(a)
EUR225
245,212
3.75%, 06/15/28(a)
EUR100
109,076
5.13%, 06/15/29(a)
EUR100
109,726
5.50%, 06/15/31(a)
EUR100
106,693
5.63%, 06/15/30(a)
EUR125
137,271
Holding d'Infrastructures des Metiers de l'Environnement
4.88%, 10/24/29(a)
EUR100
115,332
Series ., 0.63%, Series ., 09/16/28(a)
EUR100
100,445
Iliad Holding SASU
5.38%, 04/15/30(a)
EUR100
115,449
5.63%, 10/15/28(a)
EUR100
115,043
6.88%, 04/15/31(a)
EUR100
120,577
iliad SA
1.88%, 02/11/28(a)
EUR100
108,512
2.38%, 06/17/26(a)
EUR100
112,256
4.25%, 12/15/29(a)
EUR100
114,928
5.38%, 06/14/27(a)
EUR100
116,897
5.38%, 02/15/29(a)
EUR100
118,947
Series ., 5.38%, Series ., 05/02/31(a)
EUR100
118,406
IPD 3 BV, 8.00%, 06/15/28(a)
EUR100
117,759
Kapla Holding SAS, 5.00%, 04/30/31(a)
EUR100
113,005
Loxam SAS
2.88%, 04/15/26(a)
EUR100
112,509
4.25%, 02/15/30(a)
EUR100
112,675
6.38%, 05/15/28(a)
EUR100
116,806
Nexans SA
4.13%, 05/29/29(a)
EUR100
115,726
4.25%, 03/11/30(a)
EUR100
116,078
Opal Bidco SAS, 5.50%, 03/31/32(a)
EUR200
224,515
Paprec Holding SA, 6.50%, 11/17/27(a)
EUR100
118,443
Picard Groupe SAS, 6.38%, 07/01/29(a)
EUR100
117,767
RCI Banque SA
4.75%, 03/24/37, (5-year EURIBOR ICE Swap +
2.200%)(a)(b)
EUR100
111,978
5.50%, 10/09/34, (5-year EURIBOR ICE Swap +
2.750%)(a)(b)
EUR100
117,346
Renault SA
2.38%, 05/25/26(a)
EUR200
224,975
2.50%, 06/02/27(a)
EUR100
111,805
2.50%, 04/01/28(a)
EUR100
111,063
Rexel SA
2.13%, 12/15/28(a)
EUR100
108,561
5.25%, 09/15/30(a)
EUR100
118,180
Tereos Finance Groupe I SA
5.75%, 04/30/31(a)
EUR100
113,258
7.25%, 04/15/28(a)
EUR100
117,041
Valeo SE
1.00%, 08/03/28(a)
EUR100
101,965
4.50%, 04/11/30(a)
EUR100
110,789
5.38%, 05/28/27(a)
EUR100
117,093
5.88%, 04/12/29(a)
EUR100
117,847
Viridien, 8.50%, 10/15/30(a)
EUR100
107,968
 
6,995,977
Germany — 10.5%
Bayer AG
3.13%, 11/12/79, (5-year EUR Swap + 3.108%)(a)(b)
EUR100
109,057
3
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® International High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Germany (continued)
5.38%, 03/25/82, (5-year EUR Swap + 4.458%)(a)(b)
EUR100
$111,141
5.50%, 09/13/54, (5-year EURIBOR ICE Swap +
3.269%)(a)(b)
EUR100
113,644
6.63%, 09/25/83, (5-year EUR Swap + 3.432%)(a)(b)
EUR100
118,846
7.00%, 09/25/83, (5-year EUR Swap + 3.896%)(a)(b)
EUR100
119,058
Series N5.5, 4.50%, Series N5.5, 03/25/82,
(5-year EUR Swap + 3.751%)(a)(b)
EUR100
111,899
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75,
(5-year EUR Swap + 3.206%)(a)(b)
EUR100
112,285
Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28(a)
EUR150
156,523
7.50%, 05/15/30(a)
EUR100
106,358
Deutsche Lufthansa AG, 5.25%, 01/15/55, (5-year
EURIBOR ICE Swap + 2.855%)(a)(b)
EUR100
110,924
Evonik Industries AG, 1.38%, 09/02/81,
(5-year EUR Swap + 1.836%)(a)(b)
EUR100
108,940
Gruenenthal GmbH
4.13%, 05/15/28(a)
EUR100
112,255
4.63%, 11/15/31(a)
EUR100
111,060
IHO Verwaltungs GmbH
6.75%, 11/15/29, (6.75% cash and 7.50% PIK)(a)(g)
EUR100
116,562
7.00%, 11/15/31, (7.00% cash and 7.75% PIK)(a)(g)
EUR100
116,385
8.75%, 05/15/28, (8.75% PIK)(a)(g)
EUR100
117,870
Mahle GmbH
2.38%, 05/14/28(a)
EUR100
101,696
6.50%, 05/02/31(a)
EUR100
110,821
Nidda Healthcare Holding GmbH
5.63%, 02/21/30(a)
EUR100
114,271
7.50%, 08/21/26(a)
EUR66
76,091
Schaeffler AG
2.88%, 03/26/27(a)
EUR75
83,765
3.38%, 10/12/28(a)
EUR100
109,850
4.25%, 04/01/28(a)
EUR100
113,336
4.50%, 08/14/26(a)
EUR100
114,035
4.50%, 03/28/30(a)
EUR100
111,230
4.75%, 08/14/29(a)
EUR100
113,235
5.38%, 04/01/31(a)
EUR100
112,660
Techem Verwaltungsgesellschaft 675 mbH, 5.38%,
07/15/29(a)
EUR225
260,703
TK Elevator Holdco GmbH, 6.63%, 07/15/28(a)
EUR90
101,780
TK Elevator Midco GmbH, 4.38%, 07/15/27(a)
EUR100
112,810
ZF Europe Finance BV
2.50%, 10/23/27(a)
EUR100
104,342
3.00%, 10/23/29(a)
EUR100
96,934
4.75%, 01/31/29(a)
EUR100
105,341
6.13%, 03/13/29(a)
EUR100
109,629
ZF Finance GmbH
2.00%, 05/06/27(a)
EUR100
105,000
2.25%, 05/03/28(a)
EUR100
101,171
3.75%, 09/21/28(a)
EUR100
104,220
5.75%, 08/03/26(a)
EUR100
113,896
 
4,329,623
Greece — 2.6%
Alpha Services and Holdings SA, 6.00%, 09/13/34,
(5-year EURIBOR ICE Swap + 3.270%)(a)(b)
EUR100
119,802
Eurobank Ergasias Services and Holdings SA
4.25%, 04/30/35, (5-year EURIBOR ICE Swap +
2.000%)(a)(b)
EUR100
111,930
10.00%, 12/06/32, (5-year EUR Swap + 7.588%)(a)(b)
EUR100
130,266
Metlen Energy & Metals SA, 4.00%, 10/17/29(a)
EUR200
230,004
Security
Par
(000
)
Value
Greece (continued)
National Bank of Greece SA, 8.00%, 01/03/34, (5-year
EURIBOR ICE Swap + 4.646%)(a)(b)
EUR100
$127,641
Piraeus Financial Holdings SA
5.38%, 09/18/35, (5-year EURIBOR ICE Swap +
3.150%)(a)(b)
EUR100
116,805
7.25%, 04/17/34, (5-year EUR Swap + 4.773%)(a)(b)
EUR100
125,104
Public Power Corp. SA, 4.63%, 10/31/31(a)
EUR100
114,612
 
1,076,164
Ireland — 0.9%
eircom Finance DAC
3.50%, 05/15/26(a)
EUR100
112,738
5.75%, 12/15/29(a)
EUR100
116,929
Virgin Media O2 Vendor Financing Notes V DAC, 7.88%,
03/15/32(a)
GBP100
129,655
 
359,322
Israel — 1.9%
Teva Pharmaceutical Finance Netherlands II BV
1.88%, 03/31/27(a)
EUR100
109,839
3.75%, 05/09/27
EUR150
170,525
4.38%, 05/09/30
EUR200
228,446
7.38%, 09/15/29
EUR100
126,808
7.88%, 09/15/31
EUR100
133,742
 
769,360
Italy — 13.6%
Banca IFIS SpA
5.50%, 02/27/29(a)
EUR100
118,278
6.13%, 01/19/27(a)
EUR100
117,879
Banca Monte dei Paschi di Siena SpA
3.63%, 11/27/30, (3-mo. EURIBOR + 1.450%)(a)(b)
EUR100
113,902
6.75%, 09/05/27, (3-mo. EURIBOR + 3.283%)(a)(b)
EUR100
118,381
10.50%, 07/23/29(a)
EUR100
138,202
Banca Popolare di Sondrio SpA, 5.51%, 03/13/34,
(5-year EUR Swap + 2.800%)(a)(b)
EUR200
237,930
Banco BPM SpA, 5.00%, 06/18/34,
(5-year EUR Swap + 2.450%)(a)(b)
EUR200
233,191
BPER Banca SpA
5.75%, 09/11/29, (3-mo. EURIBOR + 2.600%)(a)(b)
EUR150
182,978
6.13%, 02/01/28, (3-mo. EURIBOR + 3.600%)(a)(b)
EUR150
178,499
Bubbles Holdco SPA, 6.50%, 09/30/31(a)
EUR100
112,846
Cerved Group SpA, 6.00%, 02/15/29(a)
EUR100
102,055
Engineering - Ingegneria Informatica - SpA, 11.13%,
05/15/28(a)
EUR100
119,444
Fiber Bidco SpA, 6.13%, 06/15/31(a)
EUR100
109,282
Flos B&b Italia SpA, 10.00%, 11/15/28(a)
EUR80
94,777
Guala Closures SpA, 3.25%, 06/15/28(a)
EUR100
107,474
IMA Industria Macchine Automatiche SpA, 3.75%,
01/15/28(a)
EUR100
111,320
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28(a)
EUR100
109,037
1.88%, 07/08/26(a)
EUR150
168,712
3.75%, 04/01/30(a)
EUR125
143,222
Intesa Sanpaolo Assicurazioni SpA, 2.38%, 12/22/30(a)
EUR250
260,623
Intesa Sanpaolo SpA, 5.15%, 06/10/30(a)
GBP100
129,559
Lottomatica SpA, 7.13%, 06/01/28(a)
EUR100
117,290
Mediobanca Banca di Credito Finanziario SpA, 3.75%,
06/16/26
EUR50
57,142
Mundys SpA
1.88%, 07/13/27(a)
EUR175
194,141
1.88%, 02/12/28(a)
EUR100
109,301
4.50%, 01/24/30(a)
EUR100
117,594
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® International High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Italy (continued)
4.75%, 01/24/29(a)
EUR100
$118,507
Optics Bidco SpA
1.63%, 01/18/29
EUR100
104,123
6.88%, 02/15/28(a)
EUR176
213,202
7.88%, 07/31/28(a)
EUR147
184,622
Pachelbel Bidco SpA, 7.13%, 05/17/31(a)
EUR100
119,391
Rossini SARL, 6.75%, 12/31/29(a)
EUR150
176,560
Saipem Finance International BV, 4.88%, 05/30/30(a)
EUR100
117,731
Telecom Italia SpA
6.88%, 02/15/28(a)
EUR124
153,126
7.88%, 07/31/28(a)
EUR103
131,579
Telecom Italia SpA/Milano
1.63%, 01/18/29(a)
EUR100
106,234
2.38%, 10/12/27(a)
EUR100
113,138
UnipolSai Assicurazioni SpA
3.88%, 03/01/28(a)
EUR100
114,556
4.90%, 05/23/34(a)
EUR100
115,994
Webuild SpA
4.88%, 04/30/30(a)
EUR100
116,169
7.00%, 09/27/28(a)
EUR100
122,834
 
5,610,825
Japan — 1.8%
Nissan Motor Co. Ltd., 3.20%, 09/17/28(a)
EUR100
109,654
SoftBank Group Corp.
2.88%, 01/06/27(a)
EUR100
110,541
3.38%, 07/06/29(a)
EUR125
130,278
3.88%, 07/06/32(a)
EUR100
101,583
4.00%, 09/19/29(a)
EUR100
107,975
5.38%, 01/08/29(a)
EUR150
171,097
 
731,128
Jersey — 0.3%
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(a)
GBP100
116,346
Luxembourg — 4.3%
AccorInvest Group SA
5.50%, 11/15/31(a)
EUR100
112,784
6.38%, 10/15/29(a)
EUR125
146,964
Altice Financing SA
3.00%, 01/15/28(a)
EUR100
85,182
4.25%, 08/15/29(a)
EUR100
85,036
Altice Finco SA, 4.75%, 01/15/28(a)
EUR100
39,836
Altice France Holding SA
4.00%, 02/15/28(a)
EUR100
33,303
8.00%, 05/15/27(a)
EUR100
33,118
ARD Finance SA, 5.00%, 06/30/27,
(5.00% Cash and 5.75% PIK)(a)(g)
EUR129
4,420
Cidron Aida Finco Sarl, 9.13%, 10/27/31(a)
GBP100
131,892
Ineos Finance PLC
5.63%, 08/15/30(a)
EUR100
107,585
6.38%, 04/15/29(a)
EUR100
110,918
Loarre Investments SARL, 6.50%, 05/15/29(a)
EUR100
114,591
Matterhorn Telecom SA, 4.50%, 01/30/30(a)
EUR100
112,991
Monitchem HoldCo 3 SA, 8.75%, 05/01/28(a)
EUR100
111,365
PLT VII Finance SARL, 6.00%, 06/15/31(a)
EUR100
115,972
SES SA, 5.50%, 09/12/54, (5-year EURIBOR ICE Swap
+ 3.232%)(a)(b)
EUR100
105,537
Summer BC Holdco B SARL, 5.88%, 02/15/30(a)
EUR100
110,393
Security
Par
(000
)
Value
Luxembourg (continued)
Vivion Investments SARL
6.50%, 02/28/29(a)(g)
EUR102
$110,098
8.00%, 08/31/28, (6.50 % Cash and 1.40 % PIK)(a)(g)
EUR101
110,487
 
1,782,472
Netherlands — 3.7%
Boels Topholding BV, 5.75%, 05/15/30(a)
EUR100
116,569
Boost Newco Borrower LLC/GTCR W Dutch Finance
Sub BV, 8.50%, 01/15/31(a)
GBP100
142,960
Flora Food Management BV, 6.88%, 07/02/29(a)
EUR100
116,538
Odido Group Holding BV, 5.50%, 01/15/30(a)
EUR100
112,225
Odido Holding BV, 3.75%, 01/15/29(a)
EUR100
110,962
Q-Park Holding I BV
2.00%, 03/01/27(a)
EUR100
110,472
5.13%, 02/15/30(a)
EUR100
115,567
Trivium Packaging Finance BV, 3.75%, 08/15/26(a)
EUR100
111,557
UPCB Finance VII Ltd., 3.63%, 06/15/29(a)
EUR100
110,341
VZ Vendor Financing II BV, 2.88%, 01/15/29(a)
EUR100
102,912
Ziggo Bond Co. BV
3.38%, 02/28/30(a)
EUR150
150,394
6.13%, 11/15/32(a)
EUR125
133,743
Ziggo BV, 2.88%, 01/15/30(a)
EUR100
103,523
 
1,537,763
Norway — 0.4%
Var Energi ASA, 7.86%, 11/15/83, (5-year EURIBOR
ICE Swap + 4.765%)(a)(b)
EUR125
153,584
Poland — 0.3%
Transportes Aereos Portugueses SA, 5.13%,
11/15/29(a)
EUR100
114,090
Portugal — 2.2%
Banco Comercial Portugues SA, 4.75%, 03/20/37,
(5-year EURIBOR ICE Swap + 2.150%)(a)(b)
EUR100
111,977
EDP SA
1.50%, 03/14/82, (5-year EUR Swap + 1.888%)(a)(b)
EUR100
109,255
1.88%, 08/02/81, (5-year EUR Swap + 2.380%)(a)(b)
EUR100
111,192
4.63%, 09/16/54, (5-year EURIBOR ICE Swap +
2.395%)(a)(b)
EUR200
227,731
4.75%, 05/29/54, (5-year EURIBOR ICE Swap +
2.052%)(a)(b)
EUR100
114,878
5.94%, 04/23/83, (5-year EUR Swap + 3.184%)(a)(b)
EUR100
120,150
Novo Banco SA, 9.88%, 12/01/33,
(5-year EUR Swap + 6.714%)(a)(b)
EUR100
131,782
 
926,965
Slovenia — 0.9%
United Group BV
3.63%, 02/15/28(a)
EUR100
110,620
4.00%, 11/15/27(a)
EUR32
35,900
6.50%, 10/31/31(a)
EUR100
115,060
6.75%, 02/15/31(a)
EUR100
115,873
 
377,453
Spain — 3.4%
Abanca Corp. Bancaria SA, 4.63%, 12/11/36, (5-year
EURIBOR ICE Swap + 2.450%)(a)(b)
EUR100
113,364
Banco de Credito Social Cooperativo SA, 5.25%,
11/27/31, (5-year EUR Swap + 5.419%)(a)(b)
EUR100
113,760
Cirsa Finance International SARL
6.50%, 03/15/29(a)
EUR100
117,844
7.88%, 07/31/28(a)
EUR100
118,483
Grifols SA
2.25%, 11/15/27(a)
EUR100
108,673
5
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® International High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Spain (continued)
3.88%, 10/15/28(a)
EUR250
$264,818
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a)
EUR100
114,231
Lorca Telecom Bondco SA, 4.00%, 09/18/27(a)
EUR300
339,305
Unicaja Banco SA, 5.50%, 06/22/34,
(5-year EUR Swap + 2.800%)(a)(b)
EUR100
117,654
 
1,408,132
Sweden — 2.8%
Assemblin Caverion Group AB, 6.25%, 07/01/30(a)
EUR100
116,922
Intrum AB, 4.88%, 09/15/27(a)(d)(f)
EUR100
90,118
Verisure Holding AB
3.25%, 02/15/27(a)
EUR150
167,525
3.88%, 07/15/26(a)
EUR100
112,673
5.50%, 05/15/30(a)
EUR150
174,802
9.25%, 10/15/27(a)
EUR80
94,907
Verisure Midholding AB, 5.25%, 02/15/29(a)
EUR150
170,211
Volvo Car AB
2.50%, 10/07/27(a)
EUR100
109,611
4.75%, 05/08/30(a)
EUR100
112,049
 
1,148,818
Switzerland — 0.5%
Dufry One BV
2.00%, 02/15/27(a)
EUR100
110,532
4.75%, 04/18/31(a)
EUR100
116,414
 
226,946
United Kingdom — 13.5%
888 Acquisitions Ltd., 7.56%, 07/15/27(a)
EUR100
112,809
Amber Finco PLC, 6.63%, 07/15/29(a)
EUR125
147,330
Ardonagh Finco Ltd., 6.88%, 02/15/31(a)
EUR100
114,410
BCP V Modular Services Finance II PLC, 4.75%,
11/30/28(a)
EUR200
218,000
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(a)
GBP300
371,849
Belron U.K. Finance PLC, 4.63%, 10/15/29(a)
EUR100
114,623
British Telecommunications PLC
5.13%, 10/03/54, (5-year EURIBOR ICE Swap +
2.542%)(a)(b)
EUR100
115,577
8.38%, 12/20/83, (5-year UK Government Bond +
3.820%)(a)(b)
GBP125
177,406
California Buyer Ltd./Atlantica Sustainable Infrastructure
PLC, 5.63%, 02/15/32(a)
EUR100
115,411
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(a)
GBP100
135,853
ContourGlobal Power Holdings SA, 5.00%, 02/28/30(a)
EUR100
113,543
Deuce Finco PLC, 5.50%, 06/15/27(a)
GBP100
131,184
eG Global Finance PLC, 11.00%, 11/30/28(a)
EUR100
125,319
Heathrow Finance PLC, 6.63%, 03/01/31(a)
GBP100
129,444
Ineos Quattro Finance 2 PLC
6.75%, 04/15/30(a)
EUR125
126,802
8.50%, 03/15/29(a)
EUR100
108,119
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(a)
EUR100
114,024
Jerrold Finco PLC, 7.88%, 04/15/30(a)
GBP150
200,056
Market Bidco Finco PLC, 5.50%, 11/04/27(a)
GBP100
126,636
Miller Homes Group Finco PLC, 7.00%, 05/15/29(a)
GBP100
129,845
Motion Finco SARL, 7.38%, 06/15/30(a)
EUR125
137,433
NGG Finance PLC, 2.13%, 09/05/82,
(5-year EUR Swap + 2.532%)(a)(b)
EUR100
109,621
Pinnacle Bidco PLC, 10.00%, 10/11/28(a)
GBP100
140,964
Thames Water Super Senior Issuer PLC, 9.75%,
10/10/27(a)
GBP13
20,101
Thames Water Utilities Finance PLC
0.88%, 01/31/30(a)
EUR100
78,816
1.25%, 01/31/34(a)
EUR100
78,365
Security
Par
(000
)
Value
United Kingdom (continued)
2.63%, 01/24/34(a)
GBP100
$92,776
3.50%, 02/25/30(a)
GBP100
94,125
4.00%, 04/18/29(a)
EUR100
80,057
4.38%, 01/18/33(a)
EUR150
119,845
Thames Water Utilities Ltd., 0.00%, 03/22/27(a)(h)
GBP3
3,230
Virgin Media Finance PLC, 3.75%, 07/15/30(a)
EUR100
102,240
Virgin Media Secured Finance PLC, 4.13%, 08/15/30(a)
GBP100
117,184
Virgin Media Vendor Financing Notes III DAC, 4.88%,
07/15/28(a)
GBP100
124,722
Vmed O2 U.K. Financing I PLC
3.25%, 01/31/31(a)
EUR100
104,902
4.00%, 01/31/29(a)
GBP100
122,014
4.50%, 07/15/31(a)
GBP100
114,670
5.63%, 04/15/32(a)
EUR100
113,019
Vodafone Group PLC
2.63%, 08/27/80, (5-year EUR Swap + 3.002%)(a)(b)
EUR100
112,105
3.00%, 08/27/80, (5-year EUR Swap + 3.477%)(a)(b)
EUR150
158,457
4.20%, 10/03/78, (5-year EUR Swap + 3.427%)(a)(b)
EUR100
114,594
6.50%, 08/30/84, (5-year EUR Swap + 3.489%)(a)(b)
EUR100
122,246
8.00%, 08/30/86, (5-year UK Government Bond +
3.837%)(a)(b)
GBP100
143,083
Zegona Finance PLC, 6.75%, 07/15/29(a)
EUR200
238,987
 
5,571,796
United States — 13.2%
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 3.63%, 06/01/28(a)
EUR100
109,045
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 2.00%, 09/01/28(a)
EUR100
103,828
Ardagh Packaging Finance PLC/Ardagh Holdings
USA Inc.
2.13%, 08/15/26(a)
EUR200
200,515
4.75%, 07/15/27(a)
GBP100
63,688
Ashland Services BV, 2.00%, 01/30/28(a)
EUR100
107,325
Avantor Funding Inc., 3.88%, 07/15/28(a)
EUR100
111,529
Avis Budget Finance PLC
7.00%, 02/28/29(a)
EUR100
111,611
7.25%, 07/31/30(a)
EUR100
111,649
Ball Corp., 1.50%, 03/15/27
EUR100
109,778
Belden Inc., 3.88%, 03/15/28(a)
EUR150
168,307
Brookfield Property Finance ULC
4.00%, 09/30/26
CAD75
53,356
7.13%, 02/13/28
CAD125
93,179
Carnival PLC, 1.00%, 10/28/29
EUR100
98,771
Celanese U.S. Holdings LLC
2.13%, 03/01/27
EUR100
109,141
5.00%, 04/15/31
EUR100
109,628
5.59%, 01/19/29
EUR125
144,732
Clarios Global LP/Clarios U.S. Finance Co., 4.38%,
05/15/26(a)
EUR100
112,825
Constellium SE, 5.38%, 08/15/32(a)
EUR100
111,337
Crown European Holdings SACA
4.50%, 01/15/30(a)
EUR100
115,974
5.00%, 05/15/28(a)
EUR100
117,999
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(a)
EUR100
121,596
Darling Global Finance BV, 3.63%, 05/15/26(a)
EUR100
112,805
EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.38%,
12/15/30(a)
EUR100
116,971
Energizer Gamma Acquisition BV, 3.50%, 06/30/29(a)
EUR100
105,076
Goodyear Europe BV, 2.75%, 08/15/28(a)
EUR100
106,848
Helios Software Holdings Inc./ION Corporate Solutions
Finance SARL, 7.88%, 05/01/29(a)
EUR100
112,651
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® International High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
IGT Lottery Holdings BV, 4.25%, 03/15/30(a)
EUR100
$115,161
International Game Technology PLC, 3.50%, 06/15/26(a)
EUR150
169,625
IQVIA Inc.
2.25%, 01/15/28(a)
EUR150
163,504
2.25%, 03/15/29(a)
EUR200
213,332
Levi Strauss & Co., 3.38%, 03/15/27
EUR100
112,189
MPT Operating Partnership LP/MPT Finance Corp.
3.69%, 06/05/28
GBP100
102,760
7.00%, 02/15/32(a)
EUR100
114,919
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a)
EUR100
107,092
OI European Group BV
5.25%, 06/01/29(a)
EUR100
113,993
6.25%, 05/15/28(a)
EUR100
116,104
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28(a)
EUR100
107,008
9.63%, 11/15/28(a)
EUR100
117,865
Organon & Co./Organon Foreign Debt Co-Issuer BV,
2.88%, 04/30/28(a)
EUR200
214,967
Primo Water Holdings Inc./Triton Water Holdings Inc.,
3.88%, 10/31/28(a)
EUR100
111,093
SCIL IV LLC/SCIL USA Holdings LLC, 9.50%,
07/15/28(a)
EUR100
118,301
Silgan Holdings Inc., 2.25%, 06/01/28
EUR100
109,094
Standard Industries Inc./New York, 2.25%, 11/21/26(a)
EUR100
110,244
VF Corp.
0.25%, 02/25/28
EUR100
98,261
0.63%, 02/25/32
EUR100
79,605
Walgreens Boots Alliance Inc., 2.13%, 11/20/26
EUR125
137,250
 
5,472,531
Total Corporate Bonds & Notes — 97.9%
(Cost: $39,648,243)
40,422,439
 
Shares
 
Common Stocks
Supranational — 0.0%
Sentry Holdings Ltd.
25
—
Total Common Stocks — 0.0%
(Cost: $159,437)
—
Total Long-Term Investments — 97.9%
(Cost: $39,807,680)
40,422,439
Security
Shares
Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(i)(j)
30,000
$30,000
Total Short-Term Securities — 0.1%
(Cost: $30,000)
30,000
Total Investments — 98.0%
(Cost: $39,837,680)
40,452,439
Other Assets Less Liabilities — 2.0%
836,009
Net Assets — 100.0%
$41,288,448
 
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Issuer filed for bankruptcy and/or is in default.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(f)
Non-income producing security.
(g)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(h)
Zero-coupon bond.
(i)
Affiliate of the Fund.
(j)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$20,000
$10,000
(a)
$—
$—
$—
$30,000
30,000
$862
$—
 
(a)
Represents net amount purchased (sold).
7
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
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 at the measurement date. 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
$—
$40,422,439
$—
$40,422,439
Common Stocks
—
—
—
—
Short-Term Securities 
Money Market Funds
30,000
—
—
30,000
 
$30,000
$40,422,439
$—
$40,452,439
See notes to financial statements.
Schedule of Investments
8
Schedule of Investments (unaudited)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Angola — 0.2%
Azule Energy Finance PLC, 8.13%, 01/23/30(a)
$900
$861,750
Argentina — 1.3%
Telecom Argentina SA, 9.50%, 07/18/31(a)
625
652,031
Vista Energy Argentina SAU, 7.63%, 12/10/35(a)
535
510,551
YPF SA
6.95%, 07/21/27(a)
562
553,851
7.00%, 09/30/33(a)(b)
525
497,275
7.00%, 12/15/47(a)
400
337,424
8.25%, 01/17/34(a)(c)
800
778,992
8.75%, 09/11/31(a)
450
456,048
9.00%, 06/30/29(a)(b)(d)
600
614,436
9.50%, 01/17/31(a)
600
620,700
 
5,021,308
Australia — 0.3%
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28
400
379,000
3.75%, 10/01/30
500
463,055
China Ping An Insurance Overseas Holdings Ltd.,
2.85%, 08/12/31(a)
200
175,550
 
1,017,605
Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)
400
384,788
BBK BSC, 6.88%, 06/06/29(a)
400
405,376
GFH Senior Sukuk Ltd., 7.50%, 11/06/29(a)
400
394,292
 
1,184,456
Brazil — 5.0%
Acu Petroleo Luxembourg SARL, 7.50%, 01/13/32(a)
231
229,853
Aegea Finance SARL, 9.00%, 01/20/31(a)
200
207,792
Amaggi Luxembourg International SARL, 5.25%,
01/28/28(a)
200
194,224
Ambipar Lux SARL, 9.88%, 02/06/31(a)
200
192,250
Azul Secured Finance LLP
10.88%, 08/28/30
132
25,142
11.93%, 08/28/28
214
126,515
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)
200
180,438
Banco Bradesco SA/Cayman Islands
4.38%, 03/18/27(a)
200
197,900
6.50%, 01/22/30(a)
200
206,420
Banco BTG Pactual SA/Cayman Islands, 5.75%,
01/22/30(a)
200
199,400
Banco do Brasil SA
3.25%, 09/30/26(a)
200
196,328
6.00%, 03/18/31(a)
200
201,500
6.25%, 04/18/30(a)
200
204,250
8.75%, (10-year CMT + 4.398%)(a)(d)(e)
400
404,060
Braskem America Finance Co., 7.13%, 07/22/41(a)
200
154,980
Braskem Netherlands Finance BV
4.50%, 01/10/28(a)
400
358,600
4.50%, 01/31/30(a)
200
165,940
5.88%, 01/31/50(a)
200
133,500
7.25%, 02/13/33(a)
400
348,880
8.00%, 10/15/34(a)
200
177,350
BRF SA
4.88%, 01/24/30(a)
200
188,944
5.75%, 09/21/50(a)
200
160,750
Centrais Eletricas Brasileiras SA
4.63%, 02/04/30(a)
200
187,416
6.50%, 01/11/35(a)
200
193,500
Security
Par
(000
)
Value
Brazil (continued)
Cosan Overseas Ltd., 8.25%(a)(e)
$100
$99,750
CSN Inova Ventures, 6.75%, 01/28/28(a)
200
186,300
CSN Resources SA
4.63%, 06/10/31(a)
200
151,500
5.88%, 04/08/32(a)
200
159,000
8.88%, 12/05/30(a)
200
191,300
Embraer Netherlands Finance BV
5.98%, 02/11/35
25
25,319
7.00%, 07/28/30(a)
200
213,000
FS Luxembourg SARL, 8.88%, 02/12/31(a)
200
200,250
Guara Norte SARL, 5.20%, 06/15/34(a)
160
146,952
GUSAP III LP, 4.25%, 01/21/30(a)
200
189,780
Itau Unibanco Holding SA, 6.00%, 02/27/30(f)
200
202,325
Itau Unibanco Holding SA/Cayman Island
3.88%, 04/15/31, (5-year CMT + 3.446%)(a)(d)
200
197,760
7.56%, (5-year CMT + 3.222%)(a)(d)(e)
200
199,250
Klabin Austria GmbH
5.75%, 04/03/29(a)
200
199,800
7.00%, 04/03/49(a)
200
197,300
LD Celulose International GmbH, 7.95%, 01/26/32(a)
200
204,850
MARB BondCo PLC, 3.95%, 01/29/31(a)
200
172,060
MC Brazil Downstream Trading SARL, 7.25%,
06/30/31(a)
368
284,664
MercadoLibre Inc., 3.13%, 01/14/31
200
176,050
Minerva Luxembourg SA
4.38%, 03/18/31(a)
400
351,000
8.88%, 09/13/33(a)
200
212,715
Movida Europe SA, 7.85%, 04/11/29(a)
200
175,200
NewCo Holding USD 20 SARL, 9.38%, 11/07/29(a)
200
198,412
Nexa Resources SA, 6.75%, 04/09/34(a)
200
204,250
Petrobras Global Finance BV
5.50%, 06/10/51(c)
160
120,400
5.60%, 01/03/31(c)
250
248,950
6.00%, 01/27/28(c)
295
298,872
6.00%, 01/13/35(c)
200
189,290
6.50%, 07/03/33(c)
200
201,370
6.75%, 01/27/41
150
144,938
6.85%
275
238,906
6.88%, 01/20/40(c)
200
195,938
7.25%, 03/17/44(c)
150
148,266
7.38%, 01/17/27(c)
150
155,400
Petrorio Luxembourg Holding SARL, 6.13%,
06/09/26(a)
200
200,175
Raizen Fuels Finance SA
5.70%, 01/17/35(a)
200
185,730
6.45%, 03/05/34(a)
200
198,150
6.70%, 02/25/37(f)
200
195,960
6.95%, 03/05/54(a)
400
378,000
Rede D'or Finance SARL
4.50%, 01/22/30(a)
200
186,312
4.95%, 01/17/28(a)
200
196,562
Rumo Luxembourg SARL, 5.25%, 01/10/28(a)
200
196,830
Samarco Mineracao SA, 9.00%, 06/30/31,
(9.05 % PIK)(a)(g)
1,026
962,126
Simpar Europe SA, 5.20%, 01/26/31(a)
200
153,876
Sitios Latinoamerica SAB de CV, 5.38%, 04/04/32(a)
200
190,160
St Marys Cement Inc. Canada, 5.75%, 04/02/34(a)
200
196,700
Suzano Austria GmbH
2.50%, 09/15/28
100
91,625
3.13%, 01/15/32
300
255,855
3.75%, 01/15/31
500
451,830
9
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Brazil (continued)
5.00%, 01/15/30
$200
$194,400
6.00%, 01/15/29
200
203,575
7.00%, 03/16/47(a)
200
206,950
Suzano International Finance BV, 5.50%, 01/17/27
300
303,024
Trident Energy Finance PLC, 12.50%, 11/30/29(a)
200
189,312
Usiminas International SARL, 7.50%, 01/27/32(f)
200
198,100
Vale Overseas Ltd.
3.75%, 07/08/30
450
419,175
6.13%, 06/12/33(c)
350
358,715
6.40%, 06/28/54(c)
500
480,985
6.88%, 11/21/36
100
106,128
6.88%, 11/10/39
150
158,737
XP Inc., 6.75%, 07/02/29(a)
200
202,000
Yinson Boronia Production BV, 8.95%, 07/31/42(a)
198
202,861
 
18,580,902
British Virgin Islands — 0.1%
Joy Treasure Assets Holdings Inc., 5.50%, 02/01/27(a)
200
202,060
Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26(a)
400
390,524
Canada — 0.0%
CCCI Treasure Ltd., 3.65%,
(5-year CMT + 5.117%)(a)(d)(e)
200
195,408
Cayman Islands — 0.7%
Al Rajhi Sukuk Ltd., 5.05%, 03/12/29(a)
400
404,488
Alinma Tier 1 Sukuk Ltd., 6.50%,
(5-year CMT + 2.201%)(a)(d)(e)
400
404,500
Arabian Centres Sukuk III Ltd., 9.50%, 03/06/29(a)
200
199,376
Doha Finance Ltd., 5.25%, 03/12/29(a)
400
405,375
QNB Finance Ltd., 5.56%, 04/02/29,
(1-day SOFR + 1.200%)(d)
800
807,500
SNB Sukuk Ltd., 5.13%, 02/27/29(a)
200
203,000
 
2,424,239
Chile — 3.8%
AES Andes SA, 8.15%, 06/10/55,
(5-year CMT + 3.835%)(a)(d)
400
408,800
Agrosuper SA, 4.60%, 01/20/32(a)
200
181,000
Alfa Desarrollo SpA, 4.55%, 09/27/51(a)
593
437,655
Antofagasta PLC
2.38%, 10/14/30(a)
200
171,750
5.63%, 05/13/32(a)
400
401,564
6.25%, 05/02/34(a)
400
405,000
Banco de Chile, 2.99%, 12/09/31(a)
200
174,394
Banco de Credito e Inversiones SA
2.88%, 10/14/31(a)
200
173,500
3.50%, 10/12/27(a)(c)
200
193,200
7.50%, , (5-year CMT + 3.767%)(a)(d)(e)
200
194,400
8.75%, (5-year CMT + 4.944%)(a)(d)(e)
400
414,500
Banco Santander Chile, 3.18%, 10/26/31(a)(c)
200
177,700
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30(a)
400
373,000
4.25%, 04/30/29(a)
200
188,944
5.15%, 01/29/50(a)
400
329,000
5.50%, 04/30/49(a)
200
173,688
Cencosud SA
4.38%, 07/17/27(a)
600
592,500
5.95%, 05/28/31(a)
200
203,100
Chile Electricity Lux MPC II SARL
5.58%, 10/20/35(a)
586
581,224
Security
Par
(000
)
Value
Chile (continued)
5.67%, 10/20/35(f)
$200
$200,575
Chile Electricity Lux MPC SARL, 6.01%, 01/20/33(a)
372
385,020
Cia. Cervecerias Unidas SA, 3.35%, 01/19/32(a)
400
351,460
Colbun SA
3.15%, 03/06/30(a)
200
181,412
3.15%, 01/19/32(a)
400
345,000
3.95%, 10/11/27(a)
200
196,300
Empresa Nacional de Telecomunicaciones SA
3.05%, 09/14/32(a)
450
378,112
4.75%, 08/01/26(a)
400
400,000
Enel Americas SA, 4.00%, 10/25/26
150
148,163
Enel Chile SA, 4.88%, 06/12/28
600
592,650
Engie Energia Chile SA
3.40%, 01/28/30(a)
200
181,000
6.38%, 04/17/34(a)
400
411,300
Falabella SA, 3.38%, 01/15/32(a)
400
337,240
GNL Quintero SA, 4.63%, 07/31/29(a)
318
312,797
Interchile SA, 4.50%, 06/30/56(a)
500
394,000
Inversiones CMPC SA
3.00%, 04/06/31(a)
400
347,500
3.85%, 01/13/30(a)
400
371,792
4.38%, 04/04/27(a)(c)
200
197,700
6.13%, 06/23/33(a)
200
202,112
6.13%, 02/26/34(a)
200
200,430
Latam Airlines Group SA
7.88%, 04/15/30(a)
705
688,644
13.38%, 10/15/29(a)
400
445,240
Sociedad Quimica y Minera de Chile SA
3.50%, 09/10/51(a)
400
254,000
5.50%, 09/10/34(a)
400
385,300
6.50%, 11/07/33(a)
400
414,260
Telefonica Moviles Chile SA, 3.54%, 11/18/31(a)
300
197,970
 
