# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001193125-25-154765
**Filing Date:** 2025-7
**Character Count:** 576451
**Document Hash:** c5169b74c0a1f5b7cfd0be06be157d8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154765.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154765

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667

**ORGANIZATION NAME:**
- **EIN:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09102
- **FILM NUMBER:** 251100169

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iSHARES INC
- **DATE OF NAME CHANGE:** 20070126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES INC
- **DATE OF NAME CHANGE:** 20000516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBS INDEX FUND INC
- **DATE OF NAME CHANGE:** 19970211

## Series and Classes Contracts Data

### iShares J.P. Morgan EM Local Currency Bond ETF (Series ID: S000033806)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000104446 | iShares J.P. Morgan EM Local Currency Bond ETF | LEMB            |

### iShares J.P. Morgan EM Corporate Bond ETF (Series ID: S000036776)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000112502 | iShares J.P. Morgan EM Corporate Bond ETF | CEMB            |

### iShares J.P. Morgan EM High Yield Bond ETF (Series ID: S000036777)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000112503 | iShares J.P. Morgan EM High Yield Bond ETF | EMHY            |

### iShares US & Intl High Yield Corp Bond ETF (Series ID: S000036906)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000112949 | iShares US & Intl High Yield Corp Bond ETF | GHYG            |

### iShares International High Yield Bond ETF (Series ID: S000036907)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000112950 | iShares International High Yield Bond ETF | HYXU            |

?xml version='1.0' encoding='ASCII'? 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:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

10/31/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK iShares Logo](g812902images_4973.jpg)

### 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<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International High Yield Bond ETF | $20 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> 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<sup>®</sup> Global Developed Markets ex-US High Yield Index | 6.64 | 13.72 | 5.46 | 3.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$41288448 |
| Number of Portfolio Holdings | &nbsp;&nbsp;337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;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<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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<br> Investments<sup>(a)</sup>* |
| 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% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### 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](g812902images_4974.jpg)

iShares International High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

HYXU-04/25-SAR

![TSR - BLK iShares Logo](g812902images_4973.jpg)

### 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<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares J.P. Morgan EM Corporate Bond ETF | $25 | 0.50%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> 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 | &nbsp;&nbsp;$371018581 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1040 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

The performance of the J.P. Morgan CEMBI Broad Diversified Core Index in this report reflects the performance of the Morningstar<sup>®</sup> Emerging Markets Corporate Bond Index<sup>SM</sup> 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<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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<br> Investments<sup>(a)</sup>* |
| 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% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### 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.

![TSR - BLK iShares Logo Footer](g812902images_4974.jpg)

iShares J.P. Morgan EM Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

CEMB-04/25-SAR

![TSR - BLK iShares Logo](g812902images_4973.jpg)

### 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<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares J.P. Morgan EM High Yield Bond ETF | $25 | 0.50%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> 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 | &nbsp;&nbsp;$437349405 |
| Number of Portfolio Holdings | &nbsp;&nbsp;664 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index in this report reflects the performance of the Morningstar<sup>®</sup> Emerging Markets High Yield Bond Index<sup>SM</sup> 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<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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<br> Investments<sup>(a)</sup>* |
| 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% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### 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.

![TSR - BLK iShares Logo Footer](g812902images_4974.jpg)

iShares J.P. Morgan EM High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

EMHY-04/25-SAR

![TSR - BLK iShares Logo](g812902images_4973.jpg)

### 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<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares J.P. Morgan EM Local Currency Bond ETF | $15 | 0.30%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> 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 | &nbsp;&nbsp;$300508260 |
| Number of Portfolio Holdings | &nbsp;&nbsp;388 |
| Portfolio Turnover Rate | &nbsp;&nbsp;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<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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<br> Investments<sup>(a)</sup>* |
| 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% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### 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](g812902images_4974.jpg)

iShares J.P. Morgan EM Local Currency Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

LEMB-04/25-SAR

![TSR - BLK iShares Logo](g812902images_4973.jpg)

### 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<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares US & Intl High Yield Corp Bond ETF | $20 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> 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<sup>®</sup> Global Developed Markets High Yield Index | 3.12 | 10.30 | 5.69 | 4.06 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$179025466 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1657 |
| Portfolio Turnover Rate | &nbsp;&nbsp;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<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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<br> Investments<sup>(a)</sup>* |
| 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% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### 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](g812902images_4974.jpg)

iShares US & Intl High Yield Corp Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

GHYG-04/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

April 30, 2025

![](g812902img4ed8c3571.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 59 |
| [Statements of Operations](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 61 |
| [Statements of Changes in Net Assets](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 63 |
| [Financial Highlights](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 66 |
| [Notes to Financial Statements](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 71 |
| [Additional Information](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 81 |
| [Glossary of Terms Used in these Financial Statements](#xx_9e5f35a1-f6e7-4837-9517-2520a7cffdd3_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 82 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® International High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| APA Infrastructure Ltd., 7.13%, 11/09/83, (5-year <br> EURIBOR ICE Swap + 4.098%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | $123665 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113009 |
| Benteler International AG, 9.38%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117641 |
|  |  | 230650 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| Azelis Finance NV, 5.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115871 |
| Telenet Finance Luxembourg Notes SARL, 3.50%, <br> 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 110988 |
|  |  | 226859 |
| **Canada — 1.0%** | **Canada — 1.0%** | **Canada — 1.0%** |
| Air Canada, 4.63%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; CAD325 | 225875 |
| Cineplex Inc., 7.63%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; CAD25 | 18695 |
| Mattamy Group Corp., 4.63%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; CAD50 | 34920 |
| Parkland Corp. |  |  |
| 3.88%, 06/16/26<sup>(c)</sup> | &nbsp;&nbsp; CAD125 | 89448 |
| 4.38%, 03/26/29 | &nbsp;&nbsp; CAD75 | 52578 |
| Southern Pacific Resource Corp., 8.75%, <br> 01/25/18<sup>(c)(d)(e)(f)</sup><br>| &nbsp;&nbsp; CAD50 |  |
|  |  | 421516 |
| **Cyprus — 0.3%** | **Cyprus — 0.3%** | **Cyprus — 0.3%** |
| Bank of Cyprus PCL, 2.50%, 06/24/27, <br> (1-year EUR Swap + 2.785%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111766 |
| **Czech Republic — 0.6%** | **Czech Republic — 0.6%** | **Czech Republic — 0.6%** |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 119377 |
| Allwyn International AS, 3.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112538 |
|  |  | 231915 |
| **Denmark — 0.9%** | **Denmark — 0.9%** | **Denmark — 0.9%** |
| Orsted A/S |  |  |
| 1.50%, (5-year EUR Swap + 1.860%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 91532 |
| 1.75%, (5-year EURIBOR ICE Swap + 1.952%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 105689 |
| 5.13%, (5-year EURIBOR ICE Swap + 2.590%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR150 | 169552 |
|  |  | 366773 |
| **France — 16.9%** | **France — 16.9%** | **France — 16.9%** |
| Air France-KLM |  |  |
| 4.63%, 05/23/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116945 |
| 7.25%, 05/31/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117695 |
| Altice France SA/France |  |  |
| 3.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 90718 |
| 4.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 91001 |
| 4.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 91110 |
| 4.25%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 91088 |
| 5.88%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 200134 |
| CAB SELAS, 3.38%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 213208 |
| Cerba Healthcare SACA, 3.50%, 05/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 84119 |
| Chrome Holdco SASU, 5.00%, 05/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 36745 |
| ELO SACA |  |  |
| 3.25%, 07/23/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108430 |
| 4.88%, 12/08/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 103024 |
| 5.88%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108498 |
| 6.00%, 03/22/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104760 |
| Emeria SASU, 7.75%, 03/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101492 |
| Eramet SA, 6.50%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111179 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Eutelsat SA |  |  |
| 1.50%, 10/13/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $93341 |
| 2.25%, 07/13/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104893 |
| Forvia SE |  |  |
| 2.38%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107675 |
| 2.75%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR225 | 245212 |
| 3.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109076 |
| 5.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109726 |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106693 |
| 5.63%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 137271 |
| Holding d'Infrastructures des Metiers de l'Environnement |  |  |
| 4.88%, 10/24/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115332 |
| Series ., 0.63%, Series ., 09/16/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 100445 |
| Iliad Holding SASU |  |  |
| 5.38%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115449 |
| 5.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115043 |
| 6.88%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 120577 |
| iliad SA |  |  |
| 1.88%, 02/11/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108512 |
| 2.38%, 06/17/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112256 |
| 4.25%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114928 |
| 5.38%, 06/14/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116897 |
| 5.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118947 |
| Series ., 5.38%, Series ., 05/02/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118406 |
| IPD 3 BV, 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117759 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113005 |
| Loxam SAS |  |  |
| 2.88%, 04/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112509 |
| 4.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112675 |
| 6.38%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116806 |
| Nexans SA |  |  |
| 4.13%, 05/29/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115726 |
| 4.25%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116078 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 224515 |
| Paprec Holding SA, 6.50%, 11/17/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118443 |
| Picard Groupe SAS, 6.38%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117767 |
| RCI Banque SA |  |  |
| 4.75%, 03/24/37, (5-year EURIBOR ICE Swap + <br> 2.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111978 |
| 5.50%, 10/09/34, (5-year EURIBOR ICE Swap + <br> 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117346 |
| Renault SA |  |  |
| 2.38%, 05/25/26<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 224975 |
| 2.50%, 06/02/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111805 |
| 2.50%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111063 |
| Rexel SA |  |  |
| 2.13%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108561 |
| 5.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118180 |
| Tereos Finance Groupe I SA |  |  |
| 5.75%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113258 |
| 7.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117041 |
| Valeo SE |  |  |
| 1.00%, 08/03/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101965 |
| 4.50%, 04/11/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110789 |
| 5.38%, 05/28/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117093 |
| 5.88%, 04/12/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117847 |
| Viridien, 8.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107968 |
|  |  | 6995977 |
| **Germany — 10.5%** | **Germany — 10.5%** | **Germany — 10.5%** |
| Bayer AG |  |  |
| 3.13%, 11/12/79, (5-year EUR Swap + 3.108%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 109057 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 5.38%, 03/25/82, (5-year EUR Swap + 4.458%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | $111141 |
| 5.50%, 09/13/54, (5-year EURIBOR ICE Swap + <br> 3.269%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113644 |
| 6.63%, 09/25/83, (5-year EUR Swap + 3.432%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 118846 |
| 7.00%, 09/25/83, (5-year EUR Swap + 3.896%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 119058 |
| Series N5.5, 4.50%, Series N5.5, 03/25/82, <br> (5-year EUR Swap + 3.751%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111899 |
| Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75, <br> (5-year EUR Swap + 3.206%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 112285 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 156523 |
| 7.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106358 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55, (5-year <br> EURIBOR ICE Swap + 2.855%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 110924 |
| Evonik Industries AG, 1.38%, 09/02/81, <br> (5-year EUR Swap + 1.836%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 108940 |
| Gruenenthal GmbH |  |  |
| 4.13%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112255 |
| 4.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111060 |
| IHO Verwaltungs GmbH |  |  |
| 6.75%, 11/15/29, (6.75% cash and 7.50% PIK)<sup>(a)(g)</sup> | &nbsp;&nbsp; EUR100 | 116562 |
| 7.00%, 11/15/31, (7.00% cash and 7.75% PIK)<sup>(a)(g)</sup> | &nbsp;&nbsp; EUR100 | 116385 |
| 8.75%, 05/15/28, (8.75% PIK)<sup>(a)(g)</sup> | &nbsp;&nbsp; EUR100 | 117870 |
| Mahle GmbH |  |  |
| 2.38%, 05/14/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101696 |
| 6.50%, 05/02/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110821 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114271 |
| 7.50%, 08/21/26<sup>(a)</sup> | &nbsp;&nbsp; EUR66 | 76091 |
| Schaeffler AG |  |  |
| 2.88%, 03/26/27<sup>(a)</sup> | &nbsp;&nbsp; EUR75 | 83765 |
| 3.38%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109850 |
| 4.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113336 |
| 4.50%, 08/14/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114035 |
| 4.50%, 03/28/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111230 |
| 4.75%, 08/14/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113235 |
| 5.38%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112660 |
| Techem Verwaltungsgesellschaft 675 mbH, 5.38%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR225 | 260703 |
| TK Elevator Holdco GmbH, 6.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR90 | 101780 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112810 |
| ZF Europe Finance BV |  |  |
| 2.50%, 10/23/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104342 |
| 3.00%, 10/23/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 96934 |
| 4.75%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105341 |
| 6.13%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109629 |
| ZF Finance GmbH |  |  |
| 2.00%, 05/06/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105000 |
| 2.25%, 05/03/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101171 |
| 3.75%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104220 |
| 5.75%, 08/03/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113896 |
|  |  | 4329623 |
| **Greece — 2.6%** | **Greece — 2.6%** | **Greece — 2.6%** |
| Alpha Services and Holdings SA, 6.00%, 09/13/34, <br> (5-year EURIBOR ICE Swap + 3.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 119802 |
| Eurobank Ergasias Services and Holdings SA |  |  |
| 4.25%, 04/30/35, (5-year EURIBOR ICE Swap + <br> 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111930 |
| 10.00%, 12/06/32, (5-year EUR Swap + 7.588%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 130266 |
| Metlen Energy & Metals SA, 4.00%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 230004 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| National Bank of Greece SA, 8.00%, 01/03/34, (5-year <br> EURIBOR ICE Swap + 4.646%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | $127641 |
| Piraeus Financial Holdings SA |  |  |
| 5.38%, 09/18/35, (5-year EURIBOR ICE Swap + <br> 3.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 116805 |
| 7.25%, 04/17/34, (5-year EUR Swap + 4.773%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 125104 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114612 |
|  |  | 1076164 |
| **Ireland — 0.9%** | **Ireland — 0.9%** | **Ireland — 0.9%** |
| eircom Finance DAC |  |  |
| 3.50%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112738 |
| 5.75%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116929 |
| Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, <br> 03/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 129655 |
|  |  | 359322 |
| **Israel — 1.9%** | **Israel — 1.9%** | **Israel — 1.9%** |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |
| 1.88%, 03/31/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109839 |
| 3.75%, 05/09/27 | &nbsp;&nbsp; EUR150 | 170525 |
| 4.38%, 05/09/30 | &nbsp;&nbsp; EUR200 | 228446 |
| 7.38%, 09/15/29 | &nbsp;&nbsp; EUR100 | 126808 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; EUR100 | 133742 |
|  |  | 769360 |
| **Italy — 13.6%** | **Italy — 13.6%** | **Italy — 13.6%** |
| Banca IFIS SpA |  |  |
| 5.50%, 02/27/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118278 |
| 6.13%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117879 |
| Banca Monte dei Paschi di Siena SpA |  |  |
| 3.63%, 11/27/30, (3-mo. EURIBOR + 1.450%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 113902 |
| 6.75%, 09/05/27, (3-mo. EURIBOR + 3.283%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 118381 |
| 10.50%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 138202 |
| Banca Popolare di Sondrio SpA, 5.51%, 03/13/34, <br> (5-year EUR Swap + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR200 | 237930 |
| Banco BPM SpA, 5.00%, 06/18/34, <br> (5-year EUR Swap + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR200 | 233191 |
| BPER Banca SpA |  |  |
| 5.75%, 09/11/29, (3-mo. EURIBOR + 2.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR150 | 182978 |
| 6.13%, 02/01/28, (3-mo. EURIBOR + 3.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR150 | 178499 |
| Bubbles Holdco SPA, 6.50%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112846 |
| Cerved Group SpA, 6.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102055 |
| Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 119444 |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109282 |
| Flos B&b Italia SpA, 10.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR80 | 94777 |
| Guala Closures SpA, 3.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107474 |
| IMA Industria Macchine Automatiche SpA, 3.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 111320 |
| Infrastrutture Wireless Italiane SpA |  |  |
| 1.63%, 10/21/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109037 |
| 1.88%, 07/08/26<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 168712 |
| 3.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 143222 |
| Intesa Sanpaolo Assicurazioni SpA, 2.38%, 12/22/30<sup>(a)</sup> | &nbsp;&nbsp; EUR250 | 260623 |
| Intesa Sanpaolo SpA, 5.15%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 129559 |
| Lottomatica SpA, 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117290 |
| Mediobanca Banca di Credito Finanziario SpA, 3.75%, <br> 06/16/26<br>| &nbsp;&nbsp; EUR50 | 57142 |
| Mundys SpA |  |  |
| 1.88%, 07/13/27<sup>(a)</sup> | &nbsp;&nbsp; EUR175 | 194141 |
| 1.88%, 02/12/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109301 |
| 4.50%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117594 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® International High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| 4.75%, 01/24/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $118507 |
| Optics Bidco SpA |  |  |
| 1.63%, 01/18/29 | &nbsp;&nbsp; EUR100 | 104123 |
| 6.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR176 | 213202 |
| 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR147 | 184622 |
| Pachelbel Bidco SpA, 7.13%, 05/17/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 119391 |
| Rossini SARL, 6.75%, 12/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 176560 |
| Saipem Finance International BV, 4.88%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117731 |
| Telecom Italia SpA |  |  |
| 6.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR124 | 153126 |
| 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR103 | 131579 |
| Telecom Italia SpA/Milano |  |  |
| 1.63%, 01/18/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106234 |
| 2.38%, 10/12/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113138 |
| UnipolSai Assicurazioni SpA |  |  |
| 3.88%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114556 |
| 4.90%, 05/23/34<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115994 |
| Webuild SpA |  |  |
| 4.88%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116169 |
| 7.00%, 09/27/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 122834 |
|  |  | 5610825 |
| **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** |
| Nissan Motor Co. Ltd., 3.20%, 09/17/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109654 |
| SoftBank Group Corp. |  |  |
| 2.88%, 01/06/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110541 |
| 3.38%, 07/06/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 130278 |
| 3.88%, 07/06/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101583 |
| 4.00%, 09/19/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107975 |
| 5.38%, 01/08/29<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 171097 |
|  |  | 731128 |
| **Jersey — 0.3%** | **Jersey — 0.3%** | **Jersey — 0.3%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 116346 |
| **Luxembourg — 4.3%** | **Luxembourg — 4.3%** | **Luxembourg — 4.3%** |
| AccorInvest Group SA |  |  |
| 5.50%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112784 |
| 6.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 146964 |
| Altice Financing SA |  |  |
| 3.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 85182 |
| 4.25%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 85036 |
| Altice Finco SA, 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 39836 |
| Altice France Holding SA |  |  |
| 4.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 33303 |
| 8.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 33118 |
| ARD Finance SA, 5.00%, 06/30/27, <br> (5.00% Cash and 5.75% PIK)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; EUR129 | 4420 |
| Cidron Aida Finco Sarl, 9.13%, 10/27/31<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 131892 |
| Ineos Finance PLC |  |  |
| 5.63%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107585 |
| 6.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110918 |
| Loarre Investments SARL, 6.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114591 |
| Matterhorn Telecom SA, 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112991 |
| Monitchem HoldCo 3 SA, 8.75%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111365 |
| PLT VII Finance SARL, 6.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115972 |
| SES SA, 5.50%, 09/12/54, (5-year EURIBOR ICE Swap <br> + 3.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 105537 |
| Summer BC Holdco B SARL, 5.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110393 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| Vivion Investments SARL |  |  |
| 6.50%, 02/28/29<sup>(a)(g)</sup> | &nbsp;&nbsp; EUR102 | $110098 |
| 8.00%, 08/31/28, (6.50 % Cash and 1.40 % PIK)<sup>(a)(g)</sup> | &nbsp;&nbsp; EUR101 | 110487 |
|  |  | 1782472 |
| **Netherlands — 3.7%** | **Netherlands — 3.7%** | **Netherlands — 3.7%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116569 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance <br> Sub BV, 8.50%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 142960 |
| Flora Food Management BV, 6.88%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116538 |
| Odido Group Holding BV, 5.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112225 |
| Odido Holding BV, 3.75%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110962 |
| Q-Park Holding I BV |  |  |
| 2.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110472 |
| 5.13%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115567 |
| Trivium Packaging Finance BV, 3.75%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111557 |
| UPCB Finance VII Ltd., 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110341 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102912 |
| Ziggo Bond Co. BV |  |  |
| 3.38%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 150394 |
| 6.13%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 133743 |
| Ziggo BV, 2.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 103523 |
|  |  | 1537763 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Var Energi ASA, 7.86%, 11/15/83, (5-year EURIBOR <br> ICE Swap + 4.765%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR125 | 153584 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Transportes Aereos Portugueses SA, 5.13%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 114090 |
| **Portugal — 2.2%** | **Portugal — 2.2%** | **Portugal — 2.2%** |
| Banco Comercial Portugues SA, 4.75%, 03/20/37, <br> (5-year EURIBOR ICE Swap + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111977 |
| EDP SA |  |  |
| 1.50%, 03/14/82, (5-year EUR Swap + 1.888%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 109255 |
| 1.88%, 08/02/81, (5-year EUR Swap + 2.380%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 111192 |
| 4.63%, 09/16/54, (5-year EURIBOR ICE Swap + <br> 2.395%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR200 | 227731 |
| 4.75%, 05/29/54, (5-year EURIBOR ICE Swap + <br> 2.052%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114878 |
| 5.94%, 04/23/83, (5-year EUR Swap + 3.184%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 120150 |
| Novo Banco SA, 9.88%, 12/01/33, <br> (5-year EUR Swap + 6.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 131782 |
|  |  | 926965 |
| **Slovenia — 0.9%** | **Slovenia — 0.9%** | **Slovenia — 0.9%** |
| United Group BV |  |  |
| 3.63%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110620 |
| 4.00%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR32 | 35900 |
| 6.50%, 10/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115060 |
| 6.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115873 |
|  |  | 377453 |
| **Spain — 3.4%** | **Spain — 3.4%** | **Spain — 3.4%** |
| Abanca Corp. Bancaria SA, 4.63%, 12/11/36, (5-year <br> EURIBOR ICE Swap + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113364 |
| Banco de Credito Social Cooperativo SA, 5.25%, <br> 11/27/31, (5-year EUR Swap + 5.419%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113760 |
| Cirsa Finance International SARL |  |  |
| 6.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117844 |
| 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118483 |
| Grifols SA |  |  |
| 2.25%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108673 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| 3.88%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR250 | $264818 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114231 |
| Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(a)</sup> | &nbsp;&nbsp; EUR300 | 339305 |
| Unicaja Banco SA, 5.50%, 06/22/34, <br> (5-year EUR Swap + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117654 |
|  |  | 1408132 |
| **Sweden — 2.8%** | **Sweden — 2.8%** | **Sweden — 2.8%** |
| Assemblin Caverion Group AB, 6.25%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116922 |
| Intrum AB, 4.88%, 09/15/27<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; EUR100 | 90118 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 167525 |
| 3.88%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112673 |
| 5.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 174802 |
| 9.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR80 | 94907 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 170211 |
| Volvo Car AB |  |  |
| 2.50%, 10/07/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109611 |
| 4.75%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112049 |
|  |  | 1148818 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| Dufry One BV |  |  |
| 2.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110532 |
| 4.75%, 04/18/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116414 |
|  |  | 226946 |
| **United Kingdom — 13.5%** | **United Kingdom — 13.5%** | **United Kingdom — 13.5%** |
| 888 Acquisitions Ltd., 7.56%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112809 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 147330 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114410 |
| BCP V Modular Services Finance II PLC, 4.75%, <br> 11/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR200 | 218000 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(a)</sup> | &nbsp;&nbsp; GBP300 | 371849 |
| Belron U.K. Finance PLC, 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114623 |
| British Telecommunications PLC |  |  |
| 5.13%, 10/03/54, (5-year EURIBOR ICE Swap + <br> 2.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 115577 |
| 8.38%, 12/20/83, (5-year UK Government Bond + <br> 3.820%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP125 | 177406 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC, 5.63%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 115411 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 135853 |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113543 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 131184 |
| eG Global Finance PLC, 11.00%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 125319 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 129444 |
| Ineos Quattro Finance 2 PLC |  |  |
| 6.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 126802 |
| 8.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108119 |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114024 |
| Jerrold Finco PLC, 7.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; GBP150 | 200056 |
| Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 126636 |
| Miller Homes Group Finco PLC, 7.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 129845 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 137433 |
| NGG Finance PLC, 2.13%, 09/05/82, <br> (5-year EUR Swap + 2.532%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 109621 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 140964 |
| Thames Water Super Senior Issuer PLC, 9.75%, <br> 10/10/27<sup>(a)</sup><br>| &nbsp;&nbsp; GBP13 | 20101 |
| Thames Water Utilities Finance PLC |  |  |
| 0.88%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 78816 |
| 1.25%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 78365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 2.63%, 01/24/34<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | $92776 |
| 3.50%, 02/25/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 94125 |
| 4.00%, 04/18/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 80057 |
| 4.38%, 01/18/33<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 119845 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(a)(h)</sup> | &nbsp;&nbsp; GBP3 | 3230 |
| Virgin Media Finance PLC, 3.75%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102240 |
| Virgin Media Secured Finance PLC, 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 117184 |
| Virgin Media Vendor Financing Notes III DAC, 4.88%, <br> 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 124722 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 3.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104902 |
| 4.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 122014 |
| 4.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 114670 |
| 5.63%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113019 |
| Vodafone Group PLC |  |  |
| 2.63%, 08/27/80, (5-year EUR Swap + 3.002%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 112105 |
| 3.00%, 08/27/80, (5-year EUR Swap + 3.477%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR150 | 158457 |
| 4.20%, 10/03/78, (5-year EUR Swap + 3.427%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 114594 |
| 6.50%, 08/30/84, (5-year EUR Swap + 3.489%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 122246 |
| 8.00%, 08/30/86, (5-year UK Government Bond + <br> 3.837%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP100 | 143083 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 238987 |
|  |  | 5571796 |
| **United States — 13.2%** | **United States — 13.2%** | **United States — 13.2%** |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL, 3.63%, 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 109045 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 2.00%, 09/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 103828 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc.<br>|  |  |
| 2.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 200515 |
| 4.75%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 63688 |
| Ashland Services BV, 2.00%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107325 |
| Avantor Funding Inc., 3.88%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111529 |
| Avis Budget Finance PLC |  |  |
| 7.00%, 02/28/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111611 |
| 7.25%, 07/31/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111649 |
| Ball Corp., 1.50%, 03/15/27 | &nbsp;&nbsp; EUR100 | 109778 |
| Belden Inc., 3.88%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 168307 |
| Brookfield Property Finance ULC |  |  |
| 4.00%, 09/30/26 | &nbsp;&nbsp; CAD75 | 53356 |
| 7.13%, 02/13/28 | &nbsp;&nbsp; CAD125 | 93179 |
| Carnival PLC, 1.00%, 10/28/29 | &nbsp;&nbsp; EUR100 | 98771 |
| Celanese U.S. Holdings LLC |  |  |
| 2.13%, 03/01/27 | &nbsp;&nbsp; EUR100 | 109141 |
| 5.00%, 04/15/31 | &nbsp;&nbsp; EUR100 | 109628 |
| 5.59%, 01/19/29 | &nbsp;&nbsp; EUR125 | 144732 |
| Clarios Global LP/Clarios U.S. Finance Co., 4.38%, <br> 05/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 112825 |
| Constellium SE, 5.38%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111337 |
| Crown European Holdings SACA |  |  |
| 4.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115974 |
| 5.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117999 |
| Dana Financing Luxembourg SARL, 8.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 121596 |
| Darling Global Finance BV, 3.63%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112805 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.38%, <br> 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 116971 |
| Energizer Gamma Acquisition BV, 3.50%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105076 |
| Goodyear Europe BV, 2.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106848 |
| Helios Software Holdings Inc./ION Corporate Solutions <br> Finance SARL, 7.88%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 112651 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® International High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| IGT Lottery Holdings BV, 4.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $115161 |
| International Game Technology PLC, 3.50%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 169625 |
| IQVIA Inc. |  |  |
| 2.25%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 163504 |
| 2.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 213332 |
| Levi Strauss & Co., 3.38%, 03/15/27 | &nbsp;&nbsp; EUR100 | 112189 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.69%, 06/05/28 | &nbsp;&nbsp; GBP100 | 102760 |
| 7.00%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114919 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107092 |
| OI European Group BV |  |  |
| 5.25%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113993 |
| 6.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116104 |
| Olympus Water U.S. Holding Corp. |  |  |
| 3.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107008 |
| 9.63%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117865 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 2.88%, 04/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR200 | 214967 |
| Primo Water Holdings Inc./Triton Water Holdings Inc., <br> 3.88%, 10/31/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 111093 |
| SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, <br> 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 118301 |
| Silgan Holdings Inc., 2.25%, 06/01/28 | &nbsp;&nbsp; EUR100 | 109094 |
| Standard Industries Inc./New York, 2.25%, 11/21/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110244 |
| VF Corp. |  |  |
| 0.25%, 02/25/28 | &nbsp;&nbsp; EUR100 | 98261 |
| 0.63%, 02/25/32 | &nbsp;&nbsp; EUR100 | 79605 |
| Walgreens Boots Alliance Inc., 2.13%, 11/20/26 | &nbsp;&nbsp; EUR125 | 137250 |
|  |  | 5472531 |
| **Total Corporate Bonds & Notes — 97.9%** <br>**(Cost: $39,648,243)** | **Total Corporate Bonds & Notes — 97.9%** <br>**(Cost: $39,648,243)** | 40422439 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Supranational — 0.0%** | **Supranational — 0.0%** | **Supranational — 0.0%** |
| Sentry Holdings Ltd. | &nbsp;&nbsp; 25 |  |
| **Total Common Stocks — 0.0%** <br>**(Cost: $159,437)** | **Total Common Stocks — 0.0%** <br>**(Cost: $159,437)** |  |
| **Total Long-Term Investments — 97.9%** <br>**(Cost: $39,807,680)** | **Total Long-Term Investments — 97.9%** <br>**(Cost: $39,807,680)** | 40422439 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(i)(j)</sup><br>| &nbsp;&nbsp; 30000 | $30000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $30,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $30,000)** | 30000 |
| **Total Investments — 98.0%** <br>**(Cost: $39,837,680)** | **Total Investments — 98.0%** <br>**(Cost: $39,837,680)** | 40452439 |
| **Other Assets Less Liabilities — 2.0%** | **Other Assets Less Liabilities — 2.0%** | 836009 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $41288448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

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

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> 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. 