14,294,896
China — 9.0%
Agricultural Bank of China Ltd./New York, 4.94%,
01/24/27, (1-day SOFR Index + 0.630%)(a)(d)
200
200,008
Alibaba Group Holding Ltd.
2.13%, 02/09/31
200
174,782
2.70%, 02/09/41
200
134,894
3.15%, 02/09/51(c)
400
253,596
3.25%, 02/09/61
200
121,400
3.40%, 12/06/27(c)
500
488,000
4.00%, 12/06/37
200
172,800
4.20%, 12/06/47(c)
400
313,900
4.40%, 12/06/57
200
154,806
4.50%, 11/28/34
200
188,989
4.88%, 05/26/30(a)
200
202,888
5.63%, 11/26/54(a)
200
190,646
Amipeace Ltd., 1.75%, 11/09/26(a)
400
384,580
Baidu Inc.
2.38%, 08/23/31
200
175,540
3.63%, 07/06/27
200
197,432
Bank of China Ltd./New York, 4.63%, 06/26/26(a)
200
200,044
Bank of China Ltd./Panama, 4.84%, 03/19/28,
(1-day SOFR Index + 0.500%)(a)(d)
200
199,404
Bank of China Ltd./Sydney, 4.85%, 03/04/28,
(1-day SOFR Index + 0.500%)(a)(d)
200
199,866
Bank of Communications Co. Ltd., 3.80%,
(5-year CMT + 3.345%)(a)(d)(e)
600
595,014
Bank of Communications Co. Ltd./Hong Kong, 4.88%,
08/01/27, (1-day SOFR Index + 0.550%)(a)(d)
200
199,796
Schedule of Investments
10
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
China (continued)
BOC Aviation Ltd.
2.63%, 09/17/30(a)(c)
$600
$545,784
3.00%, 09/11/29(a)(c)
500
470,640
3.50%, 09/18/27(a)
600
585,816
4.50%, 05/23/28(a)
400
399,216
BOC Aviation USA Corp.
4.63%, 09/04/31(a)(c)
400
400,450
4.88%, 05/03/33(a)
400
396,512
5.00%, 01/17/29(a)
400
406,624
5.25%, 01/14/30(a)
400
411,732
5.75%, 11/09/28(a)
400
415,140
BOCOM International Blossom Ltd., 1.75%,
06/28/26(a)
200
192,620
Bocom Leasing Management Hong Kong Co. Ltd.,
5.03%, 06/26/27,
(1-day SOFR Index + 0.680%)(a)(d)
200
199,688
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a)
200
193,802
Chalco Hong Kong Investment Co. Ltd., 2.10%,
07/28/26(a)
200
193,130
Charming Light Investments Ltd., 4.38%, 12/21/27(a)
200
197,874
China Cinda 2020 I Management Ltd.
3.00%, 01/20/31(a)
200
180,638
3.13%, 03/18/30(a)
200
184,224
3.25%, 01/28/27(a)
200
195,196
5.75%, 05/28/29(a)
200
205,730
China Cinda Finance 2017 I Ltd.
4.75%, 02/08/28(a)
200
199,788
4.75%, 02/21/29(a)
200
199,114
China Construction Bank Corp.
2.45%, 06/24/30, (5-year CMT + 2.150%)(a)(d)
600
597,732
2.85%, 01/21/32, (5-year CMT + 1.400%)(a)(d)
600
582,900
China Construction Bank Corp/Hong Kong, 4.88%,
07/16/27, (1-day SOFR Index + 0.550%)(a)(d)
200
199,794
China Development Bank Financial Leasing Co. Ltd.,
2.88%, 09/28/30, (5-year CMT + 2.750%)(a)(d)
200
198,220
China Everbright Bank Co. Ltd./Sydney, 4.97%,
09/20/26, (1-day SOFR Index + 0.630%)(a)(d)
200
200,063
China Everbright Bank Co. Ltd/Hong Kong, 4.88%,
05/14/27, (1-day SOFR Index + 0.520%)(a)(d)
200
199,688
China Great Wall International Holdings III Ltd.,
3.88%, 08/31/27(a)
200
195,038
China Modern Dairy Holdings Ltd., 2.13%, 07/14/26(a)
200
193,096
China Overseas Finance Cayman VIII Ltd., 2.75%,
03/02/30(a)
200
181,342
China Railway Xunjie Co. Ltd., 4.00%, 07/06/27(a)
200
198,856
China State Construction Finance Cayman I Ltd.,
3.40%, (5-year CMT + 5.581%)(a)(d)(e)
200
196,116
China Taiping Insurance Holdings Co. Ltd., 6.40%,
(5-year CMT + 2.072%)(a)(d)(e)
400
415,448
CICC Hong Kong Finance 2016 MTN Ltd.
5.27%, 01/18/27,
(1-day SOFR Index + 0.950%)(a)(d)
200
200,687
5.44%, 07/18/26(a)
200
201,234
CITIC Ltd.
2.85%, 02/25/30(a)
200
187,126
2.88%, 02/17/27(a)
400
390,588
3.88%, 02/28/27(a)
200
198,706
CMB International Leasing Management Ltd., 5.11%,
06/04/27, (1-day SOFR + 0.760%)(a)(d)
200
200,062
CMHI Finance BVI Co. Ltd., 5.00%, 08/06/28(a)
200
204,338
CNOOC Finance 2011 Ltd., 5.75%, 01/26/41(a)
200
211,426
Security
Par
(000
)
Value
China (continued)
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29
$200
$190,452
3.30%, 09/30/49
200
147,730
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28
400
402,552
Coastal Emerald Ltd., 6.50%,
(3-year CMT + 4.781%)(a)(d)(e)
200
204,626
Contemporary Ruiding Development Ltd., 1.50%,
09/09/26(a)
200
192,276
CSCEC Finance Cayman II Ltd., 3.50%, 07/05/27(a)
200
197,126
CSCIF Hong Kong Ltd., 5.02%, 05/31/27,
(1-day SOFR Index + 0.670%)(a)(d)
200
199,244
CSI MTN Ltd., 5.05%, 10/22/27,
(1-day SOFR Index + 0.730%)(a)(d)
200
198,768
ENN Energy Holdings Ltd., 4.63%, 05/17/27(a)
200
200,330
Far East Horizon Ltd., 6.63%, 04/16/27(a)
200
200,582
Fortune Star BVI Ltd., 8.50%, 05/19/28(a)
200
197,750
Franshion Brilliant Ltd., 4.25%, 07/23/29(a)
200
173,500
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)
400
388,750
4.75%, 04/27/27(a)
200
197,750
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a)
200
191,500
ICBCIL Finance Co. Ltd.
1.75%, 08/02/26(a)
200
194,064
2.70%, 01/27/27(a)
200
194,238
Industrial & Commercial Bank of China Ltd., 3.20%,
(5-year CMT + 2.368%)(a)(d)(e)
1,600
1,557,440
Industrial & Commercial Bank of China Ltd./Hong
Kong, 1.63%, 10/28/26(a)
200
192,552
Industrial & Commercial Bank of China Ltd./New York,
3.54%, 11/08/27
250
246,385
Industrial & Commercial Bank of China
Ltd./Singapore, 4.91%, 10/25/26,
(1-day SOFR Index + 0.600%)(a)(d)
200
199,950
JD.com Inc., 3.38%, 01/14/30
200
189,596
Lenovo Group Ltd.
3.42%, 11/02/30(a)
200
183,496
5.83%, 01/27/28(a)
200
204,755
Longfor Group Holdings Ltd., 4.50%, 01/16/28(a)
200
176,619
Meituan
3.05%, 10/28/30(a)
200
182,762
4.50%, 04/02/28(a)
200
198,848
4.63%, 10/02/29(a)
400
398,048
Pioneer Reward Ltd., 5.25%, 08/09/26(a)
200
202,678
Prosus NV
3.06%, 07/13/31(a)
1,200
1,030,056
3.26%, 01/19/27(a)
600
584,812
3.68%, 01/21/30(a)
800
737,000
3.83%, 02/08/51(a)
900
565,384
4.03%, 08/03/50(a)
600
393,375
4.19%, 01/19/32(a)
600
545,436
4.85%, 07/06/27(a)(c)
400
398,876
4.99%, 01/19/52(a)
700
524,566
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a)
200
184,600
SF Holding Investment Ltd., 2.38%, 11/17/26(a)
200
194,204
Shanghai Port Group BVI Development 2 Co. Ltd.,
2.38%, 07/13/30(a)
200
182,978
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a)
200
177,068
Soar Wise Ltd., 5.15%, 03/18/27(a)
200
200,876
Tencent Holdings Ltd.
2.39%, 06/03/30(a)(c)
600
545,106
2.88%, 04/22/31(a)
200
183,512
11
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
China (continued)
3.24%, 06/03/50(a)
$400
$263,984
3.60%, 01/19/28(a)(c)
300
294,648
3.68%, 04/22/41(a)
200
155,828
3.84%, 04/22/51(a)
400
294,650
3.93%, 01/19/38(a)
200
174,600
3.94%, 04/22/61(a)
200
143,074
3.98%, 04/11/29(a)(c)
600
590,520
4.53%, 04/11/49(a)(c)
200
166,702
Tencent Music Entertainment Group, 2.00%, 09/03/30
200
175,482
Vanke Real Estate Hong Kong Co. Ltd., 3.98%,
11/09/27(a)
200
153,720
Weibo Corp., 3.38%, 07/08/30
200
183,498
West China Cement Ltd., 4.95%, 07/08/26(a)
200
156,625
Xiaomi Best Time International Ltd.
2.88%, 07/14/31(a)
200
180,880
3.38%, 04/29/30(a)
200
189,458
Zhongsheng Group Holdings Ltd., 5.98%, 01/30/28(a)
200
194,018
 
33,444,466
Colombia — 3.2%
ABRA Global Finance, 14.00%, 10/22/29,
(6.00 % Cash and 8.00 % PIK)(a)(g)
200
135,125
AI Candelaria Spain SA, 5.75%, 06/15/33(a)
400
328,120
Banco Davivienda SA, 6.65%,
(10-year CMT + 5.097%)(a)(d)(e)
200
169,750
Bancolombia SA, 8.63%, 12/24/34,
(5-year CMT + 4.320%)(c)(d)
400
413,980
Canacol Energy Ltd., 5.75%, 11/24/28(a)
200
92,000
Colombia Telecomunicaciones SA ESP, 4.95%,
07/17/30(a)
400
350,550
Ecopetrol SA
4.63%, 11/02/31
900
731,700
5.88%, 05/28/45(c)
1,300
865,150
5.88%, 11/02/51(c)
450
288,000
6.88%, 04/29/30
1,200
1,161,900
7.38%, 09/18/43(c)
550
445,500
7.75%, 02/01/32
800
763,000
8.38%, 01/19/36
1,200
1,125,600
8.63%, 01/19/29
758
790,215
8.88%, 01/13/33
1,540
1,540,939
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime
Energia SpA, 5.38%, 12/30/30(a)
400
342,624
Geopark Ltd., 8.75%, 01/31/30(f)
400
346,500
Gran Tierra Energy Inc., 9.50%, 10/15/29(a)
400
313,000
Grupo Aval Ltd., 4.38%, 02/04/30(a)
600
525,750
Promigas SA ESP/Gases del Pacifico SAC, 3.75%,
10/16/29(a)(c)
400
370,500
SierraCol Energy Andina LLC, 6.00%, 06/15/28(a)
400
367,600
Transportadora de Gas Internacional SA ESP, 5.55%,
11/01/28(a)
400
401,376
 
11,868,879
Congo, The Democratic Republic — 0.1%
Ivanhoe Mines Ltd., 7.88%, 01/23/30(a)
400
392,124
Czech Republic — 0.1%
Allwyn Entertainment Financing U.K. PLC, 7.88%,
04/30/29(a)
400
413,112
Dominican Republic — 0.1%
Aeropuertos Dominicanos Siglo XXI SA, 7.00%,
06/30/34(a)
400
404,000
Security
Par
(000
)
Value
Ghana — 0.2%
Kosmos Energy Ltd., 8.75%, 10/01/31(a)
$400
$321,880
Tullow Oil PLC, 10.25%, 05/15/26(a)
459
358,020
 
679,900
Guatemala — 0.8%
Central American Bottling Corp./CBC Bottling Holdco
SL/Beliv Holdco SL, 5.25%, 04/27/29(a)
850
809,200
CT Trust, 5.13%, 02/03/32(a)
600
541,320
Investment Energy Resources Ltd., 6.25%,
04/26/29(a)
600
572,250
Millicom International Cellular SA
4.50%, 04/27/31(a)(c)
800
712,000
6.25%, 03/25/29(a)
360
356,004
 
2,990,774
Hong Kong — 3.4%
AIA Group Ltd.
2.70%, (5-year CMT + 1.758%)(a)(d)(e)
200
194,510
3.20%, 09/16/40(a)(c)
400
302,840
3.38%, 04/07/30(a)
200
190,380
3.60%, 04/09/29(a)
200
194,498
3.90%, 04/06/28(a)
200
198,420
4.50%, 03/16/46(a)
200
173,272
4.88%, 03/11/44(a)
200
183,562
4.95%, 04/04/33(a)
200
200,272
5.38%, 04/05/34(a)
200
201,379
5.40%, 09/30/54(a)
200
183,438
5.63%, 10/25/27(a)
200
206,908
Bank of Communications Hong Kong Ltd., 2.30%,
07/08/31, (5-year CMT + 1.400%)(a)(d)
250
242,253
Bank of East Asia Ltd. (The)
4.00%, 05/29/30, (5-year CMT + 3.750%)(a)(d)
250
249,750
5.83%, (5-year CMT + 5.527%)(a)(d)(e)
250
246,544
6.75%, 06/27/34, (5-year CMT + 2.550%)(a)(d)
250
251,227
CAS Capital No. 1 Ltd., 4.00%,
(5-year CMT + 3.642%)(a)(d)(e)
200
191,750
Castle Peak Power Finance Co. Ltd., 3.25%,
07/25/27(a)
200
196,422
Cathay Pacific MTN Financing HK Ltd., 4.88%,
08/17/26(a)
200
199,250
China CITIC Bank International Ltd.
4.80%, (5-year CMT + 2.104%)(a)(d)(e)
250
248,063
6.00%, 12/05/33, (5-year CMT + 1.650%)(a)(d)
250
261,750
FWD Group Holdings Ltd.
7.64%, 07/02/31(a)
200
213,012
8.05%, (5-year CMT + 4.865%)(a)(d)(e)
200
194,525
8.40%, 04/05/29(a)
200
205,206
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a)
200
196,560
HKT Capital No. 6 Ltd., 3.00%, 01/18/32(a)
200
174,854
Hongkong Electric Finance Ltd., 1.88%, 08/27/30(a)
200
175,282
Hongkong Land Finance Cayman Islands Co. Ltd.
(The)
2.25%, 07/15/31(a)
200
172,948
2.88%, 05/27/30(a)
200
183,606
HPHT Finance 21 II Ltd., 1.50%, 09/17/26(a)
200
191,166
Hysan MTN Ltd., 2.82%, 09/04/29(a)
200
181,254
IFC Development Corporate Treasury Ltd., 3.63%,
04/17/29(a)
200
192,902
JMH Co. Ltd., 2.50%, 04/09/31(a)
200
177,482
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29(a)
200
188,474
Li & Fung Ltd., 5.25%(a)(e)
200
92,900
Schedule of Investments
12
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Hong Kong (continued)
Link Finance Cayman 2009 Ltd. (The), 2.75%,
01/19/32(a)
$200
$173,088
Melco Resorts Finance Ltd.
5.38%, 12/04/29(a)
1,000
899,900
5.63%, 07/17/27(a)(c)
400
384,000
5.75%, 07/21/28(a)
600
567,000
7.63%, 04/17/32(a)
600
576,000
MTR Corp. Ltd., 1.63%, 08/19/30(a)
400
352,876
Nanyang Commercial Bank Ltd., 6.00%, 08/06/34,
(5-year CMT + 2.100%)(a)(d)
250
253,607
NWD Finance BVI Ltd.
4.13%, (5-year CMT + 5.858%)(a)(d)(e)
400
145,500
4.80%(a)(e)
200
55,000
5.25%, (5-year CMT + 7.889%)(a)(d)(e)
200
100,000
6.25%(a)(e)
200
61,960
NWD MTN Ltd., 4.13%, 07/18/29(a)
200
120,000
PCPD Capital Ltd., 5.13%, 06/18/26(a)
200
184,000
Phoenix Lead Ltd., 4.85%(a)(e)
200
153,300
Prudential Funding Asia PLC
2.95%, 11/03/33, (5-year CMT + 1.517%)(a)(d)
200
184,373
3.13%, 04/14/30(c)
200
188,000
4.88%(a)(e)
200
171,932
Seaspan Corp., 5.50%, 08/01/29(a)
200
181,360
Sun Hung Kai Properties Capital Market Ltd.
2.75%, 05/13/30(a)
200
183,508
2.88%, 01/21/30(a)
200
184,904
Swire Pacific MTN Financing HK Ltd., 2.88%,
01/30/30(a)
200
186,164
Swire Properties MTN Financing Ltd., 3.50%,
01/10/28(a)
200
195,098
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a)
200
193,732
 
12,551,961
Hungary — 0.4%
OTP Bank Nyrt
7.30%, 07/30/35, (5-year CMT + 2.861%)(a)(d)
600
603,750
7.50%, 05/25/27, (1-year CMT + 3.711%)(a)(d)
400
409,252
8.75%, 05/15/33, (5-year CMT + 5.060%)(a)(d)
500
529,220
 
1,542,222
India — 4.3%
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28(a)
400
401,252
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a)
400
344,800
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31(a)
200
161,063
4.00%, 07/30/27(a)
200
188,000
4.20%, 08/04/27(a)
400
374,000
4.38%, 07/03/29(a)
200
179,200
Adani Transmission Step-One Ltd., 4.00%,
08/03/26(a)
200
192,188
Axis Bank Ltd./Gandhinagar, 4.10%,
(5-year CMT + 3.315%)(a)(d)(e)
200
191,250
Bharti Airtel Ltd., 3.25%, 06/03/31(a)
200
182,222
Biocon Biologics Global PLC, 6.67%, 10/09/29(a)
400
357,000
CA Magnum Holdings, 5.38%, 10/31/26(a)
400
389,500
Continuum Green Energy India Pvt / Co-Issuers,
7.50%, 06/26/33(a)
195
195,753
Delhi International Airport Ltd.
6.13%, 10/31/26(a)
200
199,876
6.45%, 06/04/29(a)
200
200,250
Diamond II Ltd., 7.95%, 07/28/26(a)
200
199,500
Greenko Power II Ltd., 4.30%, 12/13/28(a)
334
304,708
Security
Par
(000
)
Value
India (continued)
Greenko Wind Projects Mauritius Ltd., 7.25%,
09/27/28(f)
$200
$192,500
HDFC Bank Ltd., 3.70%,
(5-year CMT + 2.925%)(a)(d)(e)
400
379,752
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a)
200
197,322
ICICI Bank Ltd./Dubai, 3.80%, 12/14/27(a)
200
196,000
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31(a)
400
356,372
3.25%, 02/13/30(a)
200
185,600
3.57%, 01/21/32(a)
400
363,004
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32(a)
400
390,624
JSW Hydro Energy Ltd., 4.13%, 05/18/31(a)
295
259,969
JSW Steel Ltd.
3.95%, 04/05/27(a)
200
190,812
5.05%, 04/05/32(a)
200
177,860
Muthoot Finance Ltd., 7.13%, 02/14/28(a)
400
395,500
Network i2i Ltd., 3.98%,
(5-year CMT + 3.390%)(a)(d)(e)
400
392,250
Oil India International Pte Ltd., 4.00%, 04/21/27(a)
200
197,628
Oil India Ltd., 5.13%, 02/04/29(a)
200
202,410
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a)
200
197,878
Power Finance Corp. Ltd.
3.35%, 05/16/31(a)
200
181,600
3.95%, 04/23/30(a)
400
379,200
4.50%, 06/18/29(a)
200
195,234
6.15%, 12/06/28(a)
200
207,746
REC Ltd.
2.25%, 09/01/26(a)
200
193,414
4.75%, 09/27/29(a)
200
197,898
5.63%, 04/11/28(a)
400
407,308
Reliance Industries Ltd.
2.88%, 01/12/32(a)
550
479,050
3.63%, 01/12/52(a)
900
614,259
3.67%, 11/30/27(a)
250
244,510
3.75%, 01/12/62(a)
400
265,752
4.88%, 02/10/45(a)
250
217,312
6.25%, 10/19/40(a)
250
268,042
ReNew Wind Energy AP2/ReNew Power Pvt Ltd.
other 9 Subsidiaries, 4.50%, 07/14/28(a)
400
369,500
Shriram Finance Ltd.
6.15%, 04/03/28(a)
200
194,750
6.63%, 04/22/27(a)
400
397,876
State Bank of India/London
1.80%, 07/13/26(a)
200
193,375
4.88%, 05/05/28(a)
400
401,400
5.00%, 01/17/29(a)
200
201,274
5.13%, 11/25/29(a)
200
202,200
UPL Corp. Ltd., 4.63%, 06/16/30(a)
200
174,062
Vedanta Resources Finance II PLC
9.48%, 07/24/30(a)
400
368,252
9.85%, 04/24/33(a)
200
180,000
10.88%, 09/17/29(a)
400
386,420
11.25%, 12/03/31(a)
200
193,500
Wipro IT Services LLC, 1.50%, 06/23/26(a)
400
386,588
 
15,836,565
Indonesia — 2.1%
Bank Negara Indonesia Persero Tbk PT
4.30%, (5-year CMT + 3.466%)(a)(d)(e)
400
376,624
5.28%, 04/05/29(a)
400
399,124
Freeport Indonesia PT
4.76%, 04/14/27(a)
500
498,185
13
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Indonesia (continued)
5.32%, 04/14/32(a)
$1,200
$1,184,400
6.20%, 04/14/52(a)
700
675,283
Garuda Indonesia Persero Tbk PT, 6.50%, 12/28/31,
(6.50 % Cash )(a)(g)
462
304,937
Indofood CBP Sukses Makmur Tbk PT
3.40%, 06/09/31(a)
1,000
905,000
3.54%, 04/27/32(a)
400
359,376
4.75%, 06/09/51(a)
400
319,500
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)
436
428,139
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29(a)
400
408,252
Minejesa Capital BV
4.63%, 08/10/30(a)
790
768,086
5.63%, 08/10/37(a)
800
744,800
Star Energy Geothermal Darajat II/Star Energy
Geothermal Salak, 4.85%, 10/14/38(a)
600
555,000
 
7,926,706
Israel — 3.2%
Bank Hapoalim BM, 3.26%, 01/21/32,
(5-year CMT + 2.155%)(a)(d)(f)
600
573,378
Bank Leumi Le-Israel BM
3.28%, 01/29/31, (5-year CMT + 1.631%)(d)(f)
400
389,236
5.13%, 07/27/27(a)(f)
400
400,876
7.13%, 07/18/33, (5-year CMT + 3.466%)(a)(d)(f)
200
204,500
Energian Israel Finance Ltd.
5.38%, 03/30/28(a)(f)
400
377,000
5.88%, 03/30/31(a)(f)
400
362,250
8.50%, 09/30/33(a)(f)
520
521,628
ICL Group Ltd., 6.38%, 05/31/38(a)(f)
450
448,870
Israel Discount Bank Ltd., 5.38%, 01/26/28(f)
400
400,250
Israel Electric Corp. Ltd.
3.75%, 02/22/32(a)(f)
400
356,816
4.25%, 08/14/28(a)(f)
600
581,688
Leviathan Bond Ltd.
6.50%, 06/30/27(a)(f)
400
393,500
6.75%, 06/30/30(a)(f)
325
314,945
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31,
(5-year CMT + 2.250%)(a)(d)(f)
400
387,200
Teva Pharmaceutical Finance Co. LLC, 6.15%,
02/01/36(c)
500
489,325
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26
2,200
2,122,186
4.10%, 10/01/46(c)
1,400
983,080
4.75%, 05/09/27(c)
600
587,628
5.13%, 05/09/29(c)
550
535,150
6.75%, 03/01/28
700
714,332
7.88%, 09/15/29
400
426,620
8.13%, 09/15/31
200
219,000
 
11,789,458
Ivory Coast — 0.2%
QIB Sukuk Ltd., 4.49%, 09/17/29(a)
600
596,778
Jamaica — 0.3%
Digicel Intermediate Holdings Ltd./Digicel International
Finance Ltd./Difl U.S., 9.00%, 05/25/27,
(2.25% PIK)(g)
964
963,742
Kazakhstan — 1.4%
Kaspi.KZ JSC, 6.25%, 03/26/30(f)
400
390,700
KazMunayGas National Co. JSC
3.50%, 04/14/33(a)
600
495,150
5.38%, 04/24/30(a)
1,000
972,250
Security
Par
(000
)
Value
Kazakhstan (continued)
5.75%, 04/19/47(a)
$1,000
$836,880
6.38%, 10/24/48(a)
1,100
976,943
Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/30(a)
600
523,875
4.00%, 08/15/26(a)(c)
900
883,125
 
5,078,923
Kuwait — 2.2%
Boubyan Sukuk Ltd., 3.39%, 03/29/27(a)
400
391,876
Burgan Bank SAK, 2.75%, 12/15/31,
(5-year CMT + 2.229%)(a)(d)
400
376,876
Equate Sukuk Spc Ltd., 5.00%, 09/05/31(a)
600
598,314
KFH Sukuk Co.
5.01%, 01/17/29(a)
1,000
1,010,000
5.38%, 01/14/30(a)
600
612,840
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)
400
370,000
4.50%, 02/23/27(a)
400
369,168
MEGlobal BV
2.63%, 04/28/28(a)
600
562,312
4.25%, 11/03/26(a)
1,000
990,000
MEGlobal Canada ULC, 5.88%, 05/18/30(a)
400
413,164
NBK SPC Ltd.
1.63%, 09/15/27, (1-day SOFR + 1.050%)(a)(d)
800
766,500
5.50%, 06/06/30, (1-day SOFR + 1.160%)(a)(d)
400
410,500
NBK Tier 1 Financing 2 Ltd., 4.50%,
(6-year CMT + 2.832%)(a)(d)(e)
600
594,000
NBK Tier 1 Ltd., 3.63%,
(6-year CMT + 2.875%)(a)(d)(e)
400
385,500
Warba Sukuk Ltd., 5.35%, 07/10/29(a)
400
407,192
 
8,258,242
Luxembourg — 0.4%
Altice Financing SA
5.00%, 01/15/28(a)
800
608,552
5.75%, 08/15/29(a)
1,200
879,000
 
1,487,552
Macau — 2.1%
MGM China Holdings Ltd.
4.75%, 02/01/27(a)
600
585,300
7.13%, 06/26/31(a)
400
402,375
Sands China Ltd.
2.30%, 03/08/27(c)
600
562,500
2.85%, 03/08/29
600
534,000
3.25%, 08/08/31(c)
500
423,750
4.38%, 06/18/30
600
553,872
5.40%, 08/08/28
1,400
1,377,320
Studio City Finance Ltd.
5.00%, 01/15/29(a)
900
789,372
6.50%, 01/15/28(a)
400
383,376
Wynn Macau Ltd.
5.13%, 12/15/29(a)
800
734,000
5.50%, 10/01/27(a)
600
580,500
5.63%, 08/26/28(a)
1,000
951,940
 
7,878,305
Malaysia — 1.3%
Axiata SPV2 Bhd, 2.16%, 08/19/30(a)
400
353,680
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50(a)
600
392,064
CIMB Bank Bhd, 2.13%, 07/20/27(a)
400
382,376
Genm Capital Labuan Ltd., 3.88%, 04/19/31(a)
800
706,600
Gohl Capital Ltd., 4.25%, 01/24/27(a)
1,200
1,174,872
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27(a)
400
394,520
Schedule of Investments
14
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Malaysia (continued)
RHB Bank Bhd, 1.66%, 06/29/26(a)
$400
$386,800
TNB Global Ventures Capital Bhd
3.24%, 10/19/26(a)
600
586,650
4.85%, 11/01/28(a)
500
504,690
 
4,882,252
Mexico — 4.8%
Alfa SAB de CV, 6.88%, 03/25/44(a)
200
208,835
Alpek SAB de CV
3.25%, 02/25/31(a)
200
170,050
4.25%, 09/18/29(a)
200
186,338
Alsea SAB de CV, 7.75%, 12/14/26(a)
200
200,625
America Movil SAB de CV
2.88%, 05/07/30
400
367,240
3.63%, 04/22/29
200
192,238
4.38%, 07/16/42
400
334,900
4.38%, 04/22/49(c)
400
324,388
4.70%, 07/21/32
200
195,625
6.13%, 03/30/40
550
567,099
6.38%, 03/01/35
350
376,250
Banco Inbursa SA Institucion De Banca Multiple
Grupo Financiero Inbursa, 4.38%, 04/11/27(a)
300
295,688
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (5-year CMT + 4.643%)(a)(d)(e)
200
192,608
6.63%, (10-year CMT + 5.034%)(a)(d)(e)
200
177,520
7.50%, (10-year CMT + 5.470%)(a)(d)(e)
200
193,714
7.63%, (10-year CMT + 5.353%)(a)(d)(e)
200
197,452
8.38%, (10-year CMT + 7.760%)(a)(d)(e)
200
202,200
8.75%, , (10-year CMT + 4.299%)(a)(d)(e)
200
198,400
Banco Santander Mexico SA Institucion de Banca
Multiple Grupo Financiero Santand
5.62%, 12/10/29(a)
200
202,500
7.53%, 10/01/28, (5-year CMT + 2.995%)(a)(d)
400
420,500
BBVA Bancomer SA/Texas
5.13%, 01/18/33, (5-year CMT + 2.650%)(a)(d)
400
377,000
5.88%, 09/13/34, (5-year CMT + 4.308%)(a)(d)
400
382,000
8.13%, 01/08/39, (5-year CMT + 4.214%)(a)(d)
200
203,100
8.45%, 06/29/38, (5-year CMT + 4.661%)(a)(d)
400
414,750
BBVA Mexico SA Institucion de Banca Multiple Grupo
Financiero BBVA Mexico, 7.63%, 02/11/35,
(5-year CMT + 3.375%)(d)(f)
200
201,300
Becle SAB de CV, 2.50%, 10/14/31(a)
200
162,000
Bimbo Bakeries USA Inc.
4.00%, 05/17/51(a)
200
143,764
5.38%, 01/09/36(a)
200
195,136
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28(a)
556
460,171
Braskem Idesa SAPI
6.99%, 02/20/32(a)
400
287,000
7.45%, 11/15/29(a)(c)
200
154,626
Buffalo Energy Mexico Holdings/Buffalo Energy
Infrastructure/Buffalo Energy, 7.88%, 02/15/39(a)
200
202,688
Cemex SAB de CV
3.88%, 07/11/31(a)
200
177,900
5.20%, 09/17/30(a)
200
193,000
5.45%, 11/19/29(a)
400
395,540
Cemex SAB De CV, 5.13%,
(5-year CMT + 4.534%)(a)(d)(e)
200
196,500
Cibanco SA Ibm/PLA Administradora Industrial S de
RL de CV, 4.96%, 07/18/29(a)
200
191,450
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32(c)
300
244,485
2.75%, 01/22/30
200
184,742
Security
Par
(000
)
Value
Mexico (continued)
Cometa Energia SA de CV, 6.38%, 04/24/35(a)
$152
$150,372
El Puerto de Liverpool SAB de CV
6.26%, 01/22/32(a)
200
203,575
6.66%, 01/22/37(a)
200
201,626
FIEMEX Energia - Banco Actinver SA Institucion de
Banca Multiple, 7.25%, 01/31/41(a)
462
457,819
Fomento Economico Mexicano SAB de CV, 3.50%,
01/16/50
300
214,500
Fresnillo PLC, 4.25%, 10/02/50(a)
400
281,876
Gruma SAB de CV, 5.39%, 12/09/34(a)
200
197,600
Grupo Aeromexico SAB de CV, 8.63%, 11/15/31(a)
200
184,750
Grupo Bimbo SAB de CV
4.00%, 09/06/49(a)
200
147,250
4.70%, 11/10/47(a)
200
164,196
4.88%, 06/27/44(a)
200
172,196
Grupo Televisa SAB
5.00%, 05/13/45
200
133,516
5.25%, 05/24/49(c)
200
134,262
6.13%, 01/31/46
200
154,480
6.63%, 01/15/40(c)
200
175,210
Industrias Penoles SAB de CV
4.15%, 09/12/29(a)
200
190,228
4.75%, 08/06/50(a)
400
292,768
Infraestructura Energetica Nova SAPI de CV
4.75%, 01/15/51(a)
200
138,000
4.88%, 01/14/48(a)
200
142,000
Kimberly-Clark de Mexico SAB de CV, 2.43%,
07/01/31(a)
200
176,500
Minera Mexico SA de CV
4.50%, 01/26/50(a)
400
293,332
5.63%, 02/12/32(f)
200
198,700
Nemak SAB de CV, 3.63%, 06/28/31(a)
200
159,500
Orbia Advance Corp. SAB de CV
2.88%, 05/11/31(a)
200
162,890
5.50%, 01/15/48(a)
200
153,500
5.88%, 09/17/44(a)
200
165,000
Saavi Energia SARL, 8.88%, 02/10/35(f)
200
200,250
Sigma Finance Netherlands BV, 4.88%, 03/27/28(a)
200
199,250
Southern Copper Corp.
5.25%, 11/08/42
400
362,648
5.88%, 04/23/45
500
478,750
6.75%, 04/16/40
200
214,400
7.50%, 07/27/35
300
340,263
Total Play Telecomunicaciones SA de CV, 11.13%,
12/31/32(f)
290
262,450
Trust Fibra Uno
4.87%, 01/15/30(a)
200
185,700
6.39%, 01/15/50(a)
200
160,000
6.95%, 01/30/44(a)
200
172,000
7.38%, 02/13/34(a)
200
197,500
7.70%, 01/23/32(a)
200
204,050
 
17,994,229
Moldova — 0.1%
Aragvi Finance International DAC, 11.13%,
11/20/29(a)
400
397,125
Morocco — 1.1%
OCP SA
3.75%, 06/23/31(a)
500
440,344
5.13%, 06/23/51(a)
600
437,862
6.10%, 04/30/30(f)
600
596,940
15
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Morocco (continued)
6.70%, 03/01/36(f)
$600
$593,928
6.75%, 05/02/34(a)
1,000
1,007,950
6.88%, 04/25/44(a)
400
373,864
7.50%, 05/02/54(a)
800
783,400
 
4,234,288
Netherlands — 0.2%
VEON Holdings BV, 3.38%, 11/25/27(a)
800
714,750
Nigeria — 0.7%
Access Bank PLC
6.13%, 09/21/26(a)
400
384,000
9.13%, (5-year CMT + 8.070%)(a)(d)(e)
400
370,000
IHS Holding Ltd.
6.25%, 11/29/28(a)
400
378,262
7.88%, 05/29/30(a)
400
385,500
8.25%, 11/29/31(a)
600
576,750
SEPLAT Energy PLC, 9.13%, 03/21/30(f)
400
378,376
 
2,472,888
Oman — 0.3%
Otel Sukuk Ltd., 5.38%, 01/24/31(a)
400
398,376
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)
550
565,472
 
963,848
Panama — 0.8%
AES Panama Generation Holdings SRL, 4.38%,
05/31/30(a)
948
828,518
Banco General SA, 4.13%, 08/07/27(a)
400
391,824
C&W Senior Finance Ltd., 9.00%, 01/15/33(c)(f)
600
598,800
Sable International Finance Ltd., 7.13%, 10/15/32(a)
800
786,040
Telecomunicaciones Digitales SA, 4.50%, 01/30/30(a)
400
362,500
 
2,967,682
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%,
06/05/34(a)(c)(h)
317
246,426
Peru — 2.2%
Banco de Credito del Peru SA
3.13%, 07/01/30, (5-year CMT + 3.000%)(a)(c)(d)
750
745,650
3.25%, 09/30/31, (5-year CMT + 2.450%)(a)(d)
400
383,218
5.80%, 03/10/35, (5-year CMT + 2.240%)(a)(d)
400
391,440
5.85%, 01/11/29(a)(c)
400
411,376
6.45%, 07/30/35, (5-year CMT + 2.486%)(d)(f)
400
398,366
Cia de Minas Buenaventura SAA, 6.80%,
02/04/32(c)(f)
600
598,506
Consorcio Transmantaro SA
4.70%, 04/16/34(a)(c)
400
378,908
5.20%, 04/11/38(a)
400
377,800
Hunt Oil Co. of Peru LLC Sucursal Del Peru
7.75%, 11/05/38(f)
200
205,625
8.55%, 09/18/33(a)
400
447,500
InRetail Consumer, 3.25%, 03/22/28(a)
400
373,300
Kallpa Generacion SA
4.13%, 08/16/27(a)
600
588,900
5.88%, 01/30/32(f)
335
337,847
Minsur SA, 4.50%, 10/28/31(a)
400
365,124
Niagara Energy SAC, 5.75%, 10/03/34(a)
900
885,654
Peru LNG SRL, 5.38%, 03/22/30(a)
667
602,342
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%,
07/03/36(a)
400
407,300
Security
Par
(000
)
Value
Peru (continued)
Transportadora de Gas del Peru SA, 4.25%,
04/30/28(a)
$360
$354,330
 
8,253,186
Philippines — 1.3%
Globe Telecom Inc., 4.20%,
(5-year CMT + 5.527%)(a)(d)(e)
400
389,460
JGSH Philippines Ltd., 4.13%, 07/09/30(a)
400
381,700
Manila Water Co. Inc., 4.38%, 07/30/30(a)
400
382,184
Metropolitan Bank & Trust Co.
5.38%, 03/06/29(a)
200
203,250
5.50%, 03/06/34(a)
600
600,375
Petron Corp., 5.95%, (5-year CMT + 7.574%)(a)(d)(e)
400
391,400
San Miguel Corp., 5.50%,
(5-year CMT + 10.237%)(a)(d)(e)
400
396,000
San Miguel Global Power Holdings Corp.
8.13%, , (1-year CMT + 6.404%)(a)(d)(e)
400
381,876
8.75%, (5-year CMT + 7.732%)(a)(d)(e)
800
781,504
SMC Global Power Holdings Corp., 5.45%,
(5-year CMT + 7.155%)(a)(d)(e)
600
564,750
SMIC SG Holdings Pte Ltd., 5.38%, 07/24/29(a)
400
399,000
 
4,871,499
Poland — 0.4%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29(a)
500
454,480
ORLEN SA, 6.00%, 01/30/35(f)
1,000
1,007,500
 
1,461,980
Qatar — 2.1%
ABQ Finance Ltd., 2.00%, 07/06/26(a)
400
386,248
BBG Sukuk Ltd., 4.56%, 10/09/29(a)
400
397,544
CBQ Finance Ltd., 5.38%, 03/28/29(a)
600
612,000
Commercial Bank PSQC (The), 4.50%,
(5-year CMT + 3.874%)(a)(d)(e)
400
392,192
Doha Finance Ltd., 5.25%, 03/05/30(a)
600
607,572
Nakilat Inc., 6.07%, 12/31/33(a)
616
641,356
Ooredoo International Finance Ltd.
2.63%, 04/08/31(a)
800
717,000
3.75%, 06/22/26(a)
400
396,840
3.88%, 01/31/28(a)
400
394,036
4.50%, 01/31/43(a)
400
356,992
4.63%, 10/10/34(a)
400
392,252
QIIB Senior Oryx Ltd., 5.25%, 01/24/29(a)
600
611,712
QNB Finance Ltd.
2.75%, 02/12/27(a)
900
872,156
4.29%, 03/04/30, (1-day SOFR + 1.050%)(a)(d)
200
200,125
4.88%, 01/30/29(a)
1,000
1,009,060
 
7,987,085
Saudi Arabia — 4.9%
Al Rajhi Bank, 6.38%, (5-year CMT + 1.888%)(a)(d)(e)
200
201,936
Al Rajhi Sukuk Ltd.
4.75%, 04/05/28(a)
400
400,200
6.25%, , (6-year CMT + 1.594%)(a)(d)(e)
400
403,250
Almarai Co. JSC, 5.23%, 07/25/33(a)
200
200,856
ANB Sukuk Ltd., 3.33%, 10/28/30,
(5-year CMT + 2.974%)(a)(d)
200
197,937
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)
400
377,738
Banque Saudi Fransi, 4.75%, 05/31/28(a)
400
400,666
BSF Finance, 5.50%, 11/23/27(a)
200
203,375
BSF Sukuk Co. Ltd., 5.38%, 01/21/30(a)
200
203,875
Dar Al-Arkan Sukuk Co. Ltd., 8.00%, 02/25/29(a)
200
205,596
EIG Pearl Holdings SARL
3.55%, 08/31/36(a)
397
351,271
Schedule of Investments
16
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Saudi Arabia (continued)
4.39%, 11/30/46(a)
$300
$231,858
Greensaif Pipelines Bidco Sarl, 5.85%, 02/23/36(a)
400
402,752
Greensaif Pipelines Bidco SARL
6.10%, 08/23/42(a)
400
395,550
6.13%, 02/23/38(a)
400
408,124
6.51%, 02/23/42(a)
600
614,760
Ma'aden Sukuk Ltd., 5.25%, 02/13/30(f)
200
202,750
Riyad T1 Sukuk Ltd., 5.50%, ,
(5-year CMT + 1.914%)(a)(d)(e)
200
195,562
Riyad Tier 1 Sukuk Ltd., 4.00%,
(5-year CMT + 2.170%)(a)(d)(e)
200
192,063
SA Global Sukuk Ltd.
1.60%, 06/17/26(a)
700
678,344
2.69%, 06/17/31(a)
1,000
885,010
4.75%, 10/02/34(a)
400
390,150
SABIC Capital I BV
2.15%, 09/14/30(a)
200
174,750
3.00%, 09/14/50(a)
200
132,312
SABIC Capital II BV, 4.50%, 10/10/28(a)
400
397,268
Saudi Arabian Oil Co.
2.25%, 11/24/30(a)
600
528,186
3.25%, 11/24/50(a)
600
383,250
3.50%, 04/16/29(a)
900
862,992
3.50%, 11/24/70(a)
600
357,720
4.25%, 04/16/39(a)
800
689,248
4.38%, 04/16/49(a)
900
710,154
5.25%, 07/17/34(a)
600
603,060
5.75%, 07/17/54(a)
600
559,494
5.88%, 07/17/64(a)
600
550,500
Saudi Electricity Global Sukuk Co. 2, 5.06%,
04/08/43(a)
400
374,444
Saudi Electricity Global Sukuk Co. 3, 5.50%,
04/08/44(a)
400
395,376
Saudi Electricity Global Sukuk Co. 4, 4.72%,
09/27/28(a)
600
599,856
Saudi Electricity Global Sukuk Co. 5, 2.41%,
09/17/30(a)
200
176,110
Saudi Electricity Sukuk Programme Co.
4.63%, 04/11/33(a)
400
390,624
4.94%, 02/13/29(a)
200
201,104
5.19%, 02/13/34(a)
400
401,000
5.68%, 04/11/53(a)
600
586,128
Saudi Telecom Co., 3.89%, 05/13/29(a)
400
388,504
SNB Funding Ltd.
2.90%, 01/29/27(a)
200
193,744
5.54%, 07/11/29, (1-day SOFR + 1.200%)(a)(d)
200
199,668
SNB Sukuk Ltd., 2.34%, 01/19/27(a)
200
192,066
TMS Issuer SARL, 5.78%, 08/23/32(a)
400
412,888
 
18,204,069
Serbia — 0.2%
Telecommunications Co. Telekom Srbija AD Belgrade,
7.00%, 10/28/29(a)
600
593,664
Singapore — 3.0%
DBS Group Holdings Ltd.
1.19%, 03/15/27(a)
600
568,800
1.82%, 03/10/31, (5-year CMT + 1.100%)(a)(d)
400
390,444
4.40%, 03/21/28(f)
200
202,200
4.94%, 03/21/28, (1-day SOFR + 0.600%)(d)(f)
600
598,878
4.99%, 03/21/30, (1-day SOFR + 0.650%)(d)(f)
400
398,828
GLP Pte Ltd., 4.50%, (5-year CMT + 3.735%)(a)(d)(e)
200
117,458
Security
Par
(000
)
Value
Singapore (continued)
Great Eastern Life Assurance Co. Ltd. (The), 5.40%,
(5-year CMT + 0.696%)(a)(d)(e)
$200
$193,575
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30, (5-year CMT + 1.580%)(a)(d)
600
593,700
4.60%, 06/15/32, (5-year CMT + 1.575%)(a)(d)
600
598,698
5.52%, 05/21/34, (5-year CMT + 1.030%)(a)(d)
400
411,088
Puma International Financing SA, 7.75%, 04/25/29(a)
400
397,124
Sats Treasury Pte Ltd., 4.83%, 01/23/29(a)
400
403,904
Singapore Airlines Ltd.
3.00%, 07/20/26(a)
400
393,376
3.38%, 01/19/29(a)
400
385,752
5.25%, 03/21/34(a)
400
410,252
Singapore Telecommunications Ltd., 7.38%,
12/01/31(a)
400
468,136
SingTel Group Treasury Pte Ltd.
1.88%, 06/10/30(a)
600
534,336
2.38%, 10/03/26(a)
200
194,930
2.38%, 08/28/29(a)
400
370,284
3.88%, 08/28/28(a)
400
395,752
Ste Transcore Holdings Inc., 3.38%, 05/05/27(a)
400
394,320
United Overseas Bank Ltd.
1.75%, 03/16/31, (5-year CMT + 1.520%)(a)(d)
400
389,956
2.00%, 10/14/31, (5-year CMT + 1.230%)(a)(c)(d)
600
577,800
3.86%, 10/07/32, (5-year CMT + 1.450%)(a)(c)(d)
800
784,800
4.40%, 04/02/28(f)
600
605,202
Yinson Production Financial Services Pte Ltd., 9.63%,
05/03/29(f)
400
404,000
 