<sup>(h)</sup> Zero-coupon bond.

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> 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* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $20000<br> $10000 <br><sup>(a)</sup><br>| $— | $— | $— | $30000 | 30000 | $862 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40422439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40422439 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30000 |
|  | &nbsp;&nbsp; $30000 | &nbsp;&nbsp; $40422439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40452439 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Angola — 0.2%** | **Angola — 0.2%** | **Angola — 0.2%** |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; $900 | $861750 |
| **Argentina — 1.3%** | **Argentina — 1.3%** | **Argentina — 1.3%** |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(a)</sup> | &nbsp;&nbsp; 625 | 652031 |
| Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(a)</sup> | &nbsp;&nbsp; 535 | 510551 |
| YPF SA |  |  |
| 6.95%, 07/21/27<sup>(a)</sup> | &nbsp;&nbsp; 562 | 553851 |
| 7.00%, 09/30/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 497275 |
| 7.00%, 12/15/47<sup>(a)</sup> | &nbsp;&nbsp; 400 | 337424 |
| 8.25%, 01/17/34<sup>(a)(c)</sup> | &nbsp;&nbsp; 800 | 778992 |
| 8.75%, 09/11/31<sup>(a)</sup> | &nbsp;&nbsp; 450 | 456048 |
| 9.00%, 06/30/29<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 600 | 614436 |
| 9.50%, 01/17/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 620700 |
|  |  | 5021308 |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 400 | 379000 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 500 | 463055 |
| China Ping An Insurance Overseas Holdings Ltd., <br> 2.85%, 08/12/31<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 175550 |
|  |  | 1017605 |
| **Bahrain — 0.3%** | **Bahrain — 0.3%** | **Bahrain — 0.3%** |
| AUB Sukuk Ltd., 2.62%, 09/09/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384788 |
| BBK BSC, 6.88%, 06/06/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405376 |
| GFH Senior Sukuk Ltd., 7.50%, 11/06/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394292 |
|  |  | 1184456 |
| **Brazil — 5.0%** | **Brazil — 5.0%** | **Brazil — 5.0%** |
| Acu Petroleo Luxembourg SARL, 7.50%, 01/13/32<sup>(a)</sup> | &nbsp;&nbsp; 231 | 229853 |
| Aegea Finance SARL, 9.00%, 01/20/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 207792 |
| Amaggi Luxembourg International SARL, 5.25%, <br> 01/28/28<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 194224 |
| Ambipar Lux SARL, 9.88%, 02/06/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192250 |
| Azul Secured Finance LLP |  |  |
| 10.88%, 08/28/30 | &nbsp;&nbsp; 132 | 25142 |
| 11.93%, 08/28/28 | &nbsp;&nbsp; 214 | 126515 |
| B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180438 |
| Banco Bradesco SA/Cayman Islands |  |  |
| 4.38%, 03/18/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197900 |
| 6.50%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206420 |
| Banco BTG Pactual SA/Cayman Islands, 5.75%, <br> 01/22/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 199400 |
| Banco do Brasil SA |  |  |
| 3.25%, 09/30/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196328 |
| 6.00%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201500 |
| 6.25%, 04/18/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204250 |
| 8.75%, (10-year CMT + 4.398%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 404060 |
| Braskem America Finance Co., 7.13%, 07/22/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 154980 |
| Braskem Netherlands Finance BV |  |  |
| 4.50%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 358600 |
| 4.50%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 165940 |
| 5.88%, 01/31/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 133500 |
| 7.25%, 02/13/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 348880 |
| 8.00%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 177350 |
| BRF SA |  |  |
| 4.88%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 188944 |
| 5.75%, 09/21/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 160750 |
| Centrais Eletricas Brasileiras SA |  |  |
| 4.63%, 02/04/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 187416 |
| 6.50%, 01/11/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Cosan Overseas Ltd., 8.25%<sup>(a)(e)</sup> | &nbsp;&nbsp; $100 | $99750 |
| CSN Inova Ventures, 6.75%, 01/28/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186300 |
| CSN Resources SA |  |  |
| 4.63%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 151500 |
| 5.88%, 04/08/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 159000 |
| 8.88%, 12/05/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191300 |
| Embraer Netherlands Finance BV |  |  |
| 5.98%, 02/11/35 | &nbsp;&nbsp; 25 | 25319 |
| 7.00%, 07/28/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213000 |
| FS Luxembourg SARL, 8.88%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200250 |
| Guara Norte SARL, 5.20%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 160 | 146952 |
| GUSAP III LP, 4.25%, 01/21/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 189780 |
| Itau Unibanco Holding SA, 6.00%, 02/27/30<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202325 |
| Itau Unibanco Holding SA/Cayman Island |  |  |
| 3.88%, 04/15/31, (5-year CMT + 3.446%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 197760 |
| 7.56%, (5-year CMT + 3.222%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 199250 |
| Klabin Austria GmbH |  |  |
| 5.75%, 04/03/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199800 |
| 7.00%, 04/03/49<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197300 |
| LD Celulose International GmbH, 7.95%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204850 |
| MARB BondCo PLC, 3.95%, 01/29/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 172060 |
| MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(a)</sup><br>| &nbsp;&nbsp; 368 | 284664 |
| MercadoLibre Inc., 3.13%, 01/14/31 | &nbsp;&nbsp; 200 | 176050 |
| Minerva Luxembourg SA |  |  |
| 4.38%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 351000 |
| 8.88%, 09/13/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 212715 |
| Movida Europe SA, 7.85%, 04/11/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 175200 |
| NewCo Holding USD 20 SARL, 9.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198412 |
| Nexa Resources SA, 6.75%, 04/09/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204250 |
| Petrobras Global Finance BV |  |  |
| 5.50%, 06/10/51<sup>(c)</sup> | &nbsp;&nbsp; 160 | 120400 |
| 5.60%, 01/03/31<sup>(c)</sup> | &nbsp;&nbsp; 250 | 248950 |
| 6.00%, 01/27/28<sup>(c)</sup> | &nbsp;&nbsp; 295 | 298872 |
| 6.00%, 01/13/35<sup>(c)</sup> | &nbsp;&nbsp; 200 | 189290 |
| 6.50%, 07/03/33<sup>(c)</sup> | &nbsp;&nbsp; 200 | 201370 |
| 6.75%, 01/27/41 | &nbsp;&nbsp; 150 | 144938 |
| 6.85% | &nbsp;&nbsp; 275 | 238906 |
| 6.88%, 01/20/40<sup>(c)</sup> | &nbsp;&nbsp; 200 | 195938 |
| 7.25%, 03/17/44<sup>(c)</sup> | &nbsp;&nbsp; 150 | 148266 |
| 7.38%, 01/17/27<sup>(c)</sup> | &nbsp;&nbsp; 150 | 155400 |
| Petrorio Luxembourg Holding SARL, 6.13%, <br> 06/09/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 200175 |
| Raizen Fuels Finance SA |  |  |
| 5.70%, 01/17/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185730 |
| 6.45%, 03/05/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198150 |
| 6.70%, 02/25/37<sup>(f)</sup> | &nbsp;&nbsp; 200 | 195960 |
| 6.95%, 03/05/54<sup>(a)</sup> | &nbsp;&nbsp; 400 | 378000 |
| Rede D'or Finance SARL |  |  |
| 4.50%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186312 |
| 4.95%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196562 |
| Rumo Luxembourg SARL, 5.25%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196830 |
| Samarco Mineracao SA, 9.00%, 06/30/31, <br> (9.05 % PIK)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; 1026 | 962126 |
| Simpar Europe SA, 5.20%, 01/26/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 153876 |
| Sitios Latinoamerica SAB de CV, 5.38%, 04/04/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190160 |
| St Marys Cement Inc. Canada, 5.75%, 04/02/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196700 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 100 | 91625 |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 300 | 255855 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 500 | 451830 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| 5.00%, 01/15/30 | &nbsp;&nbsp; $200 | $194400 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 200 | 203575 |
| 7.00%, 03/16/47<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206950 |
| Suzano International Finance BV, 5.50%, 01/17/27 | &nbsp;&nbsp; 300 | 303024 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 189312 |
| Usiminas International SARL, 7.50%, 01/27/32<sup>(f)</sup> | &nbsp;&nbsp; 200 | 198100 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 450 | 419175 |
| 6.13%, 06/12/33<sup>(c)</sup> | &nbsp;&nbsp; 350 | 358715 |
| 6.40%, 06/28/54<sup>(c)</sup> | &nbsp;&nbsp; 500 | 480985 |
| 6.88%, 11/21/36 | &nbsp;&nbsp; 100 | 106128 |
| 6.88%, 11/10/39 | &nbsp;&nbsp; 150 | 158737 |
| XP Inc., 6.75%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202000 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(a)</sup> | &nbsp;&nbsp; 198 | 202861 |
|  |  | 18580902 |
| **British Virgin Islands — 0.1%** | **British Virgin Islands — 0.1%** | **British Virgin Islands — 0.1%** |
| Joy Treasure Assets Holdings Inc., 5.50%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202060 |
| **Burkina Faso — 0.1%** | **Burkina Faso — 0.1%** | **Burkina Faso — 0.1%** |
| Endeavour Mining PLC, 5.00%, 10/14/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390524 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| CCCI Treasure Ltd., 3.65%, <br> (5-year CMT + 5.117%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 195408 |
| **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** |
| Al Rajhi Sukuk Ltd., 5.05%, 03/12/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404488 |
| Alinma Tier 1 Sukuk Ltd., 6.50%, <br> (5-year CMT + 2.201%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 404500 |
| Arabian Centres Sukuk III Ltd., 9.50%, 03/06/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199376 |
| Doha Finance Ltd., 5.25%, 03/12/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405375 |
| QNB Finance Ltd., 5.56%, 04/02/29, <br> (1-day SOFR + 1.200%)<sup>(d)</sup><br>| &nbsp;&nbsp; 800 | 807500 |
| SNB Sukuk Ltd., 5.13%, 02/27/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203000 |
|  |  | 2424239 |
| **Chile — 3.8%** | **Chile — 3.8%** | **Chile — 3.8%** |
| AES Andes SA, 8.15%, 06/10/55, <br> (5-year CMT + 3.835%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 408800 |
| Agrosuper SA, 4.60%, 01/20/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181000 |
| Alfa Desarrollo SpA, 4.55%, 09/27/51<sup>(a)</sup> | &nbsp;&nbsp; 593 | 437655 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 171750 |
| 5.63%, 05/13/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401564 |
| 6.25%, 05/02/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405000 |
| Banco de Chile, 2.99%, 12/09/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 174394 |
| Banco de Credito e Inversiones SA |  |  |
| 2.88%, 10/14/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173500 |
| 3.50%, 10/12/27<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 193200 |
| 7.50%, , (5-year CMT + 3.767%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 194400 |
| 8.75%, (5-year CMT + 4.944%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 414500 |
| Banco Santander Chile, 3.18%, 10/26/31<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 177700 |
| Celulosa Arauco y Constitucion SA |  |  |
| 4.20%, 01/29/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 373000 |
| 4.25%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 188944 |
| 5.15%, 01/29/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 329000 |
| 5.50%, 04/30/49<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173688 |
| Cencosud SA |  |  |
| 4.38%, 07/17/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 592500 |
| 5.95%, 05/28/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203100 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/35<sup>(a)</sup> | &nbsp;&nbsp; 586 | 581224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| 5.67%, 10/20/35<sup>(f)</sup> | &nbsp;&nbsp; $200 | $200575 |
| Chile Electricity Lux MPC SARL, 6.01%, 01/20/33<sup>(a)</sup> | &nbsp;&nbsp; 372 | 385020 |
| Cia. Cervecerias Unidas SA, 3.35%, 01/19/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 351460 |
| Colbun SA |  |  |
| 3.15%, 03/06/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181412 |
| 3.15%, 01/19/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 345000 |
| 3.95%, 10/11/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196300 |
| Empresa Nacional de Telecomunicaciones SA |  |  |
| 3.05%, 09/14/32<sup>(a)</sup> | &nbsp;&nbsp; 450 | 378112 |
| 4.75%, 08/01/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400000 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 150 | 148163 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 600 | 592650 |
| Engie Energia Chile SA |  |  |
| 3.40%, 01/28/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181000 |
| 6.38%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 411300 |
| Falabella SA, 3.38%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 337240 |
| GNL Quintero SA, 4.63%, 07/31/29<sup>(a)</sup> | &nbsp;&nbsp; 318 | 312797 |
| Interchile SA, 4.50%, 06/30/56<sup>(a)</sup> | &nbsp;&nbsp; 500 | 394000 |
| Inversiones CMPC SA |  |  |
| 3.00%, 04/06/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 347500 |
| 3.85%, 01/13/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 371792 |
| 4.38%, 04/04/27<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 197700 |
| 6.13%, 06/23/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202112 |
| 6.13%, 02/26/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200430 |
| Latam Airlines Group SA |  |  |
| 7.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 705 | 688644 |
| 13.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 445240 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 3.50%, 09/10/51<sup>(a)</sup> | &nbsp;&nbsp; 400 | 254000 |
| 5.50%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 385300 |
| 6.50%, 11/07/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 414260 |
| Telefonica Moviles Chile SA, 3.54%, 11/18/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 197970 |
|  |  | 14294896 |
| **China — 9.0%** | **China — 9.0%** | **China — 9.0%** |
| Agricultural Bank of China Ltd./New York, 4.94%, <br> 01/24/27, (1-day SOFR Index + 0.630%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200008 |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31 | &nbsp;&nbsp; 200 | 174782 |
| 2.70%, 02/09/41 | &nbsp;&nbsp; 200 | 134894 |
| 3.15%, 02/09/51<sup>(c)</sup> | &nbsp;&nbsp; 400 | 253596 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 200 | 121400 |
| 3.40%, 12/06/27<sup>(c)</sup> | &nbsp;&nbsp; 500 | 488000 |
| 4.00%, 12/06/37 | &nbsp;&nbsp; 200 | 172800 |
| 4.20%, 12/06/47<sup>(c)</sup> | &nbsp;&nbsp; 400 | 313900 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 200 | 154806 |
| 4.50%, 11/28/34 | &nbsp;&nbsp; 200 | 188989 |
| 4.88%, 05/26/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202888 |
| 5.63%, 11/26/54<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190646 |
| Amipeace Ltd., 1.75%, 11/09/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384580 |
| Baidu Inc. |  |  |
| 2.38%, 08/23/31 | &nbsp;&nbsp; 200 | 175540 |
| 3.63%, 07/06/27 | &nbsp;&nbsp; 200 | 197432 |
| Bank of China Ltd./New York, 4.63%, 06/26/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200044 |
| Bank of China Ltd./Panama, 4.84%, 03/19/28, <br> (1-day SOFR Index + 0.500%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199404 |
| Bank of China Ltd./Sydney, 4.85%, 03/04/28, <br> (1-day SOFR Index + 0.500%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199866 |
| Bank of Communications Co. Ltd., 3.80%, <br> (5-year CMT + 3.345%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 600 | 595014 |
| Bank of Communications Co. Ltd./Hong Kong, 4.88%, <br> 08/01/27, (1-day SOFR Index + 0.550%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199796 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| BOC Aviation Ltd. |  |  |
| 2.63%, 09/17/30<sup>(a)(c)</sup> | &nbsp;&nbsp; $600 | $545784 |
| 3.00%, 09/11/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 500 | 470640 |
| 3.50%, 09/18/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 585816 |
| 4.50%, 05/23/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399216 |
| BOC Aviation USA Corp. |  |  |
| 4.63%, 09/04/31<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 400450 |
| 4.88%, 05/03/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 396512 |
| 5.00%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406624 |
| 5.25%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 411732 |
| 5.75%, 11/09/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 415140 |
| BOCOM International Blossom Ltd., 1.75%, <br> 06/28/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192620 |
| Bocom Leasing Management Hong Kong Co. Ltd., <br> 5.03%, 06/26/27, <br> (1-day SOFR Index + 0.680%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199688 |
| CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193802 |
| Chalco Hong Kong Investment Co. Ltd., 2.10%, <br> 07/28/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 193130 |
| Charming Light Investments Ltd., 4.38%, 12/21/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197874 |
| China Cinda 2020 I Management Ltd. |  |  |
| 3.00%, 01/20/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180638 |
| 3.13%, 03/18/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184224 |
| 3.25%, 01/28/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 195196 |
| 5.75%, 05/28/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205730 |
| China Cinda Finance 2017 I Ltd. |  |  |
| 4.75%, 02/08/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199788 |
| 4.75%, 02/21/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199114 |
| China Construction Bank Corp. |  |  |
| 2.45%, 06/24/30, (5-year CMT + 2.150%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 597732 |
| 2.85%, 01/21/32, (5-year CMT + 1.400%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 582900 |
| China Construction Bank Corp/Hong Kong, 4.88%, <br> 07/16/27, (1-day SOFR Index + 0.550%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199794 |
| China Development Bank Financial Leasing Co. Ltd., <br> 2.88%, 09/28/30, (5-year CMT + 2.750%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 198220 |
| China Everbright Bank Co. Ltd./Sydney, 4.97%, <br> 09/20/26, (1-day SOFR Index + 0.630%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200063 |
| China Everbright Bank Co. Ltd/Hong Kong, 4.88%, <br> 05/14/27, (1-day SOFR Index + 0.520%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199688 |
| China Great Wall International Holdings III Ltd., <br> 3.88%, 08/31/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 195038 |
| China Modern Dairy Holdings Ltd., 2.13%, 07/14/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193096 |
| China Overseas Finance Cayman VIII Ltd., 2.75%, <br> 03/02/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 181342 |
| China Railway Xunjie Co. Ltd., 4.00%, 07/06/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198856 |
| China State Construction Finance Cayman I Ltd., <br> 3.40%, (5-year CMT + 5.581%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 196116 |
| China Taiping Insurance Holdings Co. Ltd., 6.40%, <br> (5-year CMT + 2.072%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 415448 |
| CICC Hong Kong Finance 2016 MTN Ltd. |  |  |
| 5.27%, 01/18/27, <br> (1-day SOFR Index + 0.950%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200687 |
| 5.44%, 07/18/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201234 |
| CITIC Ltd. |  |  |
| 2.85%, 02/25/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 187126 |
| 2.88%, 02/17/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390588 |
| 3.88%, 02/28/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198706 |
| CMB International Leasing Management Ltd., 5.11%, <br> 06/04/27, (1-day SOFR + 0.760%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200062 |
| CMHI Finance BVI Co. Ltd., 5.00%, 08/06/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204338 |
| CNOOC Finance 2011 Ltd., 5.75%, 01/26/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 211426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| CNOOC Finance 2013 Ltd. |  |  |
| 2.88%, 09/30/29 | &nbsp;&nbsp; $200 | $190452 |
| 3.30%, 09/30/49 | &nbsp;&nbsp; 200 | 147730 |
| CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28 | &nbsp;&nbsp; 400 | 402552 |
| Coastal Emerald Ltd., 6.50%, <br> (3-year CMT + 4.781%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 204626 |
| Contemporary Ruiding Development Ltd., 1.50%, <br> 09/09/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192276 |
| CSCEC Finance Cayman II Ltd., 3.50%, 07/05/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197126 |
| CSCIF Hong Kong Ltd., 5.02%, 05/31/27, <br> (1-day SOFR Index + 0.670%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199244 |
| CSI MTN Ltd., 5.05%, 10/22/27, <br> (1-day SOFR Index + 0.730%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 198768 |
| ENN Energy Holdings Ltd., 4.63%, 05/17/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200330 |
| Far East Horizon Ltd., 6.63%, 04/16/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200582 |
| Fortune Star BVI Ltd., 8.50%, 05/19/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197750 |
| Franshion Brilliant Ltd., 4.25%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173500 |
| Huarong Finance 2017 Co. Ltd. |  |  |
| 4.25%, 11/07/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 388750 |
| 4.75%, 04/27/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197750 |
| Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191500 |
| ICBCIL Finance Co. Ltd. |  |  |
| 1.75%, 08/02/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194064 |
| 2.70%, 01/27/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194238 |
| Industrial & Commercial Bank of China Ltd., 3.20%, <br> (5-year CMT + 2.368%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 1600 | 1557440 |
| Industrial & Commercial Bank of China Ltd./Hong <br> Kong, 1.63%, 10/28/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192552 |
| Industrial & Commercial Bank of China Ltd./New York, <br> 3.54%, 11/08/27<br>| &nbsp;&nbsp; 250 | 246385 |
| Industrial & Commercial Bank of China <br> Ltd./Singapore, 4.91%, 10/25/26, <br> (1-day SOFR Index + 0.600%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 199950 |
| JD.com Inc., 3.38%, 01/14/30 | &nbsp;&nbsp; 200 | 189596 |
| Lenovo Group Ltd. |  |  |
| 3.42%, 11/02/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183496 |
| 5.83%, 01/27/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204755 |
| Longfor Group Holdings Ltd., 4.50%, 01/16/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 176619 |
| Meituan |  |  |
| 3.05%, 10/28/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 182762 |
| 4.50%, 04/02/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198848 |
| 4.63%, 10/02/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398048 |
| Pioneer Reward Ltd., 5.25%, 08/09/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202678 |
| Prosus NV |  |  |
| 3.06%, 07/13/31<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1030056 |
| 3.26%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 584812 |
| 3.68%, 01/21/30<sup>(a)</sup> | &nbsp;&nbsp; 800 | 737000 |
| 3.83%, 02/08/51<sup>(a)</sup> | &nbsp;&nbsp; 900 | 565384 |
| 4.03%, 08/03/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | 393375 |
| 4.19%, 01/19/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 545436 |
| 4.85%, 07/06/27<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 398876 |
| 4.99%, 01/19/52<sup>(a)</sup> | &nbsp;&nbsp; 700 | 524566 |
| SF Holding Investment 2021 Ltd., 3.13%, 11/17/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184600 |
| SF Holding Investment Ltd., 2.38%, 11/17/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194204 |
| Shanghai Port Group BVI Development 2 Co. Ltd., <br> 2.38%, 07/13/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 182978 |
| Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(a)</sup> | &nbsp;&nbsp; 200 | 177068 |
| Soar Wise Ltd., 5.15%, 03/18/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200876 |
| Tencent Holdings Ltd. |  |  |
| 2.39%, 06/03/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 545106 |
| 2.88%, 04/22/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183512 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| 3.24%, 06/03/50<sup>(a)</sup> | &nbsp;&nbsp; $400 | $263984 |
| 3.60%, 01/19/28<sup>(a)(c)</sup> | &nbsp;&nbsp; 300 | 294648 |
| 3.68%, 04/22/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 155828 |
| 3.84%, 04/22/51<sup>(a)</sup> | &nbsp;&nbsp; 400 | 294650 |
| 3.93%, 01/19/38<sup>(a)</sup> | &nbsp;&nbsp; 200 | 174600 |
| 3.94%, 04/22/61<sup>(a)</sup> | &nbsp;&nbsp; 200 | 143074 |
| 3.98%, 04/11/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 590520 |
| 4.53%, 04/11/49<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 166702 |
| Tencent Music Entertainment Group, 2.00%, 09/03/30 | &nbsp;&nbsp; 200 | 175482 |
| Vanke Real Estate Hong Kong Co. Ltd., 3.98%, <br> 11/09/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 153720 |
| Weibo Corp., 3.38%, 07/08/30 | &nbsp;&nbsp; 200 | 183498 |
| West China Cement Ltd., 4.95%, 07/08/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 156625 |
| Xiaomi Best Time International Ltd. |  |  |
| 2.88%, 07/14/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180880 |
| 3.38%, 04/29/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 189458 |
| Zhongsheng Group Holdings Ltd., 5.98%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194018 |
|  |  | 33444466 |
| **Colombia — 3.2%** | **Colombia — 3.2%** | **Colombia — 3.2%** |
| ABRA Global Finance, 14.00%, 10/22/29, <br> (6.00 % Cash and 8.00 % PIK)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; 200 | 135125 |
| AI Candelaria Spain SA, 5.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 328120 |
| Banco Davivienda SA, 6.65%, <br> (10-year CMT + 5.097%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 169750 |
| Bancolombia SA, 8.63%, 12/24/34, <br> (5-year CMT + 4.320%)<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 400 | 413980 |
| Canacol Energy Ltd., 5.75%, 11/24/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 92000 |
| Colombia Telecomunicaciones SA ESP, 4.95%, <br> 07/17/30<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 350550 |
| Ecopetrol SA |  |  |
| 4.63%, 11/02/31 | &nbsp;&nbsp; 900 | 731700 |
| 5.88%, 05/28/45<sup>(c)</sup> | &nbsp;&nbsp; 1300 | 865150 |
| 5.88%, 11/02/51<sup>(c)</sup> | &nbsp;&nbsp; 450 | 288000 |
| 6.88%, 04/29/30 | &nbsp;&nbsp; 1200 | 1161900 |
| 7.38%, 09/18/43<sup>(c)</sup> | &nbsp;&nbsp; 550 | 445500 |
| 7.75%, 02/01/32 | &nbsp;&nbsp; 800 | 763000 |
| 8.38%, 01/19/36 | &nbsp;&nbsp; 1200 | 1125600 |
| 8.63%, 01/19/29 | &nbsp;&nbsp; 758 | 790215 |
| 8.88%, 01/13/33 | &nbsp;&nbsp; 1540 | 1540939 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime <br> Energia SpA, 5.38%, 12/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 342624 |
| Geopark Ltd., 8.75%, 01/31/30<sup>(f)</sup> | &nbsp;&nbsp; 400 | 346500 |
| Gran Tierra Energy Inc., 9.50%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 313000 |
| Grupo Aval Ltd., 4.38%, 02/04/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 525750 |
| Promigas SA ESP/Gases del Pacifico SAC, 3.75%, <br> 10/16/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 400 | 370500 |
| SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 367600 |
| Transportadora de Gas Internacional SA ESP, 5.55%, <br> 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 401376 |
|  |  | 11868879 |
| **Congo, The Democratic Republic — 0.1%** | **Congo, The Democratic Republic — 0.1%** | **Congo, The Democratic Republic — 0.1%** |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392124 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Allwyn Entertainment Financing U.K. PLC, 7.88%, <br> 04/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 413112 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Aeropuertos Dominicanos Siglo XXI SA, 7.00%, <br> 06/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 404000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ghana — 0.2%** | **Ghana — 0.2%** | **Ghana — 0.2%** |
| Kosmos Energy Ltd., 8.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; $400 | $321880 |
| Tullow Oil PLC, 10.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; 459 | 358020 |
|  |  | 679900 |
| **Guatemala — 0.8%** | **Guatemala — 0.8%** | **Guatemala — 0.8%** |
| Central American Bottling Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL, 5.25%, 04/27/29<sup>(a)</sup><br>| &nbsp;&nbsp; 850 | 809200 |
| CT Trust, 5.13%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 541320 |
| Investment Energy Resources Ltd., 6.25%, <br> 04/26/29<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 572250 |
| Millicom International Cellular SA |  |  |
| 4.50%, 04/27/31<sup>(a)(c)</sup> | &nbsp;&nbsp; 800 | 712000 |
| 6.25%, 03/25/29<sup>(a)</sup> | &nbsp;&nbsp; 360 | 356004 |
|  |  | 2990774 |
| **Hong Kong — 3.4%** | **Hong Kong — 3.4%** | **Hong Kong — 3.4%** |
| AIA Group Ltd. |  |  |
| 2.70%, (5-year CMT + 1.758%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 194510 |
| 3.20%, 09/16/40<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 302840 |
| 3.38%, 04/07/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190380 |
| 3.60%, 04/09/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194498 |
| 3.90%, 04/06/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198420 |
| 4.50%, 03/16/46<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173272 |
| 4.88%, 03/11/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183562 |
| 4.95%, 04/04/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200272 |
| 5.38%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201379 |
| 5.40%, 09/30/54<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183438 |
| 5.63%, 10/25/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206908 |
| Bank of Communications Hong Kong Ltd., 2.30%, <br> 07/08/31, (5-year CMT + 1.400%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 250 | 242253 |
| Bank of East Asia Ltd. (The) |  |  |
| 4.00%, 05/29/30, (5-year CMT + 3.750%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 250 | 249750 |
| 5.83%, (5-year CMT + 5.527%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 250 | 246544 |
| 6.75%, 06/27/34, (5-year CMT + 2.550%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 250 | 251227 |
| CAS Capital No. 1 Ltd., 4.00%, <br> (5-year CMT + 3.642%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 191750 |
| Castle Peak Power Finance Co. Ltd., 3.25%, <br> 07/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 196422 |
| Cathay Pacific MTN Financing HK Ltd., 4.88%, <br> 08/17/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 199250 |
| China CITIC Bank International Ltd. |  |  |
| 4.80%, (5-year CMT + 2.104%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 250 | 248063 |
| 6.00%, 12/05/33, (5-year CMT + 1.650%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 250 | 261750 |
| FWD Group Holdings Ltd. |  |  |
| 7.64%, 07/02/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213012 |
| 8.05%, (5-year CMT + 4.865%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 194525 |
| 8.40%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205206 |
| HKT Capital No. 4 Ltd., 3.00%, 07/14/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196560 |
| HKT Capital No. 6 Ltd., 3.00%, 01/18/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 174854 |
| Hongkong Electric Finance Ltd., 1.88%, 08/27/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 175282 |
| Hongkong Land Finance Cayman Islands Co. Ltd. <br> (The)<br>|  |  |
| 2.25%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 172948 |
| 2.88%, 05/27/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183606 |
| HPHT Finance 21 II Ltd., 1.50%, 09/17/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191166 |
| Hysan MTN Ltd., 2.82%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181254 |
| IFC Development Corporate Treasury Ltd., 3.63%, <br> 04/17/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192902 |
| JMH Co. Ltd., 2.50%, 04/09/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 177482 |
| Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 188474 |
| Li & Fung Ltd., 5.25%<sup>(a)(e)</sup> | &nbsp;&nbsp; 200 | 92900 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Link Finance Cayman 2009 Ltd. (The), 2.75%, <br> 01/19/32<sup>(a)</sup><br>| &nbsp;&nbsp; $200 | $173088 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 899900 |
| 5.63%, 07/17/27<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 384000 |
| 5.75%, 07/21/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 567000 |
| 7.63%, 04/17/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 576000 |
| MTR Corp. Ltd., 1.63%, 08/19/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 352876 |
| Nanyang Commercial Bank Ltd., 6.00%, 08/06/34, <br> (5-year CMT + 2.100%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 250 | 253607 |
| NWD Finance BVI Ltd. |  |  |
| 4.13%, (5-year CMT + 5.858%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 145500 |
| 4.80%<sup>(a)(e)</sup> | &nbsp;&nbsp; 200 | 55000 |