11,183,593
Slovenia — 0.2%
Nanshan Life Pte Ltd., 5.45%, 09/11/34(a)
600
582,600
South Africa — 2.1%
Absa Group Ltd., 6.38%,
(5-year CMT + 5.411%)(a)(d)(e)
400
396,000
Anglo American Capital PLC
2.63%, 09/10/30(a)
600
531,156
2.88%, 03/17/31(a)
400
354,564
3.88%, 03/16/29(a)
400
386,524
3.95%, 09/10/50(a)
400
284,668
4.50%, 03/15/28(a)
200
199,296
4.75%, 04/10/27(a)
400
400,460
4.75%, 03/16/52(a)
600
486,936
5.50%, 05/02/33(a)
500
499,220
5.63%, 04/01/30(a)
400
408,884
5.75%, 04/05/34(a)
600
602,442
6.00%, 04/05/54(a)
200
191,250
Gold Fields Orogen Holdings BVI Ltd., 6.13%,
05/15/29(a)
200
206,437
Liquid Telecommunications Financing PLC, 5.50%,
09/04/26(a)
400
330,232
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)
200
201,438
Sasol Financing USA LLC
4.38%, 09/18/26
200
191,500
5.50%, 03/18/31(c)
500
385,150
6.50%, 09/27/28
400
369,100
8.75%, 05/03/29(a)
700
666,092
Stillwater Mining Co.
4.00%, 11/16/26(a)
400
382,500
4.50%, 11/16/29(a)
400
335,188
 
7,809,037
17
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
South Korea — 3.3%
Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32,
(5-year CMT + 1.850%)(a)
$400
$387,264
Hyundai Capital Services Inc.
5.13%, 02/05/27(a)
200
201,876
5.13%, 02/05/29(a)
200
201,260
5.25%, 01/22/28(a)
400
405,952
Hyundai Card Co. Ltd., 5.75%, 04/24/29(a)
200
205,800
KEB Hana Bank
1.25%, 12/16/26(a)
400
381,092
3.25%, 03/30/27(a)
400
392,816
Kookmin Bank
2.50%, 11/04/30(a)(c)
400
354,560
4.63%, 04/21/28(a)
200
201,688
Korea Gas Corp.
2.88%, 07/16/29(a)
400
374,632
3.50%, 07/02/26(a)
200
197,866
6.25%, 01/20/42(a)
400
437,896
KT Corp., 4.13%, 02/02/28(a)
200
198,586
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52,
(5-year CMT + 2.887%)(a)(d)
200
200,562
LG Chem Ltd.
1.38%, 07/07/26(a)
400
384,600
2.38%, 07/07/31(a)
200
170,400
3.63%, 04/15/29(a)
200
190,562
LG Electronics Inc., 5.63%, 04/24/27(a)
200
203,536
LG Energy Solution Ltd.
5.38%, 07/02/27(a)
400
403,292
5.38%, 07/02/29(a)
400
402,124
5.38%, 04/02/30(f)
200
198,833
5.50%, 07/02/34(a)
200
191,876
5.75%, 09/25/28(a)
200
203,720
5.88%, 04/02/35(f)
200
195,600
NongHyup Bank, 4.88%, 07/03/28(a)
200
203,134
POSCO
4.88%, 01/23/27(a)
200
200,630
5.75%, 01/17/28(a)
600
615,600
Shinhan Bank Co. Ltd.
1.38%, 10/21/26(a)
200
190,118
4.38%, 04/13/32(a)(c)
400
379,196
4.50%, 04/12/28(a)
200
200,866
5.38%, 10/26/28, (1-day SOFR + 1.080%)(a)(d)
200
202,134
5.75%, 04/15/34(a)
200
203,280
Shinhan Financial Group Co. Ltd.
2.88%, (5-year CMT + 2.064%)(a)(d)(e)
200
193,186
5.00%, 07/24/28(a)
200
202,668
SK Battery America Inc., 4.88%, 01/23/27(a)
200
201,200
SK Hynix Inc.
2.38%, 01/19/31(a)
600
522,318
5.50%, 01/16/27(a)
200
202,708
5.50%, 01/16/29(a)
400
408,876
6.38%, 01/17/28(a)
400
416,316
6.50%, 01/17/33(a)
400
425,276
Woori Bank
2.00%, 01/20/27(a)
200
192,694
4.88%, 01/26/28(a)(c)
400
405,448
6.38%, (5-year CMT + 2.277%)(a)(d)(e)
200
199,400
 
12,251,441
Supranational — 0.5%
Africa Finance Corp., 2.88%, 04/28/28(a)
600
551,208
Eastern & Southern African Trade & Development
Bank (The), 4.13%, 06/30/28(a)
400
357,875
Security
Par
(000
)
Value
Supranational (continued)
QIB Sukuk Ltd., 5.58%, 11/22/28(a)
$800
$826,808
 
1,735,891
Switzerland — 0.2%
Consolidated Energy Finance SA
5.63%, 10/15/28(a)
400
317,000
12.00%, 02/15/31(a)
400
360,588
Oriflame Investment Holding PLC, 5.13%, 05/04/26(a)
200
39,000
 
716,588
Taiwan — 2.7%
Cathaylife Singapore Pte Ltd., 5.95%, 07/05/34(a)
400
414,752
Foxconn Far East Ltd., 2.50%, 10/28/30(a)
400
357,624
TSMC Arizona Corp.
1.75%, 10/25/26
1,000
962,430
2.50%, 10/25/31
900
793,912
3.13%, 10/25/41
800
605,500
3.25%, 10/25/51(c)
800
565,650
3.88%, 04/22/27
800
793,200
4.13%, 04/22/29
400
395,916
4.25%, 04/22/32
700
682,850
4.50%, 04/22/52(c)
900
789,903
TSMC Global Ltd.
1.00%, 09/28/27(a)
600
553,926
1.38%, 09/28/30(a)
1,100
937,717
1.75%, 04/23/28(a)
700
648,886
2.25%, 04/23/31(a)
1,300
1,143,649
4.63%, 07/22/32(a)
400
398,218
 
10,044,133
Tanzania — 0.2%
HTA Group Ltd./Mauritius, 7.50%, 06/04/29(a)
600
599,250
Thailand — 2.7%
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36, (5-year CMT + 2.150%)(a)(d)
800
703,008
3.73%, 09/25/34, (5-year CMT + 1.900%)(a)(d)
900
829,966
4.30%, 06/15/27(a)
600
596,394
4.45%, 09/19/28(a)
400
397,524
5.00%, (5-year CMT + 4.729%)(a)(d)(e)
600
593,640
5.30%, 09/21/28(a)
400
407,936
5.50%, 09/21/33(a)
600
609,969
5.65%, 07/05/34(a)
600
613,461
6.06%, 03/25/40, (5-year CMT + 1.780%)(d)(f)
800
786,336
GC Treasury Center Co. Ltd., 2.98%, 03/18/31(a)
500
431,405
Kasikornbank PCL, 5.46%, 03/07/28(a)
600
611,862
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31, (5-year CMT + 1.700%)(a)(d)
600
579,576
5.28%, (5-year CMT + 4.940%)(a)(d)(e)
400
395,000
Krung Thai Bank PCL/Cayman Islands, 4.40%,
(5-year CMT + 3.530%)(a)(d)(e)
400
387,000
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70(a)(c)
600
390,894
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27(a)
400
384,404
3.90%, 12/06/59(a)(c)
400
282,592
Siam Commercial Bank PCL/Cayman Islands, 4.40%,
02/11/29(a)
400
396,376
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(a)(c)
600
358,500
5.38%, 11/20/48(a)
400
321,536
 
10,077,379
Schedule of Investments
18
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Trinidad And Tobago — 0.1%
Port of Spain Waterfront Development, 7.88%,
02/19/40(f)
$400
$376,000
Turkey — 4.0%
Akbank TAS
6.80%, 06/22/31, (5-year CMT + 6.015%)(a)(d)
200
197,000
7.50%, 01/20/30(a)
400
400,376
9.37%, (5-year CMT + 5.270%)(a)(d)(e)
400
399,124
Anadolu Efes Biracilik Ve Malt Sanayii A/S, 3.38%,
06/29/28(a)
400
352,752
Arcelik A/S, 8.50%, 09/25/28(a)
200
205,376
Aydem Yenilenebilir Enerji A/S, 7.75%, 02/02/27(a)
360
356,940
Coca-Cola Icecek A/S, 4.50%, 01/20/29(a)
400
379,536
Eregli Demir ve Celik Fabrikalari TAS, 8.38%,
07/23/29(a)
600
601,500
Ford Otomotiv Sanayi AS, 7.13%, 04/25/29(a)
400
395,875
GDZ Elektrik Dagitim AS, 9.00%, 10/15/29(a)
200
185,750
Limak Cimento Sanayi ve Ticaret AS, 9.75%,
07/25/29(a)
400
391,000
Limak Yenilenebilir Enerji AS, 9.63%, 08/12/30(f)
200
192,250
Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%,
11/15/28(a)
400
410,500
Pegasus Hava Tasimaciligi AS, 8.00%, 09/11/31(a)
400
392,200
QNB Bank AS, 7.25%, 05/21/29(a)
200
204,562
Sisecam U.K. PLC
8.25%, 05/02/29(a)
400
400,000
8.63%, 05/02/32(a)
400
394,312
Turk Telekomunikasyon AS, 7.38%, 05/20/29(a)
200
200,388
Turkcell Iletisim Hizmetleri AS
5.80%, 04/11/28(a)
300
289,875
7.45%, 01/24/30(a)
400
401,000
7.65%, 01/24/32(a)
200
199,876
Turkiye Garanti Bankasi AS
7.18%, 05/24/27,
(5-year USD ICE Swap + 4.220%)(a)(d)
400
400,000
8.13%, 01/03/35, (5-year CMT + 3.836%)(a)(d)
400
392,128
8.38%, 02/28/34, (5-year CMT + 4.090%)(a)(d)
400
398,124
Turkiye Is Bankasi AS
7.75%, 06/12/29(a)
400
404,000
9.13%, , (5-year CMT + 4.633%)(a)(d)(e)
200
199,438
9.19%, 06/29/28,
(5-year USD Swap + 5.117%)(a)(d)
200
207,938
Turkiye Vakiflar Bankasi TAO
6.88%, 01/07/30(a)
200
193,500
8.99%, 10/05/34, (5-year CMT + 4.669%)(a)(d)
400
405,375
9.00%, 10/12/28(a)
600
628,950
10.12%, (5-year CMT + 5.493%)(a)(d)(e)
400
407,624
Ulker Biskuvi Sanayi AS, 7.88%, 07/08/31(a)
400
398,375
Vestel Elektronik Sanayi ve Ticaret AS, 9.75%,
05/15/29(a)
400
318,125
WE Soda Investments Holding PLC
9.38%, 02/14/31(a)
200
202,256
9.50%, 10/06/28(a)
600
612,600
Yapi ve Kredi Bankasi A/S
7.13%, 10/10/29(a)
400
393,800
7.88%, 01/22/31, (5-year CMT + 7.415%)(a)(d)
400
399,000
9.25%, 10/16/28(a)
400
421,800
9.25%, 01/17/34, (5-year CMT + 5.278%)(a)(d)
400
409,000
9.74%, (5-year CMT + 5.499%)(a)(d)(e)
400
403,062
Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30(a)
600
546,077
 
14,691,364
Security
Par
(000
)
Value
Ukraine — 0.1%
Metinvest BV, 7.75%, 10/17/29(a)
$400
$308,000
United Arab Emirates — 5.2%
Abu Dhabi Commercial Bank PJSC
3.50%, 03/31/27(a)
400
392,800
5.38%, 07/18/28(a)
200
205,250
5.50%, 01/12/29(a)
200
206,187
8.00%, (5-year CMT + 3.524%)(a)(d)(e)
400
425,376
Abu Dhabi National Energy Co. PJSC
2.00%, 04/29/28(a)
200
185,418
3.40%, 04/29/51(a)
200
135,312
4.00%, 10/03/49(a)
200
152,106
4.38%, 06/22/26(a)
200
198,816
4.38%, 01/24/29(a)
200
198,376
4.38%, 10/09/31(a)
200
196,751
4.70%, 04/24/33(a)
400
392,852
4.75%, 03/09/37(a)
200
191,600
4.88%, 04/23/30(a)
400
404,752
6.50%, 10/27/36(a)
300
331,176
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31(a)
300
264,792
Adib Capital Invest 3 Ltd., 7.25%,
(5-year CMT + 3.059%)(a)(d)(e)
200
207,796
Adib Sukuk Co. II Ltd., 5.70%, 11/15/28(a)
200
206,438
Aldar Investment Properties Sukuk Ltd.
4.88%, 05/24/33(a)
200
197,375
5.50%, 05/16/34(a)
200
204,875
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a)
200
192,000
Alpha Star Holding IX Ltd., 7.00%, 08/26/28(a)
200
201,250
Arada Sukuk 2 Ltd., 8.00%, 06/24/29(a)
200
202,960
Arada Sukuk Ltd., 8.13%, 06/08/27(a)
200
203,194
Binghatti Sukuk SPC Ltd., 9.63%, 02/28/27(a)
200
204,312
BOS Funding Ltd.
5.25%, 09/12/29(a)
200
195,375
7.00%, 03/14/28(a)
200
206,750
Commercial Bank of Dubai PSC
5.32%, 06/14/28(a)
200
203,375
6.00%, (6-year CMT + 5.597%)(a)(d)(e)
400
398,500
DIB Sukuk Ltd.
1.96%, 06/22/26(a)
400
387,750
2.74%, 02/16/27(a)
400
386,250
4.80%, 08/16/28(a)
200
200,812
5.24%, 03/04/29(a)
200
202,875
5.49%, 11/30/27(a)
400
407,640
DIB Tier 1 Sukuk 4 Ltd., 4.63%,
(6-year CMT + 4.077%)(a)(e)
400
393,500
EI Sukuk Co. Ltd., 5.43%, 05/28/29(a)
400
410,376
Emaar Sukuk Ltd.
3.70%, 07/06/31(a)
200
186,813
3.88%, 09/17/29(a)
400
385,750
Emirates NBD Bank PJSC
4.25%, (6-year CMT + 3.155%)(a)(d)(e)
400
385,500
4.29%, 01/22/30(a)(d)
200
201,000
5.63%, 10/21/27(a)
200
205,750
5.88%, 10/11/28(a)
400
416,000
6.13%, (6-year CMT + 5.702%)(a)(d)(e)
200
199,500
6.25%, , (6-year CMT + 1.839%)(a)(d)(e)
200
205,000
Esic Sukuk Ltd., 5.83%, 02/14/29(a)
200
202,800
Fab Sukuk Co. Ltd.
2.59%, 03/02/27(a)
200
193,562
4.58%, 01/17/28(a)
200
201,000
4.78%, 01/23/29(a)
200
201,688
19
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United Arab Emirates (continued)
First Abu Dhabi Bank PJSC
4.38%, 04/24/28(a)
$400
$399,375
4.50%, (5-year CMT + 4.138%)(a)(d)(e)
200
198,000
4.77%, 06/06/28(a)
200
201,500
5.00%, 02/28/29(a)
400
406,000
5.13%, 10/13/27(a)
400
405,500
5.51%, 01/29/29, (1-day SOFR + 1.200%)(a)(d)
200
200,500
5.80%, 01/16/35, (5-year CMT + 1.550%)(a)(d)
200
203,000
6.32%, 04/04/34, (5-year CMT + 1.700%)(a)(d)
400
411,000
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/34(a)
442
388,960
2.63%, 03/31/36(a)
400
336,750
2.94%, 09/30/40(a)
707
574,548
3.25%, 09/30/40(a)
400
309,168
MAF Global Securities Ltd., 7.88%,
(5-year CMT + 4.893%)(a)(d)(e)
200
205,688
MAF Sukuk Ltd.
3.93%, 02/28/30(a)
200
191,500
4.64%, 05/14/29(a)
200
197,396
5.00%, 06/01/33(a)
200
198,116
Masdar Abu Dhabi Future Energy Co.
4.88%, 07/25/29(a)
200
201,306
4.88%, 07/25/33(a)
200
197,562
5.25%, 07/25/34(a)
200
201,210
Mashreqbank PSC
7.13%, (5-year CMT + 2.705%)(a)(d)(e)
200
204,250
7.88%, 02/24/33, (5-year CMT + 3.997%)(a)(d)
200
210,420
National Bank of Ras Al-Khaimah PSC, 5.38%,
07/25/29(a)
200
203,876
National Central Cooling Co. PJSC, 2.50%,
10/21/27(a)
200
189,500
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)
200
205,824
SF Holding Investment Ltd., 2.88%, 02/20/30(a)
200
186,000
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29(a)(c)
386
272,130
SIB Sukuk Co. III Ltd., 5.25%, 07/03/29(a)
200
203,062
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a)
184
151,766
 
19,333,237
United Kingdom — 3.2%
Avianca Midco 2 PLC, 9.63%, 02/14/30(f)
200
174,575
CK Hutchison International 16 Ltd., 2.75%,
10/03/26(a)
200
194,784
CK Hutchison International 17 II Ltd., 3.25%,
09/29/27(a)
200
193,470
CK Hutchison International 17 Ltd., 3.50%,
04/05/27(a)
200
195,846
CK Hutchison International 19 II Ltd.
2.75%, 09/06/29(a)
200
184,324
3.38%, 09/06/49(a)
400
268,308
CK Hutchison International 20 Ltd.
2.50%, 05/08/30(a)
200
180,388
3.38%, 05/08/50(a)
200
133,360
CK Hutchison International 21 Ltd., 2.50%,
04/15/31(a)
200
176,236
CK Hutchison International 23 Ltd.
4.75%, 04/21/28(a)
200
200,937
4.88%, 04/21/33(a)
400
389,604
CK Hutchison International 24 Ltd.
5.38%, 04/26/29(a)
200
204,800
5.50%, 04/26/34(a)
400
407,200
Hutchison Whampoa International Ltd., 7.45%,
11/24/33(a)
305
346,980
Security
Par
(000
)
Value
United Kingdom (continued)
Standard Chartered PLC
2.61%, 01/12/28, (5-year CMT + 1.180%)(a)(d)
$200
$192,868
2.68%, 06/29/32, (1-year CMT + 1.200%)(a)(d)
800
691,416
3.27%, 02/18/36, (5-year CMT + 2.300%)(a)(d)
400
352,424
3.60%, 01/12/33, (1-year CMT + 1.900%)(a)(d)
200
175,190
4.30%, (5-year CMT + 3.135%)(a)(d)(e)
600
529,500
4.31%, 05/21/30(a)(d)
400
391,650
4.64%, 04/01/31, (1-year CMT + 3.850%)(a)(d)
500
491,340
4.75%, (5-year CMT + 3.805%)(a)(d)(e)
400
343,000
5.30%, 01/09/43(a)
200
176,742
5.69%, 05/14/28, (1-year CMT + 1.050%)(a)(d)
400
406,940
5.70%, 03/26/44(a)
200
186,003
5.91%, 05/14/35, (1-year CMT + 1.450%)(a)(d)
400
404,628
6.00%, (5-year CMT + 5.661%)(a)(d)(e)
200
199,388
6.10%, 01/11/35, (1-year CMT + 2.100%)(a)(d)
200
205,347
6.17%, 01/09/27, (1-year CMT + 2.050%)(a)(d)
600
605,100
6.19%, 07/06/27, (1-year CMT + 1.850%)(a)(d)
400
406,184
6.23%, 01/21/36, (1-year CMT + 1.430%)(a)(d)
200
206,646
6.30%, 01/09/29, (1-year CMT + 2.450%)(a)(d)
800
827,680
6.30%, 07/06/34, (1-year CMT + 2.580%)(a)(d)
400
416,716
7.02%, 02/08/30, (1-year CMT + 2.200%)(a)(d)
200
214,434
7.75%, (5-year CMT + 4.976%)(a)(d)(e)
400
405,000
7.77%, 11/16/28, (1-year CMT + 3.450%)(a)(d)
600
642,381
7.88%, (5-year CMT + 3.574%)(a)(d)(e)
200
200,150
 
11,921,539
United States — 2.3%
AES Andes SA, 6.30%, 03/15/29(a)
200
203,000
ATP Tower Holdings/Andean Telecom Partners Chile
SpA/Andean Tower Partners C, 7.88%, 02/03/30(f)
200
197,000
Avianca Midco 2 PLC, 9.00%, 12/01/28(c)(f)
1,150
1,035,000
Bimbo Bakeries USA Inc.
6.05%, 01/15/29(a)
200
208,644
6.40%, 01/15/34(a)
200
212,500
China Cinda Finance 2017 I Ltd., 4.40%, 03/09/27(a)
200
198,784
China Overseas Finance Cayman III Ltd., 6.38%,
10/29/43(a)
200
203,080
CNOOC Finance 2014 ULC, 4.88%, 04/30/44
200
191,922
GCC SAB de CV, 3.61%, 04/20/32(a)
200
171,522
JBS USA Holding Lux SARL/JBS USA Food Co./JBS
Lux Co. SARL
3.00%, 02/02/29
200
188,148
3.00%, 05/15/32(c)
250
215,246
3.63%, 01/15/32
200
180,992
4.38%, 02/02/52
200
153,494
5.13%, 02/01/28
303
306,825
5.50%, 01/15/30(c)
400
406,555
5.75%, 04/01/33
400
407,574
6.50%, 12/01/52
400
408,701
6.75%, 03/15/34
386
418,772
7.25%, 11/15/53
300
332,430
JBS USA LUX SARL/JBS USA Food Co./JBS USA
Foods Group
5.95%, 04/20/35(a)
200
205,858
6.38%, 02/25/55(a)
100
101,405
Las Vegas Sands Corp.
3.90%, 08/08/29
600
557,365
5.90%, 06/01/27(c)
500
505,988
6.00%, 08/15/29(c)
400
403,355
6.20%, 08/15/34
400
391,681
Playtika Holding Corp., 4.25%, 03/15/29(a)
390
343,200
Schedule of Investments
20
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Sagicor Financial Co. Ltd., 5.30%, 05/13/28(a)
$400
$390,792
 
8,539,833
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(a)
381
364,428
Zambia — 1.0%
First Quantum Minerals Ltd.
6.88%, 10/15/27(a)
572
564,135
8.00%, 03/01/33(f)
600
594,750
8.63%, 06/01/31(a)
1,200
1,217,625
9.38%, 03/01/29(a)
1,250
1,314,063
 
3,690,573
Total Corporate Bonds & Notes — 96.7%
(Cost: $373,988,047)
358,746,714
Foreign Government Obligations(i)
Senegal — 0.1%
Africa Finance Corp., 7.50%, ,
(5-year CMT + 3.015%)(a)(d)(e)
400
388,980
South Korea — 0.9%
Industrial Bank of Korea
4.00%, 09/30/29(a)
200
198,062
5.38%, 10/04/28(a)
400
415,488
Korea Electric Power Corp.
4.88%, 01/31/27(a)
600
604,518
5.38%, 07/31/26(a)
400
404,824
Korea Expressway Corp., 5.00%, 05/14/27(a)
400
404,624
Korea Gas Corp.
3.88%, 07/13/27(a)
200
197,820
4.88%, 07/05/28(a)
200
202,782
5.00%, 07/08/29(a)
200
203,398
Korea Hydro & Nuclear Power Co. Ltd., 4.25%,
07/27/27(a)
600
598,086
 
3,229,602
Supranational — 0.5%
Africa Finance Corp.
3.75%, 10/30/29(a)
400
363,948
5.55%, 10/08/29(a)
400
395,124
African Export-Import Bank (The)
3.80%, 05/17/31(a)
600
528,378
3.99%, 09/21/29(a)
600
557,454
 
1,844,904
Turkey — 0.0%
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)
200
198,500
Total Foreign Government Obligations — 1.5%
(Cost: $5,738,690)
5,661,986
Security
Shares
Value
Common Stocks
Brazil — 0.0%
Azul SA, ADR NVS(c)(j)
38,967
$29,739
Total Common Stocks — 0.0%
(Cost: $40,656)
29,739
Total Long-Term Investments — 98.2%
(Cost: $379,767,393)
364,438,439
Short-Term Securities
Money Market Funds — 9.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(k)(l)(m)
31,508,751
31,521,355
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(k)(l)
2,350,000
2,350,000
Total Short-Term Securities — 9.2%
(Cost: $33,874,595)
33,871,355
Total Investments — 107.4%
(Cost: $413,641,988)
398,309,794
Liabilities in Excess of Other Assets — (7.4)%
(27,291,213
)
Net Assets — 100.0%
$371,018,581
 
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
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.
(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)
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.
(g)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(h)
Zero-coupon bond.
(i)
U.S. dollar denominated security issued by foreign domiciled entity.
(j)
Non-income producing security.
(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.
21
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Corporate Bond ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$39,100,279
$—
$(7,568,272
)(a)
$9,572
$(20,224
)
$31,521,355
31,508,751
$102,307
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
5,180,000
—
(2,830,000
)(a)
—
—
2,350,000
2,350,000
46,294
—
 
 
 
 
$9,572
$(20,224)
$33,871,355
 
$148,601
$—
 
(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 collateral investment fees, 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 at the measurement date. 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
$—
$358,746,714
$—
$358,746,714
Foreign Government Obligations
—
5,661,986
—
5,661,986
Common Stocks
29,739
—
—
29,739
Short-Term Securities 
Money Market Funds
33,871,355
—
—
33,871,355
 
$33,901,094
$364,408,700
$—
$398,309,794
See notes to financial statements.
Schedule of Investments
22
Schedule of Investments (unaudited)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Angola — 0.1%
Azule Energy Finance PLC, 8.13%, 01/23/30(a)
$600
$574,500
Argentina — 0.8%
Telecom Argentina SA, 9.50%, 07/18/31(a)
500
521,625
Vista Energy Argentina SAU, 7.63%, 12/10/35(a)
350
334,005
YPF SA
6.95%, 07/21/27(a)
402
396,171
7.00%, 09/30/33(a)(b)
300
284,157
7.00%, 12/15/47(a)
325
274,157
8.25%, 01/17/34(a)(c)
650
632,931
8.75%, 09/11/31(a)
300
304,032
9.00%, 06/30/29(a)(b)(d)
400
409,624
9.50%, 01/17/31(a)
500
517,250
 
3,673,952
Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)
200
192,394
Bapco Energies Sukuk Ltd., 6.25%, 01/29/35(a)
600
609,375
BBK BSC, 6.88%, 06/06/29(a)
400
405,376
GFH Senior Sukuk Ltd., 7.50%, 11/06/29(a)
200
197,146
 
1,404,291
Brazil — 7.6%
3R Lux SARL, 9.75%, 02/05/31(a)
400
393,000
Acu Petroleo Luxembourg SARL, 7.50%, 01/13/32(a)
277
275,824
Aegea Finance SARL
6.75%, 05/20/29(a)
400
395,550
9.00%, 01/20/31(a)
400
415,584
Amaggi Luxembourg International SARL, 5.25%,
01/28/28(a)
400
388,448
Ambipar Lux SARL, 9.88%, 02/06/31(a)
400
384,500
Arcos Dorados BV, 6.38%, 01/29/32(c)(e)
400
405,500
Azul Secured Finance LLP
4.44%, 01/28/30,
(8.25 % Cash and 10.75 % PIK)(e)(f)
305
339,086
10.88%, 08/28/30(c)
248
47,140
11.93%, 08/28/28(c)
640
379,547
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)
400
360,876
Banco Bradesco SA/Cayman Islands
4.38%, 03/18/27(a)(c)
400
395,800
6.50%, 01/22/30(a)
400
412,840
Banco BTG Pactual SA/Cayman Islands
5.75%, 01/22/30(a)
200
199,400
6.25%, 04/08/29(a)
400
409,900
Banco do Brasil SA
3.25%, 09/30/26(a)
400
392,656
4.88%, 01/11/29(a)
200
196,563
6.00%, 03/18/31(a)
400
403,000
6.25%, 04/18/30(a)
600
612,750
8.75%, (10-year CMT + 4.398%)(a)(d)(g)
1,000
1,010,150
Banco Votorantim SA/Luxembourg, 5.88%,
04/08/28(e)
200
201,225
Braskem America Finance Co., 7.13%, 07/22/41(a)(c)
400
309,960
Braskem Netherlands Finance BV
4.50%, 01/10/28(a)
800
717,200
4.50%, 01/31/30(a)(c)
800
663,760
5.88%, 01/31/50(a)
400
267,000
7.25%, 02/13/33(a)
800
697,760
8.00%, 10/15/34(a)
400
354,700
8.50%, 01/12/31(a)
400
382,280
Security
Par
(000
)
Value
Brazil (continued)
BRF SA
4.88%, 01/24/30(a)
$400
$377,888
5.75%, 09/21/50(a)
400
321,500
Centrais Eletricas Brasileiras SA
4.63%, 02/04/30(a)
400
374,832
6.50%, 01/11/35(a)
400
387,000
Cosan Luxembourg SA, 5.50%, 09/20/29(a)
400
390,380
Cosan Overseas Ltd., 8.25%(a)(g)
200
199,500
CSN Inova Ventures, 6.75%, 01/28/28(a)
800
745,200
CSN Resources SA
4.63%, 06/10/31(a)
600
454,500
5.88%, 04/08/32(a)
200
159,000
8.88%, 12/05/30(a)
400
382,600
FS Luxembourg SARL, 8.88%, 02/12/31(a)
400
400,500
Itau Unibanco Holding SA, 6.00%, 02/27/30(c)(e)
800
809,300
Itau Unibanco Holding SA/Cayman Island
3.88%, 04/15/31, (5-year CMT + 3.446%)(a)(d)
400
395,520
7.56%, (5-year CMT + 3.222%)(a)(d)(g)
200
199,250
7.86%, (5-year CMT + 3.863%)(a)(d)(g)
400
400,400
Klabin Austria GmbH
3.20%, 01/12/31(a)
400
346,300
5.75%, 04/03/29(a)
400
399,600
7.00%, 04/03/49(a)
400
394,600
LD Celulose International GmbH, 7.95%, 01/26/32(a)
400
409,700
MARB BondCo PLC, 3.95%, 01/29/31(a)
800
688,240
MC Brazil Downstream Trading SARL, 7.25%,
06/30/31(a)
921
711,659
MercadoLibre Inc., 3.13%, 01/14/31(c)
400
352,100
Minerva Luxembourg SA
4.38%, 03/18/31(a)
600
526,500
8.88%, 09/13/33(a)
600
638,145
Movida Europe SA, 7.85%, 04/11/29(a)
200
175,200
NewCo Holding USD 20 SARL, 9.38%, 11/07/29(a)
400
396,825
Petrobras Global Finance BV
5.50%, 06/10/51
350
263,375
5.60%, 01/03/31(c)
475
473,005
6.00%, 01/27/28(c)
600
607,875
6.00%, 01/13/35(c)
550
520,547
6.50%, 07/03/33(c)
550
553,767
6.75%, 01/27/41
400
386,500
6.85%
900
781,875
6.88%, 01/20/40(c)
450
440,860
7.25%, 03/17/44(c)
516
510,035
7.38%, 01/17/27(c)
400
414,400
Petrorio Luxembourg Holding SARL, 6.13%,
06/09/26(a)
400
400,350
Rede D'or Finance SARL
4.50%, 01/22/30(a)
500
465,780
4.95%, 01/17/28(a)
200
196,563
Rumo Luxembourg SARL
4.20%, 01/18/32(a)
400
349,300
5.25%, 01/10/28(a)
200
196,830
Samarco Mineracao SA, 9.00%, 06/30/31,
(9.05 % PIK)(a)(f)
2,469
2,315,940
Simpar Europe SA, 5.20%, 01/26/31(a)
400
307,752
Trident Energy Finance PLC, 12.50%, 11/30/29(a)
400
378,624
Usiminas International SARL, 7.50%, 01/27/32(e)
400
396,200
XP Inc., 6.75%, 07/02/29(a)
200
202,000
Yinson Boronia Production BV, 8.95%, 07/31/42(a)
595
608,583
 
33,218,399
23
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Burkina Faso — 0.0%
Endeavour Mining PLC, 5.00%, 10/14/26(a)
$200
$195,262
Cayman Islands — 0.2%
Alinma Tier 1 Sukuk Ltd., 6.50%,
(5-year CMT + 2.201%)(a)(d)(g)
600
606,750
Arabian Centres Sukuk III Ltd., 9.50%, 03/06/29(a)
400
398,752
 
1,005,502
Chile — 0.7%
AES Andes SA, 8.15%, 06/10/55,
(5-year CMT + 3.835%)(a)(d)
400
408,800
Agrosuper SA, 4.60%, 01/20/32(a)
350
316,750
Banco de Credito e Inversiones SA
7.50%, , (5-year CMT + 3.767%)(a)(d)(g)
200
194,400
8.75%, (5-year CMT + 4.944%)(a)(d)(g)
400
414,500
Falabella SA, 3.38%, 01/15/32(a)
400
337,240
Latam Airlines Group SA
7.88%, 04/15/30(a)
855
835,164
13.38%, 10/15/29(a)
400
445,240
Telefonica Moviles Chile SA, 3.54%, 11/18/31(a)
300
197,970
 
3,150,064
China — 2.2%
Bank of Communications Co. Ltd., 3.80%,
(5-year CMT + 3.345%)(a)(d)(g)
1,600
1,586,704
Fortune Star BVI Ltd.
5.05%, 01/27/27(a)
400
376,252
8.50%, 05/19/28(a)
200
197,750
Franshion Brilliant Ltd.
4.25%, 07/23/29(a)
400
347,000
6.00%, (5-year CMT + 5.584%)(a)(d)(g)
200
196,500
Greentown China Holdings Ltd., 8.45%, 02/24/28(a)
200
201,876
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)
600
583,125
4.75%, 04/27/27(a)
600
593,250
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a)
400
383,000
Industrial & Commercial Bank of China Ltd., 3.20%,
(5-year CMT + 2.368%)(a)(d)(g)
3,700
3,601,580
Longfor Group Holdings Ltd.
3.95%, 09/16/29(a)
600
478,837
4.50%, 01/16/28(a)
200
176,619
Vanke Real Estate Hong Kong Co. Ltd., 3.98%,
11/09/27(a)
600
461,160
West China Cement Ltd., 4.95%, 07/08/26(a)
400
313,250
 
9,496,903
Colombia — 2.4%
ABRA Global Finance, 14.00%, 10/22/29,
(6.00 % Cash and 8.00 % PIK)(a)(f)
406
274,394
AI Candelaria Spain SA, 5.75%, 06/15/33(a)
400
328,120
Banco Davivienda SA, 6.65%,
(10-year CMT + 5.097%)(a)(d)(g)
200
169,750
Bancolombia SA, 8.63%, 12/24/34,
(5-year CMT + 4.320%)(c)(d)
400
413,980
Canacol Energy Ltd., 5.75%, 11/24/28(a)
200
92,000
Colombia Telecomunicaciones SA ESP, 4.95%,
07/17/30(a)
200
175,275
Ecopetrol SA
4.63%, 11/02/31(c)
700
569,100
5.88%, 05/28/45(c)
1,240
825,220
5.88%, 11/02/51(c)
450
288,000
6.88%, 04/29/30(c)
1,200
1,161,900
7.38%, 09/18/43(c)
400
324,000
Security
Par
(000
)
Value
Colombia (continued)
7.75%, 02/01/32
$1,100
$1,049,125
8.38%, 01/19/36
1,080
1,013,040
8.63%, 01/19/29
650
677,625
8.88%, 01/13/33(c)
1,350
1,350,823
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime
Energia SpA, 5.38%, 12/30/30(a)
400
342,624
Geopark Ltd., 8.75%, 01/31/30(e)
400
346,500
Gran Tierra Energy Inc., 9.50%, 10/15/29(a)
400
313,000
Grupo Aval Ltd., 4.38%, 02/04/30(a)
600
525,750
SierraCol Energy Andina LLC, 6.00%, 06/15/28(a)
400
367,600
 
10,607,826
Congo, The Democratic Republic — 0.1%
Ivanhoe Mines Ltd., 7.88%, 01/23/30(a)
400
392,124
Czech Republic — 0.1%
Allwyn Entertainment Financing U.K. PLC, 7.88%,
04/30/29(a)
400
413,112
Dominican Republic — 0.1%
Aeropuertos Dominicanos Siglo XXI SA, 7.00%,
06/30/34(a)
200
202,000
Ghana — 0.1%
Kosmos Energy Ltd., 8.75%, 10/01/31(a)
200
160,940
Tullow Oil PLC, 10.25%, 05/15/26(a)
208
162,240
 
323,180
Guatemala — 0.5%
Central American Bottling Corp./CBC Bottling Holdco
SL/Beliv Holdco SL, 5.25%, 04/27/29(a)
700
666,400
CT Trust, 5.13%, 02/03/32(a)
400
360,880
Investment Energy Resources Ltd., 6.25%,
04/26/29(a)
400
381,500
Millicom International Cellular SA
4.50%, 04/27/31(a)(c)
600
534,000
6.25%, 03/25/29(a)
360
356,004
 
2,298,784
Hong Kong — 1.7%
Bank of East Asia Ltd. (The), 5.83%,
(5-year CMT + 5.527%)(a)(d)(g)
500
493,087
CAS Capital No. 1 Ltd., 4.00%,
(5-year CMT + 3.642%)(a)(d)(g)
400
383,500
Cathay Pacific MTN Financing HK Ltd., 4.88%,
08/17/26(a)
400
398,500
China CITIC Bank International Ltd.
3.25%, (5-year CMT + 2.530%)(a)(d)(g)
500
488,625
4.80%, (5-year CMT + 2.104%)(a)(d)(g)
250
248,063
FWD Group Holdings Ltd.
8.05%, (5-year CMT + 4.865%)(a)(d)(g)
400
389,050
8.40%, 04/05/29(a)
600
615,619
Li & Fung Ltd., 5.25%(a)(g)
400
185,800
Melco Resorts Finance Ltd.
5.38%, 12/04/29(a)
600
539,940
5.63%, 07/17/27(a)
400
384,000
5.75%, 07/21/28(a)
600
567,000
7.63%, 04/17/32(a)
400
384,000
Nanyang Commercial Bank Ltd., 6.50%,
(5-year CMT + 3.509%)(a)(d)(g)
250
252,000
NWD Finance BVI Ltd.
4.13%, (5-year CMT + 5.858%)(a)(d)(g)
600
218,250
4.80%(a)(g)
400
110,000
5.25%, (5-year CMT + 7.889%)(a)(d)(g)
600
300,000
Schedule of Investments
24
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Hong Kong (continued)
6.25%(a)(g)
$600
$185,880
NWD MTN Ltd., 4.13%, 07/18/29(a)
600
360,000
PCPD Capital Ltd., 5.13%, 06/18/26(a)
400
368,000
Seaspan Corp., 5.50%, 08/01/29(a)
400
362,720
 
7,234,034
Hungary — 0.2%
OTP Bank Nyrt
7.30%, 07/30/35, (5-year CMT + 2.861%)(a)(d)
400
402,500
8.75%, 05/15/33, (5-year CMT + 5.060%)(a)(d)
400
423,376
 
825,876
India — 2.1%
Axis Bank Ltd./Gandhinagar, 4.10%,
(5-year CMT + 3.315%)(a)(d)(g)
400
382,500
Biocon Biologics Global PLC, 6.67%, 10/09/29(a)
400
357,000
CA Magnum Holdings, 5.38%, 10/31/26(a)
600
584,250
Continuum Green Energy India Pvt / Co-Issuers,
7.50%, 06/26/33(a)
391
391,506
Delhi International Airport Ltd.
6.13%, 10/31/26(a)
400
399,752
6.45%, 06/04/29(a)
200
200,250
Greenko Power II Ltd., 4.30%, 12/13/28(a)
506
462,080
Greenko Wind Projects Mauritius Ltd., 7.25%,
09/27/28(e)
600
577,500
HDFC Bank Ltd., 3.70%,
(5-year CMT + 2.925%)(a)(d)(g)
600
569,628
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32(a)
400
390,624
JSW Hydro Energy Ltd., 4.13%, 05/18/31(a)
295
259,969
JSW Steel Ltd.
3.95%, 04/05/27(a)
200
190,812
5.05%, 04/05/32(a)
400
355,720
Muthoot Finance Ltd.
6.38%, 04/23/29(a)(c)
400
386,200
7.13%, 02/14/28(a)
400
395,500
Network i2i Ltd., 3.98%,
(5-year CMT + 3.390%)(a)(d)(g)
400
392,250
ReNew Wind Energy AP2/ReNew Power Pvt Ltd.
other 9 Subsidiaries, 4.50%, 07/14/28(a)
400
369,500
Shriram Finance Ltd.
6.15%, 04/03/28(a)
200
194,750
6.63%, 04/22/27(a)
600
596,814
UPL Corp. Ltd., 4.63%, 06/16/30(a)
400
348,124
Vedanta Resources Finance II PLC
9.48%, 07/24/30(a)
200
184,126
9.85%, 04/24/33(a)
400
360,000
10.88%, 09/17/29(a)
800
772,840
11.25%, 12/03/31(a)
200
193,500
 
9,315,195
Indonesia — 0.2%
Bank Negara Indonesia Persero Tbk PT, 4.30%,
(5-year CMT + 3.466%)(a)(d)(g)
200
188,312
Garuda Indonesia Persero Tbk PT, 6.50%, 12/28/31,
(6.50 % Cash )(a)(f)
462
304,937
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29(a)
250
255,157
 
748,406
Israel — 1.7%
Energian Israel Finance Ltd.
5.38%, 03/30/28(a)(e)
325
306,313
5.88%, 03/30/31(a)(e)
400
362,250
8.50%, 09/30/33(a)(e)
500
501,565
Security
Par
(000
)
Value
Israel (continued)
Leviathan Bond Ltd.
6.50%, 06/30/27(a)(e)
$350
$344,312
6.75%, 06/30/30(a)(e)
375
363,397
Teva Pharmaceutical Finance Co. LLC, 6.15%,
02/01/36(c)
500
489,325
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26
1,800
1,736,334
4.10%, 10/01/46(c)
1,250
877,750
4.75%, 05/09/27(c)
500
489,690
5.13%, 05/09/29
600
583,800
6.75%, 03/01/28(c)
800
816,380
7.88%, 09/15/29
300
319,965
8.13%, 09/15/31
300
328,500
 
7,519,581
Jamaica — 0.2%
Digicel Intermediate Holdings Ltd./Digicel International
Finance Ltd./Difl U.S., 9.00%, 05/25/27,
(2.25% PIK)(f)
709
708,669
Kazakhstan — 0.2%
Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/30(a)
400
349,250
4.00%, 08/15/26(a)(c)
600
588,750
 
938,000
Kuwait — 0.1%
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)
400
370,000
4.50%, 02/23/27(a)
200
184,584
 
554,584
Luxembourg — 0.3%
Altice Financing SA
5.00%, 01/15/28(a)
700
532,483
5.75%, 08/15/29(a)
1,200
879,000
 
1,411,483
Macau — 0.8%
MGM China Holdings Ltd.
4.75%, 02/01/27(a)
400
390,200
7.13%, 06/26/31(a)
400
402,375
Studio City Finance Ltd.
5.00%, 01/15/29(a)
600
526,248
6.50%, 01/15/28(a)
400
383,376
Wynn Macau Ltd.
5.13%, 12/15/29(a)
600
550,500
5.50%, 10/01/27(a)
400
387,000
5.63%, 08/26/28(a)
800
761,552
 
3,401,251
Mexico — 8.0%
Alsea SAB de CV, 7.75%, 12/14/26(a)
200
200,625
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (5-year CMT + 4.643%)(a)(d)(g)
200
192,608
6.63%, (10-year CMT + 5.034%)(a)(d)(g)
400
355,040
7.50%, (10-year CMT + 5.470%)(a)(c)(d)(g)
400
387,428
7.63%, (10-year CMT + 5.353%)(a)(d)
400
394,904
8.38%, , (5-year CMT + 4.072%)(a)(d)(g)
400
393,200
8.38%, (10-year CMT + 7.760%)(a)(d)(g)
200
202,200
8.75%, , (10-year CMT + 4.299%)(a)(d)(g)
400
396,800
BBVA Bancomer SA/Texas
5.13%, 01/18/33, (5-year CMT + 2.650%)(a)(d)
600
565,500
5.88%, 09/13/34, (5-year CMT + 4.308%)(a)(d)
550
525,250
8.13%, 01/08/39, (5-year CMT + 4.214%)(a)(d)
600
609,300
25
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mexico (continued)
8.45%, 06/29/38, (5-year CMT + 4.661%)(a)(d)
$600
$622,125
BBVA Mexico SA Institucion de Banca Multiple Grupo
Financiero BBVA Mexico, 7.63%, 02/11/35,
(5-year CMT + 3.375%)(d)(e)
400
402,600
Borr IHC Ltd./Borr Finance LLC
10.00%, 11/15/28(a)
741
613,561
10.38%, 11/15/30(a)
381
304,466
Braskem Idesa SAPI
6.99%, 02/20/32(a)
700
502,250
7.45%, 11/15/29(a)(c)
600
463,878
Cemex SAB De CV, 5.13%,
(5-year CMT + 4.534%)(a)(c)(d)(g)
500
491,250
Grupo Aeromexico SAB de CV
8.25%, 11/15/29(a)
200
187,126
8.63%, 11/15/31(a)
400
369,500
Nemak SAB de CV, 3.63%, 06/28/31(a)
200
159,500
Petroleos Mexicanos
5.35%, 02/12/28(c)
1,100
1,014,860
5.95%, 01/28/31(c)
2,300
1,900,720
6.35%, 02/12/48(c)
900
570,690
6.38%, 01/23/45(c)
700
457,730
6.49%, 01/23/27
998
976,393
6.50%, 03/13/27(c)
2,360
2,301,944
6.50%, 01/23/29(c)
725
670,625
6.50%, 06/02/41(c)
950
651,843
6.63%, 06/15/35(c)
1,600
1,229,840
6.70%, 02/16/32
4,200
3,596,880
6.75%, 09/21/47(c)
3,200
2,139,200
6.84%, 01/23/30(c)
1,450
1,291,080
6.88%, 08/04/26(c)
1,450
1,431,875
6.95%, 01/28/60
2,200
1,463,000
7.69%, 01/23/50
4,650
3,394,500
8.75%, 06/02/29(c)
1,200
1,177,680
10.00%, 02/07/33(c)
1,300
1,296,945
Saavi Energia SARL, 8.88%, 02/10/35(e)
700
700,875
Total Play Telecomunicaciones SA de CV, 11.13%,
12/31/32(c)(e)
380
343,900
 
34,949,691
Moldova — 0.1%
Aragvi Finance International DAC, 11.13%,
11/20/29(a)
400
397,125
Morocco — 0.8%
OCP SA
3.75%, 06/23/31(a)
400
352,275
5.13%, 06/23/51(a)
600
437,862
6.10%, 04/30/30(e)
400
397,960
6.70%, 03/01/36(e)
400
395,952
6.75%, 05/02/34(a)
800
806,360
6.88%, 04/25/44(a)
400
373,864
7.50%, 05/02/54(a)
600
587,550
 
3,351,823
Netherlands — 0.1%
VEON Holdings BV, 3.38%, 11/25/27(a)
600
536,063
Nigeria — 0.4%
Access Bank PLC
6.13%, 09/21/26(a)
200
192,000
9.13%, (5-year CMT + 8.070%)(a)(d)(g)
400
370,000
IHS Holding Ltd.
6.25%, 11/29/28(a)
400
378,262
Security
Par
(000
)
Value
Nigeria (continued)
7.88%, 05/29/30(a)
$200
$192,750
8.25%, 11/29/31(a)
400
384,500
SEPLAT Energy PLC, 9.13%, 03/21/30(e)
400
378,376
 
1,895,888
Oman — 0.3%
EDO Sukuk Ltd., 5.88%, 09/21/33(a)
650
657,793
Otel Sukuk Ltd., 5.38%, 01/24/31(a)
200
199,188
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)
450
462,659
 
1,319,640
Panama — 0.5%
AES Panama Generation Holdings SRL, 4.38%,
05/31/30(a)
759
662,814
C&W Senior Finance Ltd., 9.00%, 01/15/33(c)(e)
400
399,200
Sable International Finance Ltd., 7.13%, 10/15/32(a)
600
589,530
Telecomunicaciones Digitales SA, 4.50%, 01/30/30(a)
400
362,500
 
2,014,044
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%,
06/05/34(a)(h)
277
215,623
Peru — 0.9%
Banco de Credito del Peru SA
3.13%, 07/01/30, (5-year CMT + 3.000%)(a)(d)
200
198,840
3.25%, 09/30/31, (5-year CMT + 2.450%)(a)(d)
400
383,218
5.80%, 03/10/35, (5-year CMT + 2.240%)(a)(d)
400
391,440
6.45%, 07/30/35, (5-year CMT + 2.486%)(d)(e)
500
497,958
Cia de Minas Buenaventura SAA, 6.80%,
02/04/32(c)(e)
400
399,004
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.55%,
09/18/33(a)
200
223,750
Minsur SA, 4.50%, 10/28/31(a)
400
365,124
Peru LNG SRL, 5.38%, 03/22/30(a)
500
451,756
Petroleos del Peru SA
4.75%, 06/19/32(a)
600
442,125
5.63%, 06/19/47(a)
1,100
669,900
 
4,023,115
Philippines — 0.7%
Globe Telecom Inc., 4.20%,
(5-year CMT + 5.527%)(a)(d)(g)
400
389,460
JGSH Philippines Ltd., 4.13%, 07/09/30(a)
400
381,700
Manila Water Co. Inc., 4.38%, 07/30/30(a)
400
382,184
Petron Corp., 5.95%, (5-year CMT + 7.574%)(a)(d)(g)
200
195,700
San Miguel Corp., 5.50%,
(5-year CMT + 10.237%)(a)(d)(g)
200
198,000
San Miguel Global Power Holdings Corp.
8.13%, , (1-year CMT + 6.404%)(a)(d)(g)
400
381,876
8.75%, (5-year CMT + 7.732%)(a)(d)(g)
600
586,128
SMC Global Power Holdings Corp., 5.45%,
(5-year CMT + 7.155%)(a)(d)(g)
400
376,500
SMIC SG Holdings Pte Ltd., 5.38%, 07/24/29(a)
200
199,500
 
3,091,048
Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29(a)
400
363,584
Qatar — 0.1%
Commercial Bank PSQC (The), 4.50%,
(5-year CMT + 3.874%)(a)(d)(g)
200
196,096
Saudi Arabia — 0.5%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)
400
377,738
Dar Al-Arkan Sukuk Co. Ltd., 8.00%, 02/25/29(a)
400
411,192
Schedule of Investments
26
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Saudi Arabia (continued)
Riyad T1 Sukuk Ltd., 5.50%, ,
(5-year CMT + 1.914%)(a)(d)(g)
$400
$391,124
Riyad Tier 1 Sukuk Ltd., 4.00%,
(5-year CMT + 2.170%)(a)(d)(g)
600
576,187
Saib Tier 1 Sukuk Ltd., 6.38%, ,
(5-year CMT + 2.087%)(a)(d)(g)
400
405,920
 
2,162,161
Serbia — 0.1%
Telecommunications Co. Telekom Srbija AD Belgrade,
7.00%, 10/28/29(a)
400
395,776
Singapore — 0.4%
GLP Pte Ltd., 4.50%, (5-year CMT + 3.735%)(a)(d)(g)
600
352,374
Puma International Financing SA, 7.75%, 04/25/29(a)
200
198,562
Singapore Airlines Ltd.
3.00%, 07/20/26(a)
200
196,688
3.38%, 01/19/29(a)
400
385,752
5.25%, 03/21/34(a)
400
410,252
Yinson Production Financial Services Pte Ltd., 9.63%,
05/03/29(e)
300
303,000
 
1,846,628
South Africa — 1.0%
Absa Group Ltd., 6.38%,
(5-year CMT + 5.411%)(a)(d)(g)
200
198,000
Eskom Holdings SOC Ltd., 6.35%, 08/10/28(a)
600
590,250
Liquid Telecommunications Financing PLC, 5.50%,
09/04/26(a)
400
330,232
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)
400
402,876
Sasol Financing USA LLC
4.38%, 09/18/26(c)
400
383,000
5.50%, 03/18/31(c)
600
462,180
6.50%, 09/27/28
400
369,100
8.75%, 05/03/29(a)
500
475,780
Stillwater Mining Co.
4.00%, 11/16/26(a)
200
191,250
4.50%, 11/16/29(a)
400
335,188
Transnet SOC Ltd., 8.25%, 02/06/28(a)
600
603,375
 
4,341,231
Supranational — 0.1%
Eastern & Southern African Trade & Development
Bank (The), 4.13%, 06/30/28(a)
400
357,875
Switzerland — 0.1%
Consolidated Energy Finance SA
5.63%, 10/15/28(a)
300
237,750
12.00%, 02/15/31(a)
300
270,441
Oriflame Investment Holding PLC, 5.13%, 05/04/26(a)
200
39,000
 
547,191
Tanzania — 0.1%
HTA Group Ltd./Mauritius, 7.50%, 06/04/29(a)
400
399,500
Thailand — 0.5%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34, (5-year CMT + 1.900%)(a)(d)
800
737,748
5.00%, (5-year CMT + 4.729%)(g)
400
395,760
6.06%, 03/25/40, (5-year CMT + 1.780%)(d)(e)
200
196,584
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31,
(5-year CMT + 1.700%)(a)(d)
600
579,576
Krung Thai Bank PCL/Cayman Islands, 4.40%,
(5-year CMT + 3.530%)(a)(d)(g)
400
387,000
 
2,296,668
Security
Par
(000
)
Value
Trinidad And Tobago — 0.1%
Port of Spain Waterfront Development, 7.88%,
02/19/40(e)
$400
$376,000
Turkey — 3.5%
Akbank TAS
6.80%, 06/22/31, (5-year CMT + 6.015%)(a)(d)
400
394,000
7.50%, 01/20/30(a)
200
200,188
7.88%, 09/04/35, (5-year CMT + 3.726%)(a)(d)
200
194,750
9.37%, (5-year CMT + 5.270%)(a)(d)(g)
400
399,124
Anadolu Efes Biracilik Ve Malt Sanayii A/S, 3.38%,
06/29/28(a)
400
352,752
Arcelik A/S, 8.50%, 09/25/28(a)
200
205,376
Aydem Yenilenebilir Enerji A/S, 7.75%, 02/02/27(a)
360
356,940
Coca-Cola Icecek A/S, 4.50%, 01/20/29(a)
400
379,536
Eregli Demir ve Celik Fabrikalari TAS, 8.38%,
07/23/29(a)
600
601,500
Ford Otomotiv Sanayi AS, 7.13%, 04/25/29(a)
200
197,938
GDZ Elektrik Dagitim AS, 9.00%, 10/15/29(a)
400
371,500
Limak Cimento Sanayi ve Ticaret AS, 9.75%,
07/25/29(a)
400
391,000
Limak Yenilenebilir Enerji AS, 9.63%, 08/12/30(e)
400
384,500
Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%,
11/15/28(a)
400
410,500
Pegasus Hava Tasimaciligi AS, 8.00%, 09/11/31(a)
400
392,200
QNB Bank AS, 7.25%, 05/21/29(a)
200
204,562
Sisecam U.K. PLC
8.25%, 05/02/29(a)
400
400,000
8.63%, 05/02/32(a)
400
394,312
Turk Telekomunikasyon AS, 7.38%, 05/20/29(a)
200
200,388
Turkcell Iletisim Hizmetleri AS
5.80%, 04/11/28(a)
400
386,500
7.45%, 01/24/30(a)
200
200,500
7.65%, 01/24/32(a)
400
399,752
Turkiye Garanti Bankasi AS
7.18%, 05/24/27,
(5-year USD ICE Swap + 4.220%)(a)(d)
200
200,000
8.13%, 01/03/35, (5-year CMT + 3.836%)(a)(d)
400
392,128
8.38%, 02/28/34, (5-year CMT + 4.090%)(a)(d)
400
398,124
Turkiye Is Bankasi AS
7.75%, 06/12/29(a)
200
202,000
9.13%, , (5-year CMT + 4.633%)(a)(d)(g)
200
199,438
9.19%, 06/29/28,
(5-year USD Swap + 5.117%)(a)(d)
400
415,875
Turkiye Vakiflar Bankasi TAO
6.88%, 01/07/30(a)
200
193,500
8.99%, 10/05/34, (5-year CMT + 4.669%)(a)(d)
600
608,062
9.00%, 10/12/28(a)
400
419,300
10.12%, (5-year CMT + 5.493%)(a)(d)(g)
400
407,624
TVF Varlik Kiralama AS, 6.95%, 01/23/30(a)
600
592,500
Ulker Biskuvi Sanayi AS, 7.88%, 07/08/31(a)
400
398,375
Vestel Elektronik Sanayi ve Ticaret AS, 9.75%,
05/15/29(a)
200
159,063
WE Soda Investments Holding PLC
9.38%, 02/14/31(a)
200
202,256
9.50%, 10/06/28(a)
600
612,600
Yapi ve Kredi Bankasi A/S
7.13%, 10/10/29(a)
400
393,800
7.88%, 01/22/31, (5-year CMT + 7.415%)(a)(d)
400
399,000
9.25%, 10/16/28(a)
400
421,800
9.25%, 01/17/34, (5-year CMT + 5.278%)(a)(d)
400
409,000
9.74%, (5-year CMT + 5.499%)(a)(d)(g)
400
403,062
27
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Turkey (continued)
Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30(a)
$600
$546,077
 
15,391,402
Ukraine — 0.0%
Metinvest BV, 7.75%, 10/17/29(a)
200
154,000
United Arab Emirates — 1.7%
Abu Dhabi Commercial Bank PJSC, 8.00%,
(5-year CMT + 3.524%)(a)(d)(g)
400
425,376
Adib Capital Invest 3 Ltd., 7.25%,
(5-year CMT + 3.059%)(a)(d)(g)
400
415,592
Alpha Star Holding IX Ltd., 7.00%, 08/26/28(a)
400
402,500
Alpha Star Holding VIII Ltd., 8.38%, 04/12/27(a)
400
412,375
Arada Sukuk 2 Ltd., 8.00%, 06/24/29(a)
200
202,960
Arada Sukuk Ltd., 8.13%, 06/08/27(a)
400
406,388
Binghatti Sukuk SPC Ltd., 9.63%, 02/28/27(a)
200
204,312
Commercial Bank of Dubai PSC, 6.00%,
(6-year CMT + 5.597%)(a)(d)(g)
400
398,500
DIB Tier 1 Sukuk 4 Ltd., 4.63%,
(6-year CMT + 4.077%)(a)(g)
600
590,250
DIB Tier 1 Sukuk 6 Ltd., 5.25%, ,
(6-year CMT + 1.334%)(a)(d)(g)
200
195,892
DP World Salaam, 6.00%,
(5-year CMT + 5.750%)(a)(d)(g)
800
798,500
Emirates NBD Bank PJSC
4.25%, (6-year CMT + 3.155%)(a)(d)(g)
400
385,500
6.13%, (6-year CMT + 5.702%)(a)(d)(g)
600
598,500
6.25%, , (6-year CMT + 1.839%)(a)(d)(g)
600
615,000
MAF Global Securities Ltd., 7.88%,
(5-year CMT + 4.893%)(a)(d)(g)
400
411,376
Mashreqbank PSC, 7.13%,
(5-year CMT + 2.705%)(a)(d)(g)
400
408,500
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29(a)(c)
585
412,425
Sobha Sukuk Ltd., 8.75%, 07/17/28(a)
200
204,750
 
7,488,696
United Kingdom — 1.0%
Avianca Midco 2 PLC, 9.63%, 02/14/30(e)
600
523,725
Standard Chartered PLC
4.30%, (5-year CMT + 3.135%)(a)(d)(g)
1,000
882,500
4.75%, (5-year CMT + 3.805%)(a)(d)(g)
800
686,000
6.00%, (5-year CMT + 5.661%)(a)(g)
400
398,776
7.63%, , (5-year CMT + 3.023%)(a)(d)(g)
500
491,230
7.75%, (5-year CMT + 4.976%)(a)(d)(g)
800
810,000
7.88%, (5-year CMT + 3.574%)(a)(d)(g)
600
600,450
 
4,392,681
United States — 0.4%
ATP Tower Holdings/Andean Telecom Partners Chile
SpA/Andean Tower Partners C, 7.88%, 02/03/30(e)
200
197,000
Avianca Midco 2 PLC, 9.00%, 12/01/28(c)(e)
750
675,000
Playtika Holding Corp., 4.25%, 03/15/29(a)
300
264,000
Sagicor Financial Co. Ltd., 5.30%, 05/13/28(a)
400
390,792
 
1,526,792
Vietnam — 0.0%
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(a)
191
182,214
Zambia — 0.7%
First Quantum Minerals Ltd.
6.88%, 10/15/27(a)
483
476,359
8.00%, 03/01/33(e)
200
198,250
8.00%, 03/01/33(a)
400
396,500
8.63%, 06/01/31(a)
800
811,750
Security
Par
(000
)
Value
Zambia (continued)
9.38%, 03/01/29(a)
$1,000
$1,051,250
 
2,934,109
Total Corporate Bonds & Notes — 45.0%
(Cost: $207,462,933)
196,759,642
Foreign Government Obligations(i)
Angola — 0.8%
Angolan Government International Bond
8.00%, 11/26/29(a)
1,000
797,190
8.25%, 05/09/28(a)
1,000
842,950
8.75%, 04/14/32(a)
900
693,279
9.13%, 11/26/49(a)
800
543,600
9.38%, 05/08/48(a)
1,200
840,372
 
3,717,391
Argentina — 5.7%
Argentina Republic Government International Bond
1.00%, 07/09/29(c)
1,379
1,113,319
1.75%, 07/09/30(b)(c)
8,347
6,399,788
4.88%, 07/09/41(b)(c)
6,169
3,806,802
5.00%, 07/09/35(b)
12,050
7,990,656
5.00%, 01/09/38(b)(c)
6,691
4,704,571
5.00%, 07/09/46(b)(c)
1,189
773,908
 
24,789,044
Azerbaijan — 0.1%
Republic of Azerbaijan International Bond, 3.50%,
09/01/32(a)
600
523,350
Bahrain — 2.3%
Bahrain Government International Bond
5.25%, 01/25/33(a)
600
540,936
5.45%, 09/16/32(a)
600
553,500
5.63%, 09/30/31(a)
600
565,128
5.63%, 05/18/34(a)
600
545,436
6.00%, 09/19/44(a)
800
652,752
6.75%, 09/20/29(a)
800
809,000
7.00%, 10/12/28(a)
1,100
1,122,000
7.38%, 05/14/30(a)
600
621,750
7.50%, 02/12/36(a)
600
611,550
7.75%, 04/18/35(a)
600
629,550
CBB International Sukuk Programme Co. WLL
3.88%, 05/18/29(a)
550
510,128
3.95%, 09/16/27(a)
500
477,402
4.50%, 03/30/27(a)
600
584,628
5.88%, 06/05/32(a)
600
597,564
6.00%, 02/12/31(a)
600
604,314
6.25%, 10/18/30(a)
600
609,750
 
10,035,388
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%,
03/20/28(a)
600
388,950
Brazil — 4.8%
Brazilian Government International Bond
3.75%, 09/12/31
950
853,575
3.88%, 06/12/30
2,100
1,963,500
4.50%, 05/30/29(c)
1,000
978,000
4.63%, 01/13/28(c)
1,600
1,588,800
4.75%, 01/14/50(c)
2,450
1,729,700
5.00%, 01/27/45(c)
1,900
1,444,000
Schedule of Investments
28
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Brazil (continued)
5.63%, 01/07/41(c)
$1,300
$1,152,463
5.63%, 02/21/47
1,600
1,312,000
6.00%, 10/20/33
1,400
1,381,100
6.13%, 01/22/32
1,100
1,119,800
6.13%, 03/15/34
1,400
1,373,400
6.25%, 03/18/31
1,200
1,237,200
6.63%, 03/15/35
1,600
1,594,400
7.13%, 01/20/37(c)
950
987,287
7.13%, 05/13/54
1,300
1,233,700
8.25%, 01/20/34
800
896,000
 
20,844,925
Colombia — 4.7%
Colombia Government International Bond
3.00%, 01/30/30
900
761,400
3.13%, 04/15/31
1,600
1,288,400
3.25%, 04/22/32
1,200
923,100
3.88%, 04/25/27(c)
1,000
978,550
3.88%, 02/15/61(c)
800
408,700
4.13%, 02/22/42
600
366,000
4.13%, 05/15/51(c)
800
441,600
4.50%, 03/15/29(c)
1,200
1,125,000
5.00%, 06/15/45(c)
2,600
1,696,500
5.20%, 05/15/49
1,850
1,195,100
5.63%, 02/26/44(c)
1,600
1,142,000
6.13%, 01/18/41(c)
1,400
1,100,750
7.38%, 04/25/30
1,200
1,218,000
7.38%, 09/18/37(c)
1,050
972,300
7.50%, 02/02/34
1,200
1,170,600
7.75%, 11/07/36
1,200
1,145,400
8.00%, 04/20/33(c)
889
903,224
8.00%, 11/14/35
1,200
1,180,800
8.38%, 11/07/54
1,000
915,500
8.50%, 04/25/35
900
914,400
8.75%, 11/14/53
1,000
958,000
 
20,805,324
Costa Rica — 0.9%
Costa Rica Government International Bond
6.13%, 02/19/31(a)(c)
600
614,606
6.55%, 04/03/34(a)
800
816,300
7.00%, 04/04/44(a)
650
655,200
7.16%, 03/12/45(a)
800
815,400
7.30%, 11/13/54(a)
895
907,754
 
3,809,260
Dominican Republic — 3.4%
Dominican Republic International Bond
4.50%, 01/30/30(a)
1,150
1,071,081
4.88%, 09/23/32(a)
1,850
1,663,261
5.30%, 01/21/41(a)
1,000
832,375
5.50%, 02/22/29(a)
1,100
1,084,600
5.88%, 01/30/60(a)
1,950
1,610,456
5.95%, 01/25/27(a)
950
952,969
6.00%, 07/19/28(a)
800
806,400
6.00%, 02/22/33(a)
1,000
965,875
6.40%, 06/05/49(a)
850
776,900
6.50%, 02/15/48(a)
600
552,000
6.85%, 01/27/45(a)
1,200
1,153,500
6.95%, 03/15/37(c)(e)
1,200
1,192,200
7.05%, 02/03/31(a)
725
747,837
7.15%, 02/24/55(e)
500
488,750
Security
Par
(000
)
Value
Dominican Republic (continued)
7.45%, 04/30/44(a)
$850
$872,844
 
14,771,048
Ecuador — 1.1%
Ecuador Government International Bond
0.00%, 07/31/30(a)(h)
632
386,211
6.90%, 07/31/30(a)(b)
1,734
1,296,740
6.90%, 07/31/35(a)(b)
3,924
2,345,931
6.90%, 07/31/40(a)(b)
1,653
861,056
 
4,889,938
Egypt — 2.4%
Egypt Government International Bond
5.80%, 09/30/27(a)
600
564,750
5.88%, 02/16/31(a)
1,000
806,500
6.59%, 02/21/28(a)
600
559,410
7.05%, 01/15/32(a)
600
497,814
7.30%, 09/30/33(a)
700
564,592
7.50%, 01/31/27(a)
1,200
1,188,588
7.50%, 02/16/61(a)
800
517,696
7.60%, 03/01/29(a)
1,000
933,160
7.63%, 05/29/32(a)
1,200
1,010,400
7.90%, 02/21/48(a)
850
581,761
8.50%, 01/31/47(a)
1,450
1,050,525
8.63%, 02/04/30(c)(e)
800
760,440
8.70%, 03/01/49(a)
800
587,600
8.88%, 05/29/50(a)
1,200
893,100
 
10,516,336
El Salvador — 0.3%
El Salvador Government International Bond
9.25%, 04/17/30(a)
600
619,200
9.65%, 11/21/54(a)
600
595,200
 
1,214,400
Ghana — 0.7%
Ghana Government International Bond
5.00%, 07/03/35(a)(b)
2,427
1,614,327
6.00%, 07/03/29(a)(b)
1,675
1,417,249
 
3,031,576
Guatemala — 0.3%
Guatemala Government Bond
6.13%, 06/01/50(a)(c)
900
799,425
6.60%, 06/13/36(a)
600
599,400
 
1,398,825
Iraq — 0.1%
Iraq International Bond, 5.80%, 01/15/28(a)
547
528,760
Ivory Coast — 0.7%
Ivory Coast Government International Bond
6.13%, 06/15/33(a)
800
688,000
7.63%, 01/30/33(a)
600
560,250
8.08%, 04/01/36(e)
1,000
916,250
8.25%, 01/30/37(a)
800
734,000
 
2,898,500
Jamaica — 0.6%
Jamaica Government International Bond
6.75%, 04/28/28(c)
700
715,575
7.88%, 07/28/45
1,100
1,237,775
8.00%, 03/15/39(c)
800
907,200
 
2,860,550
29
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Jordan — 0.6%
Jordan Government International Bond
5.75%, 01/31/27(a)
$600
$593,064
5.85%, 07/07/30(a)
700
643,755
7.38%, 10/10/47(a)
600
502,878
7.50%, 01/13/29(a)
800
796,752
 
2,536,449
Kenya — 0.8%
Republic of Kenya Government International Bond
6.30%, 01/23/34(a)
600
454,500
7.25%, 02/28/28(a)
600
560,325
8.00%, 05/22/32(a)
800
691,880
8.25%, 02/28/48(a)
600
447,000
9.50%, 03/05/36(c)(e)
600
521,700
9.75%, 02/16/31(a)
1,000
950,000
 
3,625,405
Lebanon — 0.2%
Lebanon Government International Bond
6.00%, 01/27/23(a)(j)(k)
500
84,250
6.10%, 10/04/24(a)(j)(k)
730
123,005
6.60%, 11/27/26(a)(j)(k)
960
161,760
6.65%, 02/26/30(a)(j)(k)
760
128,060
6.75%, 11/29/27(a)(j)(k)
720
121,320
6.85%, 03/23/27(a)(j)(k)
800
134,800
7.00%, 03/23/32(a)(j)(k)
625
105,313
 
858,508
Morocco — 0.6%
Morocco Government International Bond
3.00%, 12/15/32(a)
600
494,814
4.00%, 12/15/50(a)
800
526,000
5.95%, 03/08/28(a)
800
812,750
6.50%, 09/08/33(a)
700
722,750
 
2,556,314
Nigeria — 1.7%
Nigeria Government International Bond
6.13%, 09/28/28(a)
800
711,400
6.50%, 11/28/27(a)
800
750,400
7.14%, 02/23/30(a)
900
777,402
7.38%, 09/28/33(a)
800
644,504
7.63%, 11/28/47(a)
800
566,000
7.70%, 02/23/38(a)
800
609,000
7.88%, 02/16/32(a)
800
682,200
8.25%, 09/28/51(a)
800
581,600
8.38%, 03/24/29(a)
800
747,400
8.75%, 01/21/31(a)
600
545,319
10.38%, 12/09/34(a)
800
755,800
 
7,371,025
Oman — 2.7%
Oman Government International Bond
4.75%, 06/15/26(a)
1,400
1,391,250
5.38%, 03/08/27(a)
950
953,486
5.63%, 01/17/28(a)
1,400
1,414,007
6.00%, 08/01/29(a)
1,200
1,235,256
6.25%, 01/25/31(a)
1,000
1,045,060
6.50%, 03/08/47(a)
1,200
1,184,964
6.75%, 10/28/27(a)
800
828,576
6.75%, 01/17/48(a)
1,600
1,612,000
7.00%, 01/25/51(a)
600
624,378
7.38%, 10/28/32(a)
600
670,242
Security
Par
(000
)
Value
Oman (continued)
Oman Sovereign Sukuk Co., 4.88%, 06/15/30(a)
$1,000
$993,090
 
11,952,309
Pakistan — 0.4%
Pakistan Global Sukuk Programme Co. Ltd. (The),
7.95%, 01/31/29(a)
600
526,482
Pakistan Government International Bond
6.88%, 12/05/27(a)
950
834,100
7.38%, 04/08/31(a)
800
628,000
 
1,988,582
Paraguay — 0.4%
Paraguay Government International Bond
4.95%, 04/28/31(a)
600
589,950
5.40%, 03/30/50(a)
600
509,472
6.10%, 08/11/44(a)
600
564,000
 
1,663,422
Senegal — 0.3%
Senegal Government International Bond
6.25%, 05/23/33(a)
700
485,450
6.75%, 03/13/48(a)
600
358,500
7.75%, 06/10/31(a)
500
390,000
 
1,233,950
Serbia — 0.5%
Serbia International Bond
2.13%, 12/01/30(a)
735
611,520
6.00%, 06/12/34(a)
1,000
987,500
6.50%, 09/26/33(a)
500
515,313
 
2,114,333
South Africa — 2.2%
Republic of South Africa Government
International Bond
4.30%, 10/12/28
1,200
1,136,316
4.85%, 09/27/27(c)
600
588,918
4.85%, 09/30/29
1,100
1,035,375
5.00%, 10/12/46(c)
600
396,210
5.38%, 07/24/44
500
359,600
5.65%, 09/27/47(c)
800
570,256
5.75%, 09/30/49
1,750
1,241,782
5.88%, 06/22/30
900
871,200
5.88%, 04/20/32(c)
800
755,836
7.10%, 11/19/36(a)
1,300
1,234,682
7.30%, 04/20/52
900
764,550
7.95%, 11/19/54(a)
900
812,925
 
9,767,650
Sri Lanka — 0.8%
Sri Lanka Government International Bond
3.10%, 01/15/30(a)(b)
591
480,674
3.35%, 03/15/33(a)(b)
1,208
851,890
4.00%, 04/15/28(a)
574
530,626
9.25%, 06/15/35(a)(b)
882
566,270
9.75%, 02/15/38(a)(b)
1,286
890,530
 
3,319,990
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond,
4.50%, 08/04/26(a)
600
590,250
Turkey — 10.0%
Hazine Mustesarligi Varlik Kiralama AS
5.13%, 06/22/26(a)
1,400
1,384,558
6.50%, 04/26/30(a)
1,400
1,386,000
Schedule of Investments
30
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Turkey (continued)
7.25%, 02/24/27(a)
$1,800
$1,828,800
8.51%, 01/14/29(a)
1,500
1,586,812
Turkey Government International Bond
4.88%, 10/09/26(c)
1,700
1,677,985
5.13%, 02/17/28
1,200
1,154,100
5.25%, 03/13/30(c)
1,200
1,107,600
5.88%, 06/26/31(c)
1,100
1,016,400
5.95%, 01/15/31
1,400
1,308,566
6.00%, 03/25/27(c)
1,900
1,897,036
6.13%, 10/24/28
1,500
1,476,375
6.50%, 09/20/33
900
834,192
7.63%, 04/26/29
1,800
1,837,134
7.63%, 05/15/34
1,800
1,789,362
8.00%, 02/14/34(c)
850
879,750
8.60%, 09/24/27
1,300
1,363,544
9.13%, 07/13/30
1,500
1,626,000
9.38%, 03/14/29
1,300
1,400,198
9.88%, 01/15/28(c)
2,000
2,158,760
Turkiye Government International Bond
4.88%, 04/16/43
1,770
1,189,883
5.75%, 05/11/47(c)
2,000
1,438,000
6.00%, 01/14/41(c)
1,900
1,511,697
6.50%, 01/03/35
1,900
1,738,500
6.63%, 02/17/45(c)
1,800
1,457,550
6.75%, 05/30/40(c)
1,100
970,068
6.88%, 03/17/36(c)
1,700
1,580,056
7.13%, 02/12/32
1,400
1,366,400
7.13%, 07/17/32(c)
1,000
974,000
7.25%, 03/05/38(c)
600
583,128
9.38%, 01/19/33
1,600
1,752,960
11.88%, 01/15/30(c)
900
1,085,067
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)
200
198,500
 
43,558,981
Ukraine — 0.9%
Ukraine Government International Bond
1.75%, 02/01/29(a)(b)
614
372,453
7.75%, 02/01/34(a)(b)
3,011
1,336,261
7.75%, 02/01/35(a)(b)
2,663
1,306,428
7.75%, 02/01/36(a)(b)
2,277
1,107,013
 
4,122,155
United Arab Emirates — 1.2%
Emirate of Dubai Government International Bond
3.90%, 09/09/50(a)
800
565,000
5.25%, 01/30/43(a)
600
563,436
Finance Department Government of Sharjah
4.00%, 07/28/50(a)
700
444,500
6.13%, 03/06/36(a)
600
598,032
6.50%, 11/23/32(a)
500
520,469
Sharjah Sukuk Program Ltd.
2.94%, 06/10/27(a)
600
573,954
3.23%, 10/23/29(a)
500
460,395
4.23%, 03/14/28(a)
800
779,872
5.43%, 04/17/35(a)
600
592,878
 
5,098,536
Security
Par
(000
)
Value
Zambia — 0.3%
Zambia Government International Bond
0.50%, 12/31/53(a)
$862
$488,795
7.50%, 06/30/33(a)(b)
865
747,447
 
1,236,242
Total Foreign Government Obligations — 52.7%
(Cost: $247,823,841)
230,617,666
 
Shares
 
Common Stocks
Brazil — 0.0%
Azul SA, ADR NVS(k)
73,063
55,762
Total Common Stocks — 0.0%
(Cost: $76,231)
55,762
Total Long-Term Investments — 97.7%
(Cost: $455,363,005)
427,433,070
Short-Term Securities
Money Market Funds — 13.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(l)(m)(n)
54,603,732
54,625,573
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(l)(m)
2,690,000
2,690,000
Total Short-Term Securities — 13.1%
(Cost: $57,320,897)
57,315,573
Total Investments — 110.8%
(Cost: $512,683,902)
484,748,643
Liabilities in Excess of Other Assets — (10.8)%
(47,399,238
)
Net Assets — 100.0%
$437,349,405
 
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
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.
(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)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(f)
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.
(g)
Perpetual security with no stated maturity date.
(h)
Zero-coupon bond.
(i)
U.S. dollar denominated security issued by foreign domiciled entity.
(j)
Issuer filed for bankruptcy and/or is in default.
(k)
Non-income producing security.
(l)
Affiliate of the Fund.
(m)
Annualized 7-day yield as of period end.
(n)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
31
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM High Yield Bond ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$62,126,596
$—
$(7,479,965
)(a)
$17,293
$(38,351
)
$54,625,573
54,603,732
$191,456
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
5,920,000
—
(3,230,000
)(a)
—
—
2,690,000
2,690,000
85,657
—
 
 
 
 
$17,293
$(38,351)
$57,315,573
 
$277,113
$—
 
(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 collateral investment fees, 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 at the measurement date. 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
$—
$196,759,642
$—
$196,759,642
Foreign Government Obligations
—
230,617,666
—
230,617,666
Common Stocks
55,762
—
—
55,762
Short-Term Securities 
Money Market Funds
57,315,573
—
—
57,315,573
 
$57,371,335
$427,377,308
$—
$484,748,643
See notes to financial statements.
Schedule of Investments
32
Schedule of Investments (unaudited)
April 30, 2025
iShares® J.P. Morgan EM Local Currency Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Foreign Government Obligations
Brazil — 4.1%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/26(a)
BRL14
$2,220,968
0.00%, 07/01/26(a)
BRL16
2,447,346
0.00%, 07/01/27(a)
BRL7
921,321
0.00%, 01/01/28(a)
BRL5
580,857
0.00%, 07/01/28(a)
BRL1
118,137
0.00%, 01/01/30(a)
BRL6
617,384
Brazil Notas do Tesouro Nacional
10.00%, 01/01/33
BRL4
600,020
10.00%, 01/01/35
BRL5
650,658
Series F, 10.00%, 01/01/27
BRL9
1,495,510
Series F, 10.00%, 01/01/29
BRL9
1,524,704
Series F, 10.00%, 01/01/31
BRL8
1,227,817
 
12,404,722
Chile — 3.8%
Bonos de la Tesoreria de la Republica en pesos
0.00%, 05/06/27(a)
CLP1,045,000
999,341
0.00%, 04/01/29(a)
CLP1,295,000
1,136,447
4.50%, 03/01/26
CLP325,000
343,373
4.70%, 09/01/30(b)(c)
CLP1,375,000
1,402,345
5.00%, 10/01/28(b)(c)
CLP535,000
560,135
5.00%, 03/01/35
CLP1,725,000
1,731,212
5.30%, 11/01/37(b)
CLP280,000
285,999
5.80%, 10/01/29(b)
CLP605,000
648,766
6.00%, 04/01/33(b)
CLP1,515,000
1,631,814
6.00%, 01/01/43
CLP1,040,000
1,139,758
6.20%, 10/01/40(b)
CLP975,000
1,084,561
7.00%, 05/01/34(b)
CLP505,000
581,482
 
11,545,233
China — 14.8%
China Government Bond
1.43%, 01/25/30
CNY6,020
825,471
1.45%, 02/25/28
CNY3,720
511,553
1.61%, 02/15/35
CNY6,130
842,715
1.87%, 09/15/31
CNY4,150
580,543
1.91%, 07/15/29
CNY3,930
549,749
2.04%, 02/25/27
CNY2,460
341,910
2.05%, 04/15/29
CNY5,550
779,494
2.11%, 08/25/34
CNY4,160
593,580
2.12%, 06/25/31
CNY5,090
722,154
2.17%, 08/29/34
CNY6,000
858,343
2.18%, 08/15/26
CNY5,490
762,135
2.19%, 09/25/54
CNY1,500
221,580
2.27%, 05/25/34
CNY4,750
686,546
2.28%, 03/25/31
CNY2,470
353,032
2.30%, 05/15/26
CNY3,310
459,526
2.33%, 08/15/44
CNY1,350
198,149
2.35%, 02/25/34
CNY5,180
751,708
2.37%, 01/20/27
CNY5,070
708,096
2.39%, 11/15/26
CNY4,780
666,671
2.40%, 07/15/28
CNY4,240
599,733
2.44%, 10/15/27
CNY3,970
559,045
2.46%, 02/15/26
CNY4,040
560,599
2.47%, 07/25/54
CNY4,150
640,544
2.48%, 04/15/27
CNY2,760
387,219
2.50%, 07/25/27
CNY5,900
829,925
2.52%, 08/25/33
CNY4,750
696,316
2.54%, 12/25/30
CNY6,730
974,154
2.55%, 10/15/28
CNY1,430
203,609
Security
Par
(000
)
Value
China (continued)
2.57%, 05/20/54
CNY2,840
$447,527
2.60%, 09/15/30
CNY5,780
837,361
2.60%, 09/01/32
CNY4,570
670,705
2.62%, 04/15/28
CNY5,650
802,577
2.62%, 09/25/29
CNY3,240
466,332
2.62%, 06/25/30
CNY4,000
578,878
2.64%, 01/15/28
CNY4,660
660,925
2.67%, 05/25/33
CNY4,720
698,412
2.67%, 11/25/33
CNY6,740
1,000,573
2.68%, 05/21/30
CNY6,220
902,372
2.69%, 08/12/26
CNY5,780
808,187
2.69%, 08/15/32
CNY4,550
672,108
2.75%, 06/15/29
CNY4,820
695,649
2.75%, 02/17/32
CNY3,680
544,178
2.76%, 05/15/32
CNY4,060
602,332
2.79%, 12/15/29
CNY5,030
731,843
2.80%, 03/24/29
CNY4,120
594,265
2.80%, 03/25/30
CNY4,540
662,298
2.80%, 11/15/32
CNY3,170
472,349
2.85%, 06/04/27
CNY7,610
1,077,587
2.88%, 02/25/33
CNY4,870
731,520
2.89%, 11/18/31
CNY3,040
451,908
2.91%, 10/14/28
CNY5,800
836,812
3.00%, 10/15/53
CNY2,360
405,590
3.01%, 05/13/28
CNY6,160
887,687
3.02%, 05/27/31
CNY4,840
722,824
3.03%, 03/11/26
CNY4,550
635,615
3.12%, 12/05/26
CNY5,060
716,185
3.12%, 10/25/52
CNY2,890
498,685
3.13%, 11/21/29
CNY3,690
545,793
3.19%, 04/15/53
CNY3,440
602,593
3.22%, 12/06/25
CNY3,870
539,155
3.25%, 06/06/26
CNY4,040
568,176
3.25%, 11/22/28
CNY2,780
407,924
3.27%, 11/19/30
CNY5,200
785,491
3.28%, 12/03/27
CNY6,610
955,621
3.29%, 05/23/29
CNY6,370
943,227
3.32%, 04/15/52
CNY3,230
574,165
3.53%, 10/18/51
CNY1,990
364,491
3.72%, 04/12/51
CNY3,750
706,219
3.81%, 09/14/50
CNY5,010
952,170
 