| 5.25%, (5-year CMT + 7.889%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 100000 |
| 6.25%<sup>(a)(e)</sup> | &nbsp;&nbsp; 200 | 61960 |
| NWD MTN Ltd., 4.13%, 07/18/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 120000 |
| PCPD Capital Ltd., 5.13%, 06/18/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184000 |
| Phoenix Lead Ltd., 4.85%<sup>(a)(e)</sup> | &nbsp;&nbsp; 200 | 153300 |
| Prudential Funding Asia PLC |  |  |
| 2.95%, 11/03/33, (5-year CMT + 1.517%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 184373 |
| 3.13%, 04/14/30<sup>(c)</sup> | &nbsp;&nbsp; 200 | 188000 |
| 4.88%<sup>(a)(e)</sup> | &nbsp;&nbsp; 200 | 171932 |
| Seaspan Corp., 5.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181360 |
| Sun Hung Kai Properties Capital Market Ltd. |  |  |
| 2.75%, 05/13/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 183508 |
| 2.88%, 01/21/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184904 |
| Swire Pacific MTN Financing HK Ltd., 2.88%, <br> 01/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 186164 |
| Swire Properties MTN Financing Ltd., 3.50%, <br> 01/10/28<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 195098 |
| Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193732 |
|  |  | 12551961 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| OTP Bank Nyrt |  |  |
| 7.30%, 07/30/35, (5-year CMT + 2.861%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 603750 |
| 7.50%, 05/25/27, (1-year CMT + 3.711%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 409252 |
| 8.75%, 05/15/33, (5-year CMT + 5.060%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 500 | 529220 |
|  |  | 1542222 |
| **India — 4.3%** | **India — 4.3%** | **India — 4.3%** |
| ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401252 |
| Adani Electricity Mumbai Ltd., 3.95%, 02/12/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 344800 |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 3.10%, 02/02/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 161063 |
| 4.00%, 07/30/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 188000 |
| 4.20%, 08/04/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 374000 |
| 4.38%, 07/03/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 179200 |
| Adani Transmission Step-One Ltd., 4.00%, <br> 08/03/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192188 |
| Axis Bank Ltd./Gandhinagar, 4.10%, <br> (5-year CMT + 3.315%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 191250 |
| Bharti Airtel Ltd., 3.25%, 06/03/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 182222 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 357000 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 389500 |
| Continuum Green Energy India Pvt / Co-Issuers, <br> 7.50%, 06/26/33<sup>(a)</sup><br>| &nbsp;&nbsp; 195 | 195753 |
| Delhi International Airport Ltd. |  |  |
| 6.13%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199876 |
| 6.45%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200250 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199500 |
| Greenko Power II Ltd., 4.30%, 12/13/28<sup>(a)</sup> | &nbsp;&nbsp; 334 | 304708 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(f)</sup><br>| &nbsp;&nbsp; $200 | $192500 |
| HDFC Bank Ltd., 3.70%, <br> (5-year CMT + 2.925%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 379752 |
| Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197322 |
| ICICI Bank Ltd./Dubai, 3.80%, 12/14/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196000 |
| Indian Railway Finance Corp. Ltd. |  |  |
| 2.80%, 02/10/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 356372 |
| 3.25%, 02/13/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185600 |
| 3.57%, 01/21/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 363004 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390624 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(a)</sup> | &nbsp;&nbsp; 295 | 259969 |
| JSW Steel Ltd. |  |  |
| 3.95%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190812 |
| 5.05%, 04/05/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 177860 |
| Muthoot Finance Ltd., 7.13%, 02/14/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395500 |
| Network i2i Ltd., 3.98%, <br> (5-year CMT + 3.390%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 392250 |
| Oil India International Pte Ltd., 4.00%, 04/21/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197628 |
| Oil India Ltd., 5.13%, 02/04/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202410 |
| ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197878 |
| Power Finance Corp. Ltd. |  |  |
| 3.35%, 05/16/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 181600 |
| 3.95%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 379200 |
| 4.50%, 06/18/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 195234 |
| 6.15%, 12/06/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 207746 |
| REC Ltd. |  |  |
| 2.25%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193414 |
| 4.75%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197898 |
| 5.63%, 04/11/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407308 |
| Reliance Industries Ltd. |  |  |
| 2.88%, 01/12/32<sup>(a)</sup> | &nbsp;&nbsp; 550 | 479050 |
| 3.63%, 01/12/52<sup>(a)</sup> | &nbsp;&nbsp; 900 | 614259 |
| 3.67%, 11/30/27<sup>(a)</sup> | &nbsp;&nbsp; 250 | 244510 |
| 3.75%, 01/12/62<sup>(a)</sup> | &nbsp;&nbsp; 400 | 265752 |
| 4.88%, 02/10/45<sup>(a)</sup> | &nbsp;&nbsp; 250 | 217312 |
| 6.25%, 10/19/40<sup>(a)</sup> | &nbsp;&nbsp; 250 | 268042 |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. <br> other 9 Subsidiaries, 4.50%, 07/14/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 369500 |
| Shriram Finance Ltd. |  |  |
| 6.15%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194750 |
| 6.63%, 04/22/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397876 |
| State Bank of India/London |  |  |
| 1.80%, 07/13/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193375 |
| 4.88%, 05/05/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401400 |
| 5.00%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201274 |
| 5.13%, 11/25/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202200 |
| UPL Corp. Ltd., 4.63%, 06/16/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 174062 |
| Vedanta Resources Finance II PLC |  |  |
| 9.48%, 07/24/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 368252 |
| 9.85%, 04/24/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180000 |
| 10.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386420 |
| 11.25%, 12/03/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193500 |
| Wipro IT Services LLC, 1.50%, 06/23/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386588 |
|  |  | 15836565 |
| **Indonesia — 2.1%** | **Indonesia — 2.1%** | **Indonesia — 2.1%** |
| Bank Negara Indonesia Persero Tbk PT |  |  |
| 4.30%, (5-year CMT + 3.466%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 376624 |
| 5.28%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399124 |
| Freeport Indonesia PT |  |  |
| 4.76%, 04/14/27<sup>(a)</sup> | &nbsp;&nbsp; 500 | 498185 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| 5.32%, 04/14/32<sup>(a)</sup> | &nbsp;&nbsp; $1200 | $1184400 |
| 6.20%, 04/14/52<sup>(a)</sup> | &nbsp;&nbsp; 700 | 675283 |
| Garuda Indonesia Persero Tbk PT, 6.50%, 12/28/31, <br> (6.50 % Cash)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; 462 | 304937 |
| Indofood CBP Sukses Makmur Tbk PT |  |  |
| 3.40%, 06/09/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 905000 |
| 3.54%, 04/27/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 359376 |
| 4.75%, 06/09/51<sup>(a)</sup> | &nbsp;&nbsp; 400 | 319500 |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(a)</sup> | &nbsp;&nbsp; 436 | 428139 |
| Medco Maple Tree Pte Ltd., 8.96%, 04/27/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 408252 |
| Minejesa Capital BV |  |  |
| 4.63%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 790 | 768086 |
| 5.63%, 08/10/37<sup>(a)</sup> | &nbsp;&nbsp; 800 | 744800 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 555000 |
|  |  | 7926706 |
| **Israel — 3.2%** | **Israel — 3.2%** | **Israel — 3.2%** |
| Bank Hapoalim BM, 3.26%, 01/21/32, <br> (5-year CMT + 2.155%)<sup>(a)(d)(f)</sup><br>| &nbsp;&nbsp; 600 | 573378 |
| Bank Leumi Le-Israel BM |  |  |
| 3.28%, 01/29/31, (5-year CMT + 1.631%)<sup>(d)(f)</sup> | &nbsp;&nbsp; 400 | 389236 |
| 5.13%, 07/27/27<sup>(a)(f)</sup> | &nbsp;&nbsp; 400 | 400876 |
| 7.13%, 07/18/33, (5-year CMT + 3.466%)<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 200 | 204500 |
| Energian Israel Finance Ltd. |  |  |
| 5.38%, 03/30/28<sup>(a)(f)</sup> | &nbsp;&nbsp; 400 | 377000 |
| 5.88%, 03/30/31<sup>(a)(f)</sup> | &nbsp;&nbsp; 400 | 362250 |
| 8.50%, 09/30/33<sup>(a)(f)</sup> | &nbsp;&nbsp; 520 | 521628 |
| ICL Group Ltd., 6.38%, 05/31/38<sup>(a)(f)</sup> | &nbsp;&nbsp; 450 | 448870 |
| Israel Discount Bank Ltd., 5.38%, 01/26/28<sup>(f)</sup> | &nbsp;&nbsp; 400 | 400250 |
| Israel Electric Corp. Ltd. |  |  |
| 3.75%, 02/22/32<sup>(a)(f)</sup> | &nbsp;&nbsp; 400 | 356816 |
| 4.25%, 08/14/28<sup>(a)(f)</sup> | &nbsp;&nbsp; 600 | 581688 |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27<sup>(a)(f)</sup> | &nbsp;&nbsp; 400 | 393500 |
| 6.75%, 06/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp; 325 | 314945 |
| Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31, <br> (5-year CMT + 2.250%)<sup>(a)(d)(f)</sup><br>| &nbsp;&nbsp; 400 | 387200 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, <br> 02/01/36<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 489325 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; 2200 | 2122186 |
| 4.10%, 10/01/46<sup>(c)</sup> | &nbsp;&nbsp; 1400 | 983080 |
| 4.75%, 05/09/27<sup>(c)</sup> | &nbsp;&nbsp; 600 | 587628 |
| 5.13%, 05/09/29<sup>(c)</sup> | &nbsp;&nbsp; 550 | 535150 |
| 6.75%, 03/01/28 | &nbsp;&nbsp; 700 | 714332 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; 400 | 426620 |
| 8.13%, 09/15/31 | &nbsp;&nbsp; 200 | 219000 |
|  |  | 11789458 |
| **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |
| QIB Sukuk Ltd., 4.49%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 596778 |
| **Jamaica — 0.3%** | **Jamaica — 0.3%** | **Jamaica — 0.3%** |
| Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S., 9.00%, 05/25/27, <br> (2.25% PIK)<sup>(g)</sup><br>| &nbsp;&nbsp; 964 | 963742 |
| **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(f)</sup> | &nbsp;&nbsp; 400 | 390700 |
| KazMunayGas National Co. JSC |  |  |
| 3.50%, 04/14/33<sup>(a)</sup> | &nbsp;&nbsp; 600 | 495150 |
| 5.38%, 04/24/30<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 972250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Kazakhstan (continued)** | **Kazakhstan (continued)** | **Kazakhstan (continued)** |
| 5.75%, 04/19/47<sup>(a)</sup> | &nbsp;&nbsp; $1000 | $836880 |
| 6.38%, 10/24/48<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 976943 |
| Tengizchevroil Finance Co. International Ltd. |  |  |
| 3.25%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 523875 |
| 4.00%, 08/15/26<sup>(a)(c)</sup> | &nbsp;&nbsp; 900 | 883125 |
|  |  | 5078923 |
| **Kuwait — 2.2%** | **Kuwait — 2.2%** | **Kuwait — 2.2%** |
| Boubyan Sukuk Ltd., 3.39%, 03/29/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 391876 |
| Burgan Bank SAK, 2.75%, 12/15/31, <br> (5-year CMT + 2.229%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 376876 |
| Equate Sukuk Spc Ltd., 5.00%, 09/05/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 598314 |
| KFH Sukuk Co. |  |  |
| 5.01%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1010000 |
| 5.38%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 612840 |
| Kuwait Projects Co. SPC Ltd. |  |  |
| 4.23%, 10/29/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 370000 |
| 4.50%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 369168 |
| MEGlobal BV |  |  |
| 2.63%, 04/28/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 562312 |
| 4.25%, 11/03/26<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 990000 |
| MEGlobal Canada ULC, 5.88%, 05/18/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 413164 |
| NBK SPC Ltd. |  |  |
| 1.63%, 09/15/27, (1-day SOFR + 1.050%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 800 | 766500 |
| 5.50%, 06/06/30, (1-day SOFR + 1.160%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 410500 |
| NBK Tier 1 Financing 2 Ltd., 4.50%, <br> (6-year CMT + 2.832%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 600 | 594000 |
| NBK Tier 1 Ltd., 3.63%, <br> (6-year CMT + 2.875%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 385500 |
| Warba Sukuk Ltd., 5.35%, 07/10/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407192 |
|  |  | 8258242 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| Altice Financing SA |  |  |
| 5.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 608552 |
| 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 879000 |
|  |  | 1487552 |
| **Macau — 2.1%** | **Macau — 2.1%** | **Macau — 2.1%** |
| MGM China Holdings Ltd. |  |  |
| 4.75%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 585300 |
| 7.13%, 06/26/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402375 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27<sup>(c)</sup> | &nbsp;&nbsp; 600 | 562500 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 600 | 534000 |
| 3.25%, 08/08/31<sup>(c)</sup> | &nbsp;&nbsp; 500 | 423750 |
| 4.38%, 06/18/30 | &nbsp;&nbsp; 600 | 553872 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 1400 | 1377320 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 900 | 789372 |
| 6.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 383376 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 800 | 734000 |
| 5.50%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 580500 |
| 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 951940 |
|  |  | 7878305 |
| **Malaysia — 1.3%** | **Malaysia — 1.3%** | **Malaysia — 1.3%** |
| Axiata SPV2 Bhd, 2.16%, 08/19/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 353680 |
| Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | 392064 |
| CIMB Bank Bhd, 2.13%, 07/20/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382376 |
| Genm Capital Labuan Ltd., 3.88%, 04/19/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 706600 |
| Gohl Capital Ltd., 4.25%, 01/24/27<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1174872 |
| Misc Capital Two Labuan Ltd., 3.75%, 04/06/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394520 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| RHB Bank Bhd, 1.66%, 06/29/26<sup>(a)</sup> | &nbsp;&nbsp; $400 | $386800 |
| TNB Global Ventures Capital Bhd |  |  |
| 3.24%, 10/19/26<sup>(a)</sup> | &nbsp;&nbsp; 600 | 586650 |
| 4.85%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 500 | 504690 |
|  |  | 4882252 |
| **Mexico — 4.8%** | **Mexico — 4.8%** | **Mexico — 4.8%** |
| Alfa SAB de CV, 6.88%, 03/25/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 208835 |
| Alpek SAB de CV |  |  |
| 3.25%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 170050 |
| 4.25%, 09/18/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186338 |
| Alsea SAB de CV, 7.75%, 12/14/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200625 |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 400 | 367240 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 200 | 192238 |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 400 | 334900 |
| 4.38%, 04/22/49<sup>(c)</sup> | &nbsp;&nbsp; 400 | 324388 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 200 | 195625 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 550 | 567099 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 350 | 376250 |
| Banco Inbursa SA Institucion De Banca Multiple <br> Grupo Financiero Inbursa, 4.38%, 04/11/27<sup>(a)</sup><br>| &nbsp;&nbsp; 300 | 295688 |
| Banco Mercantil del Norte SA/Grand Cayman |  |  |
| 5.88%, (5-year CMT + 4.643%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 192608 |
| 6.63%, (10-year CMT + 5.034%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 177520 |
| 7.50%, (10-year CMT + 5.470%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 193714 |
| 7.63%, (10-year CMT + 5.353%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 197452 |
| 8.38%, (10-year CMT + 7.760%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 202200 |
| 8.75%, , (10-year CMT + 4.299%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 198400 |
| Banco Santander Mexico SA Institucion de Banca <br> Multiple Grupo Financiero Santand<br>|  |  |
| 5.62%, 12/10/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202500 |
| 7.53%, 10/01/28, (5-year CMT + 2.995%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 420500 |
| BBVA Bancomer SA/Texas |  |  |
| 5.13%, 01/18/33, (5-year CMT + 2.650%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 377000 |
| 5.88%, 09/13/34, (5-year CMT + 4.308%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 382000 |
| 8.13%, 01/08/39, (5-year CMT + 4.214%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 203100 |
| 8.45%, 06/29/38, (5-year CMT + 4.661%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 414750 |
| BBVA Mexico SA Institucion de Banca Multiple Grupo <br> Financiero BBVA Mexico, 7.63%, 02/11/35, <br> (5-year CMT + 3.375%)<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 200 | 201300 |
| Becle SAB de CV, 2.50%, 10/14/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 162000 |
| Bimbo Bakeries USA Inc. |  |  |
| 4.00%, 05/17/51<sup>(a)</sup> | &nbsp;&nbsp; 200 | 143764 |
| 5.38%, 01/09/36<sup>(a)</sup> | &nbsp;&nbsp; 200 | 195136 |
| Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 556 | 460171 |
| Braskem Idesa SAPI |  |  |
| 6.99%, 02/20/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 287000 |
| 7.45%, 11/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 154626 |
| Buffalo Energy Mexico Holdings/Buffalo Energy <br> Infrastructure/Buffalo Energy, 7.88%, 02/15/39<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 202688 |
| Cemex SAB de CV |  |  |
| 3.88%, 07/11/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 177900 |
| 5.20%, 09/17/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193000 |
| 5.45%, 11/19/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395540 |
| Cemex SAB De CV, 5.13%, <br> (5-year CMT + 4.534%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 196500 |
| Cibanco SA Ibm/PLA Administradora Industrial S de <br> RL de CV, 4.96%, 07/18/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 191450 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32<sup>(c)</sup> | &nbsp;&nbsp; 300 | 244485 |
| 2.75%, 01/22/30 | &nbsp;&nbsp; 200 | 184742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Cometa Energia SA de CV, 6.38%, 04/24/35<sup>(a)</sup> | &nbsp;&nbsp; $152 | $150372 |
| El Puerto de Liverpool SAB de CV |  |  |
| 6.26%, 01/22/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203575 |
| 6.66%, 01/22/37<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201626 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(a)</sup><br>| &nbsp;&nbsp; 462 | 457819 |
| Fomento Economico Mexicano SAB de CV, 3.50%, <br> 01/16/50<br>| &nbsp;&nbsp; 300 | 214500 |
| Fresnillo PLC, 4.25%, 10/02/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 281876 |
| Gruma SAB de CV, 5.39%, 12/09/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197600 |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184750 |
| Grupo Bimbo SAB de CV |  |  |
| 4.00%, 09/06/49<sup>(a)</sup> | &nbsp;&nbsp; 200 | 147250 |
| 4.70%, 11/10/47<sup>(a)</sup> | &nbsp;&nbsp; 200 | 164196 |
| 4.88%, 06/27/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 172196 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 200 | 133516 |
| 5.25%, 05/24/49<sup>(c)</sup> | &nbsp;&nbsp; 200 | 134262 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 200 | 154480 |
| 6.63%, 01/15/40<sup>(c)</sup> | &nbsp;&nbsp; 200 | 175210 |
| Industrias Penoles SAB de CV |  |  |
| 4.15%, 09/12/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190228 |
| 4.75%, 08/06/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 292768 |
| Infraestructura Energetica Nova SAPI de CV |  |  |
| 4.75%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 200 | 138000 |
| 4.88%, 01/14/48<sup>(a)</sup> | &nbsp;&nbsp; 200 | 142000 |
| Kimberly-Clark de Mexico SAB de CV, 2.43%, <br> 07/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 176500 |
| Minera Mexico SA de CV |  |  |
| 4.50%, 01/26/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 293332 |
| 5.63%, 02/12/32<sup>(f)</sup> | &nbsp;&nbsp; 200 | 198700 |
| Nemak SAB de CV, 3.63%, 06/28/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 159500 |
| Orbia Advance Corp. SAB de CV |  |  |
| 2.88%, 05/11/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 162890 |
| 5.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp; 200 | 153500 |
| 5.88%, 09/17/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 165000 |
| Saavi Energia SARL, 8.88%, 02/10/35<sup>(f)</sup> | &nbsp;&nbsp; 200 | 200250 |
| Sigma Finance Netherlands BV, 4.88%, 03/27/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199250 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 400 | 362648 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 500 | 478750 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 200 | 214400 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 300 | 340263 |
| Total Play Telecomunicaciones SA de CV, 11.13%, <br> 12/31/32<sup>(f)</sup><br>| &nbsp;&nbsp; 290 | 262450 |
| Trust Fibra Uno |  |  |
| 4.87%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185700 |
| 6.39%, 01/15/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 160000 |
| 6.95%, 01/30/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 172000 |
| 7.38%, 02/13/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197500 |
| 7.70%, 01/23/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204050 |
|  |  | 17994229 |
| **Moldova — 0.1%** | **Moldova — 0.1%** | **Moldova — 0.1%** |
| Aragvi Finance International DAC, 11.13%, <br> 11/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 397125 |
| **Morocco — 1.1%** | **Morocco — 1.1%** | **Morocco — 1.1%** |
| OCP SA |  |  |
| 3.75%, 06/23/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 440344 |
| 5.13%, 06/23/51<sup>(a)</sup> | &nbsp;&nbsp; 600 | 437862 |
| 6.10%, 04/30/30<sup>(f)</sup> | &nbsp;&nbsp; 600 | 596940 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Morocco (continued)** | **Morocco (continued)** | **Morocco (continued)** |
| 6.70%, 03/01/36<sup>(f)</sup> | &nbsp;&nbsp; $600 | $593928 |
| 6.75%, 05/02/34<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1007950 |
| 6.88%, 04/25/44<sup>(a)</sup> | &nbsp;&nbsp; 400 | 373864 |
| 7.50%, 05/02/54<sup>(a)</sup> | &nbsp;&nbsp; 800 | 783400 |
|  |  | 4234288 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| VEON Holdings BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 800 | 714750 |
| **Nigeria — 0.7%** | **Nigeria — 0.7%** | **Nigeria — 0.7%** |
| Access Bank PLC |  |  |
| 6.13%, 09/21/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384000 |
| 9.13%, (5-year CMT + 8.070%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 370000 |
| IHS Holding Ltd. |  |  |
| 6.25%, 11/29/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 378262 |
| 7.88%, 05/29/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 385500 |
| 8.25%, 11/29/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 576750 |
| SEPLAT Energy PLC, 9.13%, 03/21/30<sup>(f)</sup> | &nbsp;&nbsp; 400 | 378376 |
|  |  | 2472888 |
| **Oman — 0.3%** | **Oman — 0.3%** | **Oman — 0.3%** |
| Otel Sukuk Ltd., 5.38%, 01/24/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398376 |
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28<sup>(a)</sup> | &nbsp;&nbsp; 550 | 565472 |
|  |  | 963848 |
| **Panama — 0.8%** | **Panama — 0.8%** | **Panama — 0.8%** |
| AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(a)</sup><br>| &nbsp;&nbsp; 948 | 828518 |
| Banco General SA, 4.13%, 08/07/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 391824 |
| C&W Senior Finance Ltd., 9.00%, 01/15/33<sup>(c)(f)</sup> | &nbsp;&nbsp; 600 | 598800 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 800 | 786040 |
| Telecomunicaciones Digitales SA, 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 362500 |
|  |  | 2967682 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Bioceanico Sovereign Certificate Ltd., 0.00%, <br> 06/05/34<sup>(a)(c)(h)</sup><br>| &nbsp;&nbsp; 317 | 246426 |
| **Peru — 2.2%** | **Peru — 2.2%** | **Peru — 2.2%** |
| Banco de Credito del Peru SA |  |  |
| 3.13%, 07/01/30, (5-year CMT + 3.000%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 750 | 745650 |
| 3.25%, 09/30/31, (5-year CMT + 2.450%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 383218 |
| 5.80%, 03/10/35, (5-year CMT + 2.240%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 391440 |
| 5.85%, 01/11/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 411376 |
| 6.45%, 07/30/35, (5-year CMT + 2.486%)<sup>(d)(f)</sup> | &nbsp;&nbsp; 400 | 398366 |
| Cia de Minas Buenaventura SAA, 6.80%, <br> 02/04/32<sup>(c)(f)</sup><br>| &nbsp;&nbsp; 600 | 598506 |
| Consorcio Transmantaro SA |  |  |
| 4.70%, 04/16/34<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 378908 |
| 5.20%, 04/11/38<sup>(a)</sup> | &nbsp;&nbsp; 400 | 377800 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru |  |  |
| 7.75%, 11/05/38<sup>(f)</sup> | &nbsp;&nbsp; 200 | 205625 |
| 8.55%, 09/18/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 447500 |
| InRetail Consumer, 3.25%, 03/22/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 373300 |
| Kallpa Generacion SA |  |  |
| 4.13%, 08/16/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 588900 |
| 5.88%, 01/30/32<sup>(f)</sup> | &nbsp;&nbsp; 335 | 337847 |
| Minsur SA, 4.50%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 365124 |
| Niagara Energy SAC, 5.75%, 10/03/34<sup>(a)</sup> | &nbsp;&nbsp; 900 | 885654 |
| Peru LNG SRL, 5.38%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 667 | 602342 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 407300 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| Transportadora de Gas del Peru SA, 4.25%, <br> 04/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; $360 | $354330 |
|  |  | 8253186 |
| **Philippines — 1.3%** | **Philippines — 1.3%** | **Philippines — 1.3%** |
| Globe Telecom Inc., 4.20%, <br> (5-year CMT + 5.527%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 389460 |
| JGSH Philippines Ltd., 4.13%, 07/09/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 381700 |
| Manila Water Co. Inc., 4.38%, 07/30/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382184 |
| Metropolitan Bank & Trust Co. |  |  |
| 5.38%, 03/06/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203250 |
| 5.50%, 03/06/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 600375 |
| Petron Corp., 5.95%, (5-year CMT + 7.574%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 391400 |
| San Miguel Corp., 5.50%, <br> (5-year CMT + 10.237%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 396000 |
| San Miguel Global Power Holdings Corp. |  |  |
| 8.13%, , (1-year CMT + 6.404%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 381876 |
| 8.75%, (5-year CMT + 7.732%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 800 | 781504 |
| SMC Global Power Holdings Corp., 5.45%, <br> (5-year CMT + 7.155%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 600 | 564750 |
| SMIC SG Holdings Pte Ltd., 5.38%, 07/24/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399000 |
|  |  | 4871499 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 500 | 454480 |
| ORLEN SA, 6.00%, 01/30/35<sup>(f)</sup> | &nbsp;&nbsp; 1000 | 1007500 |
|  |  | 1461980 |
| **Qatar — 2.1%** | **Qatar — 2.1%** | **Qatar — 2.1%** |
| ABQ Finance Ltd., 2.00%, 07/06/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386248 |
| BBG Sukuk Ltd., 4.56%, 10/09/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397544 |
| CBQ Finance Ltd., 5.38%, 03/28/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 612000 |
| Commercial Bank PSQC (The), 4.50%, <br> (5-year CMT + 3.874%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 392192 |
| Doha Finance Ltd., 5.25%, 03/05/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 607572 |
| Nakilat Inc., 6.07%, 12/31/33<sup>(a)</sup> | &nbsp;&nbsp; 616 | 641356 |
| Ooredoo International Finance Ltd. |  |  |
| 2.63%, 04/08/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 717000 |
| 3.75%, 06/22/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 396840 |
| 3.88%, 01/31/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394036 |
| 4.50%, 01/31/43<sup>(a)</sup> | &nbsp;&nbsp; 400 | 356992 |
| 4.63%, 10/10/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392252 |
| QIIB Senior Oryx Ltd., 5.25%, 01/24/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 611712 |
| QNB Finance Ltd. |  |  |
| 2.75%, 02/12/27<sup>(a)</sup> | &nbsp;&nbsp; 900 | 872156 |
| 4.29%, 03/04/30, (1-day SOFR + 1.050%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 200125 |
| 4.88%, 01/30/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1009060 |
|  |  | 7987085 |
| **Saudi Arabia — 4.9%** | **Saudi Arabia — 4.9%** | **Saudi Arabia — 4.9%** |
| Al Rajhi Bank, 6.38%, (5-year CMT + 1.888%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 201936 |
| Al Rajhi Sukuk Ltd. |  |  |
| 4.75%, 04/05/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400200 |
| 6.25%, , (6-year CMT + 1.594%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 403250 |
| Almarai Co. JSC, 5.23%, 07/25/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200856 |
| ANB Sukuk Ltd., 3.33%, 10/28/30, <br> (5-year CMT + 2.974%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 197937 |
| Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 377738 |
| Banque Saudi Fransi, 4.75%, 05/31/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400666 |
| BSF Finance, 5.50%, 11/23/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203375 |
| BSF Sukuk Co. Ltd., 5.38%, 01/21/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203875 |
| Dar Al-Arkan Sukuk Co. Ltd., 8.00%, 02/25/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205596 |
| EIG Pearl Holdings SARL |  |  |
| 3.55%, 08/31/36<sup>(a)</sup> | &nbsp;&nbsp; 397 | 351271 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| 4.39%, 11/30/46<sup>(a)</sup> | &nbsp;&nbsp; $300 | $231858 |
| Greensaif Pipelines Bidco Sarl, 5.85%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402752 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.10%, 08/23/42<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395550 |
| 6.13%, 02/23/38<sup>(a)</sup> | &nbsp;&nbsp; 400 | 408124 |
| 6.51%, 02/23/42<sup>(a)</sup> | &nbsp;&nbsp; 600 | 614760 |
| Ma'aden Sukuk Ltd., 5.25%, 02/13/30<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202750 |
| Riyad T1 Sukuk Ltd., 5.50%, , <br> (5-year CMT + 1.914%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 195562 |
| Riyad Tier 1 Sukuk Ltd., 4.00%, <br> (5-year CMT + 2.170%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 192063 |
| SA Global Sukuk Ltd. |  |  |
| 1.60%, 06/17/26<sup>(a)</sup> | &nbsp;&nbsp; 700 | 678344 |
| 2.69%, 06/17/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 885010 |
| 4.75%, 10/02/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390150 |
| SABIC Capital I BV |  |  |
| 2.15%, 09/14/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 174750 |
| 3.00%, 09/14/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 132312 |
| SABIC Capital II BV, 4.50%, 10/10/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397268 |
| Saudi Arabian Oil Co. |  |  |
| 2.25%, 11/24/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 528186 |
| 3.25%, 11/24/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | 383250 |
| 3.50%, 04/16/29<sup>(a)</sup> | &nbsp;&nbsp; 900 | 862992 |
| 3.50%, 11/24/70<sup>(a)</sup> | &nbsp;&nbsp; 600 | 357720 |
| 4.25%, 04/16/39<sup>(a)</sup> | &nbsp;&nbsp; 800 | 689248 |
| 4.38%, 04/16/49<sup>(a)</sup> | &nbsp;&nbsp; 900 | 710154 |
| 5.25%, 07/17/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 603060 |
| 5.75%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp; 600 | 559494 |
| 5.88%, 07/17/64<sup>(a)</sup> | &nbsp;&nbsp; 600 | 550500 |
| Saudi Electricity Global Sukuk Co. 2, 5.06%, <br> 04/08/43<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 374444 |
| Saudi Electricity Global Sukuk Co. 3, 5.50%, <br> 04/08/44<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 395376 |
| Saudi Electricity Global Sukuk Co. 4, 4.72%, <br> 09/27/28<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 599856 |
| Saudi Electricity Global Sukuk Co. 5, 2.41%, <br> 09/17/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 176110 |
| Saudi Electricity Sukuk Programme Co. |  |  |
| 4.63%, 04/11/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390624 |
| 4.94%, 02/13/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201104 |
| 5.19%, 02/13/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401000 |
| 5.68%, 04/11/53<sup>(a)</sup> | &nbsp;&nbsp; 600 | 586128 |
| Saudi Telecom Co., 3.89%, 05/13/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 388504 |
| SNB Funding Ltd. |  |  |
| 2.90%, 01/29/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193744 |
| 5.54%, 07/11/29, (1-day SOFR + 1.200%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 199668 |
| SNB Sukuk Ltd., 2.34%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192066 |
| TMS Issuer SARL, 5.78%, 08/23/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 412888 |
|  |  | 18204069 |
| **Serbia — 0.2%** | **Serbia — 0.2%** | **Serbia — 0.2%** |
| Telecommunications Co. Telekom Srbija AD Belgrade, <br> 7.00%, 10/28/29<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 593664 |
| **Singapore — 3.0%** | **Singapore — 3.0%** | **Singapore — 3.0%** |
| DBS Group Holdings Ltd. |  |  |