44,622,408
Colombia — 3.7%
Colombian TES
9.25%, 05/28/42
COP7,616,000
1,370,921
11.50%, 07/25/46
COP5,790,400
1,231,151
13.25%, 02/09/33
COP3,857,400
971,514
Series B, 5.75%, 11/03/27
COP2,823,500
610,562
Series B, 6.00%, 04/28/28
COP5,326,300
1,130,504
Series B, 6.25%, 07/09/36
COP4,191,800
632,095
Series B, 7.00%, 03/26/31
COP4,768,600
914,446
Series B, 7.00%, 06/30/32
COP4,179,200
765,877
Series B, 7.25%, 10/18/34
COP4,287,200
741,598
Series B, 7.25%, 10/26/50
COP6,904,900
954,913
Series B, 7.50%, 08/26/26
COP4,055,300
937,212
Series B, 7.75%, 09/18/30
COP4,068,200
835,192
 
11,095,985
Czech Republic — 3.9%
Czech Republic Government Bond
0.05%, 11/29/29
CZK10,350
402,206
33
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Local Currency Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Czech Republic (continued)
0.25%, 02/10/27
CZK15,570
$669,253
0.95%, 05/15/30(c)
CZK16,140
645,033
1.00%, 06/26/26(c)
CZK15,340
678,021
1.20%, 03/13/31
CZK15,250
602,822
1.50%, 04/24/40
CZK10,440
324,494
1.75%, 06/23/32
CZK15,400
608,684
1.95%, 07/30/37
CZK10,260
363,203
2.00%, 10/13/33
CZK17,700
690,030
2.50%, 08/25/28(c)
CZK17,930
791,202
2.75%, 07/23/29
CZK15,270
672,905
3.00%, 03/03/33
CZK5,880
250,632
3.50%, 05/30/35
CZK13,790
596,840
3.60%, 06/03/36
CZK4,530
195,516
4.20%, 12/04/36(c)
CZK7,570
343,783
4.50%, 11/11/32
CZK14,180
670,649
4.90%, 04/14/34
CZK13,490
655,118
5.00%, 09/30/30
CZK17,540
848,661
5.50%, 12/12/28
CZK14,150
687,622
5.75%, 03/29/29
CZK5,280
259,903
6.00%, 02/26/26
CZK12,810
593,825
6.20%, 06/16/31
CZK4,840
249,346
 
11,799,748
Dominican Republic — 3.9%
Dominican Republic International Bond
10.50%, 03/15/37(b)
DOP151,600
2,550,404
10.75%, 06/01/36(c)
DOP271,750
4,649,645
11.25%, 09/15/35(c)
DOP129,150
2,274,729
13.63%, 02/03/33(c)
DOP115,700
2,269,341
 
11,744,119
Hungary — 3.9%
Hungary Government Bond
1.50%, 04/22/26
HUF283,340
759,761
1.50%, 08/26/26
HUF154,280
407,276
2.00%, 05/23/29
HUF472,420
1,126,497
2.25%, 04/20/33
HUF423,800
870,896
2.25%, 06/22/34
HUF140,480
274,842
2.75%, 12/22/26
HUF269,830
716,513
3.00%, 10/27/27
HUF335,820
873,269
3.00%, 08/21/30
HUF429,090
1,023,476
3.00%, 10/27/38
HUF153,060
282,365
3.00%, 04/25/41
HUF134,330
233,069
3.25%, 10/22/31
HUF431,060
1,003,127
4.50%, 03/23/28
HUF257,910
689,223
4.75%, 11/24/32
HUF341,300
849,938
6.75%, 10/22/28
HUF476,960
1,353,947
7.00%, 10/24/35
HUF215,470
610,043
9.50%, 10/21/26
HUF218,670
638,765
 
11,713,007
India — 10.3%
India Government Bond
5.77%, 08/03/30
INR83,660
972,648
5.79%, 05/11/30
INR68,240
795,613
5.85%, 12/01/30
INR86,360
1,005,942
6.10%, 07/12/31
INR86,940
1,024,649
6.45%, 10/07/29
INR72,240
865,892
6.54%, 01/17/32
INR98,130
1,179,209
6.67%, 12/17/50
INR101,160
1,184,428
6.75%, 12/23/29
INR27,580
334,994
6.79%, 12/30/31
INR33,360
408,117
6.79%, 10/07/34
INR124,500
1,517,718
Security
Par
(000
)
Value
India (continued)
6.99%, 12/15/51
INR92,880
$1,130,358
7.02%, 06/18/31
INR50,300
620,655
7.04%, 06/03/29
INR53,650
656,458
7.06%, 04/10/28
INR60,440
734,434
7.10%, 04/18/29
INR89,870
1,100,481
7.10%, 04/08/34
INR110,060
1,366,961
7.16%, 09/20/50
INR74,150
918,397
7.17%, 04/17/30
INR67,880
838,781
7.18%, 08/14/33
INR129,860
1,618,202
7.18%, 07/24/37
INR105,170
1,320,635
7.26%, 01/14/29
INR79,920
983,040
7.26%, 08/22/32
INR84,230
1,052,828
7.26%, 02/06/33
INR85,220
1,064,484
7.30%, 06/19/53
INR126,600
1,593,931
7.32%, 11/13/30
INR36,570
456,531
7.36%, 09/12/52
INR99,500
1,261,508
7.37%, 10/23/28
INR49,410
608,233
7.37%, 01/23/54
INR14,040
178,367
7.38%, 06/20/27
INR70,660
858,538
7.41%, 12/19/36
INR91,710
1,169,555
7.54%, 05/23/36
INR102,500
1,316,377
7.72%, 06/15/49
INR53,180
701,261
 
30,839,225
Indonesia — 5.7%
Indonesia Treasury Bond
5.13%, 04/15/27
IDR10,330,000
607,977
5.50%, 04/15/26
IDR6,009,000
359,006
6.13%, 05/15/28
IDR8,460,000
505,683
6.25%, 06/15/36
IDR5,904,000
336,869
6.38%, 08/15/28
IDR4,920,000
295,645
6.38%, 04/15/32
IDR12,287,000
725,629
6.38%, 07/15/37
IDR2,511,000
143,948
6.50%, 07/15/30
IDR7,093,000
424,609
6.50%, 02/15/31
IDR15,793,000
943,049
6.63%, 05/15/33
IDR7,180,000
426,064
6.63%, 02/15/34
IDR13,921,000
828,984
6.75%, 07/15/35
IDR12,244,000
730,744
6.88%, 04/15/29
IDR10,783,000
656,426
7.00%, 05/15/27
IDR7,078,000
430,907
7.00%, 09/15/30
IDR10,594,000
649,094
7.00%, 02/15/33
IDR9,899,000
602,494
7.13%, 06/15/38
IDR7,869,000
479,477
7.13%, 06/15/42
IDR7,978,000
484,928
7.13%, 06/15/43
IDR6,925,000
420,815
7.50%, 08/15/32
IDR4,536,000
283,959
7.50%, 06/15/35
IDR6,060,000
380,575
7.50%, 05/15/38
IDR5,666,000
354,907
7.50%, 04/15/40
IDR11,494,000
719,662
8.25%, 05/15/29
IDR7,971,000
509,184
8.25%, 06/15/32
IDR3,122,000
203,564
8.25%, 05/15/36
IDR6,917,000
457,105
8.38%, 09/15/26
IDR8,453,000
522,615
8.38%, 03/15/34
IDR8,477,000
560,288
8.38%, 04/15/39
IDR4,300,000
288,540
8.75%, 05/15/31
IDR5,779,000
381,860
9.00%, 03/15/29
IDR8,701,000
567,111
9.50%, 07/15/31
IDR1,606,000
109,927
10.50%, 08/15/30
IDR2,354,000
165,737
Perusahaan Penerbit SBSN Indonesia
4.88%, 07/15/26
IDR7,655,000
452,643
6.38%, 03/15/34
IDR6,733,000
393,890
Schedule of Investments
34
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Local Currency Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Indonesia (continued)
6.50%, 06/15/39
IDR2,829,000
$162,579
6.63%, 09/15/29
IDR1,224,000
73,366
6.88%, 03/15/36
IDR3,722,000
223,376
8.88%, 11/15/31
IDR4,476,000
298,416
 
17,161,652
Malaysia — 5.5%
Malaysia Government Bond
2.63%, 04/15/31
MYR2,401
529,984
3.50%, 05/31/27
MYR2,414
562,795
3.52%, 04/20/28
MYR1,368
319,269
3.58%, 07/15/32
MYR911
211,282
3.73%, 06/15/28
MYR1,873
439,610
3.76%, 05/22/40
MYR2,030
465,536
3.83%, 07/05/34
MYR2,015
472,612
3.89%, 08/15/29
MYR1,771
419,027
3.90%, 11/30/26
MYR1,569
368,068
3.90%, 11/16/27
MYR1,565
368,767
3.91%, 07/15/26
MYR1,020
238,667
4.05%, 04/18/39
MYR1,036
245,800
4.07%, 06/15/50
MYR2,249
523,329
4.18%, 05/16/44
MYR1,546
370,983
4.25%, 05/31/35
MYR1,505
364,932
4.46%, 03/31/53
MYR1,918
472,606
4.50%, 04/30/29
MYR896
216,379
4.64%, 11/07/33
MYR1,886
468,012
4.70%, 10/15/42
MYR1,716
437,608
4.76%, 04/07/37
MYR2,437
616,744
4.89%, 06/08/38
MYR1,405
360,960
4.92%, 07/06/48
MYR1,041
273,754
Malaysia Government Investment Issue
3.42%, 09/30/27
MYR1,876
436,769
3.45%, 07/15/36
MYR1,879
424,384
3.47%, 10/15/30
MYR1,599
370,979
3.60%, 07/31/28
MYR1,646
384,607
3.73%, 03/31/26
MYR1,766
411,386
3.80%, 10/08/31
MYR1,950
458,126
3.97%, 07/16/40
MYR589
138,899
4.07%, 09/30/26
MYR2,696
632,795
4.12%, 11/30/34
MYR1,846
442,612
4.13%, 07/09/29
MYR2,402
572,127
4.19%, 10/07/32
MYR1,797
431,776
4.25%, 09/30/30
MYR1,990
478,942
4.26%, 07/26/27
MYR1,043
247,166
4.29%, 08/14/43
MYR2,324
564,422
4.37%, 10/31/28
MYR2,129
509,884
4.42%, 09/30/41
MYR1,452
358,265
4.47%, 09/15/39
MYR2,433
604,982
4.66%, 03/31/38
MYR833
209,858
 
16,424,703
Mexico — 5.6%
Mexican Bonos
5.50%, 03/04/27
MXN243
1,183,945
7.00%, 09/03/26
MXN155
778,844
7.50%, 05/26/33
MXN246
1,130,458
8.00%, 05/24/35
MXN5
22,957
8.00%, 07/31/53
MXN289
1,194,232
8.50%, 03/02/28
MXN93
472,382
8.50%, 03/01/29
MXN274
1,391,752
8.50%, 02/28/30
MXN129
651,128
Series M, 5.75%, 03/05/26
MXN253
1,165,838
Security
Par
(000
)
Value
Mexico (continued)
Series M, 7.75%, 05/29/31
MXN285
$1,368,764
Series M, 7.75%, 11/23/34
MXN299
1,370,886
Series M, 7.75%, 11/13/42
MXN299
1,244,531
Series M, 8.00%, 11/07/47
MXN179
749,638
Series M 20, 7.50%, 06/03/27
MXN280
1,407,114
Series M 20, 8.50%, 05/31/29
MXN302
1,527,851
Series M 30, 8.50%, 11/18/38
MXN149
688,238
Series M 30, 10.00%, 11/20/36
MXN70
371,395
 
16,719,953
Peru — 3.9%
Peru Government Bond
5.35%, 08/12/40
PEN3
787,600
5.40%, 08/12/34
PEN5
1,282,145
5.94%, 02/12/29
PEN4
1,121,165
6.15%, 08/12/32
PEN6
1,613,831
6.35%, 08/12/28
PEN2
533,969
6.90%, 08/12/37
PEN6
1,591,367
6.95%, 08/12/31
PEN5
1,646,258
7.30%, 08/12/33(b)(c)
PEN5
1,443,469
7.60%, 08/12/39(b)
PEN5
1,328,323
8.20%, 08/12/26
PEN1
304,289
 
11,652,416
Poland — 4.2%
Republic of Poland Government Bond
0.25%, 10/25/26
PLN2,697
672,693
1.25%, 10/25/30
PLN5,447
1,206,011
1.75%, 04/25/32
PLN4,414
952,738
2.50%, 07/25/26
PLN3,751
971,438
2.50%, 07/25/27
PLN3,636
923,934
2.75%, 04/25/28
PLN3,143
793,731
2.75%, 10/25/29
PLN5,005
1,228,260
3.75%, 05/25/27
PLN2,865
749,273
4.75%, 07/25/29
PLN4,423
1,174,306
5.00%, 01/25/30
PLN2,411
647,516
5.00%, 10/25/34
PLN3,138
817,257
6.00%, 10/25/33
PLN4,753
1,331,949
7.50%, 07/25/28
PLN3,655
1,053,629
 
12,522,735
Romania — 3.9%
Romania Government Bond
2.50%, 10/25/27
RON1,670
340,635
3.25%, 06/24/26
RON2,020
442,329
3.65%, 09/24/31
RON2,265
417,816
4.15%, 01/26/28
RON2,510
528,635
4.15%, 10/24/30
RON1,675
326,225
4.25%, 04/28/36
RON2,340
413,347
4.75%, 10/11/34
RON3,065
571,581
4.85%, 04/22/26
RON2,255
503,938
4.85%, 07/25/29
RON2,110
436,568
5.00%, 02/12/29
RON1,805
379,221
5.80%, 07/26/27
RON2,340
517,326
6.30%, 04/26/28
RON1,530
337,842
6.30%, 04/25/29
RON2,650
579,309
6.70%, 02/25/32
RON2,270
496,132
6.85%, 07/29/30
RON1,075
238,402
7.10%, 07/31/34
RON1,955
432,521
7.20%, 10/28/26
RON2,195
500,010
7.20%, 05/31/27
RON2,675
608,211
7.20%, 10/30/33
RON2,405
537,914
7.35%, 04/28/31
RON3,095
699,666
35
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Local Currency Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Romania (continued)
7.90%, 02/24/38
RON2,455
$591,871
8.00%, 04/29/30
RON2,490
578,747
8.25%, 09/29/32
RON2,435
576,868
8.75%, 10/30/28
RON2,465
583,504
 
11,638,618
Serbia — 3.9%
Serbia Treasury Bond
4.50%, 01/11/26
RSD223,810
2,164,952
4.50%, 08/20/32
RSD417,700
3,913,393
5.25%, 07/27/35
RSD69,020
667,527
5.88%, 02/08/28
RSD240,050
2,411,012
7.00%, 10/26/31
RSD242,470
2,614,491
 
11,771,375
South Africa — 4.1%
Republic of South Africa Government Bond
6.25%, 03/31/36
ZAR8,931
339,649
6.50%, 02/28/41
ZAR9,406
324,508
7.00%, 02/28/31
ZAR15,999
772,570
8.00%, 01/31/30
ZAR27,935
1,455,461
8.25%, 03/31/32
ZAR29,225
1,457,658
8.50%, 01/31/37
ZAR26,804
1,193,963
8.75%, 01/31/44
ZAR21,460
892,740
8.75%, 02/28/48
ZAR36,743
1,505,666
8.88%, 02/28/35
ZAR29,927
1,442,222
9.00%, 01/31/40
ZAR23,122
1,017,463
10.50%, 12/21/26
ZAR26,491
1,477,269
10.88%, 03/31/38
ZAR1,072
56,349
11.63%, 03/31/53
ZAR6,503
348,051
 
12,283,569
Thailand — 4.9%
Thailand Government Bond
1.00%, 06/17/27
THB26,768
790,019
1.59%, 12/17/35
THB15,623
452,064
1.60%, 12/17/29
THB18,814
562,308
1.60%, 06/17/35
THB8,739
254,047
2.00%, 12/17/31
THB26,459
804,344
2.00%, 06/17/42
THB14,140
400,644
2.13%, 12/17/26
THB22,958
692,073
2.25%, 03/17/27
THB18,046
546,161
2.35%, 06/17/26
THB20,731
625,419
2.40%, 11/17/27
THB8,783
267,883
2.40%, 03/17/29
THB22,447
690,549
2.50%, 11/17/29
THB15,824
491,229
2.65%, 06/17/28
THB25,043
772,918
2.80%, 06/17/34
THB15,897
511,198
2.88%, 12/17/28
THB18,582
579,905
Security
Par
(000
)
Value
Thailand (continued)
2.88%, 06/17/46
THB14,288
$452,656
2.98%, 06/17/45
THB5,537
178,367
3.30%, 06/17/38
THB23,577
802,698
3.35%, 06/17/33
THB21,538
715,741
3.39%, 06/17/37
THB19,246
657,608
3.40%, 06/17/36
THB17,733
607,556
3.45%, 06/17/43
THB25,374
868,512
3.65%, 06/20/31
THB13,497
449,173
3.78%, 06/25/32
THB16,692
564,595
3.85%, 12/12/25
THB11,166
337,938
4.88%, 06/22/29
THB15,565
525,403
 
14,601,008
Turkey — 3.7%
Turkey Government Bond
10.50%, 08/11/27
TRY27,989
429,309
10.60%, 02/11/26
TRY14,634
300,184
11.00%, 02/24/27
TRY10,205
168,065
11.70%, 11/13/30
TRY28,813
347,772
12.40%, 03/08/28
TRY45,734
690,856
16.90%, 09/02/26
TRY21,192
412,681
Turkiye Government Bond
17.30%, 07/19/28
TRY52,072
896,082
17.80%, 07/13/33
TRY44,211
692,614
26.20%, 10/05/33
TRY130,647
2,849,596
30.00%, 09/12/29
TRY107,710
2,406,143
31.08%, 11/08/28
TRY88,700
2,045,563
 
11,238,865
Uruguay — 3.8%
Uruguay Government International Bond
8.25%, 05/21/31
UYU184,720
4,108,553
8.50%, 03/15/28(c)
UYU93,584
2,168,369
9.75%, 07/20/33
UYU220,110
5,255,326
 
11,532,248
Total Investments — 97.6%
(Cost: $300,568,009)
293,311,589
Other Assets Less Liabilities — 2.4%
7,196,671
Net Assets — 100.0%
$300,508,260
 
(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.
Schedule of Investments
36
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® J.P. Morgan EM Local Currency Bond ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)
$1,530,000
$—
$(1,530,000
)(b)
$—
$—
$—
—
$28,607
$—
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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
$—
$293,311,589
$—
$293,311,589
See notes to financial statements.
37
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2025
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%
APA Infrastructure Ltd., 7.13%, 11/09/83, (5-year
EURIBOR ICE Swap + 4.098%)(a)(b)
EUR100
$123,665
FMG Resources August 2006 Pty. Ltd.
4.38%, 04/01/31(c)(d)
USD200
180,402
4.50%, 09/15/27(c)
USD80
78,010
FMG Resources August Pty. Ltd.
5.88%, 04/15/30(c)
USD80
79,043
6.13%, 04/15/32(c)(d)
USD100
98,500
Mineral Resources Ltd.
8.00%, 11/01/27(c)
USD70
66,333
8.13%, 05/01/27(c)(d)
USD75
72,947
8.50%, 05/01/30(c)(d)
USD70
63,504
9.25%, 10/01/28(c)
USD160
151,194
 
913,598
Austria — 0.1%
ams-OSRAM AG, 10.50%, 03/30/29(a)
EUR100
113,009
Benteler International AG, 9.38%, 05/15/28(a)
EUR100
117,641
 
230,650
Belgium — 0.3%
Azelis Finance NV, 4.75%, 09/25/29(a)
EUR100
114,905
Ontex Group NV, 5.25%, 04/15/30(a)
EUR100
115,006
Telenet Finance Luxembourg Notes SARL
3.50%, 03/01/28(a)
EUR100
110,988
5.50%, 03/01/28(c)
USD200
195,583
 
536,482
Canada — 3.7%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29(c)
USD95
88,934
3.88%, 01/15/28(c)
USD195
187,220
4.00%, 10/15/30(c)
USD350
318,500
4.38%, 01/15/28(c)
USD70
67,725
5.63%, 09/15/29(c)
USD50
49,874
6.13%, 06/15/29(c)
USD175
177,614
Air Canada
3.88%, 08/15/26(c)
USD150
146,925
4.63%, 08/15/29(c)
CAD338
234,910
Alcoa Nederland Holding BV, 5.50%, 12/15/27(c)
USD75
74,636
AtkinsRealis Group Inc., 7.00%, 06/12/26
CAD25
18,748
AutoCanada Inc., 5.75%, 02/07/29(c)
CAD75
48,555
Bausch Health Companies Inc., 5.00%,
02/15/29(c)
USD50
31,500
Baytex Energy Corp.
7.38%, 03/15/32(c)
USD75
64,688
8.50%, 04/30/30(c)(d)
USD100
92,689
Bell Telephone Co. of Canada or Bell Canada
6.88%, 09/15/55, (5-year CMT + 2.390%)(b)
USD150
150,412
7.00%, 09/15/55, (5-year CMT + 2.363%)(b)
USD150
148,979
Bombardier Inc.
6.00%, 02/15/28(c)
USD100
98,772
7.00%, 06/01/32(c)(d)
USD90
91,012
7.13%, 06/15/26(c)(d)
USD10
10,019
7.25%, 07/01/31(c)(d)
USD95
97,264
7.50%, 02/01/29(c)
USD85
87,550
7.88%, 04/15/27(c)
USD69
69,136
8.75%, 11/15/30(c)(d)
USD100
106,906
Brookfield Residential Properties Inc./Brookfield
Residential U.S. LLC
4.88%, 02/15/30(c)(d)
USD100
87,055
6.25%, 09/15/27(c)
USD82
80,403
Security
Par
(000
)
Value
Canada (continued)
Cineplex Inc., 7.63%, 03/31/29(c)
CAD175
$130,868
Emera Inc., Series 16-A, 6.75%, 06/15/76(b)
USD160
160,000
Garda World Security Corp.
4.63%, 02/15/27(c)
USD60
58,931
6.00%, 06/01/29(c)
USD75
70,163
7.75%, 02/15/28(c)(d)
USD55
56,771
8.25%, 08/01/32(c)
USD60
58,942
8.38%, 11/15/32(c)
USD125
123,179
GFL Environmental Inc.
4.00%, 08/01/28(c)(d)
USD75
71,207
4.38%, 08/15/29(c)
USD55
52,402
4.75%, 06/15/29(c)
USD75
72,656
goeasy Ltd.
7.38%, 10/01/30(c)
USD50
49,137
7.63%, 07/01/29(c)(d)
USD65
65,569
9.25%, 12/01/28(c)
USD75
78,387
Series 144*, 6.88%, Series 144*, 05/15/30(c)(d)
USD55
53,639
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC, 9.00%, 02/15/29(c)(d)
USD110
111,492
Jones Deslauriers Insurance Management Inc.
8.50%, 03/15/30(c)
USD100
105,119
10.50%, 12/15/30(c)
USD50
53,750
Kronos Acquisition Holdings Inc.
8.25%, 06/30/31(c)
USD70
57,897
10.75%, 06/30/32(c)
USD60
37,200
Mattamy Group Corp.
4.63%, 03/01/30(c)
USD65
59,352
5.25%, 12/15/27(c)
USD85
82,404
Mattr Corp., 7.25%, 04/02/31(c)
CAD65
47,503
Methanex Corp.
5.13%, 10/15/27
USD85
83,406
5.25%, 12/15/29(d)
USD90
85,417
NOVA Chemicals Corp.
4.25%, 05/15/29(c)
USD57
53,865
5.25%, 06/01/27(c)
USD135
133,177
7.00%, 12/01/31(c)
USD50
51,625
8.50%, 11/15/28(c)
USD50
52,653
9.00%, 02/15/30(c)
USD60
63,983
NuVista Energy Ltd., 7.88%, 07/23/26(c)
CAD50
36,435
Open Text Corp.
3.88%, 02/15/28(c)
USD115
109,689
3.88%, 12/01/29(c)
USD105
96,559
Open Text Holdings Inc.
4.13%, 02/15/30(c)(d)
USD115
106,179
4.13%, 12/01/31(c)
USD68
60,680
Parkland Corp.
3.88%, 06/16/26(c)
CAD75
53,669
4.38%, 03/26/29(c)
CAD100
70,104
4.50%, 10/01/29(c)
USD95
89,468
4.63%, 05/01/30(c)
USD105
98,739
5.88%, 07/15/27(c)
USD40
39,671
6.63%, 08/15/32(c)(d)
USD70
69,639
Ritchie Bros Holdings Inc.
6.75%, 03/15/28(c)
USD60
61,185
7.75%, 03/15/31(c)(d)
USD90
94,127
Rogers Communications Inc.
5.25%, 03/15/82, (5-year CMT + 3.590%)(b)(c)(d)
USD100
97,368
7.00%, 04/15/55, (5-year CMT + 2.653%)(b)
USD150
150,937
7.13%, 04/15/55, (5-year CMT + 2.620%)(b)
USD125
124,506
Sleep Country Canada Holdings Inc., 6.63%,
11/28/32
CAD175
128,539
Schedule of Investments
38
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Canada (continued)
South Bow Canadian Infrastructure Holdings Ltd.
7.50%, 03/01/55, (5-year CMT + 3.667%)(b)(c)(d)
USD75
$73,687
7.63%, 03/01/55, (5-year CMT + 3.949%)(b)(c)
USD50
49,770
Superior Plus LP, 4.25%, 05/18/28(c)
CAD50
34,705
Tamarack Valley Energy Ltd., 7.25%, 05/10/27(c)
CAD75
54,784
Wrangler Holdco Corp., 6.63%, 04/01/32(c)
USD115
118,101
 
6,629,261
Cayman Islands — 0.1%
Global Aircraft Leasing Co. Ltd., 8.75%,
09/01/27(c)
USD125
124,687
China — 0.0%
Swissport Investments SA, 6.75%, 12/15/21(a)(e)(f)
EUR100
1
Cyprus — 0.1%
Bank of Cyprus PCL, 7.38%, 07/25/28,
(3-mo. EURIBOR + 4.095%)(a)(b)
EUR100
122,874
Czech Republic — 0.1%
Allwyn Entertainment Financing U.K. PLC, 7.25%,
04/30/30(a)
EUR100
119,377
Denmark — 0.2%
Orsted A/S
1.50%, (5-year EUR Swap + 1.860%)(a)(b)
EUR100
91,532
2.50%, (5-year UK Government Bond +
2.136%)(a)(b)
GBP100
95,796
5.13%, (5-year EURIBOR ICE Swap +
2.590%)(a)(b)
EUR100
113,035
Orsted AS, 5.25%,
(5-year EUR Swap + 2.619%)(a)(b)
EUR100
113,638
 
414,001
Finland — 0.1%
Finnair OYJ, 4.75%, 05/24/29(a)
EUR100
115,322
Huhtamaki OYJ, 4.25%, 06/09/27(a)
EUR100
115,596
 
230,918
France — 5.2%
Afflelou SAS, 6.00%, 07/25/29(a)
EUR100
116,857
Air France-KLM
7.25%, 05/31/26(a)
EUR100
117,695
8.13%, 05/31/28(a)
EUR100
126,978
Altice France SA
5.13%, 01/15/29(c)
USD45
36,504
5.13%, 07/15/29(c)
USD275
224,812
5.50%, 01/15/28(c)
USD150
124,125
5.50%, 10/15/29(c)
USD200
163,500
8.13%, 02/01/27(c)
USD175
160,125
Altice France SA/France
3.38%, 01/15/28(a)
EUR100
90,718
4.13%, 01/15/29(a)
EUR100
91,109
4.25%, 10/15/29(a)
EUR100
91,088
5.88%, 02/01/27(a)
EUR100
100,067
Banijay Entertainment SASU, 7.00%, 05/01/29(a)
EUR100
117,739
CAB SELAS, 3.38%, 02/01/28(a)
EUR100
106,604
Cerba Healthcare SACA, 3.50%, 05/31/28(a)
EUR100
84,119
Chrome Holdco SASU, 5.00%, 05/31/29(a)
EUR100
36,745
CMA CGM SA, 5.50%, 07/15/29(a)
EUR100
115,232
Electricite de France SA, 9.13%,
(5-year CMT + 5.411%)(b)(c)(g)
USD175
194,694
Elior Group SA, 5.63%, 03/15/30(a)
EUR100
114,322
ELO SACA
5.88%, 04/17/28(a)
EUR200
216,997
Security
Par
(000
)
Value
France (continued)
6.00%, 03/22/29(a)
EUR100
$104,760
Emeria SASU, 3.38%, 03/31/28(a)
EUR100
92,786
Eramet SA, 7.00%, 05/22/28(a)
EUR100
113,496
Eutelsat SA
1.50%, 10/13/28(a)
EUR100
93,341
9.75%, 04/13/29(a)
EUR100
114,294
Fnac Darty SA, 6.00%, 04/01/29(a)
EUR100
118,644
Forvia SE
2.38%, 06/15/27(a)
EUR100
107,675
2.75%, 02/15/27(a)
EUR100
108,983
3.75%, 06/15/28(a)
EUR100
109,076
5.13%, 06/15/29(a)
EUR100
109,726
5.50%, 06/15/31(a)
EUR100
106,693
5.63%, 06/15/30(a)
EUR100
109,817
Getlink SE, 4.13%, 04/15/30(a)
EUR100
114,368
Goldstory SAS, 6.75%, 02/01/30(a)
EUR100
115,759
Holding d'Infrastructures des Metiers de
l'Environnement
4.88%, 10/24/29(a)
EUR100
115,332
Series ., 0.63%, Series ., 09/16/28(a)
EUR100
100,445
Iliad Holding SASU
5.38%, 04/15/30(a)
EUR100
115,449
5.63%, 10/15/28(a)
EUR100
115,042
6.88%, 04/15/31(a)
EUR100
120,577
7.00%, 10/15/28(c)
USD100
101,172
7.00%, 04/15/32(c)
USD100
100,988
8.50%, 04/15/31(c)
USD115
121,309
iliad SA
1.88%, 02/11/28(a)
EUR100
108,512
2.38%, 06/17/26(a)
EUR100
112,256
4.25%, 12/15/29(a)
EUR100
114,928
5.38%, 02/15/29(a)
EUR100
118,947
Series ., 5.38%, Series ., 05/02/31(a)
EUR100
118,406
IPD 3 BV
5.50%, 06/15/31(a)
EUR100
113,427
8.00%, 06/15/28(a)
EUR100
117,759
Laboratoire Eimer Selas, 5.00%, 02/01/29(a)
EUR100
102,286
Loxam SAS
6.38%, 05/15/28(a)
EUR100
116,806
6.38%, 05/31/29(a)
EUR125
148,370
Mobilux Finance SAS, 7.00%, 05/15/30(a)
EUR100
117,777
Nexans SA
4.13%, 05/29/29(a)
EUR100
115,726
4.25%, 03/11/30(a)
EUR100
116,078
Opal Bidco SAS
5.50%, 03/31/32(a)
EUR200
224,515
6.50%, 03/31/32(c)
USD150
150,000
Opmobility, 4.88%, 03/13/29(a)
EUR100
115,249
OVH Groupe SAS, 4.75%, 02/05/31(a)
EUR100
114,153
Paprec Holding SA, 6.50%, 11/17/27(a)
EUR100
118,443
Picard Groupe SAS, 6.38%, 07/01/29(a)
EUR100
117,766
RCI Banque SA
4.75%, 03/24/37, (5-year EURIBOR ICE Swap
+ 2.200%)(a)(b)
EUR100
111,978
5.50%, 10/09/34, (5-year EURIBOR ICE Swap
+ 2.750%)(a)(b)
EUR100
117,346
Renault SA
1.13%, 10/04/27(a)
EUR100
107,736
2.38%, 05/25/26(a)
EUR100
112,487
2.50%, 06/02/27(a)
EUR100
111,805
2.50%, 04/01/28(a)
EUR100
111,063
39
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
France (continued)
Rexel SA
2.13%, 12/15/28(a)
EUR100
$108,561
5.25%, 09/15/30(a)
EUR100
118,180
Seche Environnement SACA, 4.50%, 03/25/30(a)
EUR100
114,459
SNF Group SACA
2.63%, 02/01/29(a)
EUR100
107,603
4.50%, 03/15/32(a)
EUR100
113,923
SPIE SA, 2.63%, 06/18/26(a)
EUR100
112,706
Tereos Finance Groupe I SA
4.75%, 04/30/27(a)
EUR100
113,596
5.75%, 04/30/31(a)
EUR100
113,258
Valeo SE
1.00%, 08/03/28(a)
EUR100
101,964
4.50%, 04/11/30(a)
EUR100
110,789
5.38%, 05/28/27(a)
EUR100
117,093
5.88%, 04/12/29(a)
EUR100
117,847
Viridien, 8.50%, 10/15/30(a)
EUR100
107,968
 
9,331,528
Germany — 3.5%
alstria office REIT-AG, 5.50%, 03/20/31(a)
EUR100
108,398
Bayer AG
5.38%, 03/25/82,
(5-year EUR Swap + 4.458%)(a)(b)
EUR100
111,141
5.50%, 09/13/54, (5-year EURIBOR ICE Swap
+ 3.269%)(a)(b)
EUR100
113,644
6.63%, 09/25/83,
(5-year EUR Swap + 3.432%)(a)(b)
EUR100
118,846
7.00%, 09/25/83,
(5-year EUR Swap + 3.896%)(a)(b)
EUR100
119,058
Series N5.5, 4.50%, Series N5.5, 03/25/82,
(5-year EUR Swap + 3.751%)(a)(b)
EUR100
111,899
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75,
(5-year EUR Swap + 3.206%)(a)(b)
EUR100
112,285
Birkenstock Financing SARL, 5.25%, 04/30/29(a)
EUR100
114,091
Ceconomy AG, 6.25%, 07/15/29(a)
EUR100
117,505
Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28(a)
EUR100
104,349
7.50%, 05/15/30(a)
EUR100
106,358
CT Investment GmbH, 6.38%, 04/15/30(a)
EUR100
116,358
Deutsche Lufthansa AG, 5.25%, 01/15/55, (5-year
EURIBOR ICE Swap + 2.855%)(a)(b)
EUR100
110,924
Dynamo Newco II GmbH, 6.25%, 10/15/31(a)
EUR100
113,577
Evonik Industries AG, 1.38%, 09/02/81,
(5-year EUR Swap + 1.836%)(a)(b)
EUR100
108,940
Fressnapf Holding SE, 5.25%, 10/31/31(a)
EUR100
113,864
Gruenenthal GmbH
4.63%, 11/15/31(a)
EUR100
111,060
6.75%, 05/15/30(a)
EUR100
118,994
Hella GmbH & Co. KGaA, 0.50%, 01/26/27
EUR100
107,288
IHO Verwaltungs GmbH
6.38%, 05/15/29, (6.38% Cash)(c)(h)
USD50
48,438
6.75%, 11/15/29,
(6.75% cash and 7.50% PIK)(a)(h)
EUR100
116,562
7.00%, 11/15/31,
(7.00% cash and 7.75% PIK)(a)(h)
EUR100
116,385
7.75%, 11/15/30,
(7.75% Cash and 8.50% PIK)(c)(h)
USD100
97,750
8.00%, 11/15/32,
(8.00% Cash and 8.75% PIK)(c)(h)
USD25
23,938
Security
Par
(000
)
Value
Germany (continued)
Mahle GmbH
2.38%, 05/14/28(a)
EUR100
$101,696
6.50%, 05/02/31(a)
EUR100
110,821
Mercer International Inc.
5.13%, 02/01/29(d)
USD135
110,700
12.88%, 10/01/28(c)
USD45
45,891
Motel One GmbH/Muenchen, 7.75%, 04/02/31(a)
EUR100
119,329
Nidda Healthcare Holding GmbH
5.38%, 10/23/30(a)
EUR100
112,980
5.63%, 02/21/30(a)
EUR100
114,271
7.50%, 08/21/26(a)
EUR66
76,091
PCF GmbH, 4.75%, 04/15/29(a)
EUR101
88,268
Phoenix PIB Dutch Finance BV, 4.88%,
07/10/29(a)
EUR100
116,328
ProGroup AG, 5.38%, 04/15/31(a)
EUR100
108,882
Schaeffler AG
2.88%, 03/26/27(a)
EUR75
83,765
3.38%, 10/12/28(a)
EUR100
109,850
4.50%, 03/28/30(a)
EUR100
111,230
4.75%, 08/14/29(a)
EUR100
113,235
5.38%, 04/01/31(a)
EUR100
112,660
Techem Verwaltungsgesellschaft 675 mbH, 5.38%,
07/15/29(a)
EUR200
231,741
Tele Columbus AG, 10.00%, 01/01/29,
(10.00% PIK)(a)(h)
EUR105
94,541
TK Elevator Holdco GmbH
6.63%, 07/15/28(a)
EUR90
101,780
7.63%, 07/15/28(c)
USD50
50,008
TK Elevator Midco GmbH, 4.38%, 07/15/27(a)
EUR100
112,810
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27(c)
USD150
147,469
TUI AG, 5.88%, 03/15/29(a)
EUR100
116,860
TUI Cruises GmbH, 6.25%, 04/15/29(a)
EUR100
117,224
WEPA Hygieneprodukte GmbH, 5.63%,
01/15/31(a)
EUR100
116,625
ZF Europe Finance BV
2.50%, 10/23/27(a)
EUR100
104,342
3.00%, 10/23/29(a)
EUR100
96,934
4.75%, 01/31/29(a)
EUR100
105,341
6.13%, 03/13/29(a)
EUR100
109,629
ZF Finance GmbH
2.00%, 05/06/27(a)
EUR100
105,000
2.75%, 05/25/27(a)
EUR100
106,159
3.75%, 09/21/28(a)
EUR100
104,220
ZF North America Capital Inc.
6.75%, 04/23/30(c)
USD150
136,470
6.88%, 04/14/28(c)
USD75
71,446
7.13%, 04/14/30(c)
USD150
138,000
 
6,344,248
Greece — 0.3%
Eurobank Ergasias Services and Holdings SA,
10.00%, 12/06/32,
(5-year EUR Swap + 7.588%)(a)(b)
EUR100
130,266
Metlen Energy & Metals SA, 4.00%, 10/17/29(a)
EUR100
115,002
National Bank of Greece SA, 5.88%, 06/28/35,
(5-year EURIBOR ICE Swap + 3.154%)(a)(b)
EUR100
120,423
Piraeus Financial Holdings SA, 7.25%, 04/17/34,
(5-year EUR Swap + 4.773%)(a)(b)
EUR100
125,104
Public Power Corp. SA, 4.63%, 10/31/31(a)
EUR100
114,612
 
605,407
Schedule of Investments
40
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Hong Kong — 0.3%
FWD Group Holdings Ltd., 8.40%, 04/05/29(c)
USD100
$102,699
Melco Resorts Finance Ltd.
5.38%, 12/04/29(c)
USD160
144,384
5.63%, 07/17/27(c)
USD50
48,198
5.75%, 07/21/28(c)
USD125
118,184
7.63%, 04/17/32(c)
USD100
96,110
 
509,575
Ireland — 0.4%
Ardagh Packaging Finance PLC/Ardagh Holdings
USA Inc., 5.25%, 08/15/27(c)
USD75
34,500
eircom Finance DAC
3.50%, 05/15/26(a)
EUR125
140,922
5.00%, 04/30/31(a)
EUR100
113,049
Energia Group Roi Financeco DAC, 6.88%,
07/31/28(a)
EUR100
116,366
GGAM Finance Ltd.
5.88%, 03/15/30(c)
USD50
49,589
6.88%, 04/15/29(c)(d)
USD45
45,841
7.75%, 05/15/26(c)
USD25
25,241
8.00%, 02/15/27(c)
USD95
97,316
8.00%, 06/15/28(c)
USD70
73,341
 
696,165
Israel — 1.1%
Energian Israel Finance Ltd.
5.38%, 03/30/28(a)(c)
USD56
52,719
5.88%, 03/30/31(a)(c)
USD70
63,295
8.50%, 09/30/33(a)(c)
USD90
90,243
Leviathan Bond Ltd.
6.50%, 06/30/27(a)(c)
USD55
54,033
6.75%, 06/30/30(a)(c)
USD60
58,102
Teva Pharmaceutical Finance Netherlands II BV
1.63%, 10/15/28(a)
EUR100
105,785
1.88%, 03/31/27(a)
EUR100
109,839
3.75%, 05/09/27
EUR100
113,683
4.38%, 05/09/30
EUR150
171,335
7.38%, 09/15/29
EUR100
126,808
7.88%, 09/15/31
EUR100
133,741
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26
USD410
396,162
4.75%, 05/09/27
USD100
98,134
5.13%, 05/09/29
USD100
97,313
6.75%, 03/01/28
USD150
153,483
7.88%, 09/15/29
USD125
133,857
8.13%, 09/15/31
USD75
82,516
 
2,041,048
Italy — 3.5%
Agrifarma SpA, 4.50%, 10/31/28(a)
EUR100
112,403
Almaviva-The Italian Innovation Co. SpA, 5.00%,
10/30/30(a)
EUR100
115,104
Banca IFIS SpA, 6.13%, 01/19/27(a)
EUR100
117,879
Banca Monte dei Paschi di Siena SpA
4.75%, 03/15/29,
(3-mo. EURIBOR + 2.047%)(a)(b)
EUR100
117,221
10.50%, 07/23/29(a)
EUR100
138,202
Banca Popolare di Sondrio SpA, 3.88%, 02/25/32,
(5-year EUR Swap + 3.958%)(a)(b)
EUR100
113,010
Banco BPM SpA, 4.50%, 11/26/36, (5-year
EURIBOR ICE Swap + 2.250%)(a)(b)
EUR200
226,117
BFF Bank SpA, 4.88%, 03/30/28, (1-year
EURIBOR ICE Swap + 2.622%)(a)(b)
EUR100
114,813
Security
Par
(000
)
Value
Italy (continued)
BPER Banca SpA
3.88%, 07/25/32,
(5-year EUR Swap + 3.728%)(b)
EUR200
$226,413
5.75%, 09/11/29,
(3-mo. EURIBOR + 2.600%)(a)(b)
EUR150
182,978
Bubbles Holdco SPA, 6.50%, 09/30/31(a)
EUR100
112,846
Cerved Group SpA, 6.00%, 02/15/29(a)
EUR100
102,055
Engineering - Ingegneria Informatica - SpA,
8.63%, 02/15/30(a)
EUR100
116,717
Eolo SpA, 4.88%, 10/21/28(a)
EUR100
102,398
Fiber Bidco SpA, 6.13%, 06/15/31(a)
EUR100
109,282
Flos B&b Italia SpA, 10.00%, 11/15/28(a)
EUR80
94,777
Guala Closures SpA, 3.25%, 06/15/28(a)
EUR100
107,474
Iccrea Banca SpA, 4.75%, 01/18/32, (5-year
EURIBOR ICE Swap + 4.829%)(a)(b)
EUR100
114,165
Illimity Bank SpA, 5.75%, 05/31/27(a)
EUR100
117,326
IMA Industria Macchine Automatiche SpA, 3.75%,
01/15/28(a)
EUR100
111,320
Infrastrutture Wireless Italiane SpA
1.75%, 04/19/31(a)
EUR100
105,130
1.88%, 07/08/26(a)
EUR100
112,474
3.75%, 04/01/30(a)
EUR100
114,578
Intesa Sanpaolo Assicurazioni SpA, 4.22%,
03/05/35(a)
EUR200
221,230
Intesa Sanpaolo SpA, 5.15%, 06/10/30(a)
GBP100
129,559
Italmatch Chemicals SpA, 10.00%, 02/06/28(a)
EUR100
118,604
Itelyum Regeneration SpA, 5.75%, 04/15/30(a)
EUR100
112,228
Lottomatica SpA/Roma, 5.38%, 06/01/30(a)
EUR100
116,817
Mediobanca Banca di Credito Finanziario SpA,
4.25%, 09/18/35, (5-year EURIBOR ICE Swap
+ 1.750%)(a)(b)
EUR200
227,106
Mundys SpA
1.88%, 07/13/27(a)
EUR100
110,938
1.88%, 02/12/28(a)
EUR100
109,301
4.50%, 01/24/30(a)
EUR100
117,594
4.75%, 01/24/29(a)
EUR100
118,507
Optics Bidco SpA
1.63%, 01/18/29
EUR100
104,123
2.38%, 10/12/27(a)
EUR100
109,697
6.88%, 02/15/28(a)
EUR100
121,138
7.88%, 07/31/28(a)
EUR100
125,593
Series 2033, 6.38%, Series 2033, 11/15/33(c)
USD25
23,938
Series 2036, 7.20%, Series 2036, 07/18/36(c)
USD200
194,746
Rekeep SpA, 9.00%, 09/15/29(a)
EUR100
110,151
Rossini SARL, 6.75%, 12/31/29(a)
EUR100
117,706
Saipem Finance International BV, 3.13%,
03/31/28(a)
EUR100
112,175
Telecom Italia SpA, 7.88%, 07/31/28(a)
EUR100
127,746
Telecom Italia SpA/Milano
1.63%, 01/18/29(a)
EUR100
106,234
2.38%, 10/12/27(a)
EUR100
113,138
3.00%, 09/30/25(a)
EUR100
113,199
UniCredit SpA, 7.30%, 04/02/34,
(5-year USD ICE Swap + 4.914%)(b)(c)
USD125
130,725
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34(a)
EUR100
115,994
Webuild SpA
3.63%, 01/28/27(a)
EUR100
113,599
7.00%, 09/27/28(a)
EUR100
122,834
 
6,229,302
41
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Japan — 1.0%
Nissan Motor Co. Ltd.
3.20%, 09/17/28(a)
EUR100
$109,655
4.35%, 09/17/27(c)
USD100
96,360
4.81%, 09/17/30(c)
USD325
299,943
Rakuten Group Inc.
5.13%, (5-year CMT + 4.578%)(b)(c)(g)
USD70
65,814
6.25%, (5-year CMT + 4.956%)(b)(c)(g)
USD110
95,700
8.13%, , (5-year CMT + 4.250%)(b)(c)(g)
USD50
47,012
9.75%, 04/15/29(c)
USD275
290,592
11.25%, 02/15/27(c)
USD200
214,750
SoftBank Group Corp.
2.88%, 01/06/27(a)
EUR100
110,542
3.88%, 07/06/32(a)
EUR100
101,583
4.00%, 09/19/29(a)
EUR125
134,969
5.00%, 04/15/28(a)
EUR100
114,067
5.38%, 01/08/29(a)
EUR100
114,064
 
1,795,051
Jersey — 0.1%
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/29(c)
USD125
107,401
10.38%, 03/31/29(a)
GBP100
116,346
 
223,747
Luxembourg — 1.8%
AccorInvest Group SA
5.50%, 11/15/31(a)
EUR100
112,784
6.38%, 10/15/29(a)
EUR100
117,571
Albion Financing 1 SARL/Aggreko Holdings Inc.,
6.13%, 10/15/26(c)
USD90
89,831
Albion Financing 2 SARL, 8.75%, 04/15/27(c)
USD50
50,329
Altice Financing SA
3.00%, 01/15/28(a)
EUR100
85,182
4.25%, 08/15/29(a)
EUR100
85,036
5.00%, 01/15/28(c)
USD160
121,764
5.75%, 08/15/29(c)
USD250
183,750
Altice Finco SA, 4.75%, 01/15/28(a)
EUR100
39,836
Altice France Holding SA
4.00%, 02/15/28(a)
EUR100
33,303
6.00%, 02/15/28(c)
USD100
30,881
8.00%, 05/15/27(a)
EUR100
33,118
10.50%, 05/15/27(c)
USD150
46,605
ARD Finance SA, 5.00%, 06/30/27,
(5.00% Cash and 5.75% PIK)(a)(h)
EUR103
3,536
Cidron Aida Finco Sarl
7.00%, 10/27/31(a)
EUR100
111,910
9.13%, 10/27/31(a)
GBP100
131,892
Ephios Subco 3 SARL, 7.88%, 01/31/31(a)
EUR100
119,188
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25(a)
EUR100
78,897
Herens Midco SARL, 5.25%, 05/15/29(a)
EUR100
83,118
Ineos Finance PLC
5.63%, 08/15/30(a)
EUR100
107,585
6.38%, 04/15/29(a)
EUR100
110,918
INEOS Finance PLC
6.75%, 05/15/28(c)
USD100
97,422
7.50%, 04/15/29(c)
USD75
70,448
Intelsat Jackson Holdings SA, 6.50%,
03/15/30(c)(d)
USD365
359,737
ION Trading Technologies SARL
5.75%, 05/15/28(c)
USD75
67,500
9.50%, 05/30/29(c)
USD100
97,220
Kleopatra Finco SARL, 1.00%, 09/01/29
EUR101
88,465
Security
Par
(000
)
Value
Luxembourg (continued)
Loarre Investments SARL, 6.50%, 05/15/29(a)
EUR100
$114,591
Matterhorn Telecom SA, 4.50%, 01/30/30(a)
EUR100
112,990
SES SA, 5.50%, 09/12/54, (5-year EURIBOR ICE
Swap + 3.232%)(a)(b)
EUR125
131,921
Summer BC Holdco B SARL, 5.88%, 02/15/30(a)
EUR100
110,393
Vivion Investments SARL
6.50%, 02/28/29(a)(h)
EUR100
108,519
8.00%, 08/31/28,
(6.50 % Cash and 1.40 % PIK)(a)(h)
EUR101
110,487
 
3,246,727
Macau — 0.4%
MGM China Holdings Ltd.
4.75%, 02/01/27(c)
USD75
73,099
5.88%, 05/15/26(c)
USD100
99,875
7.13%, 06/26/31(c)
USD50
50,234
Studio City Finance Ltd.
5.00%, 01/15/29(c)
USD120
105,250
6.50%, 01/15/28(c)
USD60
57,472
Wynn Macau Ltd.
5.13%, 12/15/29(c)
USD125
115,156
5.50%, 10/01/27(c)
USD75
73,125
5.63%, 08/26/28(c)
USD200
190,388
 
764,599
Netherlands — 1.4%
Boels Topholding BV, 5.75%, 05/15/30(a)
EUR100
116,569
Boost Newco Borrower LLC/GTCR W Dutch
Finance Sub BV, 8.50%, 01/15/31(a)
GBP100
142,960
Flora Food Management BV, 6.88%, 07/02/29(a)
EUR100
116,539
Maxeda DIY Holding BV, 5.88%, 10/01/26(a)
EUR100
92,739
Nobian Finance BV, 3.63%, 07/15/26(a)
EUR100
112,615
Odido Group Holding BV, 5.50%, 01/15/30(a)
EUR100
112,225
Odido Holding BV, 3.75%, 01/15/29(a)
EUR100
110,962
Q-Park Holding I BV
2.00%, 03/01/27(a)
EUR150
165,708
5.13%, 02/15/30(a)
EUR100
115,567
Sunrise FinCo I BV, 4.88%, 07/15/31(c)
USD150
136,744
Trivium Packaging Finance BV
3.75%, 08/15/26(a)
EUR100
111,557
5.50%, 08/15/26(c)
USD100
98,858
8.50%, 08/15/27(c)
USD75
73,875
UPCB Finance VII Ltd., 3.63%, 06/15/29(a)
EUR100
110,341
Versuni Group BV, 3.13%, 06/15/28(a)
EUR100
107,989
VZ Secured Financing BV, 5.00%, 01/15/32(c)
USD175
152,714
VZ Vendor Financing II BV, 2.88%, 01/15/29(a)
EUR100
102,912
Ziggo Bond Co. BV
3.38%, 02/28/30(a)
EUR100
100,263
5.13%, 02/28/30(c)
USD50
44,216
6.13%, 11/15/32(a)
EUR125
133,743
Ziggo BV
2.88%, 01/15/30(a)
EUR100
103,523
4.88%, 01/15/30(c)
USD135
123,850
 
2,486,469
Norway — 0.1%
Var Energi ASA, 7.86%, 11/15/83, (5-year
EURIBOR ICE Swap + 4.765%)(a)(b)
EUR100
122,868
Poland — 0.1%
Transportes Aereos Portugueses SA, 5.13%,
11/15/29(a)
EUR100
114,090
Schedule of Investments
42
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Portugal — 0.6%
Banco Comercial Portugues SA, 4.75%, 03/20/37,
(5-year EURIBOR ICE Swap + 2.150%)(a)(b)
EUR100
$111,977
Caixa Economica Montepio Geral Caixa
Economica Bancaria SA, 5.63%, 05/29/28,
(3-mo. EURIBOR + 2.600%)(a)(b)
EUR100
117,750
EDP SA
1.50%, 03/14/82,
(5-year EUR Swap + 1.888%)(a)(b)
EUR100
109,255
1.88%, 08/02/81,
(5-year EUR Swap + 2.380%)(a)(b)
EUR100
111,192
1.88%, 03/14/82,
(5-year EUR Swap + 2.080%)(a)(b)
EUR100
102,506
4.63%, 09/16/54, (5-year EURIBOR ICE Swap
+ 2.395%)(a)(b)
EUR100
113,866
4.75%, 05/29/54, (5-year EURIBOR ICE Swap
+ 2.052%)(a)(b)
EUR100
114,878
5.94%, 04/23/83,
(5-year EUR Swap + 3.184%)(a)(b)
EUR100
120,150
Novo Banco SA, 9.88%, 12/01/33,
(5-year EUR Swap + 6.714%)(a)(b)
EUR100
131,782
 
1,033,356
Slovenia — 0.3%
United Group BV
3.63%, 02/15/28(a)
EUR100
110,619
4.63%, 08/15/28(a)
EUR100
112,640
5.25%, 02/01/30(a)
EUR100
111,885
6.75%, 02/15/31(a)
EUR100
115,873
 
451,017
Spain — 1.0%
Abanca Corp. Bancaria SA, 4.63%, 12/11/36,
(5-year EURIBOR ICE Swap + 2.450%)(a)(b)
EUR100
113,364
Atlantica Sustainable Infrastructure PLC, 4.13%,
06/15/28(c)
USD50
47,500
Banco de Credito Social Cooperativo SA, 5.25%,
11/27/31, (5-year EUR Swap + 5.419%)(a)(b)
EUR100
113,760
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 6.38%, 02/15/32(c)
USD75
73,684
Cirsa Finance International SARL
7.88%, 07/31/28(a)
EUR100
118,483
10.38%, 11/30/27(a)
EUR90
107,088
Eroski S Coop, 10.63%, 04/30/29(a)
EUR100
121,940
Grifols SA
2.25%, 11/15/27(a)
EUR100
108,673
3.88%, 10/15/28(a)
EUR125
132,409
Grupo Antolin-Irausa SA, 3.50%, 04/30/28(a)
EUR100
69,213
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a)
EUR100
114,231
Lorca Telecom Bondco SA, 4.00%, 09/18/27(a)
EUR250
282,754
Minor Hotels Europe & Americas SA, 4.00%,
07/02/26(a)
EUR100
113,090
Neinor Homes SA, 5.88%, 02/15/30(a)
EUR100
115,881
Unicaja Banco SA, 5.50%, 06/22/34,
(5-year EUR Swap + 2.800%)(a)(b)
EUR100
117,654
 
1,749,724
Sweden — 0.8%
Asmodee Group AB, 5.75%, 12/15/29(a)
EUR53
62,624
Assemblin Caverion Group AB, 6.25%, 07/01/30(a)
EUR100
116,922
Dometic Group AB, 2.00%, 09/29/28(a)
EUR100
102,330
Heimstaden AB, 8.38%, 01/29/30(a)
EUR100
112,183
Security
Par
(000
)
Value
Sweden (continued)
Intrum AB
3.50%, 07/15/26(a)(e)(f)
EUR100
$88,111
4.88%, 09/15/27(a)(e)(f)
EUR100
90,118
Stena International SA
7.25%, 01/15/31(c)
USD100
98,500
7.63%, 02/15/31(c)
USD25
25,197
Verisure Holding AB
3.25%, 02/15/27(a)
EUR100
111,683
3.88%, 07/15/26(a)
EUR100
112,673
5.50%, 05/15/30(a)
EUR100
116,535
7.13%, 02/01/28(a)
EUR100
117,257
Verisure Midholding AB, 5.25%, 02/15/29(a)
EUR100
113,474
Volvo Car AB
2.50%, 10/07/27(a)
EUR100
109,611
4.75%, 05/08/30(a)
EUR100
112,049
 
1,489,267
Switzerland — 0.3%
Dufry One BV
2.00%, 02/15/27(a)
EUR100
110,532
4.75%, 04/18/31(a)
EUR100
116,414
VistaJet Malta Finance PLC/Vista Management
Holding Inc.
6.38%, 02/01/30(c)(d)
USD120
102,900
7.88%, 05/01/27(c)
USD70
67,900
9.50%, 06/01/28(c)(d)
USD50
48,846
 
446,592
United Kingdom — 5.7%
888 Acquisitions Ltd.
7.56%, 07/15/27(a)
EUR100
112,809
10.75%, 05/15/30(a)
GBP100
133,154
Alexandrite Monnet U.K. Holdco PLC, 10.50%,
05/15/29(a)
EUR100
123,717
Amber Finco PLC, 6.63%, 07/15/29(a)
EUR100
117,864
Ardonagh Finco Ltd.
6.88%, 02/15/31(a)
EUR100
114,410
7.75%, 02/15/31(c)
USD125
127,500
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(c)
USD175
178,290
B&M European Value Retail SA, 8.13%,
11/15/30(a)
GBP100
138,951
BCP V Modular Services Finance II PLC, 4.75%,
11/30/28(a)
EUR150
163,500
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(a)
GBP225
278,887
Bellis Finco PLC, 4.00%, 02/16/27(a)
GBP100
126,044
Belron U.K. Finance PLC
4.63%, 10/15/29(a)
EUR100
114,623
5.75%, 10/15/29(c)
USD150
149,526
British Telecommunications PLC
4.25%, 11/23/81, (5-year CMT + 2.985%)(b)(c)
USD50
48,444
4.88%, 11/23/81, (5-year CMT + 3.493%)(b)(c)
USD70
62,833
5.13%, 10/03/54, (5-year EURIBOR ICE Swap
+ 2.542%)(a)(b)
EUR100
115,577
8.38%, 12/20/83, (5-year UK Government Bond
+ 3.820%)(a)(b)
GBP100
141,924
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 5.63%, 02/15/32(a)
EUR100
115,411
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(a)
GBP100
135,853
Connect Finco SARL/Connect U.S. Finco LLC,
9.00%, 09/15/29(c)
USD250
233,750
ContourGlobal Power Holdings SA, 5.00%,
02/28/30(a)
EUR100
113,543
43
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United Kingdom (continued)
Deuce Finco PLC, 5.50%, 06/15/27(a)
GBP100
$131,184
Edge Finco PLC, 8.13%, 08/15/31(a)
GBP100
134,924
eG Global Finance PLC
11.00%, 11/30/28(a)
EUR100
125,319
12.00%, 11/30/28(c)
USD125
137,564
Gatwick Airport Finance PLC, 4.38%, 04/07/26(a)
GBP100
130,485
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.38%, 01/15/29(c)
USD200
176,491
8.75%, 01/15/32(c)
USD25
20,026
Heathrow Finance PLC, 4.38%, 03/01/27(a)(i)
GBP100
126,788
Howden U.K. Refinance PLC/Howden U.K.
Refinance 2 PLC/Howden U.S. Refinance LLC
7.25%, 02/15/31(c)
USD130
133,553
8.13%, 02/15/32(c)
USD65
65,731
Iceland Bondco PLC, 10.88%, 12/15/27(a)
GBP100
140,864
Ineos Quattro Finance 2 PLC
6.75%, 04/15/30(a)
EUR100
101,442
8.50%, 03/15/29(a)
EUR100
108,119
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27(c)
USD50
47,600
5.88%, 01/15/28(c)
USD105
103,529
6.88%, 11/15/26(a)
EUR100
117,793
Jerrold Finco PLC, 5.25%, 01/15/27(a)
GBP100
131,016
Market Bidco Finco PLC, 5.50%, 11/04/27(a)
GBP100
126,636
Merlin Entertainments Group U.S. Holdings Inc.,
7.38%, 02/15/31(c)
USD50
45,933
Metro Bank Holdings PLC, 12.00%, 04/30/29,
(1-year UK Government Bond + 7.814%)(a)(b)
GBP100
146,683
Mobico Group PLC, 4.88%, 09/26/31(a)
EUR100
107,467
Motion Bondco DAC, 6.63%, 11/15/27(c)
USD50
47,191
Motion Finco SARL
7.38%, 06/15/30(a)
EUR100
109,946
8.38%, 02/15/32(c)
USD50
47,083
NGG Finance PLC, 2.13%, 09/05/82,
(5-year EUR Swap + 2.532%)(a)(b)
EUR100
109,621
Nomad Foods Bondco PLC, 2.50%, 06/24/28(a)
EUR100
108,848
Ocado Group PLC, 3.88%, 10/08/26(a)
GBP100
130,898
Odeon Finco PLC, 12.75%, 11/01/27(c)
USD50
50,779
OEG Finance PLC, 7.25%, 09/27/29(a)
EUR100
114,334
Pinnacle Bidco PLC, 10.00%, 10/11/28(a)
GBP100
140,964
Playtech PLC, 5.88%, 06/28/28(a)
EUR100
116,755
Project Grand U.K. PLC, 9.00%, 06/01/29(a)
EUR100
118,881
Punch Finance PLC, 6.13%, 06/30/26(a)
GBP100
131,825
RAY Financing LLC, 6.50%, 07/15/31(a)
EUR100
116,828
Thames Water Super Senior Issuer PLC, 9.75%,
10/10/27(a)
GBP11
15,707
Thames Water Utilities Finance PLC
1.25%, 01/31/34(a)
EUR100
78,365
2.63%, 01/24/34(a)
GBP100
92,776
2.88%, 05/03/29(a)
GBP100
17,020
4.00%, 04/18/29(a)
EUR100
80,057
4.38%, 01/18/33(a)
EUR100
79,896
Thames Water Utilities Ltd., 0.00%, 03/22/27(a)(j)
GBP2
2,525
TVL Finance PLC, 10.25%, 04/28/28(a)
GBP100
134,173
Very Group Funding PLC (The), 6.50%,
08/01/26(a)
GBP100
132,135
Victoria PLC, 3.63%, 08/24/26(a)
EUR100
109,625
Virgin Media Finance PLC, 5.00%, 07/15/30(c)
USD125
109,364
Virgin Media Secured Finance PLC
4.13%, 08/15/30(a)
GBP100
117,185
4.25%, 01/15/30(a)
GBP150
179,321
Security
Par
(000
)
Value
United Kingdom (continued)
4.50%, 08/15/30(c)
USD115
$103,471
5.50%, 05/15/29(c)
USD200
192,828
Virgin Media Vendor Financing Notes III DAC,
4.88%, 07/15/28(a)
GBP100
124,722
Virgin Media Vendor Financing Notes IV DAC,
5.00%, 07/15/28(c)
USD75
72,656
Vmed O2 U.K. Financing I PLC
3.25%, 01/31/31(a)
EUR150
157,353
4.00%, 01/31/29(a)
GBP100
122,014
4.25%, 01/31/31(c)
USD150
130,732
4.75%, 07/15/31(c)
USD160
140,600
5.63%, 04/15/32(a)
EUR100
113,019
7.75%, 04/15/32(c)
USD100
100,733
Vodafone Group PLC
2.63%, 08/27/80,
(5-year EUR Swap + 3.002%)(a)(b)
EUR100
112,105
3.00%, 08/27/80,
(5-year EUR Swap + 3.477%)(a)(b)
EUR100
105,638
3.25%, 06/04/81, (5-year CMT + 2.447%)(b)
USD40
38,559
4.13%, 06/04/81, (5-year CMT + 2.767%)(b)
USD170
150,501
4.20%, 10/03/78,
(5-year EUR Swap + 3.427%)(a)(b)
EUR100
114,594
6.50%, 08/30/84,
(5-year EUR Swap + 3.489%)(a)(b)
EUR150
183,370
7.00%, 04/04/79,
(5-year USD Swap + 4.873%)(b)
USD240
246,571
8.00%, 08/30/86, (5-year UK Government Bond
+ 3.837%)(a)(b)
GBP100
143,083
Zegona Finance PLC, 6.75%, 07/15/29(a)
EUR125
149,367
 