| 1.19%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 568800 |
| 1.82%, 03/10/31, (5-year CMT + 1.100%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 390444 |
| 4.40%, 03/21/28<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202200 |
| 4.94%, 03/21/28, (1-day SOFR + 0.600%)<sup>(d)(f)</sup> | &nbsp;&nbsp; 600 | 598878 |
| 4.99%, 03/21/30, (1-day SOFR + 0.650%)<sup>(d)(f)</sup> | &nbsp;&nbsp; 400 | 398828 |
| GLP Pte Ltd., 4.50%, (5-year CMT + 3.735%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 117458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Great Eastern Life Assurance Co. Ltd. (The), 5.40%, <br> (5-year CMT + 0.696%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; $200 | $193575 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 1.83%, 09/10/30, (5-year CMT + 1.580%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 593700 |
| 4.60%, 06/15/32, (5-year CMT + 1.575%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 598698 |
| 5.52%, 05/21/34, (5-year CMT + 1.030%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 411088 |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397124 |
| Sats Treasury Pte Ltd., 4.83%, 01/23/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 403904 |
| Singapore Airlines Ltd. |  |  |
| 3.00%, 07/20/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 393376 |
| 3.38%, 01/19/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 385752 |
| 5.25%, 03/21/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 410252 |
| Singapore Telecommunications Ltd., 7.38%, <br> 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 468136 |
| SingTel Group Treasury Pte Ltd. |  |  |
| 1.88%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 534336 |
| 2.38%, 10/03/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194930 |
| 2.38%, 08/28/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 370284 |
| 3.88%, 08/28/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395752 |
| Ste Transcore Holdings Inc., 3.38%, 05/05/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394320 |
| United Overseas Bank Ltd. |  |  |
| 1.75%, 03/16/31, (5-year CMT + 1.520%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 389956 |
| 2.00%, 10/14/31, (5-year CMT + 1.230%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 600 | 577800 |
| 3.86%, 10/07/32, (5-year CMT + 1.450%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 800 | 784800 |
| 4.40%, 04/02/28<sup>(f)</sup> | &nbsp;&nbsp; 600 | 605202 |
| Yinson Production Financial Services Pte Ltd., 9.63%, <br> 05/03/29<sup>(f)</sup><br>| &nbsp;&nbsp; 400 | 404000 |
|  |  | 11183593 |
| **Slovenia — 0.2%** | **Slovenia — 0.2%** | **Slovenia — 0.2%** |
| Nanshan Life Pte Ltd., 5.45%, 09/11/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 582600 |
| **South Africa — 2.1%** | **South Africa — 2.1%** | **South Africa — 2.1%** |
| Absa Group Ltd., 6.38%, <br> (5-year CMT + 5.411%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 396000 |
| Anglo American Capital PLC |  |  |
| 2.63%, 09/10/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 531156 |
| 2.88%, 03/17/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 354564 |
| 3.88%, 03/16/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386524 |
| 3.95%, 09/10/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 284668 |
| 4.50%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199296 |
| 4.75%, 04/10/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400460 |
| 4.75%, 03/16/52<sup>(a)</sup> | &nbsp;&nbsp; 600 | 486936 |
| 5.50%, 05/02/33<sup>(a)</sup> | &nbsp;&nbsp; 500 | 499220 |
| 5.63%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 408884 |
| 5.75%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 602442 |
| 6.00%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191250 |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 206437 |
| Liquid Telecommunications Financing PLC, 5.50%, <br> 09/04/26<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 330232 |
| MTN Mauritius Investments Ltd., 6.50%, 10/13/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201438 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | &nbsp;&nbsp; 200 | 191500 |
| 5.50%, 03/18/31<sup>(c)</sup> | &nbsp;&nbsp; 500 | 385150 |
| 6.50%, 09/27/28 | &nbsp;&nbsp; 400 | 369100 |
| 8.75%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 700 | 666092 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382500 |
| 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 335188 |
|  |  | 7809037 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea — 3.3%** | **South Korea — 3.3%** | **South Korea — 3.3%** |
| Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32, <br> (5-year CMT + 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; $400 | $387264 |
| Hyundai Capital Services Inc. |  |  |
| 5.13%, 02/05/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201876 |
| 5.13%, 02/05/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201260 |
| 5.25%, 01/22/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405952 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205800 |
| KEB Hana Bank |  |  |
| 1.25%, 12/16/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 381092 |
| 3.25%, 03/30/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392816 |
| Kookmin Bank |  |  |
| 2.50%, 11/04/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 354560 |
| 4.63%, 04/21/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201688 |
| Korea Gas Corp. |  |  |
| 2.88%, 07/16/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 374632 |
| 3.50%, 07/02/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197866 |
| 6.25%, 01/20/42<sup>(a)</sup> | &nbsp;&nbsp; 400 | 437896 |
| KT Corp., 4.13%, 02/02/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198586 |
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52, <br> (5-year CMT + 2.887%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200562 |
| LG Chem Ltd. |  |  |
| 1.38%, 07/07/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384600 |
| 2.38%, 07/07/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 170400 |
| 3.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190562 |
| LG Electronics Inc., 5.63%, 04/24/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203536 |
| LG Energy Solution Ltd. |  |  |
| 5.38%, 07/02/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 403292 |
| 5.38%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402124 |
| 5.38%, 04/02/30<sup>(f)</sup> | &nbsp;&nbsp; 200 | 198833 |
| 5.50%, 07/02/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191876 |
| 5.75%, 09/25/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203720 |
| 5.88%, 04/02/35<sup>(f)</sup> | &nbsp;&nbsp; 200 | 195600 |
| NongHyup Bank, 4.88%, 07/03/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203134 |
| POSCO |  |  |
| 4.88%, 01/23/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200630 |
| 5.75%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 615600 |
| Shinhan Bank Co. Ltd. |  |  |
| 1.38%, 10/21/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190118 |
| 4.38%, 04/13/32<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 379196 |
| 4.50%, 04/12/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200866 |
| 5.38%, 10/26/28, (1-day SOFR + 1.080%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 202134 |
| 5.75%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203280 |
| Shinhan Financial Group Co. Ltd. |  |  |
| 2.88%, (5-year CMT + 2.064%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 193186 |
| 5.00%, 07/24/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202668 |
| SK Battery America Inc., 4.88%, 01/23/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201200 |
| SK Hynix Inc. |  |  |
| 2.38%, 01/19/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 522318 |
| 5.50%, 01/16/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202708 |
| 5.50%, 01/16/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 408876 |
| 6.38%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 416316 |
| 6.50%, 01/17/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 425276 |
| Woori Bank |  |  |
| 2.00%, 01/20/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192694 |
| 4.88%, 01/26/28<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 405448 |
| 6.38%, (5-year CMT + 2.277%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 199400 |
|  |  | 12251441 |
| **Supranational — 0.5%** | **Supranational — 0.5%** | **Supranational — 0.5%** |
| Africa Finance Corp., 2.88%, 04/28/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 551208 |
| Eastern & Southern African Trade & Development <br> Bank (The), 4.13%, 06/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 357875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| QIB Sukuk Ltd., 5.58%, 11/22/28<sup>(a)</sup> | &nbsp;&nbsp; $800 | $826808 |
|  |  | 1735891 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| Consolidated Energy Finance SA |  |  |
| 5.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 317000 |
| 12.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 360588 |
| Oriflame Investment Holding PLC, 5.13%, 05/04/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 39000 |
|  |  | 716588 |
| **Taiwan — 2.7%** | **Taiwan — 2.7%** | **Taiwan — 2.7%** |
| Cathaylife Singapore Pte Ltd., 5.95%, 07/05/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 414752 |
| Foxconn Far East Ltd., 2.50%, 10/28/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 357624 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 1000 | 962430 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 900 | 793912 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 800 | 605500 |
| 3.25%, 10/25/51<sup>(c)</sup> | &nbsp;&nbsp; 800 | 565650 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 800 | 793200 |
| 4.13%, 04/22/29 | &nbsp;&nbsp; 400 | 395916 |
| 4.25%, 04/22/32 | &nbsp;&nbsp; 700 | 682850 |
| 4.50%, 04/22/52<sup>(c)</sup> | &nbsp;&nbsp; 900 | 789903 |
| TSMC Global Ltd. |  |  |
| 1.00%, 09/28/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 553926 |
| 1.38%, 09/28/30<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 937717 |
| 1.75%, 04/23/28<sup>(a)</sup> | &nbsp;&nbsp; 700 | 648886 |
| 2.25%, 04/23/31<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 1143649 |
| 4.63%, 07/22/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398218 |
|  |  | 10044133 |
| **Tanzania — 0.2%** | **Tanzania — 0.2%** | **Tanzania — 0.2%** |
| HTA Group Ltd./Mauritius, 7.50%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 599250 |
| **Thailand — 2.7%** | **Thailand — 2.7%** | **Thailand — 2.7%** |
| Bangkok Bank PCL/Hong Kong |  |  |
| 3.47%, 09/23/36, (5-year CMT + 2.150%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 800 | 703008 |
| 3.73%, 09/25/34, (5-year CMT + 1.900%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 900 | 829966 |
| 4.30%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 596394 |
| 4.45%, 09/19/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397524 |
| 5.00%, (5-year CMT + 4.729%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 600 | 593640 |
| 5.30%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407936 |
| 5.50%, 09/21/33<sup>(a)</sup> | &nbsp;&nbsp; 600 | 609969 |
| 5.65%, 07/05/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 613461 |
| 6.06%, 03/25/40, (5-year CMT + 1.780%)<sup>(d)(f)</sup> | &nbsp;&nbsp; 800 | 786336 |
| GC Treasury Center Co. Ltd., 2.98%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 431405 |
| Kasikornbank PCL, 5.46%, 03/07/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 611862 |
| Kasikornbank PCL/Hong Kong |  |  |
| 3.34%, 10/02/31, (5-year CMT + 1.700%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 579576 |
| 5.28%, (5-year CMT + 4.940%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 395000 |
| Krung Thai Bank PCL/Cayman Islands, 4.40%, <br> (5-year CMT + 3.530%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 387000 |
| PTT Treasury Center Co. Ltd., 3.70%, 07/16/70<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 390894 |
| PTTEP Treasury Center Co. Ltd. |  |  |
| 2.59%, 06/10/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384404 |
| 3.90%, 12/06/59<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 282592 |
| Siam Commercial Bank PCL/Cayman Islands, 4.40%, <br> 02/11/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 396376 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 3.50%, 10/17/49<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 358500 |
| 5.38%, 11/20/48<sup>(a)</sup> | &nbsp;&nbsp; 400 | 321536 |
|  |  | 10077379 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| Port of Spain Waterfront Development, 7.88%, <br> 02/19/40<sup>(f)</sup><br>| &nbsp;&nbsp; $400 | $376000 |
| **Turkey — 4.0%** | **Turkey — 4.0%** | **Turkey — 4.0%** |
| Akbank TAS |  |  |
| 6.80%, 06/22/31, (5-year CMT + 6.015%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 197000 |
| 7.50%, 01/20/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400376 |
| 9.37%, (5-year CMT + 5.270%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 399124 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S, 3.38%, <br> 06/29/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 352752 |
| Arcelik A/S, 8.50%, 09/25/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205376 |
| Aydem Yenilenebilir Enerji A/S, 7.75%, 02/02/27<sup>(a)</sup> | &nbsp;&nbsp; 360 | 356940 |
| Coca-Cola Icecek A/S, 4.50%, 01/20/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 379536 |
| Eregli Demir ve Celik Fabrikalari TAS, 8.38%, <br> 07/23/29<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 601500 |
| Ford Otomotiv Sanayi AS, 7.13%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395875 |
| GDZ Elektrik Dagitim AS, 9.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185750 |
| Limak Cimento Sanayi ve Ticaret AS, 9.75%, <br> 07/25/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 391000 |
| Limak Yenilenebilir Enerji AS, 9.63%, 08/12/30<sup>(f)</sup> | &nbsp;&nbsp; 200 | 192250 |
| Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, <br> 11/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 410500 |
| Pegasus Hava Tasimaciligi AS, 8.00%, 09/11/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392200 |
| QNB Bank AS, 7.25%, 05/21/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204562 |
| Sisecam U.K. PLC |  |  |
| 8.25%, 05/02/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400000 |
| 8.63%, 05/02/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394312 |
| Turk Telekomunikasyon AS, 7.38%, 05/20/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200388 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| 5.80%, 04/11/28<sup>(a)</sup> | &nbsp;&nbsp; 300 | 289875 |
| 7.45%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401000 |
| 7.65%, 01/24/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199876 |
| Turkiye Garanti Bankasi AS |  |  |
| 7.18%, 05/24/27, <br> (5-year USD ICE Swap + 4.220%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 400000 |
| 8.13%, 01/03/35, (5-year CMT + 3.836%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 392128 |
| 8.38%, 02/28/34, (5-year CMT + 4.090%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 398124 |
| Turkiye Is Bankasi AS |  |  |
| 7.75%, 06/12/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404000 |
| 9.13%, , (5-year CMT + 4.633%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 199438 |
| 9.19%, 06/29/28, <br> (5-year USD Swap + 5.117%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 207938 |
| Turkiye Vakiflar Bankasi TAO |  |  |
| 6.88%, 01/07/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193500 |
| 8.99%, 10/05/34, (5-year CMT + 4.669%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 405375 |
| 9.00%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 628950 |
| 10.12%, (5-year CMT + 5.493%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 407624 |
| Ulker Biskuvi Sanayi AS, 7.88%, 07/08/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398375 |
| Vestel Elektronik Sanayi ve Ticaret AS, 9.75%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 318125 |
| WE Soda Investments Holding PLC |  |  |
| 9.38%, 02/14/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202256 |
| 9.50%, 10/06/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 612600 |
| Yapi ve Kredi Bankasi A/S |  |  |
| 7.13%, 10/10/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 393800 |
| 7.88%, 01/22/31, (5-year CMT + 7.415%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 399000 |
| 9.25%, 10/16/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 421800 |
| 9.25%, 01/17/34, (5-year CMT + 5.278%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 409000 |
| 9.74%, (5-year CMT + 5.499%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 403062 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 546077 |
|  |  | 14691364 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| Metinvest BV, 7.75%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; $400 | $308000 |
| **United Arab Emirates — 5.2%** | **United Arab Emirates — 5.2%** | **United Arab Emirates — 5.2%** |
| Abu Dhabi Commercial Bank PJSC |  |  |
| 3.50%, 03/31/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392800 |
| 5.38%, 07/18/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205250 |
| 5.50%, 01/12/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206187 |
| 8.00%, (5-year CMT + 3.524%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 425376 |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 2.00%, 04/29/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185418 |
| 3.40%, 04/29/51<sup>(a)</sup> | &nbsp;&nbsp; 200 | 135312 |
| 4.00%, 10/03/49<sup>(a)</sup> | &nbsp;&nbsp; 200 | 152106 |
| 4.38%, 06/22/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198816 |
| 4.38%, 01/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198376 |
| 4.38%, 10/09/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196751 |
| 4.70%, 04/24/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392852 |
| 4.75%, 03/09/37<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191600 |
| 4.88%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404752 |
| 6.50%, 10/27/36<sup>(a)</sup> | &nbsp;&nbsp; 300 | 331176 |
| Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 264792 |
| Adib Capital Invest 3 Ltd., 7.25%, <br> (5-year CMT + 3.059%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 207796 |
| Adib Sukuk Co. II Ltd., 5.70%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206438 |
| Aldar Investment Properties Sukuk Ltd. |  |  |
| 4.88%, 05/24/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197375 |
| 5.50%, 05/16/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204875 |
| Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192000 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201250 |
| Arada Sukuk 2 Ltd., 8.00%, 06/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202960 |
| Arada Sukuk Ltd., 8.13%, 06/08/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203194 |
| Binghatti Sukuk SPC Ltd., 9.63%, 02/28/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204312 |
| BOS Funding Ltd. |  |  |
| 5.25%, 09/12/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 195375 |
| 7.00%, 03/14/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206750 |
| Commercial Bank of Dubai PSC |  |  |
| 5.32%, 06/14/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203375 |
| 6.00%, (6-year CMT + 5.597%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 398500 |
| DIB Sukuk Ltd. |  |  |
| 1.96%, 06/22/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 387750 |
| 2.74%, 02/16/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386250 |
| 4.80%, 08/16/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200812 |
| 5.24%, 03/04/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202875 |
| 5.49%, 11/30/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407640 |
| DIB Tier 1 Sukuk 4 Ltd., 4.63%, <br> (6-year CMT + 4.077%)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 400 | 393500 |
| EI Sukuk Co. Ltd., 5.43%, 05/28/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 410376 |
| Emaar Sukuk Ltd. |  |  |
| 3.70%, 07/06/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186813 |
| 3.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 385750 |
| Emirates NBD Bank PJSC |  |  |
| 4.25%, (6-year CMT + 3.155%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 385500 |
| 4.29%, 01/22/30<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 201000 |
| 5.63%, 10/21/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205750 |
| 5.88%, 10/11/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 416000 |
| 6.13%, (6-year CMT + 5.702%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 199500 |
| 6.25%, , (6-year CMT + 1.839%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 205000 |
| Esic Sukuk Ltd., 5.83%, 02/14/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202800 |
| Fab Sukuk Co. Ltd. |  |  |
| 2.59%, 03/02/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193562 |
| 4.58%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201000 |
| 4.78%, 01/23/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201688 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| First Abu Dhabi Bank PJSC |  |  |
| 4.38%, 04/24/28<sup>(a)</sup> | &nbsp;&nbsp; $400 | $399375 |
| 4.50%, (5-year CMT + 4.138%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 198000 |
| 4.77%, 06/06/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201500 |
| 5.00%, 02/28/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406000 |
| 5.13%, 10/13/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405500 |
| 5.51%, 01/29/29, (1-day SOFR + 1.200%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 200500 |
| 5.80%, 01/16/35, (5-year CMT + 1.550%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 203000 |
| 6.32%, 04/04/34, (5-year CMT + 1.700%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 411000 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.16%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; 442 | 388960 |
| 2.63%, 03/31/36<sup>(a)</sup> | &nbsp;&nbsp; 400 | 336750 |
| 2.94%, 09/30/40<sup>(a)</sup> | &nbsp;&nbsp; 707 | 574548 |
| 3.25%, 09/30/40<sup>(a)</sup> | &nbsp;&nbsp; 400 | 309168 |
| MAF Global Securities Ltd., 7.88%, <br> (5-year CMT + 4.893%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 205688 |
| MAF Sukuk Ltd. |  |  |
| 3.93%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191500 |
| 4.64%, 05/14/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197396 |
| 5.00%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198116 |
| Masdar Abu Dhabi Future Energy Co. |  |  |
| 4.88%, 07/25/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201306 |
| 4.88%, 07/25/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197562 |
| 5.25%, 07/25/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201210 |
| Mashreqbank PSC |  |  |
| 7.13%, (5-year CMT + 2.705%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 204250 |
| 7.88%, 02/24/33, (5-year CMT + 3.997%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 210420 |
| National Bank of Ras Al-Khaimah PSC, 5.38%, <br> 07/25/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 203876 |
| National Central Cooling Co. PJSC, 2.50%, <br> 10/21/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 189500 |
| Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205824 |
| SF Holding Investment Ltd., 2.88%, 02/20/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186000 |
| Shelf Drilling Holdings Ltd., 9.63%, 04/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 386 | 272130 |
| SIB Sukuk Co. III Ltd., 5.25%, 07/03/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203062 |
| Sweihan PV Power Co. PJSC, 3.63%, 01/31/49<sup>(a)</sup> | &nbsp;&nbsp; 184 | 151766 |
|  |  | 19333237 |
| **United Kingdom — 3.2%** | **United Kingdom — 3.2%** | **United Kingdom — 3.2%** |
| Avianca Midco 2 PLC, 9.63%, 02/14/30<sup>(f)</sup> | &nbsp;&nbsp; 200 | 174575 |
| CK Hutchison International 16 Ltd., 2.75%, <br> 10/03/26<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 194784 |
| CK Hutchison International 17 II Ltd., 3.25%, <br> 09/29/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 193470 |
| CK Hutchison International 17 Ltd., 3.50%, <br> 04/05/27<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 195846 |
| CK Hutchison International 19 II Ltd. |  |  |
| 2.75%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184324 |
| 3.38%, 09/06/49<sup>(a)</sup> | &nbsp;&nbsp; 400 | 268308 |
| CK Hutchison International 20 Ltd. |  |  |
| 2.50%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180388 |
| 3.38%, 05/08/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 133360 |
| CK Hutchison International 21 Ltd., 2.50%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 176236 |
| CK Hutchison International 23 Ltd. |  |  |
| 4.75%, 04/21/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200937 |
| 4.88%, 04/21/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 389604 |
| CK Hutchison International 24 Ltd. |  |  |
| 5.38%, 04/26/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204800 |
| 5.50%, 04/26/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407200 |
| Hutchison Whampoa International Ltd., 7.45%, <br> 11/24/33<sup>(a)</sup><br>| &nbsp;&nbsp; 305 | 346980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28, (5-year CMT + 1.180%)<sup>(a)(d)</sup> | &nbsp;&nbsp; $200 | $192868 |
| 2.68%, 06/29/32, (1-year CMT + 1.200%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 800 | 691416 |
| 3.27%, 02/18/36, (5-year CMT + 2.300%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 352424 |
| 3.60%, 01/12/33, (1-year CMT + 1.900%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 175190 |
| 4.30%, (5-year CMT + 3.135%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 600 | 529500 |
| 4.31%, 05/21/30<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 391650 |
| 4.64%, 04/01/31, (1-year CMT + 3.850%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 500 | 491340 |
| 4.75%, (5-year CMT + 3.805%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 343000 |
| 5.30%, 01/09/43<sup>(a)</sup> | &nbsp;&nbsp; 200 | 176742 |
| 5.69%, 05/14/28, (1-year CMT + 1.050%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 406940 |
| 5.70%, 03/26/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186003 |
| 5.91%, 05/14/35, (1-year CMT + 1.450%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 404628 |
| 6.00%, (5-year CMT + 5.661%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 199388 |
| 6.10%, 01/11/35, (1-year CMT + 2.100%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 205347 |
| 6.17%, 01/09/27, (1-year CMT + 2.050%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 605100 |
| 6.19%, 07/06/27, (1-year CMT + 1.850%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 406184 |
| 6.23%, 01/21/36, (1-year CMT + 1.430%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 206646 |
| 6.30%, 01/09/29, (1-year CMT + 2.450%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 800 | 827680 |
| 6.30%, 07/06/34, (1-year CMT + 2.580%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 416716 |
| 7.02%, 02/08/30, (1-year CMT + 2.200%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 214434 |
| 7.75%, (5-year CMT + 4.976%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 400 | 405000 |
| 7.77%, 11/16/28, (1-year CMT + 3.450%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 642381 |
| 7.88%, (5-year CMT + 3.574%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 200150 |
|  |  | 11921539 |
| **United States — 2.3%** | **United States — 2.3%** | **United States — 2.3%** |
| AES Andes SA, 6.30%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203000 |
| ATP Tower Holdings/Andean Telecom Partners Chile <br> SpA/Andean Tower Partners C, 7.88%, 02/03/30<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 197000 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(c)(f)</sup> | &nbsp;&nbsp; 1150 | 1035000 |
| Bimbo Bakeries USA Inc. |  |  |
| 6.05%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 208644 |
| 6.40%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 212500 |
| China Cinda Finance 2017 I Ltd., 4.40%, 03/09/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198784 |
| China Overseas Finance Cayman III Ltd., 6.38%, <br> 10/29/43<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 203080 |
| CNOOC Finance 2014 ULC, 4.88%, 04/30/44 | &nbsp;&nbsp; 200 | 191922 |
| GCC SAB de CV, 3.61%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 171522 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 3.00%, 02/02/29 | &nbsp;&nbsp; 200 | 188148 |
| 3.00%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; 250 | 215246 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 200 | 180992 |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 200 | 153494 |
| 5.13%, 02/01/28 | &nbsp;&nbsp; 303 | 306825 |
| 5.50%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 400 | 406555 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 400 | 407574 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 400 | 408701 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 386 | 418772 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 300 | 332430 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group<br>|  |  |
| 5.95%, 04/20/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205858 |
| 6.38%, 02/25/55<sup>(a)</sup> | &nbsp;&nbsp; 100 | 101405 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29 | &nbsp;&nbsp; 600 | 557365 |
| 5.90%, 06/01/27<sup>(c)</sup> | &nbsp;&nbsp; 500 | 505988 |
| 6.00%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; 400 | 403355 |
| 6.20%, 08/15/34 | &nbsp;&nbsp; 400 | 391681 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 390 | 343200 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® J.P. Morgan EM Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28<sup>(a)</sup> | &nbsp;&nbsp; $400 | $390792 |
|  |  | 8539833 |
| **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(a)</sup><br>| &nbsp;&nbsp; 381 | 364428 |
| **Zambia — 1.0%** | **Zambia — 1.0%** | **Zambia — 1.0%** |
| First Quantum Minerals Ltd. |  |  |
| 6.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 572 | 564135 |
| 8.00%, 03/01/33<sup>(f)</sup> | &nbsp;&nbsp; 600 | 594750 |
| 8.63%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1217625 |
| 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 1314063 |
|  |  | 3690573 |
| **Total Corporate Bonds & Notes — 96.7%** <br>**(Cost: $373,988,047)** | **Total Corporate Bonds & Notes — 96.7%** <br>**(Cost: $373,988,047)** | 358746714 |
| **Foreign Government Obligations**<sup>(i)</sup> | **Foreign Government Obligations**<sup>(i)</sup> | **Foreign Government Obligations**<sup>(i)</sup> |
| **Senegal — 0.1%** | **Senegal — 0.1%** | **Senegal — 0.1%** |
| Africa Finance Corp., 7.50%, , <br> (5-year CMT + 3.015%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 388980 |
| **South Korea — 0.9%** | **South Korea — 0.9%** | **South Korea — 0.9%** |
| Industrial Bank of Korea |  |  |
| 4.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198062 |
| 5.38%, 10/04/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 415488 |
| Korea Electric Power Corp. |  |  |
| 4.88%, 01/31/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 604518 |
| 5.38%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404824 |
| Korea Expressway Corp., 5.00%, 05/14/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404624 |
| Korea Gas Corp. |  |  |
| 3.88%, 07/13/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197820 |
| 4.88%, 07/05/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202782 |
| 5.00%, 07/08/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203398 |
| Korea Hydro & Nuclear Power Co. Ltd., 4.25%, <br> 07/27/27<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 598086 |
|  |  | 3229602 |
| **Supranational — 0.5%** | **Supranational — 0.5%** | **Supranational — 0.5%** |
| Africa Finance Corp. |  |  |
| 3.75%, 10/30/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 363948 |
| 5.55%, 10/08/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395124 |
| African Export-Import Bank (The) |  |  |
| 3.80%, 05/17/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 528378 |
| 3.99%, 09/21/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 557454 |
|  |  | 1844904 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198500 |
| **Total Foreign Government Obligations — 1.5%** <br>**(Cost: $5,738,690)** | **Total Foreign Government Obligations — 1.5%** <br>**(Cost: $5,738,690)** | 5661986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Azul SA, ADR NVS<sup>(c)(j)</sup> | &nbsp;&nbsp; 38967 | $29739 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $40,656)** | **Total Common Stocks — 0.0%** <br>**(Cost: $40,656)** | 29739 |
| **Total Long-Term Investments — 98.2%** <br>**(Cost: $379,767,393)** | **Total Long-Term Investments — 98.2%** <br>**(Cost: $379,767,393)** | 364438439 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.2%** | **Money Market Funds — 9.2%** | **Money Market Funds — 9.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(k)(l)(m)</sup><br>| &nbsp;&nbsp; 31508751 | 31521355 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(k)(l)</sup><br>| &nbsp;&nbsp; 2350000 | 2350000 |
| **Total Short-Term Securities — 9.2%** <br>**(Cost: $33,874,595)** | **Total Short-Term Securities — 9.2%** <br>**(Cost: $33,874,595)** | 33871355 |
| **Total Investments — 107.4%** <br>**(Cost: $413,641,988)** | **Total Investments — 107.4%** <br>**(Cost: $413,641,988)** | 398309794 |
| **Liabilities in Excess of Other Assets — (7.4)%** | **Liabilities in Excess of Other Assets — (7.4)%** | (27291213)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $371018581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> 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. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Zero-coupon bond.