10,199,775
United States — 63.8%
1261229 BC Ltd., 10.00%, 04/15/32(c)
USD350
343,437
Acadia Healthcare Co. Inc.
5.00%, 04/15/29(c)(d)
USD58
54,798
5.50%, 07/01/28(c)(d)
USD33
32,222
7.38%, 03/15/33(c)(d)
USD65
64,908
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29(c)
USD95
88,840
6.00%, 08/01/29(c)
USD60
57,005
7.50%, 11/06/30(c)
USD135
137,383
8.25%, 02/01/29(c)
USD125
127,471
8.50%, 06/15/29(c)
USD60
62,066
AdaptHealth LLC
4.63%, 08/01/29(c)
USD85
75,898
5.13%, 03/01/30(c)
USD60
53,568
Adient Global Holdings Ltd.
7.00%, 04/15/28(c)
USD50
50,286
7.50%, 02/15/33(c)(d)
USD95
90,012
8.25%, 04/15/31(c)(d)
USD55
54,450
ADT Security Corp. (The), 4.13%, 08/01/29(c)
USD135
127,379
Advance Auto Parts Inc., 3.90%, 04/15/30(d)
USD50
44,977
AES Corp. (The)
6.95%, 07/15/55, (5-year CMT + 2.890%)(b)
USD75
69,930
7.60%, 01/15/55, (5-year CMT + 3.201%)(b)
USD115
113,888
Aethon United BR LP/Aethon United Finance
Corp., 7.50%, 10/01/29(c)
USD135
135,141
AG Issuer LLC, 6.25%, 03/01/28(c)
USD65
64,064
AG TTMT Escrow Issuer LLC, 8.63%,
09/30/27(c)(d)
USD90
92,609
Schedule of Investments
44
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC
3.50%, 03/15/29(c)
USD185
$172,050
4.63%, 01/15/27(c)
USD190
187,838
4.88%, 02/15/30(c)
USD110
106,300
5.88%, 02/15/28(c)
USD90
89,975
6.25%, 03/15/33(c)(d)
USD75
75,941
6.50%, 02/15/28(c)(d)
USD85
86,331
Alcoa Nederland Holding BV
4.13%, 03/31/29(c)
USD50
46,448
6.13%, 05/15/28(c)
USD50
49,812
7.13%, 03/15/31(c)
USD100
102,900
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer
4.25%, 10/15/27(c)
USD75
72,319
5.88%, 11/01/29(c)
USD55
52,976
6.50%, 10/01/31(c)
USD125
124,687
6.75%, 10/15/27(c)
USD155
154,339
6.75%, 04/15/28(c)
USD135
136,012
7.00%, 01/15/31(c)
USD155
157,306
7.38%, 10/01/32(c)
USD115
115,999
Allied Universal Holdco LLC, 7.88%, 02/15/31(c)
USD315
321,564
Allied Universal Holdco LLC/Allied Universal
Finance Corp.
6.00%, 06/01/29(c)(d)
USD100
93,883
9.75%, 07/15/27(c)
USD115
115,415
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 SARL
3.63%, 06/01/28(a)
EUR100
109,045
4.63%, 06/01/28(c)
USD250
239,931
Allison Transmission Inc.
3.75%, 01/30/31(c)
USD95
85,368
4.75%, 10/01/27(c)
USD55
53,929
5.88%, 06/01/29(c)
USD65
64,898
Ally Financial Inc.
6.65%, 01/17/40, (5-year CMT + 2.450%)(b)
USD60
57,021
6.70%, 02/14/33(d)
USD75
74,513
Alpha Generation LLC, 6.75%, 10/15/32(c)
USD120
122,122
Alumina Pty. Ltd.
6.13%, 03/15/30(c)
USD75
73,996
6.38%, 09/15/32(c)
USD50
48,684
AMC Entertainment Holdings Inc.
7.50%, 02/15/29(c)
USD105
72,427
10.00%, 06/15/26,
(10.00% Cash or 12.00% PIK)(c)(d)(h)
USD100
98,304
AMC Networks Inc.
4.25%, 02/15/29(d)
USD120
87,886
10.25%, 01/15/29(c)(d)
USD125
128,819
Amentum Holdings Inc., 7.25%, 08/01/32(c)(d)
USD125
127,187
American Airlines Inc.
7.25%, 02/15/28(c)(d)
USD90
88,875
8.50%, 05/15/29(c)(d)
USD140
142,154
American Airlines Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(c)(d)
USD375
362,824
American Axle & Manufacturing Inc.
5.00%, 10/01/29
USD60
52,650
6.50%, 04/01/27(d)
USD70
68,017
6.88%, 07/01/28(d)
USD50
48,125
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29(c)
USD35
32,254
4.00%, 01/15/28(c)
USD90
86,737
Security
Par
(000
)
Value
United States (continued)
AmeriGas Partners LP/AmeriGas Finance Corp.
5.75%, 05/20/27
USD60
$57,257
5.88%, 08/20/26
USD70
69,125
9.38%, 06/01/28(c)
USD65
64,594
AmWINS Group Inc.
4.88%, 06/30/29(c)
USD100
94,828
6.38%, 02/15/29(c)
USD70
70,623
Antero Midstream Partners LP/Antero Midstream
Finance Corp.
5.38%, 06/15/29(c)
USD80
77,911
5.75%, 03/01/27(c)
USD80
79,680
5.75%, 01/15/28(c)
USD80
79,514
6.63%, 02/01/32(c)
USD65
65,684
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/30(c)(d)
USD190
167,929
Anywhere Real Estate Group LLC/Realogy
Co-Issuer Corp.
5.25%, 04/15/30(c)
USD5
3,663
5.75%, 01/15/29(c)(d)
USD26
20,345
Aptiv PLC/Aptiv Global Financing DAC, 6.88%,
12/15/54, (5-year CMT + 3.385%)(b)
USD85
79,490
Aramark Services Inc., 5.00%, 02/01/28(c)
USD135
132,675
Arches Buyer Inc.
4.25%, 06/01/28(c)
USD115
108,233
6.13%, 12/01/28(c)
USD75
67,242
Archrock Partners LP/Archrock Partners
Finance Corp.
6.25%, 04/01/28(c)
USD75
74,759
6.63%, 09/01/32(c)
USD75
74,460
6.88%, 04/01/27(c)
USD22
21,956
Arcosa Inc.
4.38%, 04/15/29(c)
USD50
47,081
6.88%, 08/15/32(c)
USD50
50,938
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28(a)
EUR100
103,828
3.25%, 09/01/28(c)
USD75
68,603
4.00%, 09/01/29(c)
USD100
86,970
6.00%, 06/15/27(c)
USD75
74,719
Ardagh Packaging Finance PLC/Ardagh Holdings
USA Inc.
2.13%, 08/15/26(a)
EUR100
100,316
4.13%, 08/15/26(c)
USD110
97,075
4.75%, 07/15/27(a)
GBP100
63,688
5.25%, 08/15/27(c)
USD100
45,894
Aretec Group Inc.
7.50%, 04/01/29(c)(d)
USD50
48,826
10.00%, 08/15/30(c)
USD70
75,357
Arsenal AIC Parent LLC
8.00%, 10/01/30(c)
USD75
77,522
11.50%, 10/01/31(c)
USD60
65,885
Asbury Automotive Group Inc.
4.50%, 03/01/28
USD51
49,299
4.63%, 11/15/29(c)(d)
USD95
89,328
4.75%, 03/01/30
USD60
56,100
5.00%, 02/15/32(c)
USD70
63,809
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29(c)
USD75
72,690
6.63%, 10/15/32(c)
USD70
68,833
8.25%, 12/31/28(c)
USD25
25,315
45
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Ashland Services BV, 2.00%, 01/30/28(a)
EUR100
$107,325
Ashton Woods USA LLC/Ashton Woods Finance
Co., 4.63%, 04/01/30(c)
USD30
27,458
ASP Unifrax Holdings Inc.
7.10%, 09/30/29,
(5.85% Cash and 1.25% PIK)(c)(h)
USD57
22,800
10.43%, 09/30/29,
(10.43% Cash and 11.18% PIK)(c)(h)
USD139
124,763
AssuredPartners Inc.
5.63%, 01/15/29(c)
USD50
49,859
7.50%, 02/15/32(c)
USD100
106,354
AthenaHealth Group Inc., 6.50%, 02/15/30(c)
USD290
276,892
ATI Inc., 7.25%, 08/15/30
USD60
62,179
Avantor Funding Inc.
3.88%, 11/01/29(c)
USD95
87,753
4.63%, 07/15/28(c)
USD180
173,004
Avient Corp.
6.25%, 11/01/31(c)
USD85
83,964
7.13%, 08/01/30(c)
USD75
76,309
Avis Budget Car Rental LLC/Avis Budget
Finance Inc.
4.75%, 04/01/28(c)(d)
USD50
46,500
5.38%, 03/01/29(c)
USD95
87,114
5.75%, 07/15/27(c)
USD40
39,011
8.00%, 02/15/31(c)
USD50
49,523
8.25%, 01/15/30(c)(d)
USD80
79,816
Avis Budget Finance PLC, 7.00%, 02/28/29(a)
EUR100
111,611
Axalta Coating Systems Dutch Holding B BV,
7.25%, 02/15/31(c)
USD75
77,719
Axalta Coating Systems LLC, 3.38%, 02/15/29(c)
USD75
69,395
Axalta Coating Systems LLC/Axalta Coating
Systems Dutch Holding B BV, 4.75%,
06/15/27(c)
USD50
49,260
Axon Enterprise Inc.
6.13%, 03/15/30(c)
USD120
122,550
6.25%, 03/15/33(c)
USD95
96,900
B&G Foods Inc.
5.25%, 09/15/27(d)
USD80
75,019
8.00%, 09/15/28(c)
USD95
94,525
Ball Corp.
1.50%, 03/15/27
EUR100
109,778
2.88%, 08/15/30
USD175
155,106
3.13%, 09/15/31(d)
USD90
78,687
6.00%, 06/15/29
USD160
163,160
6.88%, 03/15/28
USD90
92,199
Bath & Body Works Inc.
5.25%, 02/01/28
USD65
64,521
6.63%, 10/01/30(c)(d)
USD80
81,351
7.50%, 06/15/29(d)
USD65
66,509
Bausch & Lomb Corp., 8.38%, 10/01/28(c)(d)
USD165
171,402
Bausch Health Companies Inc.
4.88%, 06/01/28(c)
USD225
182,312
5.25%, 01/30/30(c)
USD75
43,641
5.25%, 02/15/31(c)
USD50
27,102
6.25%, 02/15/29(c)
USD125
81,875
11.00%, 09/30/28(c)
USD264
248,266
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27,
(7.75% PIK)(c)(h)
USD50
48,351
Beacon Roofing Supply Inc., 6.75%, 04/30/32(c)
USD280
280,700
Belden Inc., 3.38%, 07/15/31(a)
EUR100
107,688
Berry Global Inc., 5.63%, 07/15/27(c)
USD55
54,969
Security
Par
(000
)
Value
United States (continued)
Block Inc.
2.75%, 06/01/26
USD125
$121,779
3.50%, 06/01/31
USD105
93,187
6.50%, 05/15/32(c)
USD285
290,190
Blue Racer Midstream LLC/Blue Racer
Finance Corp.
7.00%, 07/15/29(c)
USD45
45,651
7.25%, 07/15/32(c)
USD75
76,649
Boost Newco Borrower LLC, 7.50%, 01/15/31(c)
USD250
263,589
Boyd Gaming Corp.
4.75%, 12/01/27
USD120
117,619
4.75%, 06/15/31(c)
USD100
93,085
Brand Industrial Services Inc., 10.38%, 08/01/30(c)
USD155
147,250
Brandywine Operating Partnership LP
3.95%, 11/15/27
USD50
47,119
8.88%, 04/12/29
USD65
68,153
Bread Financial Holdings Inc.
8.38%, 06/15/35, (5-year CMT + 4.300%)(b)(c)
USD90
84,251
9.75%, 03/15/29(c)
USD100
105,062
Brightline East LLC, 11.00%, 01/31/30(c)
USD175
143,156
Brink's Co. (The)
4.63%, 10/15/27(c)
USD60
58,892
6.50%, 06/15/29(c)
USD60
61,135
6.75%, 06/15/32(c)(d)
USD45
46,069
Brookfield Property Finance ULC
4.00%, 09/30/26
CAD125
88,926
7.13%, 02/13/28
CAD100
74,543
Brookfield Property REIT Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LLC
4.50%, 04/01/27(c)
USD95
91,978
5.75%, 05/15/26(c)
USD66
65,368
Buckeye Partners LP
3.95%, 12/01/26
USD75
73,112
4.13%, 12/01/27
USD35
33,625
4.50%, 03/01/28(c)
USD75
72,094
6.75%, 02/01/30(c)
USD65
66,081
6.88%, 07/01/29(c)
USD60
60,844
Builders FirstSource Inc.
4.25%, 02/01/32(c)(d)
USD175
158,202
5.00%, 03/01/30(c)
USD80
76,700
6.38%, 06/15/32(c)
USD90
90,583
6.38%, 03/01/34(c)(d)
USD110
109,037
Burford Capital Global Finance LLC
6.25%, 04/15/28(c)
USD50
49,504
9.25%, 07/01/31(c)
USD75
78,956
Caesars Entertainment Inc.
4.63%, 10/15/29(c)(d)
USD140
129,325
6.00%, 10/15/32(c)(d)
USD125
117,556
6.50%, 02/15/32(c)
USD205
206,025
7.00%, 02/15/30(c)
USD230
235,531
8.13%, 07/01/27(c)(d)
USD63
63,151
Calpine Corp.
3.75%, 03/01/31(c)
USD110
101,484
4.50%, 02/15/28(c)
USD180
175,837
4.63%, 02/01/29(c)
USD90
86,994
5.00%, 02/01/31(c)
USD110
105,930
5.13%, 03/15/28(c)
USD150
148,154
Camelot Return Merger Sub Inc., 8.75%,
08/01/28(c)(d)
USD110
95,392
Carnival PLC, 1.00%, 10/28/29
EUR100
98,771
Schedule of Investments
46
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Carvana Co.
9.00%, 12/01/28, (9.00% PIK)(c)(h)
USD126
$129,641
13.00%, 06/01/30, (13.00% PIK)(c)(h)
USD185
195,940
14.00%, 06/01/31, (14.00% PIK)(c)(h)
USD225
246,287
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31(c)
USD400
360,960
4.25%, 01/15/34(c)(d)
USD260
219,017
4.50%, 08/15/30(c)
USD360
333,905
4.50%, 05/01/32
USD335
297,731
4.50%, 06/01/33(c)(d)
USD215
187,088
4.75%, 03/01/30(c)
USD360
340,121
4.75%, 02/01/32(c)(d)
USD145
131,044
5.00%, 02/01/28(c)
USD290
282,750
5.13%, 05/01/27(c)
USD405
399,211
5.38%, 06/01/29(c)
USD175
171,244
5.50%, 05/01/26(c)
USD70
69,913
6.38%, 09/01/29(c)(d)
USD160
161,360
7.38%, 03/01/31(c)
USD180
185,060
Cedar Fair LP/Canada's Wonderland Co./Magnum
Management Corp./Millennium Op
5.25%, 07/15/29
USD60
57,146
5.38%, 04/15/27
USD70
69,476
Celanese U.S. Holdings LLC
0.63%, 09/10/28
EUR100
98,059
5.00%, 04/15/31
EUR100
109,628
5.59%, 01/19/29
EUR100
115,786
6.42%, 07/15/27
USD202
203,525
6.50%, 04/15/30
USD70
68,348
6.58%, 07/15/29
USD100
100,852
6.60%, 11/15/28
USD100
101,002
6.63%, 07/15/32(d)
USD100
98,272
6.75%, 04/15/33(d)
USD130
121,786
6.80%, 11/15/30
USD125
124,947
6.95%, 11/15/33(d)
USD175
175,303
Central Garden & Pet Co.
4.13%, 10/15/30(d)
USD75
68,433
4.13%, 04/30/31(c)
USD40
36,009
Central Parent Inc./CDK Global Inc., 7.25%,
06/15/29(c)
USD100
85,904
Central Parent LLC/CDK Global II LLC/CDK
Financing Co. Inc., 8.00%, 06/15/29(c)(d)
USD90
79,481
Century Communities Inc.
3.88%, 08/15/29(c)
USD50
44,637
6.75%, 06/01/27
USD50
49,852
Charles River Laboratories International Inc.
3.75%, 03/15/29(c)(d)
USD35
32,025
4.00%, 03/15/31(c)
USD65
57,146
4.25%, 05/01/28(c)
USD75
71,323
Chart Industries Inc.
7.50%, 01/01/30(c)
USD164
170,150
9.50%, 01/01/31(c)
USD75
79,922
Chemours Co. (The)
4.63%, 11/15/29(c)
USD80
66,923
5.38%, 05/15/27
USD50
48,551
5.75%, 11/15/28(c)
USD105
95,081
8.00%, 01/15/33(c)(d)
USD20
18,023
Chobani Holdco II LLC, 8.75%, 10/01/29,
(8.75% PIK)(c)(h)
USD78
82,835
Chobani LLC/Chobani Finance Corp. Inc., 7.63%,
07/01/29(c)
USD50
52,277
Security
Par
(000
)
Value
United States (continued)
CHS/Community Health Systems Inc.
4.75%, 02/15/31(c)(d)
USD120
$98,700
5.25%, 05/15/30(c)
USD190
161,615
5.63%, 03/15/27(c)
USD205
199,875
6.00%, 01/15/29(c)(d)
USD90
83,908
6.13%, 04/01/30(c)(d)
USD150
102,031
6.88%, 04/01/28(c)
USD85
65,663
6.88%, 04/15/29(c)(d)
USD140
101,719
8.00%, 12/15/27(c)
USD109
109,054
10.88%, 01/15/32(c)(d)
USD285
294,470
Churchill Downs Inc.
4.75%, 01/15/28(c)
USD75
72,656
5.50%, 04/01/27(c)
USD75
74,339
5.75%, 04/01/30(c)(d)
USD170
166,353
6.75%, 05/01/31(c)(d)
USD80
80,845
Cinemark USA Inc.
5.25%, 07/15/28(c)(d)
USD110
107,814
7.00%, 08/01/32(c)(d)
USD40
40,883
CITGO Petroleum Corp.
6.38%, 06/15/26(c)
USD65
64,675
8.38%, 01/15/29(c)
USD110
109,897
Civitas Resources Inc.
5.00%, 10/15/26(c)
USD35
33,934
8.38%, 07/01/28(c)
USD205
201,412
8.63%, 11/01/30(c)(d)
USD125
120,275
8.75%, 07/01/31(c)(d)
USD155
147,250
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26(a)
EUR100
112,825
6.25%, 05/15/26(c)
USD49
48,964
6.75%, 05/15/28(c)(d)
USD125
126,684
6.75%, 02/15/30(c)(d)
USD70
71,125
8.50%, 05/15/27(c)(d)
USD195
195,731
Clarivate Science Holdings Corp.
3.88%, 07/01/28(c)
USD110
103,794
4.88%, 07/01/29(c)
USD160
145,250
Clean Harbors Inc.
4.88%, 07/15/27(c)(d)
USD100
97,750
6.38%, 02/01/31(c)
USD40
40,632
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27(c)(d)
USD155
150,108
7.50%, 06/01/29(c)(d)
USD125
102,344
7.75%, 04/15/28(c)(d)
USD135
112,050
7.88%, 04/01/30(c)(d)
USD115
115,144
9.00%, 09/15/28(c)
USD75
77,453
Clearway Energy Operating LLC
3.75%, 02/15/31(c)
USD95
84,671
4.75%, 03/15/28(c)
USD110
107,421
Cleveland-Cliffs Inc.
5.88%, 06/01/27(d)
USD45
44,405
6.75%, 04/15/30(c)(d)
USD75
72,174
6.88%, 11/01/29(c)(d)
USD160
154,825
7.00%, 03/15/32(c)(d)
USD170
159,963
7.38%, 05/01/33(c)(d)
USD95
89,445
7.50%, 09/15/31(c)(d)
USD105
101,694
Cloud Software Group Inc.
6.50%, 03/31/29(c)
USD505
505,000
8.25%, 06/30/32(c)(d)
USD245
255,259
9.00%, 09/30/29(c)(d)
USD445
448,866
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29(c)
USD65
65,528
6.75%, 04/15/32(c)
USD175
179,046
47
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
6.88%, 01/15/30(c)
USD60
$61,095
8.75%, 04/15/30(c)(d)
USD105
108,179
CMG Media Corp., 8.88%, 06/18/29(c)(d)
USD90
78,750
CNX Resources Corp.
6.00%, 01/15/29(c)
USD65
63,053
7.25%, 03/01/32(c)
USD50
49,963
7.38%, 01/15/31(c)
USD70
70,110
Cogent Communications Group LLC
3.50%, 05/01/26(c)
USD50
48,899
7.00%, 06/15/27(c)
USD50
50,000
Coinbase Global Inc.
3.38%, 10/01/28(c)
USD105
96,584
3.63%, 10/01/31(c)(d)
USD95
82,456
CommScope LLC
4.75%, 09/01/29(c)
USD87
76,845
7.13%, 07/01/28(c)
USD135
114,579
8.25%, 03/01/27(c)(d)
USD125
113,921
9.50%, 12/15/31(c)
USD50
51,125
CommScope Technologies LLC, 5.00%,
03/15/27(c)
USD90
78,300
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(c)
USD100
94,320
Comstock Resources Inc.
5.88%, 01/15/30(c)
USD110
99,550
6.75%, 03/01/29(c)
USD240
226,734
Consolidated Communications Inc.
5.00%, 10/01/28(c)
USD35
33,212
6.50%, 10/01/28(c)
USD85
83,300
Constellium SE
3.13%, 07/15/29(a)
EUR100
106,403
3.75%, 04/15/29(c)
USD50
45,937
Cooper-Standard Automotive Inc., 13.50%,
03/31/27, (13.50% Cash)(c)(h)
USD25
26,095
Cornerstone Building Brands Inc., 9.50%,
08/15/29(c)
USD45
39,150
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31(c)
USD150
144,187
7.50%, 12/15/33(c)
USD50
52,622
Credit Acceptance Corp.
6.63%, 03/15/30(c)
USD70
68,772
9.25%, 12/15/28(c)
USD60
63,525
Crescent Energy Finance LLC
7.38%, 01/15/33(c)
USD115
100,769
7.63%, 04/01/32(c)(d)
USD130
118,137
9.25%, 02/15/28(c)
USD150
151,590
Crown Americas LLC, 5.25%, 04/01/30
USD70
69,647
Crown Americas LLC/Crown Americas Capital
Corp. V, 4.25%, 09/30/26
USD35
34,463
Crown European Holdings SACA
4.50%, 01/15/30(a)
EUR100
115,974
4.75%, 03/15/29(a)
EUR100
117,118
CSC Holdings LLC
3.38%, 02/15/31(c)
USD150
100,125
4.13%, 12/01/30(c)
USD125
85,625
4.50%, 11/15/31(c)
USD200
136,000
4.63%, 12/01/30(c)
USD275
127,187
5.00%, 11/15/31(c)
USD60
26,750
5.38%, 02/01/28(c)
USD125
109,219
5.50%, 04/15/27(c)
USD150
139,219
5.75%, 01/15/30(c)
USD300
150,375
6.50%, 02/01/29(c)
USD200
163,500
Security
Par
(000
)
Value
United States (continued)
7.50%, 04/01/28(c)
USD125
$91,562
11.25%, 05/15/28(c)
USD125
121,810
11.75%, 01/31/29(c)
USD250
235,937
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28(c)(d)
USD75
75,188
8.88%, 09/01/31(c)(d)
USD40
42,800
CVR Energy Inc.
5.75%, 02/15/28(c)
USD45
40,866
8.50%, 01/15/29(c)
USD75
68,875
CVS Health Corp.
6.75%, 12/10/54, (5-year CMT + 2.516%)(b)
USD100
99,550
7.00%, 03/10/55, (5-year CMT + 2.886%)(b)
USD275
277,819
Dana Financing Luxembourg SARL, 8.50%,
07/15/31(a)
EUR100
121,596
Dana Inc.
4.25%, 09/01/30
USD50
45,973
5.38%, 11/15/27
USD40
39,750
5.63%, 06/15/28(d)
USD55
54,361
Darling Global Finance BV, 3.63%, 05/15/26(a)
EUR100
112,805
Darling Ingredients Inc.
5.25%, 04/15/27(c)
USD50
49,384
6.00%, 06/15/30(c)(d)
USD130
129,472
DaVita Inc.
3.75%, 02/15/31(c)
USD175
153,769
4.63%, 06/01/30(c)
USD365
339,197
6.88%, 09/01/32(c)
USD110
110,962
Delek Logistics Partners LP/Delek Logistics
Finance Corp.
7.13%, 06/01/28(c)
USD50
49,375
8.63%, 03/15/29(c)
USD125
128,679
Directv Financing LLC, 8.88%, 02/01/30(c)(d)
USD95
90,630
Directv Financing LLC/Directv Financing
Co-Obligor Inc.
5.88%, 08/15/27(c)
USD450
435,121
10.00%, 02/15/31(c)
USD260
247,650
DISH DBS Corp.
5.25%, 12/01/26(c)
USD360
327,600
5.75%, 12/01/28(c)
USD350
294,000
7.38%, 07/01/28(d)
USD130
87,230
7.75%, 07/01/26
USD225
195,197
5.13%, 06/01/29(d)
USD175
109,484
DISH Network Corp., 11.75%, 11/15/27(c)
USD413
434,285
Diversified Healthcare Trust
4.38%, 03/01/31(d)
USD65
50,243
4.75%, 02/15/28
USD60
53,651
DPL Inc., 4.35%, 04/15/29
USD40
37,950
DT Midstream Inc.
4.13%, 06/15/29(c)
USD135
126,619
4.38%, 06/15/31(c)
USD115
105,800
EchoStar Corp.
6.75%, 11/30/30, (6.75% PIK)(h)
USD275
256,523
Series ., 10.75%, Series ., 11/30/29
USD701
741,367
Edgewell Personal Care Co.
4.13%, 04/01/29(c)
USD75
69,985
5.50%, 06/01/28(c)
USD80
78,337
Edison International
7.88%, 06/15/54, (5-year CMT + 3.658%)(b)
USD60
56,304
8.13%, 06/15/53, (5-year CMT + 3.864%)(b)(d)
USD50
47,750
EMRLD Borrower LP/Emerald Co-Issuer Inc.
6.38%, 12/15/30(a)
EUR100
116,971
6.63%, 12/15/30(c)
USD335
339,985
Schedule of Investments
48
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
6.75%, 07/15/31(c)
USD75
$76,313
Encino Acquisition Partners Holdings LLC
8.50%, 05/01/28(c)
USD75
75,094
8.75%, 05/01/31(c)
USD45
45,675
Encompass Health Corp.
4.50%, 02/01/28
USD90
88,452
4.63%, 04/01/31(d)
USD65
61,876
4.75%, 02/01/30(d)
USD80
77,655
Encore Capital Group Inc.
8.50%, 05/15/30(c)
USD50
51,866
9.25%, 04/01/29(c)
USD70
73,891
Endo Finance Holdings Inc., 8.50%, 04/15/31(c)(d)
USD130
135,094
Energizer Gamma Acquisition BV, 3.50%,
06/30/29(a)
EUR100
105,076
Energizer Holdings Inc.
4.38%, 03/31/29(c)
USD90
83,825
4.75%, 06/15/28(c)
USD85
81,838
Energy Transfer LP
7.13%, 10/01/54, (5-year CMT + 2.829%)(b)(d)
USD50
49,466
8.00%, 05/15/54, (5-year CMT + 4.020%)(b)
USD90
93,150
Entegris Inc.
3.63%, 05/01/29(c)
USD35
32,221
4.38%, 04/15/28(c)
USD50
48,159
4.75%, 04/15/29(c)
USD200
194,187
5.95%, 06/15/30(c)(d)
USD100
99,503
EQT Corp.
4.50%, 01/15/29(c)(d)
USD74
71,727
4.75%, 01/15/31(c)(d)
USD110
106,200
6.38%, 04/01/29(c)
USD75
76,672
7.50%, 06/01/27(c)
USD40
40,604
7.50%, 06/01/30(c)(d)
USD50
53,760
EquipmentShare.com Inc.
8.00%, 03/15/33(c)
USD70
68,961
8.63%, 05/15/32(c)(d)
USD70
71,349
9.00%, 05/15/28(c)(d)
USD120
122,100
EUSHI Finance Inc., 7.63%, 12/15/54,
(5-year CMT + 3.136%)(b)
USD50
50,194
Fair Isaac Corp.
4.00%, 06/15/28(c)
USD100
95,669
5.25%, 05/15/26(c)
USD35
34,951
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26(c)
USD65
63,213
5.88%, 04/01/29(c)
USD95
82,503
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co. Inc.
4.63%, 01/15/29(c)
USD125
116,211
6.75%, 01/15/30(c)(d)
USD155
135,199
FirstCash Inc.
4.63%, 09/01/28(c)
USD75
72,339
5.63%, 01/01/30(c)
USD45
44,215
6.88%, 03/01/32(c)
USD65
66,447
Focus Financial Partners LLC, 6.75%, 09/15/31(c)
USD120
120,450
Fortress Transportation and Infrastructure
Investors LLC
5.88%, 04/15/33(c)
USD60
57,435
7.00%, 05/01/31(c)(d)
USD83
84,574
7.00%, 06/15/32(c)
USD90
91,181
7.88%, 12/01/30(c)
USD75
78,242
5.50%, 05/01/28(c)
USD125
122,812
Freedom Mortgage Corp.
6.63%, 01/15/27(c)
USD110
109,037
Security
Par
(000
)
Value
United States (continued)
7.63%, 05/01/26(c)
USD45
$44,986
12.00%, 10/01/28(c)
USD100
107,029
12.25%, 10/01/30(c)
USD50
54,927
Freedom Mortgage Holdings LLC
8.38%, 04/01/32(c)(d)
USD85
82,981
9.13%, 05/15/31(c)
USD95
95,737
9.25%, 02/01/29(c)
USD130
132,443
Frontier Communications Holdings LLC
5.00%, 05/01/28(c)
USD240
237,490
5.88%, 10/15/27(c)
USD135
134,872
5.88%, 11/01/29
USD75
74,824
6.00%, 01/15/30(c)
USD120
120,336
6.75%, 05/01/29(c)
USD120
120,473
8.63%, 03/15/31(c)
USD100
105,944
8.75%, 05/15/30(c)
USD175
183,145
FXI Holdings Inc.
12.25%, 11/15/26(c)
USD109
96,317
12.25%, 11/15/26(c)
USD74
65,620
Gap Inc. (The)
3.63%, 10/01/29(c)
USD80
72,312
3.88%, 10/01/31(c)(d)
USD94
81,141
Gen Digital Inc.
6.25%, 04/01/33(c)
USD105
104,721
6.75%, 09/30/27(c)
USD115
116,869
7.13%, 09/30/30(c)(d)
USD65
66,859
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28
USD65
64,706
7.88%, 05/15/32
USD110
107,040
8.00%, 05/15/33(d)
USD65
63,047
8.25%, 01/15/29
USD70
71,042
8.88%, 04/15/30
USD55
56,238
GEO Group Inc. (The)
8.63%, 04/15/29
USD85
89,244
10.25%, 04/15/31
USD60
65,562
Glatfelter Corp., 4.75%, 11/15/29(c)(d)
USD50
43,435
Global Atlantic Fin Co.
4.70%, 10/15/51, (5-year CMT + 3.796%)(b)(c)
USD95
90,488
7.95%, 10/15/54, (5-year CMT + 3.608%)(b)(c)
USD100
101,773
Global Partners LP/GLP Finance Corp.
7.00%, 08/01/27(d)
USD50
49,619
8.25%, 01/15/32(c)
USD55
55,884
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29(c)
USD95
88,455
5.25%, 12/01/27(c)
USD60
59,357
Goodyear Europe BV, 2.75%, 08/15/28(a)
EUR100
106,848
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27
USD110
108,169
5.00%, 05/31/26
USD65
64,594
5.00%, 07/15/29(d)
USD95
89,831
5.25%, 04/30/31(d)
USD70
65,258
5.25%, 07/15/31(d)
USD90
83,768
5.63%, 04/30/33(d)
USD65
59,892
Graphic Packaging International LLC
3.50%, 03/15/28(c)
USD35
32,944
3.75%, 02/01/30(c)
USD55
50,325
6.38%, 07/15/32(c)(d)
USD70
70,438
Gray Television Inc.
4.75%, 10/15/30(c)(d)
USD110
66,000
5.38%, 11/15/31(c)
USD145
86,094
7.00%, 05/15/27(c)
USD50
48,650
10.50%, 07/15/29(c)(d)
USD170
174,512
49
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Group 1 Automotive Inc.
4.00%, 08/15/28(c)
USD75
$71,250
6.38%, 01/15/30(c)
USD50
50,478
H&E Equipment Services Inc., 3.88%, 12/15/28(c)
USD200
199,312
Hanesbrands Inc., 9.00%, 02/15/31(c)(d)
USD60
62,175
Harvest Midstream I LP
7.50%, 09/01/28(c)
USD75
75,773
7.50%, 05/15/32(c)
USD70
71,228
Helios Software Holdings Inc./ION Corporate
Solutions Finance SARL
7.88%, 05/01/29(a)
EUR100
112,651
8.75%, 05/01/29(c)
USD50
48,619
Herc Holdings Inc.
5.50%, 07/15/27(c)
USD135
133,181
6.63%, 06/15/29(c)(d)
USD115
113,626
Hertz Corp. (The)
4.63%, 12/01/26(c)
USD70
58,538
5.00%, 12/01/29(c)(d)
USD125
77,285
12.63%, 07/15/29(c)(d)
USD150
145,875
Hess Midstream Operations LP
4.25%, 02/15/30(c)
USD95
89,029
5.13%, 06/15/28(c)
USD70
68,558
5.50%, 10/15/30(c)(d)
USD40
39,068
5.88%, 03/01/28(c)
USD125
125,192
6.50%, 06/01/29(c)(d)
USD65
66,012
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29(c)
USD55
51,030
6.00%, 04/15/30(c)
USD70
63,700
6.00%, 02/01/31(c)
USD80
71,400
6.25%, 11/01/28(c)
USD85
82,078
6.25%, 04/15/32(c)
USD60
51,769
6.88%, 05/15/34(c)
USD90
76,556
7.25%, 02/15/35(c)
USD115
99,727
8.38%, 11/01/33(c)
USD55
52,211
Hillenbrand Inc., 6.25%, 02/15/29(d)
USD55
54,714
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32(c)
USD170
150,664
3.75%, 05/01/29(c)
USD100
93,858
4.00%, 05/01/31(c)
USD175
160,428
4.88%, 01/15/30
USD130
127,010
5.75%, 05/01/28(c)
USD45
44,974
5.88%, 04/01/29(c)
USD65
65,650
5.88%, 03/15/33(c)
USD110
109,887
6.13%, 04/01/32(c)
USD60
60,940
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Esc
4.88%, 07/01/31(c)(d)
USD50
43,500
5.00%, 06/01/29(c)
USD110
101,567
6.63%, 01/15/32(c)
USD100
97,872
Hilton Worldwide Finance LLC/Hilton Worldwide
Finance Corp., 4.88%, 04/01/27(d)
USD60
59,620
HLF Financing SARL LLC/Herbalife
International Inc.
4.88%, 06/01/29(c)(d)
USD75
57,750
12.25%, 04/15/29(c)
USD100
106,355
Hologic Inc.
3.25%, 02/15/29(c)
USD100
92,903
4.63%, 02/01/28(c)
USD50
49,078
Howard Hughes Corp. (The)
4.13%, 02/01/29(c)
USD90
82,163
Security
Par
(000
)
Value
United States (continued)
4.38%, 02/01/31(c)
USD65
$57,641
5.38%, 08/01/28(c)
USD75
72,375
Howard Midstream Energy Partners LLC
7.38%, 07/15/32(c)(d)
USD80
81,288
8.88%, 07/15/28(c)
USD50
51,956
HUB International Ltd.
5.63%, 12/01/29(c)(d)
USD65
63,395
7.25%, 06/15/30(c)
USD430
445,131
7.38%, 01/31/32(c)
USD230
236,134
Hudson Pacific Properties LP
3.25%, 01/15/30(d)
USD60
39,724
3.95%, 11/01/27
USD50
43,444
4.65%, 04/01/29(d)
USD50
35,803
Hughes Satellite Systems Corp.
5.25%, 08/01/26(d)
USD75
69,885
6.63%, 08/01/26(d)
USD110
89,322
Icahn Enterprises LP/Icahn Enterprises
Finance Corp.
4.38%, 02/01/29
USD85
70,763
5.25%, 05/15/27
USD192
182,744
6.25%, 05/15/26
USD88
87,714
9.00%, 06/15/30(d)
USD90
84,642
9.75%, 01/15/29
USD100
98,700
10.00%, 11/15/29(c)(d)
USD55
53,763
IGT Lottery Holdings BV, 4.25%, 03/15/30(a)
EUR100
115,161
iHeartCommunications Inc.
7.75%, 08/15/30(c)
USD77
55,350
9.13%, 05/01/29(c)(d)
USD71
54,840
10.88%, 05/01/30(c)
USD96
40,320
Imola Merger Corp., 4.75%, 05/15/29(c)
USD225
214,740
Incora Top Holdco LLC, 6.00%, 01/31/33(k)
USD27
5,691
International Game Technology PLC
2.38%, 04/15/28(a)
EUR100
111,092
4.13%, 04/15/26(c)
USD75
74,027
5.25%, 01/15/29(c)
USD75
73,328
6.25%, 01/15/27(c)
USD85
85,141
IQVIA Inc.
2.25%, 03/15/29(a)
EUR100
106,666
2.88%, 06/15/28(a)
EUR200
220,038
5.00%, 10/15/26(c)
USD125
123,881
5.00%, 05/15/27(c)
USD120
118,986
6.50%, 05/15/30(c)
USD75
76,008
Iron Mountain Inc.
4.50%, 02/15/31(c)
USD155
143,297
4.88%, 09/15/27(c)
USD120
118,232
4.88%, 09/15/29(c)(d)
USD145
139,674
5.00%, 07/15/28(c)
USD50
48,839
5.25%, 03/15/28(c)
USD100
98,434
5.25%, 07/15/30(c)
USD145
140,438
5.63%, 07/15/32(c)(d)
USD60
58,125
6.25%, 01/15/33(c)
USD155
154,722
7.00%, 02/15/29(c)
USD100
102,731
Iron Mountain Information Management
Services Inc., 5.00%, 07/15/32(c)
USD105
98,175
ITT Holdings LLC, 6.50%, 08/01/29(c)
USD140
127,575
Jane Street Group/JSG Finance Inc.
4.50%, 11/15/29(c)
USD50
47,560
6.13%, 11/01/32(c)
USD215
211,350
6.75%, 05/01/33(c)
USD170
170,811
7.13%, 04/30/31(c)
USD185
190,807
Jazz Securities DAC, 4.38%, 01/15/29(c)
USD180
170,695
Schedule of Investments
50
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/28(c)
USD150
$139,091
6.63%, 10/15/31(c)
USD75
73,429
Jefferson Capital Holdings LLC, 8.25%,
05/15/30(c)
USD35
35,088
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(c)(d)
USD240
221,220
Kaiser Aluminum Corp.
4.50%, 06/01/31(c)(d)
USD60
53,886
4.63%, 03/01/28(c)
USD50
47,975
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution Inc., 9.00%,
02/15/29(c)(d)
USD120
122,850
Kennedy-Wilson Inc.
4.75%, 03/01/29
USD55
49,242
4.75%, 02/01/30(d)
USD75
65,564
5.00%, 03/01/31
USD96
81,873
KFC Holding Co./Pizza Hut Holdings LLC/Taco
Bell of America LLC, 4.75%, 06/01/27(c)
USD100
99,577
Kinetik Holdings LP
5.88%, 06/15/30(c)(d)
USD120
117,000
6.63%, 12/15/28(c)(d)
USD115
115,833
LABL Inc.
5.88%, 11/01/28(c)
USD75
62,040
8.25%, 11/01/29(c)(d)
USD105
71,006
8.63%, 10/01/31(c)(d)
USD100
81,750
10.50%, 07/15/27(c)(d)
USD70
62,923
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp.
4.25%, 02/01/27(c)
USD70
68,176
4.75%, 06/15/29(c)
USD78
74,710
7.00%, 07/15/31(c)
USD65
66,981
Lamar Media Corp.
3.63%, 01/15/31
USD55
49,769
3.75%, 02/15/28
USD75
71,513
4.00%, 02/15/30(d)
USD60
55,961
4.88%, 01/15/29
USD55
53,444
Lamb Weston Holdings Inc.
4.13%, 01/31/30(c)
USD115
107,718
4.38%, 01/31/32(c)
USD70
63,981
4.88%, 05/15/28(c)
USD65
64,025
LBM Acquisition LLC, 6.25%, 01/15/29(c)(d)
USD105
91,870
LCM Investments Holdings II LLC
4.88%, 05/01/29(c)
USD100
94,552
8.25%, 08/01/31(c)(d)
USD105
109,315
LCPR Senior Secured Financing DAC
5.13%, 07/15/29(c)
USD75
55,219
6.75%, 10/15/27(c)
USD190
154,617
Level 3 Financing Inc.
3.88%, 10/15/30(c)(d)
USD60
47,322
4.00%, 04/15/31(c)(d)
USD90
69,732
4.50%, 04/01/30(c)
USD75
62,455
4.88%, 06/15/29(c)(d)
USD95
82,913
10.50%, 04/15/29(c)
USD75
83,115
10.50%, 05/15/30(c)
USD120
129,889
10.75%, 12/15/30(c)
USD100
110,875
11.00%, 11/15/29(c)
USD200
223,888
Levi Strauss & Co., 3.38%, 03/15/27
EUR100
112,189
LGI Homes Inc.
7.00%, 11/15/32(c)
USD60
55,350
8.75%, 12/15/28(c)
USD50
50,403
Security
Par
(000
)
Value
United States (continued)
Liberty Mutual Group Inc., 4.13%, 12/15/51,
(5-year CMT + 3.315%)(b)(c)
USD50
$47,299
LifePoint Health Inc.
5.38%, 01/15/29(c)(d)
USD70
63,197
8.38%, 02/15/32(c)
USD85
86,620
9.88%, 08/15/30(c)(d)
USD90
95,625
10.00%, 06/01/32(c)(d)
USD110
106,012
11.00%, 10/15/30(c)
USD125
136,998
Light & Wonder International Inc.
7.00%, 05/15/28(c)
USD80
80,053
7.25%, 11/15/29(c)
USD50
50,862
7.50%, 09/01/31(c)(d)
USD75
76,969
Lightning Power LLC, 7.25%, 08/15/32(c)
USD185
191,475
Lithia Motors Inc.
3.88%, 06/01/29(c)(d)
USD80
74,358
4.38%, 01/15/31(c)
USD50
45,875
4.63%, 12/15/27(c)
USD50
48,672
Live Nation Entertainment Inc.
3.75%, 01/15/28(c)
USD70
67,108
4.75%, 10/15/27(c)(d)
USD120
117,454
6.50%, 05/15/27(c)
USD135
136,524
Lumen Technologies Inc.
4.13%, 04/15/30(c)(d)
USD50
46,750
10.00%, 10/15/32(c)
USD56
55,860
Macy's Retail Holdings LLC
5.88%, 04/01/29(c)
USD26
24,633
5.88%, 03/15/30(c)(d)
USD40
37,176
6.13%, 03/15/32(c)(d)
USD45
40,453
Madison IAQ LLC
4.13%, 06/30/28(c)
USD75
71,417
5.88%, 06/30/29(c)(d)
USD130
122,850
Magnera Corp., 7.25%, 11/15/31(c)
USD95
89,784
Matador Resources Co.
6.25%, 04/15/33(c)
USD100
94,516
6.50%, 04/15/32(c)
USD105
101,053
6.88%, 04/15/28(c)
USD45
44,744
Match Group Holdings II LLC
3.63%, 10/01/31(c)
USD60
51,391
4.13%, 08/01/30(c)
USD60
53,907
4.63%, 06/01/28(c)
USD60
57,540
5.00%, 12/15/27(c)
USD75
73,728
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/27(c)
USD300
300,804
9.25%, 04/15/27(c)(d)
USD210
192,937
McAfee Corp., 7.38%, 02/15/30(c)(d)
USD260
224,575
McGraw-Hill Education Inc.
5.75%, 08/01/28(c)
USD125
122,290
7.38%, 09/01/31(c)(d)
USD75
76,637
8.00%, 08/01/29(c)
USD80
79,104
Medline Borrower LP
3.88%, 04/01/29(c)
USD605
564,565
5.25%, 10/01/29(c)(d)
USD290
275,500
Medline Borrower LP/Medline Co-Issuer Inc.,
6.25%, 04/01/29(c)
USD160
161,200
Methanex U.S. Operations Inc., 6.25%,
03/15/32(c)(d)
USD100
94,706
MGM Resorts International
4.63%, 09/01/26
USD57
56,376
4.75%, 10/15/28(d)
USD90
86,472
5.50%, 04/15/27
USD66
65,678
6.13%, 09/15/29(d)
USD135
134,284
51
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
6.50%, 04/15/32(d)
USD90
$88,317
Michaels Companies Inc. (The)
5.25%, 05/01/28(c)
USD115
60,341
7.88%, 05/01/29(c)
USD165
57,808
Midcap Financial Issuer Trust
5.63%, 01/15/30(c)
USD50
44,025
6.50%, 05/01/28(c)
USD115
109,792
Miter Brands Acquisition Holdco Inc./MIWD
Borrower LLC, 6.75%, 04/01/32(c)
USD75
74,823
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%,
02/01/30(c)(d)
USD75
67,594
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC
8.25%, 04/15/30(c)
USD90
89,920
11.88%, 04/15/31(c)
USD50
49,391
Molina Healthcare Inc.
3.88%, 11/15/30(c)
USD75
67,576
3.88%, 05/15/32(c)(d)
USD85
74,829
4.38%, 06/15/28(c)
USD130
124,798
6.25%, 01/15/33(c)(d)
USD75
74,243
MPH Acquisition Holdings LLC
5.75%, 12/31/30(c)(d)
USD89
70,975
6.75%, 03/31/31,
(6.00% Cash and 0.75% PIK)(c)(d)(h)
USD89
59,941
11.50%, 12/31/30,
(6.50% Cash and 5.00% PIK)(c)(h)
USD94
87,897
MPT Operating Partnership LP/MPT Finance Corp.
3.38%, 04/24/30
GBP125
106,471
3.50%, 03/15/31
USD110
72,940
4.63%, 08/01/29(d)
USD150
114,285
5.00%, 10/15/27
USD160
142,568
7.00%, 02/15/32(a)
EUR125
143,649
8.50%, 02/15/32(c)
USD190
193,227
Murphy Oil USA Inc.
3.75%, 02/15/31(c)
USD80
72,013
4.75%, 09/15/29
USD25
24,099
Nabors Industries Inc.
7.38%, 05/15/27(c)
USD95
89,537
8.88%, 08/15/31(c)(d)
USD75
50,663
9.13%, 01/31/30(c)(d)
USD70
63,111
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30(c)(d)
USD85
85,080
5.50%, 08/15/28(c)
USD100
99,145
5.75%, 11/15/31(c)
USD60
60,152
6.00%, 01/15/27(c)
USD65
65,016
6.50%, 08/01/29(c)
USD120
122,040
7.13%, 02/01/32(c)
USD120
124,565
Navient Corp.
4.88%, 03/15/28(d)
USD55
52,817
5.00%, 03/15/27
USD85
83,937
5.50%, 03/15/29(d)
USD90
85,297
6.75%, 06/15/26
USD50
50,297
9.38%, 07/25/30
USD45
47,802
11.50%, 03/15/31
USD100
111,171
NCL Corp. Ltd.
5.88%, 02/15/27(c)
USD120
119,406
6.75%, 02/01/32(c)(d)
USD215
209,625
7.75%, 02/15/29(c)
USD110
113,418
8.13%, 01/15/29(c)
USD100
104,585
NCL Finance Ltd., 6.13%, 03/15/28(d)
USD50
49,606
NCR Atleos Corp., 9.50%, 04/01/29(c)
USD150
160,879
Security
Par
(000
)
Value
United States (continued)
NCR Voyix Corp.
5.00%, 10/01/28(c)(d)
USD70
$67,865
5.13%, 04/15/29(c)
USD50
47,948
Neptune Bidco U.S. Inc., 9.29%, 04/15/29(c)(d)
USD335
298,150
Newell Brands Inc.
5.20%, 04/01/26
USD101
99,737
6.38%, 09/15/27(d)
USD35
34,241
6.38%, 05/15/30(d)
USD75
68,090
6.63%, 09/15/29
USD75
70,356
6.63%, 05/15/32(d)
USD60
53,850
Newfold Digital Holdings Group Inc.
6.00%, 02/15/29(c)
USD65
37,975
11.75%, 10/15/28(c)
USD55
30,680
Nexstar Media Inc.
4.75%, 11/01/28(c)(d)
USD120
113,217
5.63%, 07/15/27(c)
USD200
198,304
NextEra Energy Operating Partners LP
3.88%, 10/15/26(c)(d)
USD50
48,126
4.50%, 09/15/27(c)(d)
USD85
80,277
7.25%, 01/15/29(c)(d)
USD100
98,635
NFE Financing LLC, 12.00%, 11/15/29(c)
USD375
258,784
NGL Energy Operating LLC/NGL Energy
Finance Corp.
8.13%, 02/15/29(c)
USD105
98,713
8.38%, 02/15/32(c)
USD165
149,676
Nissan Motor Acceptance Co. LLC
2.75%, 03/09/28(c)
USD75
68,273
5.30%, 09/13/27(c)
USD50
49,006
7.05%, 09/15/28(c)
USD75
76,674
Noble Finance II LLC, 8.00%, 04/15/30(c)
USD170
161,879
Nordstrom Inc.
4.25%, 08/01/31
USD55
46,837
4.38%, 04/01/30(d)
USD55
48,767
Northern Oil & Gas Inc.
8.13%, 03/01/28(c)
USD75
73,725
8.75%, 06/15/31(c)
USD65
61,858
Novelis Corp.
3.25%, 11/15/26(c)
USD90
87,016
3.88%, 08/15/31(c)
USD95
81,771
4.75%, 01/30/30(c)
USD195
181,066
Novelis Inc., 6.88%, 01/30/30(c)(d)
USD95
96,354
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a)
EUR100
107,092
NRG Energy Inc.
3.38%, 02/15/29(c)
USD60
55,479
3.63%, 02/15/31(c)
USD105
94,237
3.88%, 02/15/32(c)
USD61
54,443
5.25%, 06/15/29(c)
USD90
88,987
5.75%, 01/15/28
USD80
80,282
5.75%, 07/15/29(c)
USD120
119,441
6.00%, 02/01/33(c)(d)
USD110
108,762
6.25%, 11/01/34(c)(d)
USD145
144,517
NuStar Logistics LP
5.63%, 04/28/27
USD70
69,778
6.00%, 06/01/26
USD60
59,963
6.38%, 10/01/30(d)
USD60
60,911
Office Properties Income Trust
3.25%, 03/15/27(c)
USD49
38,935
9.00%, 09/30/29(c)
USD50
37,000
OI European Group BV
4.75%, 02/15/30(c)(d)
USD40
37,033
6.25%, 05/15/28(a)
EUR100
116,104
Schedule of Investments
52
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Olin Corp.
5.00%, 02/01/30(d)
USD50
$46,839
5.63%, 08/01/29
USD85
82,450
6.63%, 04/01/33(c)
USD70
66,384
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28(a)
EUR100
107,008
4.25%, 10/01/28(c)
USD100
92,362
6.25%, 10/01/29(c)
USD75
68,759
7.25%, 06/15/31(c)
USD75
75,000
9.63%, 11/15/28(a)
EUR100
117,865
9.75%, 11/15/28(c)
USD225
234,612
OneMain Finance Corp.
3.50%, 01/15/27
USD100
95,656
3.88%, 09/15/28
USD60
55,404
4.00%, 09/15/30
USD100
88,595
5.38%, 11/15/29
USD95
90,815
6.63%, 01/15/28
USD100
100,625
6.63%, 05/15/29
USD100
100,356
6.75%, 03/15/32
USD75
73,562
7.13%, 11/15/31(d)
USD85
85,339
7.50%, 05/15/31(d)
USD90
91,125
7.88%, 03/15/30
USD120
123,900
9.00%, 01/15/29(d)
USD85
88,709
Organon & Co./Organon Foreign Debt
Co-Issuer BV
4.13%, 04/30/28(c)
USD275
259,013
5.13%, 04/30/31(c)
USD225
188,693
2.88%, 04/30/28(a)
EUR150
161,225
6.75%, 05/15/34(c)
USD75
70,758
7.88%, 05/15/34(c)
USD70
64,400
Outfront Media Capital LLC/Outfront Media
Capital Corp.
4.25%, 01/15/29(c)
USD60
55,728
4.63%, 03/15/30(c)(d)
USD50
46,210
5.00%, 08/15/27(c)
USD80
78,371
7.38%, 02/15/31(c)
USD65
67,946
Owens & Minor Inc.
4.50%, 03/31/29(c)
USD60
48,748
6.63%, 04/01/30(c)(d)
USD75
63,948
10.00%, 04/15/30(c)(d)
USD115
118,432
Owens-Brockway Glass Container Inc.
6.63%, 05/13/27(c)
USD85
84,894
7.25%, 05/15/31(c)(d)
USD80
79,306
Panther Escrow Issuer LLC, 7.13%, 06/01/31(c)
USD370
379,444
Paramount Global
6.25%, 02/28/57(b)
USD80
74,138
6.38%, 03/30/62, (5-year CMT + 3.999%)(b)(d)
USD130
125,131
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29(c)
USD95
88,825
5.88%, 10/01/28(c)
USD75
73,263
7.00%, 02/01/30(c)(d)
USD75
74,975
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28(d)
USD95
83,877
7.88%, 09/15/30(c)
USD100
82,073
9.88%, 03/15/30(c)
USD85
74,890
PennyMac Financial Services Inc.
4.25%, 02/15/29(c)
USD75
69,981
5.75%, 09/15/31(c)
USD45
42,880
6.88%, 02/15/33(c)
USD125
124,984
7.13%, 11/15/30(c)
USD85
86,336
Security
Par
(000
)
Value
United States (continued)
7.88%, 12/15/29(c)
USD90
$93,913
Performance Food Group Inc.
4.25%, 08/01/29(c)
USD145
137,250
5.50%, 10/15/27(c)
USD130
128,777
6.13%, 09/15/32(c)(d)
USD100
100,048
Permian Resources Operating LLC
5.88%, 07/01/29(c)
USD70
68,043
6.25%, 02/01/33(c)
USD120
116,750
7.00%, 01/15/32(c)
USD145
145,906
8.00%, 04/15/27(c)
USD50
50,602
Perrigo Finance Unlimited Co.
4.90%, 06/15/30
USD85
80,845
6.13%, 09/30/32(d)
USD100
98,994
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28(c)
USD150
142,693
7.75%, 02/15/29(c)
USD125
116,389
PG&E Corp.
5.00%, 07/01/28
USD110
107,189
5.25%, 07/01/30
USD165
158,981
7.38%, 03/15/55, (5-year CMT + 3.883%)(b)
USD175
170,406
Pike Corp.
5.50%, 09/01/28(c)
USD75
73,497
8.63%, 01/31/31(c)
USD55
57,750
Pilgrim's Pride Corp.
3.50%, 03/01/32
USD135
120,004
4.25%, 04/15/31
USD115
109,126
6.25%, 07/01/33
USD100
104,079
6.88%, 05/15/34
USD100
108,335
Post Holdings Inc.
4.50%, 09/15/31(c)
USD125
113,771
4.63%, 04/15/30(c)
USD205
193,264
5.50%, 12/15/29(c)
USD155
151,902
6.25%, 02/15/32(c)
USD100
100,875
6.25%, 10/15/34(c)
USD65
64,551
6.38%, 03/01/33(c)
USD150
148,687
PRA Group Inc.
8.38%, 02/01/28(c)(d)
USD40
40,400
8.88%, 01/31/30(c)(d)
USD55
56,650
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.
5.63%, 09/01/29(c)
USD90
52,650
5.88%, 09/01/31(c)
USD75
39,563
Prestige Brands Inc.
3.75%, 04/01/31(c)
USD60
53,963
5.13%, 01/15/28(c)
USD50
49,345
Prime Healthcare Services Inc., 9.38%,
09/01/29(c)(d)
USD195
186,208
Prime Security Services Borrower LLC/Prime
Finance Inc.
3.38%, 08/31/27(c)(d)
USD130
124,003
5.75%, 04/15/26(c)
USD41
40,988
6.25%, 01/15/28(c)(d)
USD130
129,753
Primo Water Holdings Inc./Triton Water
Holdings Inc.
4.38%, 04/30/29(c)
USD100
94,853
6.25%, 04/01/29(c)
USD75
74,625
Quikrete Holdings Inc.
6.38%, 03/01/32(c)
USD495
498,221
6.75%, 03/01/33(c)
USD175
175,646
QVC Inc., 6.88%, 04/15/29(c)(d)
USD80
53,400
53
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26(c)
USD90
$77,400
6.50%, 09/15/28(c)
USD90
58,409
Radiology Partners Inc.
7.78%, 01/31/29,
(4.28% Cash and 3.50% PIK)(c)(d)(h)
USD90
87,755
9.78%, 02/15/30, (6.78% PIK)(c)(d)(h)
USD69
63,636
Range Resources Corp.
4.75%, 02/15/30(c)(d)
USD60
56,475
8.25%, 01/15/29
USD55
56,312
Raven Acquisition Holdings LLC, 6.88%,
11/15/31(c)(d)
USD170
166,387
Resorts World Las Vegas LLC/RWLV Capital Inc.
4.63%, 04/16/29(c)
USD150
128,811
8.45%, 07/27/30(c)
USD50
48,500
Reworld Holding Corp.
4.88%, 12/01/29(c)
USD75
69,979
5.00%, 09/01/30
USD50
45,953
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29(c)
USD70
67,032
4.75%, 10/15/27
USD90
88,299
6.50%, 04/01/32(c)
USD135
134,494
7.25%, 07/15/28(c)
USD40
41,182
RLJ Lodging Trust LP
3.75%, 07/01/26(c)
USD50
48,949
4.00%, 09/15/29(c)(d)
USD65
58,747
ROBLOX Corp., 3.88%, 05/01/30(c)
USD100
92,499
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer Inc.
2.88%, 10/15/26(c)
USD170
163,830
3.63%, 03/01/29(c)
USD100
93,030
3.88%, 03/01/31(c)
USD155
140,275
4.00%, 10/15/33(c)(d)
USD90
77,861
Rocket Software Inc.
6.50%, 02/15/29(c)
USD80
75,600
9.00%, 11/28/28(c)
USD125
128,775
Rockies Express Pipeline LLC
4.95%, 07/15/29(c)
USD95
90,869
6.75%, 03/15/33(c)(d)
USD50
50,730
RR Donnelley & Sons Co.
9.50%, 08/01/29(c)
USD125
119,062
10.88%, 08/01/29(c)
USD100
94,375
Ryan Specialty LLC
4.38%, 02/01/30(c)
USD50
47,375
5.88%, 08/01/32(c)
USD185
182,747
Sabre GLBL Inc.
8.63%, 06/01/27(c)
USD100
95,750
10.75%, 11/15/29(c)
USD89
84,884
Saks Global Enterprises LLC, 11.00%, 12/15/29(c)
USD275
166,719
SBA Communications Corp.
3.13%, 02/01/29(d)
USD165
152,831
3.88%, 02/15/27
USD220
215,290
SCIH Salt Holdings Inc.
4.88%, 05/01/28(c)
USD125
119,531
6.63%, 05/01/29(c)
USD75
73,096
SCIL IV LLC/SCIL USA Holdings LLC, 9.50%,
07/15/28(a)
EUR100
118,301
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31
USD70
61,261
4.38%, 02/01/32(d)
USD40
34,640
4.50%, 10/15/29
USD45
41,959
Security
Par
(000
)
Value
United States (continued)
Scripps Escrow II Inc., 3.88%, 01/15/29(c)(d)
USD45
$34,289
Scripps Escrow Inc., 5.88%, 07/15/27(c)(d)
USD110
86,841
Seagate HDD Cayman
4.09%, 06/01/29
USD70
66,441
4.88%, 06/01/27
USD60
59,375
8.25%, 12/15/29(d)
USD55
58,969
8.50%, 07/15/31
USD65
69,560
9.63%, 12/01/32
USD72
81,444
Sealed Air Corp.
4.00%, 12/01/27(c)
USD48
46,176
5.00%, 04/15/29(c)
USD60
58,321
6.50%, 07/15/32(c)(d)
USD50
50,813
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28(c)
USD95
95,777
7.25%, 02/15/31(c)(d)
USD50
52,116
Sensata Technologies BV
4.00%, 04/15/29(c)
USD95
87,391
5.88%, 09/01/30(c)
USD75
73,203
Sensata Technologies Inc.
3.75%, 02/15/31(c)
USD105
91,481
4.38%, 02/15/30(c)
USD75
69,278
6.63%, 07/15/32(c)
USD50
49,531
Service Corp. International/U.S.
3.38%, 08/15/30
USD100
89,644
4.00%, 05/15/31
USD105
95,906
4.63%, 12/15/27
USD65
63,833
5.13%, 06/01/29
USD100
98,750
5.75%, 10/15/32
USD100
98,750
Service Properties Trust
3.95%, 01/15/28
USD40
35,288
4.38%, 02/15/30(d)
USD35
26,090
4.75%, 10/01/26
USD60
58,088
4.95%, 02/15/27
USD70
66,533
4.95%, 10/01/29(d)
USD60
47,079
5.50%, 12/15/27
USD65
62,118
8.38%, 06/15/29
USD70
67,916
8.63%, 11/15/31(c)(d)
USD120
127,354
8.88%, 06/15/32(d)
USD75
72,343
Shift4 Payments LLC/Shift4 Payments Finance
Sub Inc.
4.63%, 11/01/26(c)
USD50
49,330
6.75%, 08/15/32(c)(d)
USD120
121,708
Silgan Holdings Inc.
2.25%, 06/01/28
EUR100
109,093
4.13%, 02/01/28
USD60
57,600
Sinclair Television Group Inc.
4.38%, 12/31/32(c)(d)
USD67
40,828
5.50%, 03/01/30(c)
USD65
46,881
8.13%, 02/15/33(c)
USD130
128,537
9.75%, 02/15/33(c)
USD50
51,435
Sirius XM Radio Inc.
3.13%, 09/01/26(c)
USD165
160,629
3.88%, 09/01/31(c)(d)
USD165
141,653
4.00%, 07/15/28(c)
USD225
211,781
4.13%, 07/01/30(c)(d)
USD230
205,631
5.00%, 08/01/27(c)
USD165
162,693
5.50%, 07/01/29(c)
USD155
150,889
Six Flags Entertainment Corp./DE
5.50%, 04/15/27(c)
USD65
64,332
7.25%, 05/15/31(c)(d)
USD105
106,444
Schedule of Investments
54
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Six Flags Entertainment Corp./Six Flags Theme
Parks Inc., 6.63%, 05/01/32(c)(d)
USD90
$90,789
SLM Corp.
3.13%, 11/02/26
USD75
72,474
6.50%, 01/31/30(d)
USD50
51,515
SM Energy Co.
6.50%, 07/15/28
USD80
76,601
6.63%, 01/15/27
USD60
58,950
6.75%, 08/01/29(c)
USD80
74,784
7.00%, 08/01/32(c)
USD90
82,974
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28(c)
USD130
126,692
8.88%, 11/15/31(c)
USD130
133,500
Snap Inc., 6.88%, 03/01/33(c)
USD180
179,775
Sonic Automotive Inc.
4.63%, 11/15/29(c)(d)
USD90
84,447
4.88%, 11/15/31(c)(d)
USD52
47,444
Sotheby's, 7.38%, 10/15/27(c)
USD75
70,411
Spirit AeroSystems Inc.
4.60%, 06/15/28
USD95
91,832
9.38%, 11/30/29(c)
USD140
148,925
9.75%, 11/15/30(c)(d)
USD140
155,128
SS&C Technologies Inc.
5.50%, 09/30/27(c)
USD220
218,654
6.50%, 06/01/32(c)(d)
USD95
96,294
Stagwell Global LLC, 5.63%, 08/15/29(c)
USD135
127,447
Standard Industries Inc./New York
2.25%, 11/21/26(a)
EUR100
110,244
3.38%, 01/15/31(c)
USD120
105,872
4.38%, 07/15/30(c)
USD235
218,844
4.75%, 01/15/28(c)
USD110
107,101
5.00%, 02/15/27(c)
USD105
103,931
6.50%, 08/15/32(c)
USD115
115,862
Staples Inc.
10.75%, 09/01/29(c)
USD300
261,750
12.75%, 01/15/30(c)
USD97
56,331
Star Parent Inc., 9.00%, 10/01/30(c)(d)
USD125
126,500
Starwood Property Trust Inc.
3.63%, 07/15/26(c)
USD60
58,492
4.38%, 01/15/27(c)
USD70
68,425
6.00%, 04/15/30(c)
USD50
49,375
6.50%, 07/01/30(c)
USD75
75,556
6.50%, 10/15/30(c)
USD55
55,481
7.25%, 04/01/29(c)
USD40
41,300
Station Casinos LLC
4.50%, 02/15/28(c)
USD70
67,489
4.63%, 12/01/31(c)
USD55
49,849
6.63%, 03/15/32(c)(d)
USD75
74,591
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(c)
USD90
82,242
Sunoco LP
6.25%, 07/01/33(c)
USD155
154,724
7.00%, 05/01/29(c)
USD85
87,262
7.25%, 05/01/32(c)
USD95
98,298
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29
USD75
71,042
4.50%, 04/30/30
USD108
101,655
5.88%, 03/15/28
USD50
49,798
6.00%, 04/15/27
USD50
49,813
7.00%, 09/15/28(c)
USD70
71,629
Synchrony Financial, 7.25%, 02/02/33(d)
USD85
86,700
Security
Par
(000
)
Value
United States (continued)
Talen Energy Supply LLC, 8.63%, 06/01/30(c)(d)
USD185
$196,707
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
5.50%, 01/15/28(c)
USD120
116,569
6.00%, 03/01/27(c)
USD40
39,354
6.00%, 12/31/30(c)
USD90
83,810
6.00%, 09/01/31(c)
USD65
59,705
7.38%, 02/15/29(c)
USD95
94,302
Talos Production Inc.
9.00%, 02/01/29(c)
USD85
80,835
9.38%, 02/01/31(c)
USD70
65,571
Taylor Morrison Communities Inc.
5.13%, 08/01/30(c)
USD45
43,640
5.75%, 01/15/28(c)
USD80
79,922
5.88%, 06/15/27(c)
USD60
60,314
TEGNA Inc.
4.63%, 03/15/28
USD100
95,625
5.00%, 09/15/29(d)
USD130
120,209
Teleflex Inc., 4.25%, 06/01/28(c)
USD100
95,777
Tempur Sealy International Inc.
3.88%, 10/15/31(c)(d)
USD125
110,000
4.00%, 04/15/29(c)
USD50
46,422
Tenet Healthcare Corp.
4.25%, 06/01/29
USD160
152,094
4.38%, 01/15/30
USD205
194,432
4.63%, 06/15/28
USD85
82,688
5.13%, 11/01/27
USD220
218,240
6.13%, 10/01/28
USD288
287,280
6.13%, 06/15/30
USD235
236,175
6.25%, 02/01/27
USD145
145,001
6.75%, 05/15/31(d)
USD180
184,455
Tenneco Inc., 8.00%, 11/17/28(c)
USD225
214,688
Terex Corp.
5.00%, 05/15/29(c)
USD75
71,753
6.25%, 10/15/32(c)
USD100
95,690
TerraForm Power Operating LLC
4.75%, 01/15/30(c)
USD85
79,896
5.00%, 01/31/28(c)
USD85
82,769
TKC Holdings Inc.
6.88%, 05/15/28(c)
USD60
60,150
10.50%, 05/15/29(c)
USD85
84,548
TransDigm Inc.
4.63%, 01/15/29
USD150
144,416
4.88%, 05/01/29
USD125
120,282
5.50%, 11/15/27
USD320
318,800
6.00%, 01/15/33(c)
USD195
194,671
6.38%, 03/01/29(c)
USD360
366,858
6.63%, 03/01/32(c)
USD255
261,166
6.75%, 08/15/28(c)
USD245
249,716
6.88%, 12/15/30(c)(d)
USD150
154,508
7.13%, 12/01/31(c)
USD120
124,639
Transocean Inc.
8.25%, 05/15/29(c)
USD125
100,749
8.50%, 05/15/31(c)
USD105
81,113
8.75%, 02/15/30(c)
USD156
151,661
Transocean Titan Financing Ltd., 8.38%,
02/01/28(c)
USD68
66,862
Travel & Leisure Co.
4.50%, 12/01/29(c)(d)
USD90
84,424
6.00%, 04/01/27
USD50
50,278
6.63%, 07/31/26(c)
USD60
60,417
55
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
Tronox Inc., 4.63%, 03/15/29(c)
USD130
$104,650
Twilio Inc.
3.63%, 03/15/29
USD65
60,704
3.88%, 03/15/31(d)
USD50
45,219
U.S. Acute Care Solutions LLC, 9.75%,
05/15/29(c)
USD125
126,875
U.S. Foods Inc.
4.63%, 06/01/30(c)(d)
USD55
52,388
4.75%, 02/15/29(c)
USD140
135,856
5.75%, 04/15/33(c)(d)
USD55
53,907
6.88%, 09/15/28(c)
USD70
71,670
7.25%, 01/15/32(c)(d)
USD45
46,913
UGI International LLC, 2.50%, 12/01/29(a)
EUR100
104,468
UKG Inc., 6.88%, 02/01/31(c)
USD300
309,075
United Rentals North America Inc.
3.75%, 01/15/32
USD80
71,143
3.88%, 11/15/27
USD100
96,695
3.88%, 02/15/31
USD175
159,882
4.00%, 07/15/30
USD70
65,151
4.88%, 01/15/28
USD195
192,197
5.25%, 01/15/30(d)
USD90
88,984
5.50%, 05/15/27(d)
USD47
46,910
6.13%, 03/15/34(c)(d)
USD135
136,176
United Wholesale Mortgage LLC
5.50%, 04/15/29(c)
USD75
72,513
5.75%, 06/15/27(c)
USD70
69,077
Uniti Group LP/Uniti Fiber Holdings Inc./CSL
Capital LLC, 6.00%, 01/15/30(c)(d)
USD100
89,138
Uniti Group LP/Uniti Group Finance 2019 Inc./CSL
Capital LLC
4.75%, 04/15/28(c)
USD65
62,174
6.50%, 02/15/29(c)
USD155
141,861
10.50%, 02/15/28(c)(d)
USD315
334,527
Univision Communications Inc.
4.50%, 05/01/29(c)(d)
USD130
111,354
6.63%, 06/01/27(c)
USD165
159,431
7.38%, 06/30/30(c)
USD115
104,866
8.00%, 08/15/28(c)
USD210
204,531
8.50%, 07/31/31(c)(d)
USD140
131,337
USA Compression Partners LP/USA Compression
Finance Corp.
6.88%, 09/01/27
USD80
79,219
7.13%, 03/15/29(c)
USD120
121,146
Valaris Ltd., 8.38%, 04/30/30(c)
USD120
112,339
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33(c)
USD130
109,525
6.25%, 01/15/30(c)
USD115
115,030
3.88%, 08/15/29(c)
USD150
137,529
4.13%, 08/15/31(c)
USD185
165,284
Venture Global LNG Inc.
7.00%, 01/15/30(c)
USD205
192,960
8.13%, 06/01/28(c)
USD255
253,087
8.38%, 06/01/31(c)
USD265
255,394
9.50%, 02/01/29(c)
USD365
378,231
9.88%, 02/01/32(c)
USD275
278,867
Venture Global Plaquemines LNG LLC
7.50%, 05/01/33(c)
USD155
158,767
7.75%, 05/01/35(c)
USD100
102,722
VF Corp.
0.25%, 02/25/28
EUR100
98,261
0.63%, 02/25/32
EUR100
79,605
Security
Par
(000
)
Value
United States (continued)
2.80%, 04/23/27
USD100
$92,777
2.95%, 04/23/30
USD75
61,685
Viasat Inc.
5.63%, 04/15/27(c)(d)
USD85
83,169
6.50%, 07/15/28(c)(d)
USD40
35,150
7.50%, 05/30/31(c)
USD95
71,915
Viking Cruises Ltd.
5.88%, 09/15/27(c)
USD115
114,646
7.00%, 02/15/29(c)
USD50
50,181
9.13%, 07/15/31(c)
USD75
80,063
Vistra Operations Co. LLC
4.38%, 05/01/29(c)
USD160
153,885
5.00%, 07/31/27(c)
USD215
213,119
5.50%, 09/01/26(c)
USD100
99,518
5.63%, 02/15/27(c)
USD120
119,914
6.88%, 04/15/32(c)
USD115
118,626
7.75%, 10/15/31(c)
USD170
179,633
Vital Energy Inc., 7.88%, 04/15/32(c)(d)
USD115
89,074
VOC Escrow Ltd., 5.00%, 02/15/28(c)
USD95
93,100
Walgreens Boots Alliance Inc.
2.13%, 11/20/26
EUR100
109,800
3.20%, 04/15/30(d)
USD125
117,624
3.45%, 06/01/26
USD150
146,521
8.13%, 08/15/29(d)
USD75
78,017
Wand NewCo 3 Inc., 7.63%, 01/30/32(c)(d)
USD140
143,840
Wayfair LLC
7.25%, 10/31/29(c)
USD100
91,344
7.75%, 09/15/30(c)
USD75
68,576
Weatherford International Ltd., 8.63%,
04/30/30(c)(d)
USD175
172,869
WESCO Distribution Inc.
6.38%, 03/15/29(c)(d)
USD125
126,562
6.38%, 03/15/33(c)(d)
USD95
95,950
6.63%, 03/15/32(c)(d)
USD115
117,204
7.25%, 06/15/28(c)
USD140
142,281
Williams Scotsman Inc.
4.63%, 08/15/28(c)
USD65
62,310
6.63%, 06/15/29(c)
USD55
55,572
6.63%, 04/15/30(c)
USD65
66,157
7.38%, 10/01/31(c)(d)
USD45
46,580
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(c)
USD250
255,602
Wolverine Escrow LLC, 1.00%, 01/31/33(e)(f)(k)
USD89
—
WR Grace Holdings LLC
4.88%, 06/15/27(c)
USD80
77,455
5.63%, 08/15/29(c)(d)
USD145
127,970
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29(c)(d)
USD100
96,473
6.25%, 03/15/33(c)
USD95
91,720
7.13%, 02/15/31(c)(d)
USD155
160,087
Xerox Corp., 10.25%, 10/15/30(c)(d)
USD45
45,814
Xerox Holdings Corp.
5.50%, 08/15/28(c)(d)
USD100
64,000
8.88%, 11/30/29(c)(d)
USD65
38,919
Xerox Issuer Corp., 13.50%, 04/15/31(c)(d)
USD50
47,438
XPLR Infrastructure Operating Partners LP
8.38%, 01/15/31(c)(d)
USD105
105,394
8.63%, 03/15/33(c)(d)
USD115
114,641
Schedule of Investments
56
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
United States (continued)
XPO Inc.
7.13%, 06/01/31(c)(d)
USD45
$46,076
7.13%, 02/01/32(c)(d)
USD75
76,835
Yum! Brands Inc.
3.63%, 03/15/31
USD145
130,798
4.63%, 01/31/32
USD130
122,137
4.75%, 01/15/30(c)
USD125
120,819
5.38%, 04/01/32
USD120
117,990
Zayo Group Holdings Inc.
4.00%, 03/01/27(c)
USD155
142,586
6.13%, 03/01/28(c)
USD110
89,684
 