<sup>(i)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(j)</sup> Non-income producing security.

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

<sup>(m)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

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* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $39100279 | $—<br> $(7568272 )<sup>(a)</sup><br>| $9572 | $(20224)<br>| $31521355 | 31508751 | $102307 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 5180000 | —<br> (2830000 )<sup>(a)</sup><br>|  |  | 2350000 | 2350000 | 46294 |  |
|  |  |  | $9572 | $(20224) | $33871355 |  | $148601 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358746714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358746714 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5661986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5661986 |
| Common Stocks | &nbsp;&nbsp; 29739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29739 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 33871355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33871355 |
|  | &nbsp;&nbsp; $33901094 | &nbsp;&nbsp; $364408700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $398309794 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® J.P. Morgan EM High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Angola — 0.1%** | **Angola — 0.1%** | **Angola — 0.1%** |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; $600 | $574500 |
| **Argentina — 0.8%** | **Argentina — 0.8%** | **Argentina — 0.8%** |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 521625 |
| Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(a)</sup> | &nbsp;&nbsp; 350 | 334005 |
| YPF SA |  |  |
| 6.95%, 07/21/27<sup>(a)</sup> | &nbsp;&nbsp; 402 | 396171 |
| 7.00%, 09/30/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 300 | 284157 |
| 7.00%, 12/15/47<sup>(a)</sup> | &nbsp;&nbsp; 325 | 274157 |
| 8.25%, 01/17/34<sup>(a)(c)</sup> | &nbsp;&nbsp; 650 | 632931 |
| 8.75%, 09/11/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 304032 |
| 9.00%, 06/30/29<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 400 | 409624 |
| 9.50%, 01/17/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 517250 |
|  |  | 3673952 |
| **Bahrain — 0.3%** | **Bahrain — 0.3%** | **Bahrain — 0.3%** |
| AUB Sukuk Ltd., 2.62%, 09/09/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192394 |
| Bapco Energies Sukuk Ltd., 6.25%, 01/29/35<sup>(a)</sup> | &nbsp;&nbsp; 600 | 609375 |
| BBK BSC, 6.88%, 06/06/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405376 |
| GFH Senior Sukuk Ltd., 7.50%, 11/06/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197146 |
|  |  | 1404291 |
| **Brazil — 7.6%** | **Brazil — 7.6%** | **Brazil — 7.6%** |
| 3R Lux SARL, 9.75%, 02/05/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 393000 |
| Acu Petroleo Luxembourg SARL, 7.50%, 01/13/32<sup>(a)</sup> | &nbsp;&nbsp; 277 | 275824 |
| Aegea Finance SARL |  |  |
| 6.75%, 05/20/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395550 |
| 9.00%, 01/20/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 415584 |
| Amaggi Luxembourg International SARL, 5.25%, <br> 01/28/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 388448 |
| Ambipar Lux SARL, 9.88%, 02/06/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384500 |
| Arcos Dorados BV, 6.38%, 01/29/32<sup>(c)(e)</sup> | &nbsp;&nbsp; 400 | 405500 |
| Azul Secured Finance LLP |  |  |
| 4.44%, 01/28/30, <br> (8.25 % Cash and 10.75 % PIK)<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 305 | 339086 |
| 10.88%, 08/28/30<sup>(c)</sup> | &nbsp;&nbsp; 248 | 47140 |
| 11.93%, 08/28/28<sup>(c)</sup> | &nbsp;&nbsp; 640 | 379547 |
| B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 360876 |
| Banco Bradesco SA/Cayman Islands |  |  |
| 4.38%, 03/18/27<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 395800 |
| 6.50%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 412840 |
| Banco BTG Pactual SA/Cayman Islands |  |  |
| 5.75%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199400 |
| 6.25%, 04/08/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 409900 |
| Banco do Brasil SA |  |  |
| 3.25%, 09/30/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392656 |
| 4.88%, 01/11/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196563 |
| 6.00%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 403000 |
| 6.25%, 04/18/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 612750 |
| 8.75%, (10-year CMT + 4.398%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 1000 | 1010150 |
| Banco Votorantim SA/Luxembourg, 5.88%, <br> 04/08/28<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 201225 |
| Braskem America Finance Co., 7.13%, 07/22/41<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 309960 |
| Braskem Netherlands Finance BV |  |  |
| 4.50%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 717200 |
| 4.50%, 01/31/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 800 | 663760 |
| 5.88%, 01/31/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 267000 |
| 7.25%, 02/13/33<sup>(a)</sup> | &nbsp;&nbsp; 800 | 697760 |
| 8.00%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 354700 |
| 8.50%, 01/12/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| BRF SA |  |  |
| 4.88%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; $400 | $377888 |
| 5.75%, 09/21/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 321500 |
| Centrais Eletricas Brasileiras SA |  |  |
| 4.63%, 02/04/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 374832 |
| 6.50%, 01/11/35<sup>(a)</sup> | &nbsp;&nbsp; 400 | 387000 |
| Cosan Luxembourg SA, 5.50%, 09/20/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390380 |
| Cosan Overseas Ltd., 8.25%<sup>(a)(g)</sup> | &nbsp;&nbsp; 200 | 199500 |
| CSN Inova Ventures, 6.75%, 01/28/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 745200 |
| CSN Resources SA |  |  |
| 4.63%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 454500 |
| 5.88%, 04/08/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 159000 |
| 8.88%, 12/05/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382600 |
| FS Luxembourg SARL, 8.88%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400500 |
| Itau Unibanco Holding SA, 6.00%, 02/27/30<sup>(c)(e)</sup> | &nbsp;&nbsp; 800 | 809300 |
| Itau Unibanco Holding SA/Cayman Island |  |  |
| 3.88%, 04/15/31, (5-year CMT + 3.446%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 395520 |
| 7.56%, (5-year CMT + 3.222%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 199250 |
| 7.86%, (5-year CMT + 3.863%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 400400 |
| Klabin Austria GmbH |  |  |
| 3.20%, 01/12/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 346300 |
| 5.75%, 04/03/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399600 |
| 7.00%, 04/03/49<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394600 |
| LD Celulose International GmbH, 7.95%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 409700 |
| MARB BondCo PLC, 3.95%, 01/29/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 688240 |
| MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(a)</sup><br>| &nbsp;&nbsp; 921 | 711659 |
| MercadoLibre Inc., 3.13%, 01/14/31<sup>(c)</sup> | &nbsp;&nbsp; 400 | 352100 |
| Minerva Luxembourg SA |  |  |
| 4.38%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 526500 |
| 8.88%, 09/13/33<sup>(a)</sup> | &nbsp;&nbsp; 600 | 638145 |
| Movida Europe SA, 7.85%, 04/11/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 175200 |
| NewCo Holding USD 20 SARL, 9.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 396825 |
| Petrobras Global Finance BV |  |  |
| 5.50%, 06/10/51 | &nbsp;&nbsp; 350 | 263375 |
| 5.60%, 01/03/31<sup>(c)</sup> | &nbsp;&nbsp; 475 | 473005 |
| 6.00%, 01/27/28<sup>(c)</sup> | &nbsp;&nbsp; 600 | 607875 |
| 6.00%, 01/13/35<sup>(c)</sup> | &nbsp;&nbsp; 550 | 520547 |
| 6.50%, 07/03/33<sup>(c)</sup> | &nbsp;&nbsp; 550 | 553767 |
| 6.75%, 01/27/41 | &nbsp;&nbsp; 400 | 386500 |
| 6.85% | &nbsp;&nbsp; 900 | 781875 |
| 6.88%, 01/20/40<sup>(c)</sup> | &nbsp;&nbsp; 450 | 440860 |
| 7.25%, 03/17/44<sup>(c)</sup> | &nbsp;&nbsp; 516 | 510035 |
| 7.38%, 01/17/27<sup>(c)</sup> | &nbsp;&nbsp; 400 | 414400 |
| Petrorio Luxembourg Holding SARL, 6.13%, <br> 06/09/26<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 400350 |
| Rede D'or Finance SARL |  |  |
| 4.50%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 500 | 465780 |
| 4.95%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196563 |
| Rumo Luxembourg SARL |  |  |
| 4.20%, 01/18/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 349300 |
| 5.25%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196830 |
| Samarco Mineracao SA, 9.00%, 06/30/31, <br> (9.05 % PIK)<sup>(a)(f)</sup><br>| &nbsp;&nbsp; 2469 | 2315940 |
| Simpar Europe SA, 5.20%, 01/26/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 307752 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 378624 |
| Usiminas International SARL, 7.50%, 01/27/32<sup>(e)</sup> | &nbsp;&nbsp; 400 | 396200 |
| XP Inc., 6.75%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202000 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(a)</sup> | &nbsp;&nbsp; 595 | 608583 |
|  |  | 33218399 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| Endeavour Mining PLC, 5.00%, 10/14/26<sup>(a)</sup> | &nbsp;&nbsp; $200 | $195262 |
| **Cayman Islands — 0.2%** | **Cayman Islands — 0.2%** | **Cayman Islands — 0.2%** |
| Alinma Tier 1 Sukuk Ltd., 6.50%, <br> (5-year CMT + 2.201%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 600 | 606750 |
| Arabian Centres Sukuk III Ltd., 9.50%, 03/06/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398752 |
|  |  | 1005502 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| AES Andes SA, 8.15%, 06/10/55, <br> (5-year CMT + 3.835%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 408800 |
| Agrosuper SA, 4.60%, 01/20/32<sup>(a)</sup> | &nbsp;&nbsp; 350 | 316750 |
| Banco de Credito e Inversiones SA |  |  |
| 7.50%, , (5-year CMT + 3.767%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 194400 |
| 8.75%, (5-year CMT + 4.944%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 414500 |
| Falabella SA, 3.38%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 337240 |
| Latam Airlines Group SA |  |  |
| 7.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 855 | 835164 |
| 13.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 445240 |
| Telefonica Moviles Chile SA, 3.54%, 11/18/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 197970 |
|  |  | 3150064 |
| **China — 2.2%** | **China — 2.2%** | **China — 2.2%** |
| Bank of Communications Co. Ltd., 3.80%, <br> (5-year CMT + 3.345%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 1600 | 1586704 |
| Fortune Star BVI Ltd. |  |  |
| 5.05%, 01/27/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 376252 |
| 8.50%, 05/19/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197750 |
| Franshion Brilliant Ltd. |  |  |
| 4.25%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 347000 |
| 6.00%, (5-year CMT + 5.584%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 196500 |
| Greentown China Holdings Ltd., 8.45%, 02/24/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201876 |
| Huarong Finance 2017 Co. Ltd. |  |  |
| 4.25%, 11/07/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 583125 |
| 4.75%, 04/27/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 593250 |
| Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 383000 |
| Industrial & Commercial Bank of China Ltd., 3.20%, <br> (5-year CMT + 2.368%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 3700 | 3601580 |
| Longfor Group Holdings Ltd. |  |  |
| 3.95%, 09/16/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 478837 |
| 4.50%, 01/16/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 176619 |
| Vanke Real Estate Hong Kong Co. Ltd., 3.98%, <br> 11/09/27<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 461160 |
| West China Cement Ltd., 4.95%, 07/08/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 313250 |
|  |  | 9496903 |
| **Colombia — 2.4%** | **Colombia — 2.4%** | **Colombia — 2.4%** |
| ABRA Global Finance, 14.00%, 10/22/29, <br> (6.00 % Cash and 8.00 % PIK)<sup>(a)(f)</sup><br>| &nbsp;&nbsp; 406 | 274394 |
| AI Candelaria Spain SA, 5.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 328120 |
| Banco Davivienda SA, 6.65%, <br> (10-year CMT + 5.097%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 169750 |
| Bancolombia SA, 8.63%, 12/24/34, <br> (5-year CMT + 4.320%)<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 400 | 413980 |
| Canacol Energy Ltd., 5.75%, 11/24/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 92000 |
| Colombia Telecomunicaciones SA ESP, 4.95%, <br> 07/17/30<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 175275 |
| Ecopetrol SA |  |  |
| 4.63%, 11/02/31<sup>(c)</sup> | &nbsp;&nbsp; 700 | 569100 |
| 5.88%, 05/28/45<sup>(c)</sup> | &nbsp;&nbsp; 1240 | 825220 |
| 5.88%, 11/02/51<sup>(c)</sup> | &nbsp;&nbsp; 450 | 288000 |
| 6.88%, 04/29/30<sup>(c)</sup> | &nbsp;&nbsp; 1200 | 1161900 |
| 7.38%, 09/18/43<sup>(c)</sup> | &nbsp;&nbsp; 400 | 324000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colombia (continued)** | **Colombia (continued)** | **Colombia (continued)** |
| 7.75%, 02/01/32 | &nbsp;&nbsp; $1100 | $1049125 |
| 8.38%, 01/19/36 | &nbsp;&nbsp; 1080 | 1013040 |
| 8.63%, 01/19/29 | &nbsp;&nbsp; 650 | 677625 |
| 8.88%, 01/13/33<sup>(c)</sup> | &nbsp;&nbsp; 1350 | 1350823 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime <br> Energia SpA, 5.38%, 12/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 342624 |
| Geopark Ltd., 8.75%, 01/31/30<sup>(e)</sup> | &nbsp;&nbsp; 400 | 346500 |
| Gran Tierra Energy Inc., 9.50%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 313000 |
| Grupo Aval Ltd., 4.38%, 02/04/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 525750 |
| SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 367600 |
|  |  | 10607826 |
| **Congo, The Democratic Republic — 0.1%** | **Congo, The Democratic Republic — 0.1%** | **Congo, The Democratic Republic — 0.1%** |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392124 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Allwyn Entertainment Financing U.K. PLC, 7.88%, <br> 04/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 413112 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Aeropuertos Dominicanos Siglo XXI SA, 7.00%, <br> 06/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 202000 |
| **Ghana — 0.1%** | **Ghana — 0.1%** | **Ghana — 0.1%** |
| Kosmos Energy Ltd., 8.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 160940 |
| Tullow Oil PLC, 10.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; 208 | 162240 |
|  |  | 323180 |
| **Guatemala — 0.5%** | **Guatemala — 0.5%** | **Guatemala — 0.5%** |
| Central American Bottling Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL, 5.25%, 04/27/29<sup>(a)</sup><br>| &nbsp;&nbsp; 700 | 666400 |
| CT Trust, 5.13%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 360880 |
| Investment Energy Resources Ltd., 6.25%, <br> 04/26/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 381500 |
| Millicom International Cellular SA |  |  |
| 4.50%, 04/27/31<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 534000 |
| 6.25%, 03/25/29<sup>(a)</sup> | &nbsp;&nbsp; 360 | 356004 |
|  |  | 2298784 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| Bank of East Asia Ltd. (The), 5.83%, <br> (5-year CMT + 5.527%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 500 | 493087 |
| CAS Capital No. 1 Ltd., 4.00%, <br> (5-year CMT + 3.642%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 383500 |
| Cathay Pacific MTN Financing HK Ltd., 4.88%, <br> 08/17/26<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 398500 |
| China CITIC Bank International Ltd. |  |  |
| 3.25%, (5-year CMT + 2.530%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 500 | 488625 |
| 4.80%, (5-year CMT + 2.104%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 250 | 248063 |
| FWD Group Holdings Ltd. |  |  |
| 8.05%, (5-year CMT + 4.865%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 389050 |
| 8.40%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 615619 |
| Li & Fung Ltd., 5.25%<sup>(a)(g)</sup> | &nbsp;&nbsp; 400 | 185800 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 539940 |
| 5.63%, 07/17/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384000 |
| 5.75%, 07/21/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 567000 |
| 7.63%, 04/17/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384000 |
| Nanyang Commercial Bank Ltd., 6.50%, <br> (5-year CMT + 3.509%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 250 | 252000 |
| NWD Finance BVI Ltd. |  |  |
| 4.13%, (5-year CMT + 5.858%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 218250 |
| 4.80%<sup>(a)(g)</sup> | &nbsp;&nbsp; 400 | 110000 |
| 5.25%, (5-year CMT + 7.889%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 300000 |

---

Schedule of Investments

------

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 6.25%<sup>(a)(g)</sup> | &nbsp;&nbsp; $600 | $185880 |
| NWD MTN Ltd., 4.13%, 07/18/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 360000 |
| PCPD Capital Ltd., 5.13%, 06/18/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 368000 |
| Seaspan Corp., 5.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 362720 |
|  |  | 7234034 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| OTP Bank Nyrt |  |  |
| 7.30%, 07/30/35, (5-year CMT + 2.861%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 402500 |
| 8.75%, 05/15/33, (5-year CMT + 5.060%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 423376 |
|  |  | 825876 |
| **India — 2.1%** | **India — 2.1%** | **India — 2.1%** |
| Axis Bank Ltd./Gandhinagar, 4.10%, <br> (5-year CMT + 3.315%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 382500 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 357000 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; 600 | 584250 |
| Continuum Green Energy India Pvt / Co-Issuers, <br> 7.50%, 06/26/33<sup>(a)</sup><br>| &nbsp;&nbsp; 391 | 391506 |
| Delhi International Airport Ltd. |  |  |
| 6.13%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399752 |
| 6.45%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200250 |
| Greenko Power II Ltd., 4.30%, 12/13/28<sup>(a)</sup> | &nbsp;&nbsp; 506 | 462080 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(e)</sup><br>| &nbsp;&nbsp; 600 | 577500 |
| HDFC Bank Ltd., 3.70%, <br> (5-year CMT + 2.925%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 600 | 569628 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390624 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(a)</sup> | &nbsp;&nbsp; 295 | 259969 |
| JSW Steel Ltd. |  |  |
| 3.95%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 190812 |
| 5.05%, 04/05/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 355720 |
| Muthoot Finance Ltd. |  |  |
| 6.38%, 04/23/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 400 | 386200 |
| 7.13%, 02/14/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 395500 |
| Network i2i Ltd., 3.98%, <br> (5-year CMT + 3.390%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 392250 |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. <br> other 9 Subsidiaries, 4.50%, 07/14/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 369500 |
| Shriram Finance Ltd. |  |  |
| 6.15%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194750 |
| 6.63%, 04/22/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 596814 |
| UPL Corp. Ltd., 4.63%, 06/16/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 348124 |
| Vedanta Resources Finance II PLC |  |  |
| 9.48%, 07/24/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184126 |
| 9.85%, 04/24/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 360000 |
| 10.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; 800 | 772840 |
| 11.25%, 12/03/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193500 |
|  |  | 9315195 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Bank Negara Indonesia Persero Tbk PT, 4.30%, <br> (5-year CMT + 3.466%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 188312 |
| Garuda Indonesia Persero Tbk PT, 6.50%, 12/28/31, <br> (6.50 % Cash)<sup>(a)(f)</sup><br>| &nbsp;&nbsp; 462 | 304937 |
| Medco Maple Tree Pte Ltd., 8.96%, 04/27/29<sup>(a)</sup> | &nbsp;&nbsp; 250 | 255157 |
|  |  | 748406 |
| **Israel — 1.7%** | **Israel — 1.7%** | **Israel — 1.7%** |
| Energian Israel Finance Ltd. |  |  |
| 5.38%, 03/30/28<sup>(a)(e)</sup> | &nbsp;&nbsp; 325 | 306313 |
| 5.88%, 03/30/31<sup>(a)(e)</sup> | &nbsp;&nbsp; 400 | 362250 |
| 8.50%, 09/30/33<sup>(a)(e)</sup> | &nbsp;&nbsp; 500 | 501565 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27<sup>(a)(e)</sup> | &nbsp;&nbsp; $350 | $344312 |
| 6.75%, 06/30/30<sup>(a)(e)</sup> | &nbsp;&nbsp; 375 | 363397 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, <br> 02/01/36<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 489325 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; 1800 | 1736334 |
| 4.10%, 10/01/46<sup>(c)</sup> | &nbsp;&nbsp; 1250 | 877750 |
| 4.75%, 05/09/27<sup>(c)</sup> | &nbsp;&nbsp; 500 | 489690 |
| 5.13%, 05/09/29 | &nbsp;&nbsp; 600 | 583800 |
| 6.75%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; 800 | 816380 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; 300 | 319965 |
| 8.13%, 09/15/31 | &nbsp;&nbsp; 300 | 328500 |
|  |  | 7519581 |
| **Jamaica — 0.2%** | **Jamaica — 0.2%** | **Jamaica — 0.2%** |
| Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S., 9.00%, 05/25/27, <br> (2.25% PIK)<sup>(f)</sup><br>| &nbsp;&nbsp; 709 | 708669 |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |
| Tengizchevroil Finance Co. International Ltd. |  |  |
| 3.25%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 349250 |
| 4.00%, 08/15/26<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 588750 |
|  |  | 938000 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| Kuwait Projects Co. SPC Ltd. |  |  |
| 4.23%, 10/29/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 370000 |
| 4.50%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184584 |
|  |  | 554584 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| Altice Financing SA |  |  |
| 5.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 700 | 532483 |
| 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 879000 |
|  |  | 1411483 |
| **Macau — 0.8%** | **Macau — 0.8%** | **Macau — 0.8%** |
| MGM China Holdings Ltd. |  |  |
| 4.75%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390200 |
| 7.13%, 06/26/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402375 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 526248 |
| 6.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 383376 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 550500 |
| 5.50%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 387000 |
| 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 761552 |
|  |  | 3401251 |
| **Mexico — 8.0%** | **Mexico — 8.0%** | **Mexico — 8.0%** |
| Alsea SAB de CV, 7.75%, 12/14/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200625 |
| Banco Mercantil del Norte SA/Grand Cayman |  |  |
| 5.88%, (5-year CMT + 4.643%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 192608 |
| 6.63%, (10-year CMT + 5.034%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 355040 |
| 7.50%, (10-year CMT + 5.470%)<sup>(a)(c)(d)(g)</sup> | &nbsp;&nbsp; 400 | 387428 |
| 7.63%, (10-year CMT + 5.353%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 394904 |
| 8.38%, , (5-year CMT + 4.072%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 393200 |
| 8.38%, (10-year CMT + 7.760%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 202200 |
| 8.75%, , (10-year CMT + 4.299%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 396800 |
| BBVA Bancomer SA/Texas |  |  |
| 5.13%, 01/18/33, (5-year CMT + 2.650%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 565500 |
| 5.88%, 09/13/34, (5-year CMT + 4.308%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 550 | 525250 |
| 8.13%, 01/08/39, (5-year CMT + 4.214%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 609300 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 8.45%, 06/29/38, (5-year CMT + 4.661%)<sup>(a)(d)</sup> | &nbsp;&nbsp; $600 | $622125 |
| BBVA Mexico SA Institucion de Banca Multiple Grupo <br> Financiero BBVA Mexico, 7.63%, 02/11/35, <br> (5-year CMT + 3.375%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 400 | 402600 |
| Borr IHC Ltd./Borr Finance LLC |  |  |
| 10.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 741 | 613561 |
| 10.38%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 381 | 304466 |
| Braskem Idesa SAPI |  |  |
| 6.99%, 02/20/32<sup>(a)</sup> | &nbsp;&nbsp; 700 | 502250 |
| 7.45%, 11/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 463878 |
| Cemex SAB De CV, 5.13%, <br> (5-year CMT + 4.534%)<sup>(a)(c)(d)(g)</sup><br>| &nbsp;&nbsp; 500 | 491250 |
| Grupo Aeromexico SAB de CV |  |  |
| 8.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 187126 |
| 8.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 369500 |
| Nemak SAB de CV, 3.63%, 06/28/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 159500 |
| Petroleos Mexicanos |  |  |
| 5.35%, 02/12/28<sup>(c)</sup> | &nbsp;&nbsp; 1100 | 1014860 |
| 5.95%, 01/28/31<sup>(c)</sup> | &nbsp;&nbsp; 2300 | 1900720 |
| 6.35%, 02/12/48<sup>(c)</sup> | &nbsp;&nbsp; 900 | 570690 |
| 6.38%, 01/23/45<sup>(c)</sup> | &nbsp;&nbsp; 700 | 457730 |
| 6.49%, 01/23/27 | &nbsp;&nbsp; 998 | 976393 |
| 6.50%, 03/13/27<sup>(c)</sup> | &nbsp;&nbsp; 2360 | 2301944 |
| 6.50%, 01/23/29<sup>(c)</sup> | &nbsp;&nbsp; 725 | 670625 |
| 6.50%, 06/02/41<sup>(c)</sup> | &nbsp;&nbsp; 950 | 651843 |
| 6.63%, 06/15/35<sup>(c)</sup> | &nbsp;&nbsp; 1600 | 1229840 |
| 6.70%, 02/16/32 | &nbsp;&nbsp; 4200 | 3596880 |
| 6.75%, 09/21/47<sup>(c)</sup> | &nbsp;&nbsp; 3200 | 2139200 |
| 6.84%, 01/23/30<sup>(c)</sup> | &nbsp;&nbsp; 1450 | 1291080 |
| 6.88%, 08/04/26<sup>(c)</sup> | &nbsp;&nbsp; 1450 | 1431875 |
| 6.95%, 01/28/60 | &nbsp;&nbsp; 2200 | 1463000 |
| 7.69%, 01/23/50 | &nbsp;&nbsp; 4650 | 3394500 |
| 8.75%, 06/02/29<sup>(c)</sup> | &nbsp;&nbsp; 1200 | 1177680 |
| 10.00%, 02/07/33<sup>(c)</sup> | &nbsp;&nbsp; 1300 | 1296945 |
| Saavi Energia SARL, 8.88%, 02/10/35<sup>(e)</sup> | &nbsp;&nbsp; 700 | 700875 |
| Total Play Telecomunicaciones SA de CV, 11.13%, <br> 12/31/32<sup>(c)(e)</sup><br>| &nbsp;&nbsp; 380 | 343900 |
|  |  | 34949691 |
| **Moldova — 0.1%** | **Moldova — 0.1%** | **Moldova — 0.1%** |
| Aragvi Finance International DAC, 11.13%, <br> 11/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 397125 |
| **Morocco — 0.8%** | **Morocco — 0.8%** | **Morocco — 0.8%** |
| OCP SA |  |  |
| 3.75%, 06/23/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 352275 |
| 5.13%, 06/23/51<sup>(a)</sup> | &nbsp;&nbsp; 600 | 437862 |
| 6.10%, 04/30/30<sup>(e)</sup> | &nbsp;&nbsp; 400 | 397960 |
| 6.70%, 03/01/36<sup>(e)</sup> | &nbsp;&nbsp; 400 | 395952 |
| 6.75%, 05/02/34<sup>(a)</sup> | &nbsp;&nbsp; 800 | 806360 |
| 6.88%, 04/25/44<sup>(a)</sup> | &nbsp;&nbsp; 400 | 373864 |
| 7.50%, 05/02/54<sup>(a)</sup> | &nbsp;&nbsp; 600 | 587550 |
|  |  | 3351823 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| VEON Holdings BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 536063 |
| **Nigeria — 0.4%** | **Nigeria — 0.4%** | **Nigeria — 0.4%** |
| Access Bank PLC |  |  |
| 6.13%, 09/21/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 192000 |
| 9.13%, (5-year CMT + 8.070%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 370000 |
| IHS Holding Ltd. |  |  |
| 6.25%, 11/29/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 378262 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Nigeria (continued)** | **Nigeria (continued)** | **Nigeria (continued)** |
| 7.88%, 05/29/30<sup>(a)</sup> | &nbsp;&nbsp; $200 | $192750 |
| 8.25%, 11/29/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 384500 |
| SEPLAT Energy PLC, 9.13%, 03/21/30<sup>(e)</sup> | &nbsp;&nbsp; 400 | 378376 |
|  |  | 1895888 |
| **Oman — 0.3%** | **Oman — 0.3%** | **Oman — 0.3%** |
| EDO Sukuk Ltd., 5.88%, 09/21/33<sup>(a)</sup> | &nbsp;&nbsp; 650 | 657793 |
| Otel Sukuk Ltd., 5.38%, 01/24/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199188 |
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28<sup>(a)</sup> | &nbsp;&nbsp; 450 | 462659 |
|  |  | 1319640 |
| **Panama — 0.5%** | **Panama — 0.5%** | **Panama — 0.5%** |
| AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(a)</sup><br>| &nbsp;&nbsp; 759 | 662814 |
| C&W Senior Finance Ltd., 9.00%, 01/15/33<sup>(c)(e)</sup> | &nbsp;&nbsp; 400 | 399200 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 589530 |
| Telecomunicaciones Digitales SA, 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 362500 |
|  |  | 2014044 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Bioceanico Sovereign Certificate Ltd., 0.00%, <br> 06/05/34<sup>(a)(h)</sup><br>| &nbsp;&nbsp; 277 | 215623 |
| **Peru — 0.9%** | **Peru — 0.9%** | **Peru — 0.9%** |
| Banco de Credito del Peru SA |  |  |
| 3.13%, 07/01/30, (5-year CMT + 3.000%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 198840 |
| 3.25%, 09/30/31, (5-year CMT + 2.450%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 383218 |
| 5.80%, 03/10/35, (5-year CMT + 2.240%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 391440 |
| 6.45%, 07/30/35, (5-year CMT + 2.486%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 500 | 497958 |
| Cia de Minas Buenaventura SAA, 6.80%, <br> 02/04/32<sup>(c)(e)</sup><br>| &nbsp;&nbsp; 400 | 399004 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.55%, <br> 09/18/33<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 223750 |
| Minsur SA, 4.50%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 365124 |
| Peru LNG SRL, 5.38%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 500 | 451756 |
| Petroleos del Peru SA |  |  |
| 4.75%, 06/19/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 442125 |
| 5.63%, 06/19/47<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 669900 |
|  |  | 4023115 |
| **Philippines — 0.7%** | **Philippines — 0.7%** | **Philippines — 0.7%** |
| Globe Telecom Inc., 4.20%, <br> (5-year CMT + 5.527%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 389460 |
| JGSH Philippines Ltd., 4.13%, 07/09/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 381700 |
| Manila Water Co. Inc., 4.38%, 07/30/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 382184 |
| Petron Corp., 5.95%, (5-year CMT + 7.574%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 195700 |
| San Miguel Corp., 5.50%, <br> (5-year CMT + 10.237%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 198000 |
| San Miguel Global Power Holdings Corp. |  |  |
| 8.13%, , (1-year CMT + 6.404%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 381876 |
| 8.75%, (5-year CMT + 7.732%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 586128 |
| SMC Global Power Holdings Corp., 5.45%, <br> (5-year CMT + 7.155%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 376500 |
| SMIC SG Holdings Pte Ltd., 5.38%, 07/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199500 |
|  |  | 3091048 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 363584 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Commercial Bank PSQC (The), 4.50%, <br> (5-year CMT + 3.874%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 196096 |
| **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** |
| Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 377738 |
| Dar Al-Arkan Sukuk Co. Ltd., 8.00%, 02/25/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 411192 |

---

Schedule of Investments

------

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Riyad T1 Sukuk Ltd., 5.50%, , <br> (5-year CMT + 1.914%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; $400 | $391124 |
| Riyad Tier 1 Sukuk Ltd., 4.00%, <br> (5-year CMT + 2.170%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 600 | 576187 |
| Saib Tier 1 Sukuk Ltd., 6.38%, , <br> (5-year CMT + 2.087%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 405920 |
|  |  | 2162161 |
| **Serbia — 0.1%** | **Serbia — 0.1%** | **Serbia — 0.1%** |
| Telecommunications Co. Telekom Srbija AD Belgrade, <br> 7.00%, 10/28/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 395776 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| GLP Pte Ltd., 4.50%, (5-year CMT + 3.735%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 352374 |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198562 |
| Singapore Airlines Ltd. |  |  |
| 3.00%, 07/20/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 196688 |
| 3.38%, 01/19/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 385752 |
| 5.25%, 03/21/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 410252 |
| Yinson Production Financial Services Pte Ltd., 9.63%, <br> 05/03/29<sup>(e)</sup><br>| &nbsp;&nbsp; 300 | 303000 |
|  |  | 1846628 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| Absa Group Ltd., 6.38%, <br> (5-year CMT + 5.411%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 198000 |
| Eskom Holdings SOC Ltd., 6.35%, 08/10/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 590250 |
| Liquid Telecommunications Financing PLC, 5.50%, <br> 09/04/26<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 330232 |
| MTN Mauritius Investments Ltd., 6.50%, 10/13/26<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402876 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26<sup>(c)</sup> | &nbsp;&nbsp; 400 | 383000 |
| 5.50%, 03/18/31<sup>(c)</sup> | &nbsp;&nbsp; 600 | 462180 |
| 6.50%, 09/27/28 | &nbsp;&nbsp; 400 | 369100 |
| 8.75%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 500 | 475780 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 191250 |
| 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 335188 |
| Transnet SOC Ltd., 8.25%, 02/06/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 603375 |
|  |  | 4341231 |
| **Supranational — 0.1%** | **Supranational — 0.1%** | **Supranational — 0.1%** |
| Eastern & Southern African Trade & Development <br> Bank (The), 4.13%, 06/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 357875 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Consolidated Energy Finance SA |  |  |
| 5.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 300 | 237750 |
| 12.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 270441 |
| Oriflame Investment Holding PLC, 5.13%, 05/04/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 39000 |
|  |  | 547191 |
| **Tanzania — 0.1%** | **Tanzania — 0.1%** | **Tanzania — 0.1%** |
| HTA Group Ltd./Mauritius, 7.50%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399500 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| Bangkok Bank PCL/Hong Kong |  |  |
| 3.73%, 09/25/34, (5-year CMT + 1.900%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 800 | 737748 |
| 5.00%, (5-year CMT + 4.729%)<sup>(g)</sup> | &nbsp;&nbsp; 400 | 395760 |
| 6.06%, 03/25/40, (5-year CMT + 1.780%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 200 | 196584 |
| Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31, <br> (5-year CMT + 1.700%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 600 | 579576 |
| Krung Thai Bank PCL/Cayman Islands, 4.40%, <br> (5-year CMT + 3.530%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 387000 |
|  |  | 2296668 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| Port of Spain Waterfront Development, 7.88%, <br> 02/19/40<sup>(e)</sup><br>| &nbsp;&nbsp; $400 | $376000 |
| **Turkey — 3.5%** | **Turkey — 3.5%** | **Turkey — 3.5%** |
| Akbank TAS |  |  |
| 6.80%, 06/22/31, (5-year CMT + 6.015%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 394000 |
| 7.50%, 01/20/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200188 |
| 7.88%, 09/04/35, (5-year CMT + 3.726%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 194750 |
| 9.37%, (5-year CMT + 5.270%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 399124 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S, 3.38%, <br> 06/29/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 352752 |
| Arcelik A/S, 8.50%, 09/25/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205376 |
| Aydem Yenilenebilir Enerji A/S, 7.75%, 02/02/27<sup>(a)</sup> | &nbsp;&nbsp; 360 | 356940 |
| Coca-Cola Icecek A/S, 4.50%, 01/20/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 379536 |
| Eregli Demir ve Celik Fabrikalari TAS, 8.38%, <br> 07/23/29<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 601500 |
| Ford Otomotiv Sanayi AS, 7.13%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197938 |
| GDZ Elektrik Dagitim AS, 9.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 371500 |
| Limak Cimento Sanayi ve Ticaret AS, 9.75%, <br> 07/25/29<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 391000 |
| Limak Yenilenebilir Enerji AS, 9.63%, 08/12/30<sup>(e)</sup> | &nbsp;&nbsp; 400 | 384500 |
| Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, <br> 11/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 410500 |
| Pegasus Hava Tasimaciligi AS, 8.00%, 09/11/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 392200 |
| QNB Bank AS, 7.25%, 05/21/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204562 |
| Sisecam U.K. PLC |  |  |
| 8.25%, 05/02/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400000 |
| 8.63%, 05/02/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 394312 |
| Turk Telekomunikasyon AS, 7.38%, 05/20/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200388 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| 5.80%, 04/11/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 386500 |
| 7.45%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200500 |
| 7.65%, 01/24/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 399752 |
| Turkiye Garanti Bankasi AS |  |  |
| 7.18%, 05/24/27, <br> (5-year USD ICE Swap + 4.220%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200000 |
| 8.13%, 01/03/35, (5-year CMT + 3.836%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 392128 |
| 8.38%, 02/28/34, (5-year CMT + 4.090%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 398124 |
| Turkiye Is Bankasi AS |  |  |
| 7.75%, 06/12/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202000 |
| 9.13%, , (5-year CMT + 4.633%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 200 | 199438 |
| 9.19%, 06/29/28, <br> (5-year USD Swap + 5.117%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 415875 |
| Turkiye Vakiflar Bankasi TAO |  |  |
| 6.88%, 01/07/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193500 |
| 8.99%, 10/05/34, (5-year CMT + 4.669%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 600 | 608062 |
| 9.00%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 419300 |
| 10.12%, (5-year CMT + 5.493%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 407624 |
| TVF Varlik Kiralama AS, 6.95%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 592500 |
| Ulker Biskuvi Sanayi AS, 7.88%, 07/08/31<sup>(a)</sup> | &nbsp;&nbsp; 400 | 398375 |
| Vestel Elektronik Sanayi ve Ticaret AS, 9.75%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 159063 |
| WE Soda Investments Holding PLC |  |  |
| 9.38%, 02/14/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202256 |
| 9.50%, 10/06/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 612600 |
| Yapi ve Kredi Bankasi A/S |  |  |
| 7.13%, 10/10/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 393800 |
| 7.88%, 01/22/31, (5-year CMT + 7.415%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 399000 |
| 9.25%, 10/16/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 421800 |
| 9.25%, 01/17/34, (5-year CMT + 5.278%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 400 | 409000 |
| 9.74%, (5-year CMT + 5.499%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 403062 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; $600 | $546077 |
|  |  | 15391402 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Metinvest BV, 7.75%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 154000 |
| **United Arab Emirates — 1.7%** | **United Arab Emirates — 1.7%** | **United Arab Emirates — 1.7%** |
| Abu Dhabi Commercial Bank PJSC, 8.00%, <br> (5-year CMT + 3.524%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 425376 |
| Adib Capital Invest 3 Ltd., 7.25%, <br> (5-year CMT + 3.059%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 415592 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402500 |
| Alpha Star Holding VIII Ltd., 8.38%, 04/12/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 412375 |
| Arada Sukuk 2 Ltd., 8.00%, 06/24/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202960 |
| Arada Sukuk Ltd., 8.13%, 06/08/27<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406388 |
| Binghatti Sukuk SPC Ltd., 9.63%, 02/28/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204312 |
| Commercial Bank of Dubai PSC, 6.00%, <br> (6-year CMT + 5.597%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 398500 |
| DIB Tier 1 Sukuk 4 Ltd., 4.63%, <br> (6-year CMT + 4.077%)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; 600 | 590250 |
| DIB Tier 1 Sukuk 6 Ltd., 5.25%, , <br> (6-year CMT + 1.334%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 200 | 195892 |
| DP World Salaam, 6.00%, <br> (5-year CMT + 5.750%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 800 | 798500 |
| Emirates NBD Bank PJSC |  |  |
| 4.25%, (6-year CMT + 3.155%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 400 | 385500 |
| 6.13%, (6-year CMT + 5.702%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 598500 |
| 6.25%, , (6-year CMT + 1.839%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 615000 |
| MAF Global Securities Ltd., 7.88%, <br> (5-year CMT + 4.893%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 411376 |
| Mashreqbank PSC, 7.13%, <br> (5-year CMT + 2.705%)<sup>(a)(d)(g)</sup><br>| &nbsp;&nbsp; 400 | 408500 |
| Shelf Drilling Holdings Ltd., 9.63%, 04/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 585 | 412425 |
| Sobha Sukuk Ltd., 8.75%, 07/17/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204750 |
|  |  | 7488696 |
| **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** |
| Avianca Midco 2 PLC, 9.63%, 02/14/30<sup>(e)</sup> | &nbsp;&nbsp; 600 | 523725 |
| Standard Chartered PLC |  |  |
| 4.30%, (5-year CMT + 3.135%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 1000 | 882500 |
| 4.75%, (5-year CMT + 3.805%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 800 | 686000 |
| 6.00%, (5-year CMT + 5.661%)<sup>(a)(g)</sup> | &nbsp;&nbsp; 400 | 398776 |
| 7.63%, , (5-year CMT + 3.023%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 500 | 491230 |
| 7.75%, (5-year CMT + 4.976%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 800 | 810000 |
| 7.88%, (5-year CMT + 3.574%)<sup>(a)(d)(g)</sup> | &nbsp;&nbsp; 600 | 600450 |
|  |  | 4392681 |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| ATP Tower Holdings/Andean Telecom Partners Chile <br> SpA/Andean Tower Partners C, 7.88%, 02/03/30<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 197000 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(c)(e)</sup> | &nbsp;&nbsp; 750 | 675000 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 300 | 264000 |
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390792 |
|  |  | 1526792 |
| **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(a)</sup><br>| &nbsp;&nbsp; 191 | 182214 |
| **Zambia — 0.7%** | **Zambia — 0.7%** | **Zambia — 0.7%** |
| First Quantum Minerals Ltd. |  |  |
| 6.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 483 | 476359 |
| 8.00%, 03/01/33<sup>(e)</sup> | &nbsp;&nbsp; 200 | 198250 |
| 8.00%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 400 | 396500 |
| 8.63%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 811750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Zambia (continued)** | **Zambia (continued)** | **Zambia (continued)** |
| 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; $1000 | $1051250 |
|  |  | 2934109 |
| **Total Corporate Bonds & Notes — 45.0%** <br>**(Cost: $207,462,933)** | **Total Corporate Bonds & Notes — 45.0%** <br>**(Cost: $207,462,933)** | 196759642 |
| **Foreign Government Obligations**<sup>(i)</sup> | **Foreign Government Obligations**<sup>(i)</sup> | **Foreign Government Obligations**<sup>(i)</sup> |
| **Angola — 0.8%** | **Angola — 0.8%** | **Angola — 0.8%** |
| Angolan Government International Bond |  |  |
| 8.00%, 11/26/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 797190 |
| 8.25%, 05/09/28<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 842950 |
| 8.75%, 04/14/32<sup>(a)</sup> | &nbsp;&nbsp; 900 | 693279 |
| 9.13%, 11/26/49<sup>(a)</sup> | &nbsp;&nbsp; 800 | 543600 |
| 9.38%, 05/08/48<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 840372 |
|  |  | 3717391 |
| **Argentina — 5.7%** | **Argentina — 5.7%** | **Argentina — 5.7%** |
| Argentina Republic Government International Bond |  |  |
| 1.00%, 07/09/29<sup>(c)</sup> | &nbsp;&nbsp; 1379 | 1113319 |
| 1.75%, 07/09/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 8347 | 6399788 |
| 4.88%, 07/09/41<sup>(b)(c)</sup> | &nbsp;&nbsp; 6169 | 3806802 |
| 5.00%, 07/09/35<sup>(b)</sup> | &nbsp;&nbsp; 12050 | 7990656 |
| 5.00%, 01/09/38<sup>(b)(c)</sup> | &nbsp;&nbsp; 6691 | 4704571 |
| 5.00%, 07/09/46<sup>(b)(c)</sup> | &nbsp;&nbsp; 1189 | 773908 |
|  |  | 24789044 |
| **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** |
| Republic of Azerbaijan International Bond, 3.50%, <br> 09/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 523350 |
| **Bahrain — 2.3%** | **Bahrain — 2.3%** | **Bahrain — 2.3%** |
| Bahrain Government International Bond |  |  |
| 5.25%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp; 600 | 540936 |
| 5.45%, 09/16/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 553500 |
| 5.63%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 565128 |
| 5.63%, 05/18/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 545436 |
| 6.00%, 09/19/44<sup>(a)</sup> | &nbsp;&nbsp; 800 | 652752 |
| 6.75%, 09/20/29<sup>(a)</sup> | &nbsp;&nbsp; 800 | 809000 |
| 7.00%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1122000 |
| 7.38%, 05/14/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 621750 |
| 7.50%, 02/12/36<sup>(a)</sup> | &nbsp;&nbsp; 600 | 611550 |
| 7.75%, 04/18/35<sup>(a)</sup> | &nbsp;&nbsp; 600 | 629550 |
| CBB International Sukuk Programme Co. WLL |  |  |
| 3.88%, 05/18/29<sup>(a)</sup> | &nbsp;&nbsp; 550 | 510128 |
| 3.95%, 09/16/27<sup>(a)</sup> | &nbsp;&nbsp; 500 | 477402 |
| 4.50%, 03/30/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 584628 |
| 5.88%, 06/05/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 597564 |
| 6.00%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 604314 |
| 6.25%, 10/18/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 609750 |
|  |  | 10035388 |
| **Bolivia — 0.1%** | **Bolivia — 0.1%** | **Bolivia — 0.1%** |
| Bolivian Government International Bond, 4.50%, <br> 03/20/28<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 388950 |
| **Brazil — 4.8%** | **Brazil — 4.8%** | **Brazil — 4.8%** |
| Brazilian Government International Bond |  |  |
| 3.75%, 09/12/31 | &nbsp;&nbsp; 950 | 853575 |
| 3.88%, 06/12/30 | &nbsp;&nbsp; 2100 | 1963500 |
| 4.50%, 05/30/29<sup>(c)</sup> | &nbsp;&nbsp; 1000 | 978000 |
| 4.63%, 01/13/28<sup>(c)</sup> | &nbsp;&nbsp; 1600 | 1588800 |
| 4.75%, 01/14/50<sup>(c)</sup> | &nbsp;&nbsp; 2450 | 1729700 |
| 5.00%, 01/27/45<sup>(c)</sup> | &nbsp;&nbsp; 1900 | 1444000 |