114,234,359
Total Corporate Bonds & Notes — 96.9%
(Cost: $176,683,770)
173,436,763
Fixed Rate Loan Interests
United States — 0.0%
Clover Holdings SPV III LLC, , 2024 USD Term
Loan, 2024 USD Term Loan12/09/27(k)
$5
5,305
Total Fixed Rate Loan Interests — 0.0%
(Cost: $5,141)
5,305
 
Shares
 
Common Stocks
United States — 0.0%
Incora Top Holdco LLC, NVS(d)(k)
1,351
20,265
New Fortress Energy Inc.,
(Acquired12/24/24, Cost $0)(l)
2,564
13,923
Office Properties Income Trust, NVS
149
61
 
34,249
Total Common Stocks — 0.0%
(Cost: $147,633)
34,249
Preferred Stocks
United States — 0.0%
Veritas Kapital Assurance PLC, Series G,
Preference Shares, NVS
263
6,049
Veritas Kapital Assurance PLC, Series G-1,
Preference Shares, NVS
181
3,710
 
9,759
Total Preferred Stocks — 0.0%
(Cost: $8,840)
9,759
Total Long-Term Investments — 96.9%
(Cost: $176,845,384)
173,486,076
Security
Shares
Value
Short-Term Securities
Money Market Funds — 16.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(m)(n)(o)
27,207,620
$27,218,503
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.30%(m)(n)
2,490,000
2,490,000
Total Short-Term Securities — 16.6%
(Cost: $29,700,341)
29,708,503
Total Investments — 113.5%
(Cost: $206,545,725)
203,194,579
Liabilities in Excess of Other Assets — (13.5)%
(24,169,113
)
Net Assets — 100.0%
$179,025,466
 
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
All or a portion of this security is on loan.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
Perpetual security with no stated maturity date.
(h)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(i)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(j)
Zero-coupon bond.
(k)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(l)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $13,923, representing less than 0.05% of its net assets
as of period end, and an original cost of $—.
(m)
Affiliate of the Fund.
(n)
Annualized 7-day yield as of period end.
(o)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
57
2025 iShares Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares® US & Intl High Yield Corp Bond ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$18,845,580
$8,378,981
(a)
$—
$(681
)
$(5,377
)
$27,218,503
27,207,620
$50,130
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
1,160,000
1,330,000
(a)
—
—
—
2,490,000
2,490,000
25,849
—
 
 
 
 
$(681)
$(5,377)
$29,708,503
 
$75,979
$—
 
(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 collateral investment fees, 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 at the measurement date. 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
$—
$173,431,072
$5,691
$173,436,763
Fixed Rate Loan Interests
—
—
5,305
5,305
Common Stocks
—
13,984
20,265
34,249
Preferred Stocks
—
9,759
—
9,759
Short-Term Securities 
Money Market Funds
29,708,503
—
—
29,708,503
 
$29,708,503
$173,454,815
$31,261
$203,194,579
See notes to financial statements.
Schedule of Investments
58
Statements of Assets and Liabilities (unaudited)
April 30, 2025
 
 
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)
$40,422,439
$364,438,439
$427,433,070
$293,311,589
Investments, at value—affiliated(c)
30,000
33,871,355
57,315,573
—
Cash
5,610
11,258
8,515
212,357
Foreign currency, at value(d)
441,559
8,939
3,293
2,351,560
Receivables:
 
 
 
 
Investments sold
1,492,272
3,577,435
3,761,629
3,153,467
Securities lending income—affiliated
—
13,506
22,321
—
Capital shares sold
—
—
20,147
—
Dividends—affiliated
33
6,482
11,019
6,115
Interest—unaffiliated
650,451
4,620,329
7,156,375
5,881,884
Total assets
43,042,364
406,547,743
495,731,942
304,916,972
LIABILITIES
 
 
 
 
Collateral on securities loaned, at value
—
31,543,195
54,637,950
—
Payables:
 
 
 
 
Investments purchased
1,740,191
3,831,557
3,567,148
3,985,904
Deferred foreign capital gain tax
—
—
—
347,214
Foreign taxes
—
—
—
1,163
Investment advisory fees
13,725
154,410
177,439
74,431
Total liabilities
1,753,916
35,529,162
58,382,537
4,408,712
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$41,288,448
$371,018,581
$437,349,405
$300,508,260
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$47,022,109
$421,884,353
$569,161,635
$396,738,341
Accumulated loss
(5,733,661)
(50,865,772)
(131,812,230)
(96,230,081)
NET ASSETS
$41,288,448
$371,018,581
$437,349,405
$300,508,260
NET ASSET VALUE
 
 
 
 
Shares outstanding
800,000
8,300,000
11,600,000
7,800,000
Net asset value
$51.61
$44.70
$37.70
$38.53
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
$39,807,680
$379,767,393
$455,363,005
$300,568,009
(b) Securities loaned, at value
$—
$30,297,544
$52,385,756
$—
(c) Investments, at cost—affiliated
$30,000
$33,874,595
$57,320,897
$—
(d) Foreign currency, at cost
$436,284
$8,476
$3,135
$2,323,781
See notes to financial statements.
59
2025 iShares Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited)(continued)
April 30, 2025
 
 
iShares
US & Intl
High Yield
Corp Bond
ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$173,486,076
Investments, at value—affiliated(c)
29,708,503
Cash
37,886
Foreign currency, at value(d)
883,380
Receivables:
 
Investments sold
1,658,269
Securities lending income—affiliated
7,358
Loans
360
Capital shares sold
69,491
Dividends—affiliated
7,887
Interest—unaffiliated
2,963,612
Total assets
208,822,822
LIABILITIES
 
Collateral on securities loaned, at value
27,220,859
Payables:
 
Investments purchased
2,521,378
Investment advisory fees
55,119
Total liabilities
29,797,356
Commitments and contingent liabilities
 
NET ASSETS
$179,025,466
NET ASSETS CONSIST OF
 
Paid-in capital
$192,751,783
Accumulated loss
(13,726,317)
NET ASSETS
$179,025,466
NET ASSET VALUE
 
Shares outstanding
4,000,000
Net asset value
$44.76
Shares authorized
500 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$176,845,384
(b) Securities loaned, at value
$26,050,005
(c) Investments, at cost—affiliated
$29,700,341
(d) Foreign currency, at cost
$878,393
See notes to financial statements.
Statements of Assets and Liabilities
60
Statements of Operations (unaudited)
Six Months Ended April 30, 2025  
 
 
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
$862
$46,294
$85,657
$28,607
Interest—unaffiliated
1,186,002
11,403,486
17,678,261
11,446,952
Securities lending income—affiliated—net
—
102,307
191,456
—
Other income—unaffiliated
3,677
4,247
3,115
—
Foreign taxes withheld
(3,388
)
(3
)
(116
)
(156,113
)
Total investment income
1,187,153
11,556,331
17,958,373
11,319,446
EXPENSES
Investment advisory
88,271
1,009,682
1,135,473
491,819
Commitment costs
—
—
—
1,660
Interest expense
—
254
—
152
Total expenses
88,271
1,009,936
1,135,473
493,631
Net investment income
1,098,882
10,546,395
16,822,900
10,825,815
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
(194,192
)
(880,548
)
(2,117,771
)
(5,433,530
)
Investments—affiliated
—
9,572
17,293
—
Foreign currency transactions
19,472
—
—
(324,071
)
In-kind redemptions—unaffiliated(b)
(183,807
)
41,391
1,707,658
(3,406,065
)
 
(358,527
)
(829,585
)
(392,820
)
(9,163,666
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
1,328,576
(3,066,462
)
(8,568,060
)
10,561,073
Investments—affiliated
—
(20,224
)
(38,351
)
—
Foreign currency translations
50,058
376
132
273,125
 
1,378,634
(3,086,310
)
(8,606,279
)
10,834,198
Net realized and unrealized gain (loss)
1,020,107
(3,915,895
)
(8,999,099
)
1,670,532
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$2,118,989
$6,630,500
$7,823,801
$12,496,347
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$—
$—
$—
$(169,951
)
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of increase in deferred foreign capital gain tax of
$—
$—
$—
$(256,103
)
See notes to financial statements.
61
2025 iShares Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited)(continued)
Six Months Ended April 30, 2025  
 
 
iShares
US & Intl
High Yield
Corp Bond
ETF
INVESTMENT INCOME
Dividends—affiliated
$25,849
Interest—unaffiliated
4,871,381
Securities lending income—affiliated—net
50,130
Other income—unaffiliated
4,673
Total investment income
4,952,033
EXPENSES
Investment advisory
296,040
Total expenses
296,040
Net investment income
4,655,993
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(18,800
)
Investments—affiliated
(681
)
Foreign currency transactions
2,960
In-kind redemptions—unaffiliated(a)
(66,924
)
 
(83,445
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(296,382
)
Investments—affiliated
(5,377
)
Foreign currency translations
50,659
 
(251,100
)
Net realized and unrealized loss
(334,545
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$4,321,448
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
62
Statements of Changes in Net Assets
 
 
iShares
International High Yield Bond ETF
iShares
J.P. Morgan EM Corporate Bond ETF
 
Six Months
Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months
Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$1,098,882
$2,457,741
$10,546,395
$21,509,343
Net realized loss
(358,527
)
(638,372
)
(829,585
)
(2,555,046
)
Net change in unrealized appreciation (depreciation)
1,378,634
5,217,255
(3,086,310
)
37,315,312
Net increase in net assets resulting from operations
2,118,989
7,036,624
6,630,500
56,269,609
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(2,161,932
)(b)
(1,678,258
)
(10,895,433
)(b)
(21,697,293
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(9,867,572
)
—
(69,148,991
)
(4,974,797
)
NET ASSETS
Total increase (decrease) in net assets
(9,910,515
)
5,358,366
(73,413,924
)
29,597,519
Beginning of period
51,198,963
45,840,597
444,432,505
414,834,986
End of period
$41,288,448
$51,198,963
$371,018,581
$444,432,505
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
63
2025 iShares Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
 
 
iShares
J.P. Morgan EM High Yield Bond ETF
iShares
J.P. Morgan EM Local Currency Bond
ETF
 
Six Months
Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months
Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$16,822,900
$26,420,766
$10,825,815
$27,873,727
Net realized loss
(392,820
)
(11,789,342
)
(9,163,666
)
(39,549,642
)
Net change in unrealized appreciation (depreciation)
(8,606,279
)
59,137,763
10,834,198
45,894,792
Net increase in net assets resulting from operations
7,823,801
73,769,187
12,496,347
34,218,877
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(17,478,216
)(b)
(25,337,988
)
—
(6,390,267
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(10,663,946
)
102,784,153
(74,457,484
)
(136,659,360
)
NET ASSETS
Total increase (decrease) in net assets
(20,318,361
)
151,215,352
(61,961,137
)
(108,830,750
)
Beginning of period
457,667,766
306,452,414
362,469,397
471,300,147
End of period
$437,349,405
$457,667,766
$300,508,260
$362,469,397
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets
64
Statements of Changes in Net Assets(continued)
 
 
iShares
US & Intl High Yield Corp Bond ETF
 
Six Months
Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$4,655,993
$8,170,108
Net realized loss
(83,445
)
(633,190
)
Net change in unrealized appreciation (depreciation)
(251,100
)
12,220,842
Net increase in net assets resulting from operations
4,321,448
19,757,760
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(4,641,350
)(b)
(7,906,875
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
31,304,113
13,473,414
NET ASSETS
Total increase in net assets
30,984,211
25,324,299
Beginning of period
148,041,255
122,716,956
End of period
$179,025,466
$148,041,255
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
65
2025 iShares Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares International High Yield Bond ETF
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Year Ended
10/31/20
Net asset value, beginning of period
$51.20
$45.84
$39.74
$54.74
$51.94
$51.05
Net investment income(a)
1.21
2.46
2.07
1.38
1.44
1.42
Net realized and unrealized gain (loss)(b)
1.60
4.58
4.30
(14.76
)
2.18
0.09
Net increase (decrease) from investment operations
2.81
7.04
6.37
(13.38
)
3.62
1.51
Distributions(c)
From net investment income
(2.40
)(d)
(1.68
)
(0.27
)
(1.56
)
(0.82
)
(0.62
)
Return of capital
—
—
—
(0.06
)
—
—
Total distributions
(2.40
)
(1.68
)
(0.27
)
(1.62
)
(0.82
)
(0.62
)
Net asset value, end of period
$51.61
$51.20
$45.84
$39.74
$54.74
$51.94
Total Return(e)
Based on net asset value
5.96
%(f)
15.56
%
16.06
%
(25.15
)%
6.90
%
3.00
%
Ratios to Average Net Assets(g)
Total expenses
0.40
%(h)
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
Net investment income
4.98
%(h)
4.99
%
4.54
%
2.92
%
2.56
%
2.85
%
Supplemental Data
Net assets, end of period (000)
$41,288
$51,199
$45,841
$31,796
$71,161
$46,750
Portfolio turnover rate(i)
20
%
46
%
33
%
23
%
33
%
46
%
(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) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
66
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares J.P. Morgan EM Corporate Bond ETF
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Year Ended
10/31/20
Net asset value, beginning of period
$45.12
$41.48
$40.27
$51.32
$51.13
$51.29
Net investment income(a)
1.16
2.25
2.04
1.68
1.75
2.06
Net realized and unrealized gain (loss)(b)
(0.40
)
3.66
1.21
(10.93
)
0.23
(0.13
)
Net increase (decrease) from investment operations
0.76
5.91
3.25
(9.25
)
1.98
1.93
Distributions from net investment income(c)
(1.18
)(d)
(2.27
)
(2.04
)
(1.80
)
(1.79
)
(2.09
)
Net asset value, end of period
$44.70
$45.12
$41.48
$40.27
$51.32
$51.13
Total Return(e)
Based on net asset value
1.71
%(f)
14.50
%
8.06
%
(18.42
)%
3.88
%
3.94
%
Ratios to Average Net Assets(g)
Total expenses
0.50
%(h)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
5.22
%(h)
5.09
%
4.76
%
3.62
%
3.36
%
4.08
%
Supplemental Data
Net assets, end of period (000)
$371,019
$444,433
$414,835
$285,898
$518,363
$214,731
Portfolio turnover rate(i)
15
%
30
%
25
%
18
%
16
%
25
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
67
2025 iShares Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares J.P. Morgan EM High Yield Bond ETF
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Year Ended
10/31/20
Net asset value, beginning of period
$38.46
$33.49
$32.19
$43.61
$43.06
$46.63
Net investment income(a)
1.40
2.56
2.41
2.34
2.43
2.52
Net realized and unrealized gain (loss)(b)
(0.71
)
4.89
1.37
(11.36
)
0.68
(3.54
)
Net increase (decrease) from investment operations
0.69
7.45
3.78
(9.02
)
3.11
(1.02
)
Distributions from net investment income(c)
(1.45
)(d)
(2.48
)
(2.48
)
(2.40
)
(2.56
)
(2.55
)
Net asset value, end of period
$37.70
$38.46
$33.49
$32.19
$43.61
$43.06
Total Return(e)
Based on net asset value
1.81
%(f)
22.87
%
11.82
%
(21.35
)%
7.16
%
(2.08
)%
Ratios to Average Net Assets(g)
Total expenses
0.50
%(h)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Total expenses after fees waived
0.50
%(h)
0.50
%
0.50
%
0.50
%
0.49
%
0.48
%
Net investment income
7.41
%(h)
6.94
%
6.97
%
6.13
%
5.40
%
5.75
%
Supplemental Data
Net assets, end of period (000)
$437,349
$457,668
$306,452
$291,297
$475,355
$303,584
Portfolio turnover rate(i)
14
%
22
%
20
%
16
%
23
%
65
%
(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) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
68
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares J.P. Morgan EM Local Currency Bond ETF
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Year Ended
10/31/20
Net asset value, beginning of period
$36.99
$34.65
$32.09
$41.73
$41.68
$45.43
Net investment income(a)
1.21
2.37
2.25
1.95
2.06
2.29
Net realized and unrealized gain (loss)(b)
0.33
0.46
0.61
(10.06
)
(2.01
)
(4.11
)
Net increase (decrease) from investment operations
1.54
2.83
2.86
(8.11
)
0.05
(1.82
)
Distributions from net investment income(c)
—
(0.49
)
(0.30
)
(1.53
)
—
(1.93
)
Net asset value, end of period
$38.53
$36.99
$34.65
$32.09
$41.73
$41.68
Total Return(d)
Based on net asset value
4.15
%(e)
8.18
%
8.92
%
(20.04
)%
0.12
%
(4.20
)%
Ratios to Average Net Assets(f)
Total expenses
0.30
%(g)
0.30
%
0.30
%
0.30
%
0.30
%
0.30
%
Net investment income
6.60
%(g)
6.52
%
6.31
%
5.37
%
4.72
%
5.46
%
Supplemental Data
Net assets, end of period (000)
$300,508
$362,469
$471,300
$346,525
$517,427
$500,100
Portfolio turnover rate(h)
14
%
31
%
45
%
47
%
29
%
43
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Not annualized.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Annualized.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
69
2025 iShares Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares US & Intl High Yield Corp Bond ETF
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Year Ended
10/31/20
Net asset value, beginning of period
$44.86
$40.91
$40.03
$49.61
$47.80
$48.97
Net investment income(a)
1.37
2.66
2.47
2.02
2.09
2.21
Net realized and unrealized gain (loss)(b)
(0.10
)
3.88
0.71
(9.53
)
1.99
(1.27
)
Net increase (decrease) from investment operations
1.27
6.54
3.18
(7.51
)
4.08
0.94
Distributions from net investment income(c)
(1.37
)(d)
(2.59
)
(2.30
)
(2.07
)
(2.27
)
(2.11
)
Net asset value, end of period
$44.76
$44.86
$40.91
$40.03
$49.61
$47.80
Total Return(e)
Based on net asset value
2.88
%(f)
16.38
%
7.93
%
(15.46
)%
8.56
%
2.04
%
Ratios to Average Net Assets(g)
Total expenses
0.40
%(h)
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
Net investment income
6.20
%(h)
6.07
%
5.91
%
4.48
%
4.16
%
4.65
%
Supplemental Data
Net assets, end of period (000)
$179,025
$148,041
$122,717
$100,077
$193,464
$176,851
Portfolio turnover rate(i)
11
%
27
%
19
%
16
%
31
%
33
%
(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) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
70
Notes to Financial Statements (unaudited)
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
International High Yield Bond
Diversified
J.P. Morgan EM Corporate Bond
Diversified
J.P. Morgan EM High Yield Bond
Diversified
J.P. Morgan EM Local Currency Bond
Non-diversified
US & Intl High Yield Corp Bond
Diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, 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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
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.
71
2025 iShares Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates.  Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The portion of distributions that exceeds each Fund's current and accumulated earnings 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.
Segment Reporting:  The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.  
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 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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 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 as of the measurement date.
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.
Notes to Financial Statements
72
Notes to Financial Statements (unaudited) (continued)
Fair  Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that each Fund has the ability to access for identical assets or liabilities;
• Level  2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (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.
73
2025 iShares Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (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
$11,407,454
$(11,407,454)
$—
$—
Barclays Capital, Inc.
98,750
(98,750)
—
—
BNP Paribas SA
4,373,677
(4,373,677)
—
—
BofA Securities, Inc.
2,443,308
(2,443,308)
—
—
Citigroup Global Markets, Inc.
1,093,901
(1,093,901)
—
—
Deutsche Bank Securities, Inc.
259,732
(259,732)
—
—
HSBC Securities (USA), Inc.
332,729
(332,729)
—
—
J.P. Morgan Securities LLC
2,454,650
(2,454,650)
—
—
Jefferies LLC
2,130,826
(2,130,826)
—
—
Morgan Stanley
1,275,204
(1,275,204)
—
—
Nomura Securities International, Inc.
2,270,006
(2,224,068)
—
45,938(b)
Pershing LLC
713,530
(713,530)
—
—
Scotia Capital (USA), Inc.
192,650
(192,650)
—
—
UBS Securities LLC
60,857
(60,857)
—
—
Wells Fargo Bank, National Association
156,950
(156,950)
—
—
Wells Fargo Securities LLC
1,033,320
(1,033,320)
—
—
 
$30,297,544
$(30,251,606)
$—
$45,938
J.P. Morgan EM High Yield Bond
Barclays Bank PLC
$8,651,909
$(8,651,909)
$—
$—
Barclays Capital, Inc.
192,169
(192,169)
—
—
BNP Paribas SA
7,970,930
(7,970,930)
—
—
BofA Securities, Inc.
6,044,128
(6,044,128)
—
—
Citigroup Global Markets, Inc.
1,429,709
(1,429,709)
—
—
Goldman Sachs & Co. LLC
1,349,382
(1,349,382)
—
—
HSBC Securities (USA), Inc.
308,120
(308,120)
—
—
J.P. Morgan Securities LLC
11,259,389
(11,259,389)
—
—
Jefferies LLC
4,890,244
(4,890,244)
—
—
Morgan Stanley
2,484,988
(2,484,988)
—
—
Nomura Securities International, Inc.
5,235,413
(5,235,413)
—
—
Pershing LLC
1,374,537
(1,374,537)
—
—
RBC Capital Markets LLC
246,302
(246,302)
—
—
UBS AG
2,075
(2,075)
—
—
UBS Securities LLC
389,306
(389,306)
—
—
Wells Fargo Securities LLC
557,155
(557,155)
—
—
 
$52,385,756
$(52,385,756)
$—
$—
Notes to Financial Statements
74
Notes to Financial Statements (unaudited) (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
US & Intl High Yield Corp Bond
Barclays Bank PLC
$4,737,926
$(4,737,926)
$—
$—
Barclays Capital, Inc.
659,006
(659,006)
—
—
BMO Capital Markets Corp.
202,214
(202,214)
—
—
BNP Paribas SA
3,349,779
(3,349,779)
—
—
BofA Securities, Inc.
701,813
(701,813)
—
—
Citadel Clearing LLC
219,045
(219,045)
—
—
Citigroup Global Markets, Inc.
476,856
(476,856)
—
—
Deutsche Bank Securities, Inc.
2,564,059
(2,564,059)
—
—
Goldman Sachs & Co. LLC
1,896,302
(1,896,302)
—
—
J.P. Morgan Securities LLC
3,109,062
(3,109,062)
—
—
Jefferies LLC
184,637
(184,637)
—
—
Morgan Stanley
1,599,085
(1,599,085)
—
—
Nomura Securities International, Inc.
106,786
(106,786)
—
—
Pershing LLC
116,237
(116,237)
—
—
RBC Capital Markets LLC
2,804,360
(2,804,360)
—
—
Scotia Capital (USA), Inc.
692,425
(692,425)
—
—
Scotia Capital Inc
395,425
(395,425)
—
—
State Street Bank & Trust Co.
415,465
(415,465)
—
—
TD Securities (USA) LLC
121,474
(121,474)
—
—
Toronto-Dominion Bank
365,431
(365,431)
—
—
UBS Securities LLC
419,922
(419,922)
—
—
Wells Fargo Bank N.A.
177,200
(177,200)
—
—
Wells Fargo Securities LLC
735,496
(735,496)
—
—
 
$26,050,005
$(26,050,005)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of April 30, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The
net amount would be subject to the borrower default indemnity in the event of default by a counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'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, Inc. (“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.
75
2025 iShares Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Distributor: BlackRock Investments, LLC (“BRIL”), 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.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Securities Lending: The U.S. Securities and Exchange Commission (“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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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 the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2025, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
J.P. Morgan EM Corporate Bond
$28,974
J.P. Morgan EM High Yield Bond
55,481
US & Intl High Yield Corp Bond
14,661
Directors and Officers: Certain directors and/or officers of the Company are directors and/or officers of BlackRock or its affiliates.
Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. PURCHASES AND SALES
For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
International High Yield Bond
$8,569,706
$9,814,089
J.P. Morgan EM Corporate Bond
61,707,790
63,764,951
J.P. Morgan EM High Yield Bond
61,353,853
64,632,823
J.P. Morgan EM Local Currency Bond
46,526,700
76,034,968
US & Intl High Yield Corp Bond
15,900,329
16,006,065
Notes to Financial Statements
76
Notes to Financial Statements (unaudited) (continued)
For the six months ended April 30, 2025, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
International High Yield Bond
$—
$9,484,632
J.P. Morgan EM Corporate Bond
2,273,081
68,677,924
J.P. Morgan EM High Yield Bond
50,375,549
59,067,891
J.P. Morgan EM Local Currency Bond
—
34,310,427
US & Intl High Yield Corp Bond
34,270,871
4,154,616
7. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
As of October 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
iShares ETF
Non-Expiring
Capital Loss
Carryforwards
International High Yield Bond
$(6,640,366
)
J.P. Morgan EM Corporate Bond
(34,202,062
)
J.P. Morgan EM High Yield Bond
(103,551,727
)
J.P. Morgan EM Local Currency Bond
(83,807,038
)
US & Intl High Yield Corp Bond
(10,942,990
)
As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
International High Yield Bond
$39,897,223
$2,010,123
$(1,454,907)
$555,216
J.P. Morgan EM Corporate Bond
415,638,623
3,569,451
(20,898,280)
(17,328,829)
J.P. Morgan EM High Yield Bond
515,112,073
7,238,913
(37,602,343)
(30,363,430)
J.P. Morgan EM Local Currency Bond
307,179,095
10,287,723
(24,155,229)
(13,867,506)
US & Intl High Yield Corp Bond
206,804,116
3,206,838
(6,816,375)
(3,609,537)
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 15, 2025. 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 six months ended April 30, 2025, 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 each 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
77
2025 iShares Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
instability; (iii) regulation, taxation, tariffs 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 an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
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 mandatory and discretionary 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) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) 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; (iv) 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 (v) 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.
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. 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.
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.
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.”
Notes to Financial Statements
78
Notes to Financial Statements (unaudited) (continued)
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 Funds invest.
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 during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, 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.
10. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
iShares ETF
Shares
Amount
Shares
Amount
International High Yield Bond
Shares redeemed
(200,000
)
$(9,867,572
)
—
$—
J.P. Morgan EM Corporate Bond
Shares sold
50,000
$2,228,313
900,000
$40,365,040
Shares redeemed
(1,600,000
)
(71,377,304
)
(1,050,000
)
(45,339,837
)
 
(1,550,000
)
$(69,148,991
)
(150,000
)
$(4,974,797
)
J.P. Morgan EM High Yield Bond
Shares sold
1,350,000
$51,775,030
2,900,000
$108,295,192
Shares issued to shareholders in reinvestment of distributions
—
(11,950
)
—
—
Shares redeemed
(1,650,000
)
(62,427,026
)
(150,000
)
(5,511,039
)
 
(300,000
)
$(10,663,946
)
2,750,000
$102,784,153
79
2025 iShares Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
iShares ETF
Shares
Amount
Shares
Amount
J.P. Morgan EM Local Currency Bond
Shares sold
—
$—
600,000
$22,293,694
Shares redeemed
(2,000,000
)
(74,457,484
)
(4,400,000
)
(158,953,054
)
 
(2,000,000
)
$(74,457,484
)
(3,800,000
)
$(136,659,360
)
US & Intl High Yield Corp Bond
Shares sold
800,000
$35,618,453
500,000
$21,939,956
Shares redeemed
(100,000
)
(4,314,340
)
(200,000
)
(8,466,542
)
 
700,000
$31,304,113
300,000
$13,473,414
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.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants 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.
To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
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.
Notes to Financial Statements
80
Additional Information
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
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, when available, at iShares.com.
81
2025 iShares Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
Currency Abbreviation 
BRL
Brazilian Real
CAD
Canadian Dollar
CLP
Chilean Peso
CNY
Chinese Yuan
COP
Colombian Peso
CZK
Czech Koruna
DOP
Dominican Peso
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
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 
ADR
American Depositary Receipt
CAB
Capital Appreciation Bonds
CMT
Constant Maturity Treasury
EURIBOR
Euro Interbank Offered Rate
JSC
Joint Stock Company
NVS
Non-Voting Shares
PIK
Payment-in-kind
PJSC
Public Joint Stock Company
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
ST
Special Tax
Glossary of Terms Used in this Report
82
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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. or Markit Indices Limited, 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.
©2025 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.
 
 

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as

of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

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/ Jessica Tan       

      

Jessica Tan

      

President (principal executive officer) of

iShares, Inc.

Date: June 24, 2025

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/ Jessica Tan       

      

Jessica Tan

      

President (principal executive officer) of

iShares, Inc.

Date: June 24, 2025

 

 

By:

     

/s/ Trent Walker       

      

Trent Walker

      

Treasurer and Chief Financial Officer (principal financial officer) of

iShares, Inc.

Date: June 24, 2025