---

Schedule of Investments

------

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| 5.63%, 01/07/41<sup>(c)</sup> | &nbsp;&nbsp; $1300 | $1152463 |
| 5.63%, 02/21/47 | &nbsp;&nbsp; 1600 | 1312000 |
| 6.00%, 10/20/33 | &nbsp;&nbsp; 1400 | 1381100 |
| 6.13%, 01/22/32 | &nbsp;&nbsp; 1100 | 1119800 |
| 6.13%, 03/15/34 | &nbsp;&nbsp; 1400 | 1373400 |
| 6.25%, 03/18/31 | &nbsp;&nbsp; 1200 | 1237200 |
| 6.63%, 03/15/35 | &nbsp;&nbsp; 1600 | 1594400 |
| 7.13%, 01/20/37<sup>(c)</sup> | &nbsp;&nbsp; 950 | 987287 |
| 7.13%, 05/13/54 | &nbsp;&nbsp; 1300 | 1233700 |
| 8.25%, 01/20/34 | &nbsp;&nbsp; 800 | 896000 |
|  |  | 20844925 |
| **Colombia — 4.7%** | **Colombia — 4.7%** | **Colombia — 4.7%** |
| Colombia Government International Bond |  |  |
| 3.00%, 01/30/30 | &nbsp;&nbsp; 900 | 761400 |
| 3.13%, 04/15/31 | &nbsp;&nbsp; 1600 | 1288400 |
| 3.25%, 04/22/32 | &nbsp;&nbsp; 1200 | 923100 |
| 3.88%, 04/25/27<sup>(c)</sup> | &nbsp;&nbsp; 1000 | 978550 |
| 3.88%, 02/15/61<sup>(c)</sup> | &nbsp;&nbsp; 800 | 408700 |
| 4.13%, 02/22/42 | &nbsp;&nbsp; 600 | 366000 |
| 4.13%, 05/15/51<sup>(c)</sup> | &nbsp;&nbsp; 800 | 441600 |
| 4.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; 1200 | 1125000 |
| 5.00%, 06/15/45<sup>(c)</sup> | &nbsp;&nbsp; 2600 | 1696500 |
| 5.20%, 05/15/49 | &nbsp;&nbsp; 1850 | 1195100 |
| 5.63%, 02/26/44<sup>(c)</sup> | &nbsp;&nbsp; 1600 | 1142000 |
| 6.13%, 01/18/41<sup>(c)</sup> | &nbsp;&nbsp; 1400 | 1100750 |
| 7.38%, 04/25/30 | &nbsp;&nbsp; 1200 | 1218000 |
| 7.38%, 09/18/37<sup>(c)</sup> | &nbsp;&nbsp; 1050 | 972300 |
| 7.50%, 02/02/34 | &nbsp;&nbsp; 1200 | 1170600 |
| 7.75%, 11/07/36 | &nbsp;&nbsp; 1200 | 1145400 |
| 8.00%, 04/20/33<sup>(c)</sup> | &nbsp;&nbsp; 889 | 903224 |
| 8.00%, 11/14/35 | &nbsp;&nbsp; 1200 | 1180800 |
| 8.38%, 11/07/54 | &nbsp;&nbsp; 1000 | 915500 |
| 8.50%, 04/25/35 | &nbsp;&nbsp; 900 | 914400 |
| 8.75%, 11/14/53 | &nbsp;&nbsp; 1000 | 958000 |
|  |  | 20805324 |
| **Costa Rica — 0.9%** | **Costa Rica — 0.9%** | **Costa Rica — 0.9%** |
| Costa Rica Government International Bond |  |  |
| 6.13%, 02/19/31<sup>(a)(c)</sup> | &nbsp;&nbsp; 600 | 614606 |
| 6.55%, 04/03/34<sup>(a)</sup> | &nbsp;&nbsp; 800 | 816300 |
| 7.00%, 04/04/44<sup>(a)</sup> | &nbsp;&nbsp; 650 | 655200 |
| 7.16%, 03/12/45<sup>(a)</sup> | &nbsp;&nbsp; 800 | 815400 |
| 7.30%, 11/13/54<sup>(a)</sup> | &nbsp;&nbsp; 895 | 907754 |
|  |  | 3809260 |
| **Dominican Republic — 3.4%** | **Dominican Republic — 3.4%** | **Dominican Republic — 3.4%** |
| Dominican Republic International Bond |  |  |
| 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1150 | 1071081 |
| 4.88%, 09/23/32<sup>(a)</sup> | &nbsp;&nbsp; 1850 | 1663261 |
| 5.30%, 01/21/41<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 832375 |
| 5.50%, 02/22/29<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1084600 |
| 5.88%, 01/30/60<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 1610456 |
| 5.95%, 01/25/27<sup>(a)</sup> | &nbsp;&nbsp; 950 | 952969 |
| 6.00%, 07/19/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 806400 |
| 6.00%, 02/22/33<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 965875 |
| 6.40%, 06/05/49<sup>(a)</sup> | &nbsp;&nbsp; 850 | 776900 |
| 6.50%, 02/15/48<sup>(a)</sup> | &nbsp;&nbsp; 600 | 552000 |
| 6.85%, 01/27/45<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1153500 |
| 6.95%, 03/15/37<sup>(c)(e)</sup> | &nbsp;&nbsp; 1200 | 1192200 |
| 7.05%, 02/03/31<sup>(a)</sup> | &nbsp;&nbsp; 725 | 747837 |
| 7.15%, 02/24/55<sup>(e)</sup> | &nbsp;&nbsp; 500 | 488750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Dominican Republic (continued)** | **Dominican Republic (continued)** | **Dominican Republic (continued)** |
| 7.45%, 04/30/44<sup>(a)</sup> | &nbsp;&nbsp; $850 | $872844 |
|  |  | 14771048 |
| **Ecuador — 1.1%** | **Ecuador — 1.1%** | **Ecuador — 1.1%** |
| Ecuador Government International Bond |  |  |
| 0.00%, 07/31/30<sup>(a)(h)</sup> | &nbsp;&nbsp; 632 | 386211 |
| 6.90%, 07/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1734 | 1296740 |
| 6.90%, 07/31/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 3924 | 2345931 |
| 6.90%, 07/31/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 1653 | 861056 |
|  |  | 4889938 |
| **Egypt — 2.4%** | **Egypt — 2.4%** | **Egypt — 2.4%** |
| Egypt Government International Bond |  |  |
| 5.80%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 564750 |
| 5.88%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 806500 |
| 6.59%, 02/21/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 559410 |
| 7.05%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 497814 |
| 7.30%, 09/30/33<sup>(a)</sup> | &nbsp;&nbsp; 700 | 564592 |
| 7.50%, 01/31/27<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1188588 |
| 7.50%, 02/16/61<sup>(a)</sup> | &nbsp;&nbsp; 800 | 517696 |
| 7.60%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 933160 |
| 7.63%, 05/29/32<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1010400 |
| 7.90%, 02/21/48<sup>(a)</sup> | &nbsp;&nbsp; 850 | 581761 |
| 8.50%, 01/31/47<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1050525 |
| 8.63%, 02/04/30<sup>(c)(e)</sup> | &nbsp;&nbsp; 800 | 760440 |
| 8.70%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 800 | 587600 |
| 8.88%, 05/29/50<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 893100 |
|  |  | 10516336 |
| **El Salvador — 0.3%** | **El Salvador — 0.3%** | **El Salvador — 0.3%** |
| El Salvador Government International Bond |  |  |
| 9.25%, 04/17/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 619200 |
| 9.65%, 11/21/54<sup>(a)</sup> | &nbsp;&nbsp; 600 | 595200 |
|  |  | 1214400 |
| **Ghana — 0.7%** | **Ghana — 0.7%** | **Ghana — 0.7%** |
| Ghana Government International Bond |  |  |
| 5.00%, 07/03/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2427 | 1614327 |
| 6.00%, 07/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1675 | 1417249 |
|  |  | 3031576 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| Guatemala Government Bond |  |  |
| 6.13%, 06/01/50<sup>(a)(c)</sup> | &nbsp;&nbsp; 900 | 799425 |
| 6.60%, 06/13/36<sup>(a)</sup> | &nbsp;&nbsp; 600 | 599400 |
|  |  | 1398825 |
| **Iraq — 0.1%** | **Iraq — 0.1%** | **Iraq — 0.1%** |
| Iraq International Bond, 5.80%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 547 | 528760 |
| **Ivory Coast — 0.7%** | **Ivory Coast — 0.7%** | **Ivory Coast — 0.7%** |
| Ivory Coast Government International Bond |  |  |
| 6.13%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 800 | 688000 |
| 7.63%, 01/30/33<sup>(a)</sup> | &nbsp;&nbsp; 600 | 560250 |
| 8.08%, 04/01/36<sup>(e)</sup> | &nbsp;&nbsp; 1000 | 916250 |
| 8.25%, 01/30/37<sup>(a)</sup> | &nbsp;&nbsp; 800 | 734000 |
|  |  | 2898500 |
| **Jamaica — 0.6%** | **Jamaica — 0.6%** | **Jamaica — 0.6%** |
| Jamaica Government International Bond |  |  |
| 6.75%, 04/28/28<sup>(c)</sup> | &nbsp;&nbsp; 700 | 715575 |
| 7.88%, 07/28/45 | &nbsp;&nbsp; 1100 | 1237775 |
| 8.00%, 03/15/39<sup>(c)</sup> | &nbsp;&nbsp; 800 | 907200 |
|  |  | 2860550 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Jordan — 0.6%** | **Jordan — 0.6%** | **Jordan — 0.6%** |
| Jordan Government International Bond |  |  |
| 5.75%, 01/31/27<sup>(a)</sup> | &nbsp;&nbsp; $600 | $593064 |
| 5.85%, 07/07/30<sup>(a)</sup> | &nbsp;&nbsp; 700 | 643755 |
| 7.38%, 10/10/47<sup>(a)</sup> | &nbsp;&nbsp; 600 | 502878 |
| 7.50%, 01/13/29<sup>(a)</sup> | &nbsp;&nbsp; 800 | 796752 |
|  |  | 2536449 |
| **Kenya — 0.8%** | **Kenya — 0.8%** | **Kenya — 0.8%** |
| Republic of Kenya Government International Bond |  |  |
| 6.30%, 01/23/34<sup>(a)</sup> | &nbsp;&nbsp; 600 | 454500 |
| 7.25%, 02/28/28<sup>(a)</sup> | &nbsp;&nbsp; 600 | 560325 |
| 8.00%, 05/22/32<sup>(a)</sup> | &nbsp;&nbsp; 800 | 691880 |
| 8.25%, 02/28/48<sup>(a)</sup> | &nbsp;&nbsp; 600 | 447000 |
| 9.50%, 03/05/36<sup>(c)(e)</sup> | &nbsp;&nbsp; 600 | 521700 |
| 9.75%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 950000 |
|  |  | 3625405 |
| **Lebanon — 0.2%** | **Lebanon — 0.2%** | **Lebanon — 0.2%** |
| Lebanon Government International Bond |  |  |
| 6.00%, 01/27/23<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 500 | 84250 |
| 6.10%, 10/04/24<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 730 | 123005 |
| 6.60%, 11/27/26<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 960 | 161760 |
| 6.65%, 02/26/30<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 760 | 128060 |
| 6.75%, 11/29/27<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 720 | 121320 |
| 6.85%, 03/23/27<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 800 | 134800 |
| 7.00%, 03/23/32<sup>(a)(j)(k)</sup> | &nbsp;&nbsp; 625 | 105313 |
|  |  | 858508 |
| **Morocco — 0.6%** | **Morocco — 0.6%** | **Morocco — 0.6%** |
| Morocco Government International Bond |  |  |
| 3.00%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 494814 |
| 4.00%, 12/15/50<sup>(a)</sup> | &nbsp;&nbsp; 800 | 526000 |
| 5.95%, 03/08/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 812750 |
| 6.50%, 09/08/33<sup>(a)</sup> | &nbsp;&nbsp; 700 | 722750 |
|  |  | 2556314 |
| **Nigeria — 1.7%** | **Nigeria — 1.7%** | **Nigeria — 1.7%** |
| Nigeria Government International Bond |  |  |
| 6.13%, 09/28/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 711400 |
| 6.50%, 11/28/27<sup>(a)</sup> | &nbsp;&nbsp; 800 | 750400 |
| 7.14%, 02/23/30<sup>(a)</sup> | &nbsp;&nbsp; 900 | 777402 |
| 7.38%, 09/28/33<sup>(a)</sup> | &nbsp;&nbsp; 800 | 644504 |
| 7.63%, 11/28/47<sup>(a)</sup> | &nbsp;&nbsp; 800 | 566000 |
| 7.70%, 02/23/38<sup>(a)</sup> | &nbsp;&nbsp; 800 | 609000 |
| 7.88%, 02/16/32<sup>(a)</sup> | &nbsp;&nbsp; 800 | 682200 |
| 8.25%, 09/28/51<sup>(a)</sup> | &nbsp;&nbsp; 800 | 581600 |
| 8.38%, 03/24/29<sup>(a)</sup> | &nbsp;&nbsp; 800 | 747400 |
| 8.75%, 01/21/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 545319 |
| 10.38%, 12/09/34<sup>(a)</sup> | &nbsp;&nbsp; 800 | 755800 |
|  |  | 7371025 |
| **Oman — 2.7%** | **Oman — 2.7%** | **Oman — 2.7%** |
| Oman Government International Bond |  |  |
| 4.75%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1391250 |
| 5.38%, 03/08/27<sup>(a)</sup> | &nbsp;&nbsp; 950 | 953486 |
| 5.63%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1414007 |
| 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1235256 |
| 6.25%, 01/25/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1045060 |
| 6.50%, 03/08/47<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1184964 |
| 6.75%, 10/28/27<sup>(a)</sup> | &nbsp;&nbsp; 800 | 828576 |
| 6.75%, 01/17/48<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1612000 |
| 7.00%, 01/25/51<sup>(a)</sup> | &nbsp;&nbsp; 600 | 624378 |
| 7.38%, 10/28/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 670242 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oman (continued)** | **Oman (continued)** | **Oman (continued)** |
| Oman Sovereign Sukuk Co., 4.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; $1000 | $993090 |
|  |  | 11952309 |
| **Pakistan — 0.4%** | **Pakistan — 0.4%** | **Pakistan — 0.4%** |
| Pakistan Global Sukuk Programme Co. Ltd. (The), <br> 7.95%, 01/31/29<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 526482 |
| Pakistan Government International Bond |  |  |
| 6.88%, 12/05/27<sup>(a)</sup> | &nbsp;&nbsp; 950 | 834100 |
| 7.38%, 04/08/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 628000 |
|  |  | 1988582 |
| **Paraguay — 0.4%** | **Paraguay — 0.4%** | **Paraguay — 0.4%** |
| Paraguay Government International Bond |  |  |
| 4.95%, 04/28/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 589950 |
| 5.40%, 03/30/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | 509472 |
| 6.10%, 08/11/44<sup>(a)</sup> | &nbsp;&nbsp; 600 | 564000 |
|  |  | 1663422 |
| **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** |
| Senegal Government International Bond |  |  |
| 6.25%, 05/23/33<sup>(a)</sup> | &nbsp;&nbsp; 700 | 485450 |
| 6.75%, 03/13/48<sup>(a)</sup> | &nbsp;&nbsp; 600 | 358500 |
| 7.75%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 390000 |
|  |  | 1233950 |
| **Serbia — 0.5%** | **Serbia — 0.5%** | **Serbia — 0.5%** |
| Serbia International Bond |  |  |
| 2.13%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 735 | 611520 |
| 6.00%, 06/12/34<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 987500 |
| 6.50%, 09/26/33<sup>(a)</sup> | &nbsp;&nbsp; 500 | 515313 |
|  |  | 2114333 |
| **South Africa — 2.2%** | **South Africa — 2.2%** | **South Africa — 2.2%** |
| Republic of South Africa Government <br> International Bond<br>|  |  |
| 4.30%, 10/12/28 | &nbsp;&nbsp; 1200 | 1136316 |
| 4.85%, 09/27/27<sup>(c)</sup> | &nbsp;&nbsp; 600 | 588918 |
| 4.85%, 09/30/29 | &nbsp;&nbsp; 1100 | 1035375 |
| 5.00%, 10/12/46<sup>(c)</sup> | &nbsp;&nbsp; 600 | 396210 |
| 5.38%, 07/24/44 | &nbsp;&nbsp; 500 | 359600 |
| 5.65%, 09/27/47<sup>(c)</sup> | &nbsp;&nbsp; 800 | 570256 |
| 5.75%, 09/30/49 | &nbsp;&nbsp; 1750 | 1241782 |
| 5.88%, 06/22/30 | &nbsp;&nbsp; 900 | 871200 |
| 5.88%, 04/20/32<sup>(c)</sup> | &nbsp;&nbsp; 800 | 755836 |
| 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 1234682 |
| 7.30%, 04/20/52 | &nbsp;&nbsp; 900 | 764550 |
| 7.95%, 11/19/54<sup>(a)</sup> | &nbsp;&nbsp; 900 | 812925 |
|  |  | 9767650 |
| **Sri Lanka — 0.8%** | **Sri Lanka — 0.8%** | **Sri Lanka — 0.8%** |
| Sri Lanka Government International Bond |  |  |
| 3.10%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 591 | 480674 |
| 3.35%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1208 | 851890 |
| 4.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 574 | 530626 |
| 9.25%, 06/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 882 | 566270 |
| 9.75%, 02/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1286 | 890530 |
|  |  | 3319990 |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| Trinidad & Tobago Government International Bond, <br> 4.50%, 08/04/26<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 590250 |
| **Turkey — 10.0%** | **Turkey — 10.0%** | **Turkey — 10.0%** |
| Hazine Mustesarligi Varlik Kiralama AS |  |  |
| 5.13%, 06/22/26<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1384558 |
| 6.50%, 04/26/30<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1386000 |

---

Schedule of Investments

------

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| 7.25%, 02/24/27<sup>(a)</sup> | &nbsp;&nbsp; $1800 | $1828800 |
| 8.51%, 01/14/29<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1586812 |
| Turkey Government International Bond |  |  |
| 4.88%, 10/09/26<sup>(c)</sup> | &nbsp;&nbsp; 1700 | 1677985 |
| 5.13%, 02/17/28 | &nbsp;&nbsp; 1200 | 1154100 |
| 5.25%, 03/13/30<sup>(c)</sup> | &nbsp;&nbsp; 1200 | 1107600 |
| 5.88%, 06/26/31<sup>(c)</sup> | &nbsp;&nbsp; 1100 | 1016400 |
| 5.95%, 01/15/31 | &nbsp;&nbsp; 1400 | 1308566 |
| 6.00%, 03/25/27<sup>(c)</sup> | &nbsp;&nbsp; 1900 | 1897036 |
| 6.13%, 10/24/28 | &nbsp;&nbsp; 1500 | 1476375 |
| 6.50%, 09/20/33 | &nbsp;&nbsp; 900 | 834192 |
| 7.63%, 04/26/29 | &nbsp;&nbsp; 1800 | 1837134 |
| 7.63%, 05/15/34 | &nbsp;&nbsp; 1800 | 1789362 |
| 8.00%, 02/14/34<sup>(c)</sup> | &nbsp;&nbsp; 850 | 879750 |
| 8.60%, 09/24/27 | &nbsp;&nbsp; 1300 | 1363544 |
| 9.13%, 07/13/30 | &nbsp;&nbsp; 1500 | 1626000 |
| 9.38%, 03/14/29 | &nbsp;&nbsp; 1300 | 1400198 |
| 9.88%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; 2000 | 2158760 |
| Turkiye Government International Bond |  |  |
| 4.88%, 04/16/43 | &nbsp;&nbsp; 1770 | 1189883 |
| 5.75%, 05/11/47<sup>(c)</sup> | &nbsp;&nbsp; 2000 | 1438000 |
| 6.00%, 01/14/41<sup>(c)</sup> | &nbsp;&nbsp; 1900 | 1511697 |
| 6.50%, 01/03/35 | &nbsp;&nbsp; 1900 | 1738500 |
| 6.63%, 02/17/45<sup>(c)</sup> | &nbsp;&nbsp; 1800 | 1457550 |
| 6.75%, 05/30/40<sup>(c)</sup> | &nbsp;&nbsp; 1100 | 970068 |
| 6.88%, 03/17/36<sup>(c)</sup> | &nbsp;&nbsp; 1700 | 1580056 |
| 7.13%, 02/12/32 | &nbsp;&nbsp; 1400 | 1366400 |
| 7.13%, 07/17/32<sup>(c)</sup> | &nbsp;&nbsp; 1000 | 974000 |
| 7.25%, 03/05/38<sup>(c)</sup> | &nbsp;&nbsp; 600 | 583128 |
| 9.38%, 01/19/33 | &nbsp;&nbsp; 1600 | 1752960 |
| 11.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 900 | 1085067 |
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198500 |
|  |  | 43558981 |
| **Ukraine — 0.9%** | **Ukraine — 0.9%** | **Ukraine — 0.9%** |
| Ukraine Government International Bond |  |  |
| 1.75%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 614 | 372453 |
| 7.75%, 02/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3011 | 1336261 |
| 7.75%, 02/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2663 | 1306428 |
| 7.75%, 02/01/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 2277 | 1107013 |
|  |  | 4122155 |
| **United Arab Emirates — 1.2%** | **United Arab Emirates — 1.2%** | **United Arab Emirates — 1.2%** |
| Emirate of Dubai Government International Bond |  |  |
| 3.90%, 09/09/50<sup>(a)</sup> | &nbsp;&nbsp; 800 | 565000 |
| 5.25%, 01/30/43<sup>(a)</sup> | &nbsp;&nbsp; 600 | 563436 |
| Finance Department Government of Sharjah |  |  |
| 4.00%, 07/28/50<sup>(a)</sup> | &nbsp;&nbsp; 700 | 444500 |
| 6.13%, 03/06/36<sup>(a)</sup> | &nbsp;&nbsp; 600 | 598032 |
| 6.50%, 11/23/32<sup>(a)</sup> | &nbsp;&nbsp; 500 | 520469 |
| Sharjah Sukuk Program Ltd. |  |  |
| 2.94%, 06/10/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 573954 |
| 3.23%, 10/23/29<sup>(a)</sup> | &nbsp;&nbsp; 500 | 460395 |
| 4.23%, 03/14/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 779872 |
| 5.43%, 04/17/35<sup>(a)</sup> | &nbsp;&nbsp; 600 | 592878 |
|  |  | 5098536 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Zambia — 0.3%** | **Zambia — 0.3%** | **Zambia — 0.3%** |
| Zambia Government International Bond |  |  |
| 0.50%, 12/31/53<sup>(a)</sup> | &nbsp;&nbsp; $862 | $488795 |
| 7.50%, 06/30/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 865 | 747447 |
|  |  | 1236242 |
| **Total Foreign Government Obligations — 52.7%** <br>**(Cost: $247,823,841)** | **Total Foreign Government Obligations — 52.7%** <br>**(Cost: $247,823,841)** | 230617666 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Azul SA, ADR NVS<sup>(k)</sup> | &nbsp;&nbsp; 73063 | 55762 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $76,231)** | **Total Common Stocks — 0.0%** <br>**(Cost: $76,231)** | 55762 |
| **Total Long-Term Investments — 97.7%** <br>**(Cost: $455,363,005)** | **Total Long-Term Investments — 97.7%** <br>**(Cost: $455,363,005)** | 427433070 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 13.1%** | **Money Market Funds — 13.1%** | **Money Market Funds — 13.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(l)(m)(n)</sup><br>| &nbsp;&nbsp; 54603732 | 54625573 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(l)(m)</sup><br>| &nbsp;&nbsp; 2690000 | 2690000 |
| **Total Short-Term Securities — 13.1%** <br>**(Cost: $57,320,897)** | **Total Short-Term Securities — 13.1%** <br>**(Cost: $57,320,897)** | 57315573 |
| **Total Investments — 110.8%** <br>**(Cost: $512,683,902)** | **Total Investments — 110.8%** <br>**(Cost: $512,683,902)** | 484748643 |
| **Liabilities in Excess of Other Assets — (10.8)%** | **Liabilities in Excess of Other Assets — (10.8)%** | (47399238)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $437349405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> 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. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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. 

<sup>(g)</sup> Perpetual security with no stated maturity date.

<sup>(h)</sup> Zero-coupon bond.

<sup>(i)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(j)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(k)</sup> Non-income producing security.

<sup>(l)</sup> Affiliate of the Fund.

<sup>(m)</sup> Annualized 7-day yield as of period end.

<sup>(n)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

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* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $62126596 | $—<br> $(7479965 )<sup>(a)</sup><br>| $17293 | $(38351)<br>| $54625573 | 54603732 | $191456 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 5920000 | —<br> (3230000 )<sup>(a)</sup><br>|  |  | 2690000 | 2690000 | 85657 |  |
|  |  |  | $17293 | $(38351) | $57315573 |  | $277113 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196759642 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196759642 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 230617666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 230617666 |
| Common Stocks | &nbsp;&nbsp; 55762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55762 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 57315573 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57315573 |
|  | &nbsp;&nbsp; $57371335 | &nbsp;&nbsp; $427377308 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $484748643 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® J.P. Morgan EM Local Currency Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Brazil — 4.1%** | **Brazil — 4.1%** | **Brazil — 4.1%** |
| Brazil Letras do Tesouro Nacional |  |  |
| 0.00%, 01/01/26<sup>(a)</sup> | &nbsp;&nbsp; BRL14 | $2220968 |
| 0.00%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp; BRL16 | 2447346 |
| 0.00%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp; BRL7 | 921321 |
| 0.00%, 01/01/28<sup>(a)</sup> | &nbsp;&nbsp; BRL5 | 580857 |
| 0.00%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; BRL1 | 118137 |
| 0.00%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; BRL6 | 617384 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.00%, 01/01/33 | &nbsp;&nbsp; BRL4 | 600020 |
| 10.00%, 01/01/35 | &nbsp;&nbsp; BRL5 | 650658 |
| Series F, 10.00%, 01/01/27 | &nbsp;&nbsp; BRL9 | 1495510 |
| Series F, 10.00%, 01/01/29 | &nbsp;&nbsp; BRL9 | 1524704 |
| Series F, 10.00%, 01/01/31 | &nbsp;&nbsp; BRL8 | 1227817 |
|  |  | 12404722 |
| **Chile — 3.8%** | **Chile — 3.8%** | **Chile — 3.8%** |
| Bonos de la Tesoreria de la Republica en pesos |  |  |
| 0.00%, 05/06/27<sup>(a)</sup> | &nbsp;&nbsp; CLP1,045,000 | 999341 |
| 0.00%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; CLP1,295,000 | 1136447 |
| 4.50%, 03/01/26 | &nbsp;&nbsp; CLP325,000 | 343373 |
| 4.70%, 09/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; CLP1,375,000 | 1402345 |
| 5.00%, 10/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; CLP535,000 | 560135 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; CLP1,725,000 | 1731212 |
| 5.30%, 11/01/37<sup>(b)</sup> | &nbsp;&nbsp; CLP280,000 | 285999 |
| 5.80%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; CLP605,000 | 648766 |
| 6.00%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; CLP1,515,000 | 1631814 |
| 6.00%, 01/01/43 | &nbsp;&nbsp; CLP1,040,000 | 1139758 |
| 6.20%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp; CLP975,000 | 1084561 |
| 7.00%, 05/01/34<sup>(b)</sup> | &nbsp;&nbsp; CLP505,000 | 581482 |
|  |  | 11545233 |
| **China — 14.8%** | **China — 14.8%** | **China — 14.8%** |
| China Government Bond |  |  |
| 1.43%, 01/25/30 | &nbsp;&nbsp; CNY6,020 | 825471 |
| 1.45%, 02/25/28 | &nbsp;&nbsp; CNY3,720 | 511553 |
| 1.61%, 02/15/35 | &nbsp;&nbsp; CNY6,130 | 842715 |
| 1.87%, 09/15/31 | &nbsp;&nbsp; CNY4,150 | 580543 |
| 1.91%, 07/15/29 | &nbsp;&nbsp; CNY3,930 | 549749 |
| 2.04%, 02/25/27 | &nbsp;&nbsp; CNY2,460 | 341910 |
| 2.05%, 04/15/29 | &nbsp;&nbsp; CNY5,550 | 779494 |
| 2.11%, 08/25/34 | &nbsp;&nbsp; CNY4,160 | 593580 |
| 2.12%, 06/25/31 | &nbsp;&nbsp; CNY5,090 | 722154 |
| 2.17%, 08/29/34 | &nbsp;&nbsp; CNY6,000 | 858343 |
| 2.18%, 08/15/26 | &nbsp;&nbsp; CNY5,490 | 762135 |
| 2.19%, 09/25/54 | &nbsp;&nbsp; CNY1,500 | 221580 |
| 2.27%, 05/25/34 | &nbsp;&nbsp; CNY4,750 | 686546 |
| 2.28%, 03/25/31 | &nbsp;&nbsp; CNY2,470 | 353032 |
| 2.30%, 05/15/26 | &nbsp;&nbsp; CNY3,310 | 459526 |
| 2.33%, 08/15/44 | &nbsp;&nbsp; CNY1,350 | 198149 |
| 2.35%, 02/25/34 | &nbsp;&nbsp; CNY5,180 | 751708 |
| 2.37%, 01/20/27 | &nbsp;&nbsp; CNY5,070 | 708096 |
| 2.39%, 11/15/26 | &nbsp;&nbsp; CNY4,780 | 666671 |
| 2.40%, 07/15/28 | &nbsp;&nbsp; CNY4,240 | 599733 |
| 2.44%, 10/15/27 | &nbsp;&nbsp; CNY3,970 | 559045 |
| 2.46%, 02/15/26 | &nbsp;&nbsp; CNY4,040 | 560599 |
| 2.47%, 07/25/54 | &nbsp;&nbsp; CNY4,150 | 640544 |
| 2.48%, 04/15/27 | &nbsp;&nbsp; CNY2,760 | 387219 |
| 2.50%, 07/25/27 | &nbsp;&nbsp; CNY5,900 | 829925 |
| 2.52%, 08/25/33 | &nbsp;&nbsp; CNY4,750 | 696316 |
| 2.54%, 12/25/30 | &nbsp;&nbsp; CNY6,730 | 974154 |
| 2.55%, 10/15/28 | &nbsp;&nbsp; CNY1,430 | 203609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| 2.57%, 05/20/54 | &nbsp;&nbsp; CNY2,840 | $447527 |
| 2.60%, 09/15/30 | &nbsp;&nbsp; CNY5,780 | 837361 |
| 2.60%, 09/01/32 | &nbsp;&nbsp; CNY4,570 | 670705 |
| 2.62%, 04/15/28 | &nbsp;&nbsp; CNY5,650 | 802577 |
| 2.62%, 09/25/29 | &nbsp;&nbsp; CNY3,240 | 466332 |
| 2.62%, 06/25/30 | &nbsp;&nbsp; CNY4,000 | 578878 |
| 2.64%, 01/15/28 | &nbsp;&nbsp; CNY4,660 | 660925 |
| 2.67%, 05/25/33 | &nbsp;&nbsp; CNY4,720 | 698412 |
| 2.67%, 11/25/33 | &nbsp;&nbsp; CNY6,740 | 1000573 |
| 2.68%, 05/21/30 | &nbsp;&nbsp; CNY6,220 | 902372 |
| 2.69%, 08/12/26 | &nbsp;&nbsp; CNY5,780 | 808187 |
| 2.69%, 08/15/32 | &nbsp;&nbsp; CNY4,550 | 672108 |
| 2.75%, 06/15/29 | &nbsp;&nbsp; CNY4,820 | 695649 |
| 2.75%, 02/17/32 | &nbsp;&nbsp; CNY3,680 | 544178 |
| 2.76%, 05/15/32 | &nbsp;&nbsp; CNY4,060 | 602332 |
| 2.79%, 12/15/29 | &nbsp;&nbsp; CNY5,030 | 731843 |
| 2.80%, 03/24/29 | &nbsp;&nbsp; CNY4,120 | 594265 |
| 2.80%, 03/25/30 | &nbsp;&nbsp; CNY4,540 | 662298 |
| 2.80%, 11/15/32 | &nbsp;&nbsp; CNY3,170 | 472349 |
| 2.85%, 06/04/27 | &nbsp;&nbsp; CNY7,610 | 1077587 |
| 2.88%, 02/25/33 | &nbsp;&nbsp; CNY4,870 | 731520 |
| 2.89%, 11/18/31 | &nbsp;&nbsp; CNY3,040 | 451908 |
| 2.91%, 10/14/28 | &nbsp;&nbsp; CNY5,800 | 836812 |
| 3.00%, 10/15/53 | &nbsp;&nbsp; CNY2,360 | 405590 |
| 3.01%, 05/13/28 | &nbsp;&nbsp; CNY6,160 | 887687 |
| 3.02%, 05/27/31 | &nbsp;&nbsp; CNY4,840 | 722824 |
| 3.03%, 03/11/26 | &nbsp;&nbsp; CNY4,550 | 635615 |
| 3.12%, 12/05/26 | &nbsp;&nbsp; CNY5,060 | 716185 |
| 3.12%, 10/25/52 | &nbsp;&nbsp; CNY2,890 | 498685 |
| 3.13%, 11/21/29 | &nbsp;&nbsp; CNY3,690 | 545793 |
| 3.19%, 04/15/53 | &nbsp;&nbsp; CNY3,440 | 602593 |
| 3.22%, 12/06/25 | &nbsp;&nbsp; CNY3,870 | 539155 |
| 3.25%, 06/06/26 | &nbsp;&nbsp; CNY4,040 | 568176 |
| 3.25%, 11/22/28 | &nbsp;&nbsp; CNY2,780 | 407924 |
| 3.27%, 11/19/30 | &nbsp;&nbsp; CNY5,200 | 785491 |
| 3.28%, 12/03/27 | &nbsp;&nbsp; CNY6,610 | 955621 |
| 3.29%, 05/23/29 | &nbsp;&nbsp; CNY6,370 | 943227 |
| 3.32%, 04/15/52 | &nbsp;&nbsp; CNY3,230 | 574165 |
| 3.53%, 10/18/51 | &nbsp;&nbsp; CNY1,990 | 364491 |
| 3.72%, 04/12/51 | &nbsp;&nbsp; CNY3,750 | 706219 |
| 3.81%, 09/14/50 | &nbsp;&nbsp; CNY5,010 | 952170 |
|  |  | 44622408 |
| **Colombia — 3.7%** | **Colombia — 3.7%** | **Colombia — 3.7%** |
| Colombian TES |  |  |
| 9.25%, 05/28/42 | &nbsp;&nbsp; COP7,616,000 | 1370921 |
| 11.50%, 07/25/46 | &nbsp;&nbsp; COP5,790,400 | 1231151 |
| 13.25%, 02/09/33 | &nbsp;&nbsp; COP3,857,400 | 971514 |
| Series B, 5.75%, 11/03/27 | &nbsp;&nbsp; COP2,823,500 | 610562 |
| Series B, 6.00%, 04/28/28 | &nbsp;&nbsp; COP5,326,300 | 1130504 |
| Series B, 6.25%, 07/09/36 | &nbsp;&nbsp; COP4,191,800 | 632095 |
| Series B, 7.00%, 03/26/31 | &nbsp;&nbsp; COP4,768,600 | 914446 |
| Series B, 7.00%, 06/30/32 | &nbsp;&nbsp; COP4,179,200 | 765877 |
| Series B, 7.25%, 10/18/34 | &nbsp;&nbsp; COP4,287,200 | 741598 |
| Series B, 7.25%, 10/26/50 | &nbsp;&nbsp; COP6,904,900 | 954913 |
| Series B, 7.50%, 08/26/26 | &nbsp;&nbsp; COP4,055,300 | 937212 |
| Series B, 7.75%, 09/18/30 | &nbsp;&nbsp; COP4,068,200 | 835192 |
|  |  | 11095985 |
| **Czech Republic — 3.9%** | **Czech Republic — 3.9%** | **Czech Republic — 3.9%** |
| Czech Republic Government Bond |  |  |
| 0.05%, 11/29/29 | &nbsp;&nbsp; CZK10,350 | 402206 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Czech Republic (continued)** | **Czech Republic (continued)** | **Czech Republic (continued)** |
| 0.25%, 02/10/27 | &nbsp;&nbsp; CZK15,570 | $669253 |
| 0.95%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; CZK16,140 | 645033 |
| 1.00%, 06/26/26<sup>(c)</sup> | &nbsp;&nbsp; CZK15,340 | 678021 |
| 1.20%, 03/13/31 | &nbsp;&nbsp; CZK15,250 | 602822 |
| 1.50%, 04/24/40 | &nbsp;&nbsp; CZK10,440 | 324494 |
| 1.75%, 06/23/32 | &nbsp;&nbsp; CZK15,400 | 608684 |
| 1.95%, 07/30/37 | &nbsp;&nbsp; CZK10,260 | 363203 |
| 2.00%, 10/13/33 | &nbsp;&nbsp; CZK17,700 | 690030 |
| 2.50%, 08/25/28<sup>(c)</sup> | &nbsp;&nbsp; CZK17,930 | 791202 |
| 2.75%, 07/23/29 | &nbsp;&nbsp; CZK15,270 | 672905 |
| 3.00%, 03/03/33 | &nbsp;&nbsp; CZK5,880 | 250632 |
| 3.50%, 05/30/35 | &nbsp;&nbsp; CZK13,790 | 596840 |
| 3.60%, 06/03/36 | &nbsp;&nbsp; CZK4,530 | 195516 |
| 4.20%, 12/04/36<sup>(c)</sup> | &nbsp;&nbsp; CZK7,570 | 343783 |
| 4.50%, 11/11/32 | &nbsp;&nbsp; CZK14,180 | 670649 |
| 4.90%, 04/14/34 | &nbsp;&nbsp; CZK13,490 | 655118 |
| 5.00%, 09/30/30 | &nbsp;&nbsp; CZK17,540 | 848661 |
| 5.50%, 12/12/28 | &nbsp;&nbsp; CZK14,150 | 687622 |
| 5.75%, 03/29/29 | &nbsp;&nbsp; CZK5,280 | 259903 |
| 6.00%, 02/26/26 | &nbsp;&nbsp; CZK12,810 | 593825 |
| 6.20%, 06/16/31 | &nbsp;&nbsp; CZK4,840 | 249346 |
|  |  | 11799748 |
| **Dominican Republic — 3.9%** | **Dominican Republic — 3.9%** | **Dominican Republic — 3.9%** |
| Dominican Republic International Bond |  |  |
| 10.50%, 03/15/37<sup>(b)</sup> | &nbsp;&nbsp; DOP151,600 | 2550404 |
| 10.75%, 06/01/36<sup>(c)</sup> | &nbsp;&nbsp; DOP271,750 | 4649645 |
| 11.25%, 09/15/35<sup>(c)</sup> | &nbsp;&nbsp; DOP129,150 | 2274729 |
| 13.63%, 02/03/33<sup>(c)</sup> | &nbsp;&nbsp; DOP115,700 | 2269341 |
|  |  | 11744119 |
| **Hungary — 3.9%** | **Hungary — 3.9%** | **Hungary — 3.9%** |
| Hungary Government Bond |  |  |
| 1.50%, 04/22/26 | &nbsp;&nbsp; HUF283,340 | 759761 |
| 1.50%, 08/26/26 | &nbsp;&nbsp; HUF154,280 | 407276 |
| 2.00%, 05/23/29 | &nbsp;&nbsp; HUF472,420 | 1126497 |
| 2.25%, 04/20/33 | &nbsp;&nbsp; HUF423,800 | 870896 |
| 2.25%, 06/22/34 | &nbsp;&nbsp; HUF140,480 | 274842 |
| 2.75%, 12/22/26 | &nbsp;&nbsp; HUF269,830 | 716513 |
| 3.00%, 10/27/27 | &nbsp;&nbsp; HUF335,820 | 873269 |
| 3.00%, 08/21/30 | &nbsp;&nbsp; HUF429,090 | 1023476 |
| 3.00%, 10/27/38 | &nbsp;&nbsp; HUF153,060 | 282365 |
| 3.00%, 04/25/41 | &nbsp;&nbsp; HUF134,330 | 233069 |
| 3.25%, 10/22/31 | &nbsp;&nbsp; HUF431,060 | 1003127 |
| 4.50%, 03/23/28 | &nbsp;&nbsp; HUF257,910 | 689223 |
| 4.75%, 11/24/32 | &nbsp;&nbsp; HUF341,300 | 849938 |
| 6.75%, 10/22/28 | &nbsp;&nbsp; HUF476,960 | 1353947 |
| 7.00%, 10/24/35 | &nbsp;&nbsp; HUF215,470 | 610043 |
| 9.50%, 10/21/26 | &nbsp;&nbsp; HUF218,670 | 638765 |
|  |  | 11713007 |
| **India — 10.3%** | **India — 10.3%** | **India — 10.3%** |
| India Government Bond |  |  |
| 5.77%, 08/03/30 | &nbsp;&nbsp; INR83,660 | 972648 |
| 5.79%, 05/11/30 | &nbsp;&nbsp; INR68,240 | 795613 |
| 5.85%, 12/01/30 | &nbsp;&nbsp; INR86,360 | 1005942 |
| 6.10%, 07/12/31 | &nbsp;&nbsp; INR86,940 | 1024649 |
| 6.45%, 10/07/29 | &nbsp;&nbsp; INR72,240 | 865892 |
| 6.54%, 01/17/32 | &nbsp;&nbsp; INR98,130 | 1179209 |
| 6.67%, 12/17/50 | &nbsp;&nbsp; INR101,160 | 1184428 |
| 6.75%, 12/23/29 | &nbsp;&nbsp; INR27,580 | 334994 |
| 6.79%, 12/30/31 | &nbsp;&nbsp; INR33,360 | 408117 |
| 6.79%, 10/07/34 | &nbsp;&nbsp; INR124,500 | 1517718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| 6.99%, 12/15/51 | &nbsp;&nbsp; INR92,880 | $1130358 |
| 7.02%, 06/18/31 | &nbsp;&nbsp; INR50,300 | 620655 |
| 7.04%, 06/03/29 | &nbsp;&nbsp; INR53,650 | 656458 |
| 7.06%, 04/10/28 | &nbsp;&nbsp; INR60,440 | 734434 |
| 7.10%, 04/18/29 | &nbsp;&nbsp; INR89,870 | 1100481 |
| 7.10%, 04/08/34 | &nbsp;&nbsp; INR110,060 | 1366961 |
| 7.16%, 09/20/50 | &nbsp;&nbsp; INR74,150 | 918397 |
| 7.17%, 04/17/30 | &nbsp;&nbsp; INR67,880 | 838781 |
| 7.18%, 08/14/33 | &nbsp;&nbsp; INR129,860 | 1618202 |
| 7.18%, 07/24/37 | &nbsp;&nbsp; INR105,170 | 1320635 |
| 7.26%, 01/14/29 | &nbsp;&nbsp; INR79,920 | 983040 |
| 7.26%, 08/22/32 | &nbsp;&nbsp; INR84,230 | 1052828 |
| 7.26%, 02/06/33 | &nbsp;&nbsp; INR85,220 | 1064484 |
| 7.30%, 06/19/53 | &nbsp;&nbsp; INR126,600 | 1593931 |
| 7.32%, 11/13/30 | &nbsp;&nbsp; INR36,570 | 456531 |
| 7.36%, 09/12/52 | &nbsp;&nbsp; INR99,500 | 1261508 |
| 7.37%, 10/23/28 | &nbsp;&nbsp; INR49,410 | 608233 |
| 7.37%, 01/23/54 | &nbsp;&nbsp; INR14,040 | 178367 |
| 7.38%, 06/20/27 | &nbsp;&nbsp; INR70,660 | 858538 |
| 7.41%, 12/19/36 | &nbsp;&nbsp; INR91,710 | 1169555 |
| 7.54%, 05/23/36 | &nbsp;&nbsp; INR102,500 | 1316377 |
| 7.72%, 06/15/49 | &nbsp;&nbsp; INR53,180 | 701261 |
|  |  | 30839225 |
| **Indonesia — 5.7%** | **Indonesia — 5.7%** | **Indonesia — 5.7%** |
| Indonesia Treasury Bond |  |  |
| 5.13%, 04/15/27 | &nbsp;&nbsp; IDR10,330,000 | 607977 |
| 5.50%, 04/15/26 | &nbsp;&nbsp; IDR6,009,000 | 359006 |
| 6.13%, 05/15/28 | &nbsp;&nbsp; IDR8,460,000 | 505683 |
| 6.25%, 06/15/36 | &nbsp;&nbsp; IDR5,904,000 | 336869 |
| 6.38%, 08/15/28 | &nbsp;&nbsp; IDR4,920,000 | 295645 |
| 6.38%, 04/15/32 | &nbsp;&nbsp; IDR12,287,000 | 725629 |
| 6.38%, 07/15/37 | &nbsp;&nbsp; IDR2,511,000 | 143948 |
| 6.50%, 07/15/30 | &nbsp;&nbsp; IDR7,093,000 | 424609 |
| 6.50%, 02/15/31 | &nbsp;&nbsp; IDR15,793,000 | 943049 |
| 6.63%, 05/15/33 | &nbsp;&nbsp; IDR7,180,000 | 426064 |
| 6.63%, 02/15/34 | &nbsp;&nbsp; IDR13,921,000 | 828984 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; IDR12,244,000 | 730744 |
| 6.88%, 04/15/29 | &nbsp;&nbsp; IDR10,783,000 | 656426 |
| 7.00%, 05/15/27 | &nbsp;&nbsp; IDR7,078,000 | 430907 |
| 7.00%, 09/15/30 | &nbsp;&nbsp; IDR10,594,000 | 649094 |
| 7.00%, 02/15/33 | &nbsp;&nbsp; IDR9,899,000 | 602494 |
| 7.13%, 06/15/38 | &nbsp;&nbsp; IDR7,869,000 | 479477 |
| 7.13%, 06/15/42 | &nbsp;&nbsp; IDR7,978,000 | 484928 |
| 7.13%, 06/15/43 | &nbsp;&nbsp; IDR6,925,000 | 420815 |
| 7.50%, 08/15/32 | &nbsp;&nbsp; IDR4,536,000 | 283959 |
| 7.50%, 06/15/35 | &nbsp;&nbsp; IDR6,060,000 | 380575 |
| 7.50%, 05/15/38 | &nbsp;&nbsp; IDR5,666,000 | 354907 |
| 7.50%, 04/15/40 | &nbsp;&nbsp; IDR11,494,000 | 719662 |
| 8.25%, 05/15/29 | &nbsp;&nbsp; IDR7,971,000 | 509184 |
| 8.25%, 06/15/32 | &nbsp;&nbsp; IDR3,122,000 | 203564 |
| 8.25%, 05/15/36 | &nbsp;&nbsp; IDR6,917,000 | 457105 |
| 8.38%, 09/15/26 | &nbsp;&nbsp; IDR8,453,000 | 522615 |
| 8.38%, 03/15/34 | &nbsp;&nbsp; IDR8,477,000 | 560288 |
| 8.38%, 04/15/39 | &nbsp;&nbsp; IDR4,300,000 | 288540 |
| 8.75%, 05/15/31 | &nbsp;&nbsp; IDR5,779,000 | 381860 |
| 9.00%, 03/15/29 | &nbsp;&nbsp; IDR8,701,000 | 567111 |
| 9.50%, 07/15/31 | &nbsp;&nbsp; IDR1,606,000 | 109927 |
| 10.50%, 08/15/30 | &nbsp;&nbsp; IDR2,354,000 | 165737 |
| Perusahaan Penerbit SBSN Indonesia |  |  |
| 4.88%, 07/15/26 | &nbsp;&nbsp; IDR7,655,000 | 452643 |
| 6.38%, 03/15/34 | &nbsp;&nbsp; IDR6,733,000 | 393890 |

---

Schedule of Investments

------

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| 6.50%, 06/15/39 | &nbsp;&nbsp; IDR2,829,000 | $162579 |
| 6.63%, 09/15/29 | &nbsp;&nbsp; IDR1,224,000 | 73366 |
| 6.88%, 03/15/36 | &nbsp;&nbsp; IDR3,722,000 | 223376 |
| 8.88%, 11/15/31 | &nbsp;&nbsp; IDR4,476,000 | 298416 |
|  |  | 17161652 |
| **Malaysia — 5.5%** | **Malaysia — 5.5%** | **Malaysia — 5.5%** |
| Malaysia Government Bond |  |  |
| 2.63%, 04/15/31 | &nbsp;&nbsp; MYR2,401 | 529984 |
| 3.50%, 05/31/27 | &nbsp;&nbsp; MYR2,414 | 562795 |
| 3.52%, 04/20/28 | &nbsp;&nbsp; MYR1,368 | 319269 |
| 3.58%, 07/15/32 | &nbsp;&nbsp; MYR911 | 211282 |
| 3.73%, 06/15/28 | &nbsp;&nbsp; MYR1,873 | 439610 |
| 3.76%, 05/22/40 | &nbsp;&nbsp; MYR2,030 | 465536 |
| 3.83%, 07/05/34 | &nbsp;&nbsp; MYR2,015 | 472612 |
| 3.89%, 08/15/29 | &nbsp;&nbsp; MYR1,771 | 419027 |
| 3.90%, 11/30/26 | &nbsp;&nbsp; MYR1,569 | 368068 |
| 3.90%, 11/16/27 | &nbsp;&nbsp; MYR1,565 | 368767 |
| 3.91%, 07/15/26 | &nbsp;&nbsp; MYR1,020 | 238667 |
| 4.05%, 04/18/39 | &nbsp;&nbsp; MYR1,036 | 245800 |
| 4.07%, 06/15/50 | &nbsp;&nbsp; MYR2,249 | 523329 |
| 4.18%, 05/16/44 | &nbsp;&nbsp; MYR1,546 | 370983 |
| 4.25%, 05/31/35 | &nbsp;&nbsp; MYR1,505 | 364932 |
| 4.46%, 03/31/53 | &nbsp;&nbsp; MYR1,918 | 472606 |
| 4.50%, 04/30/29 | &nbsp;&nbsp; MYR896 | 216379 |
| 4.64%, 11/07/33 | &nbsp;&nbsp; MYR1,886 | 468012 |
| 4.70%, 10/15/42 | &nbsp;&nbsp; MYR1,716 | 437608 |
| 4.76%, 04/07/37 | &nbsp;&nbsp; MYR2,437 | 616744 |
| 4.89%, 06/08/38 | &nbsp;&nbsp; MYR1,405 | 360960 |
| 4.92%, 07/06/48 | &nbsp;&nbsp; MYR1,041 | 273754 |
| Malaysia Government Investment Issue |  |  |
| 3.42%, 09/30/27 | &nbsp;&nbsp; MYR1,876 | 436769 |
| 3.45%, 07/15/36 | &nbsp;&nbsp; MYR1,879 | 424384 |
| 3.47%, 10/15/30 | &nbsp;&nbsp; MYR1,599 | 370979 |
| 3.60%, 07/31/28 | &nbsp;&nbsp; MYR1,646 | 384607 |
| 3.73%, 03/31/26 | &nbsp;&nbsp; MYR1,766 | 411386 |
| 3.80%, 10/08/31 | &nbsp;&nbsp; MYR1,950 | 458126 |
| 3.97%, 07/16/40 | &nbsp;&nbsp; MYR589 | 138899 |
| 4.07%, 09/30/26 | &nbsp;&nbsp; MYR2,696 | 632795 |
| 4.12%, 11/30/34 | &nbsp;&nbsp; MYR1,846 | 442612 |
| 4.13%, 07/09/29 | &nbsp;&nbsp; MYR2,402 | 572127 |
| 4.19%, 10/07/32 | &nbsp;&nbsp; MYR1,797 | 431776 |
| 4.25%, 09/30/30 | &nbsp;&nbsp; MYR1,990 | 478942 |
| 4.26%, 07/26/27 | &nbsp;&nbsp; MYR1,043 | 247166 |
| 4.29%, 08/14/43 | &nbsp;&nbsp; MYR2,324 | 564422 |
| 4.37%, 10/31/28 | &nbsp;&nbsp; MYR2,129 | 509884 |
| 4.42%, 09/30/41 | &nbsp;&nbsp; MYR1,452 | 358265 |
| 4.47%, 09/15/39 | &nbsp;&nbsp; MYR2,433 | 604982 |
| 4.66%, 03/31/38 | &nbsp;&nbsp; MYR833 | 209858 |
|  |  | 16424703 |
| **Mexico — 5.6%** | **Mexico — 5.6%** | **Mexico — 5.6%** |
| Mexican Bonos |  |  |
| 5.50%, 03/04/27 | &nbsp;&nbsp; MXN243 | 1183945 |
| 7.00%, 09/03/26 | &nbsp;&nbsp; MXN155 | 778844 |
| 7.50%, 05/26/33 | &nbsp;&nbsp; MXN246 | 1130458 |
| 8.00%, 05/24/35 | &nbsp;&nbsp; MXN5 | 22957 |
| 8.00%, 07/31/53 | &nbsp;&nbsp; MXN289 | 1194232 |
| 8.50%, 03/02/28 | &nbsp;&nbsp; MXN93 | 472382 |
| 8.50%, 03/01/29 | &nbsp;&nbsp; MXN274 | 1391752 |
| 8.50%, 02/28/30 | &nbsp;&nbsp; MXN129 | 651128 |
| Series M, 5.75%, 03/05/26 | &nbsp;&nbsp; MXN253 | 1165838 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Series M, 7.75%, 05/29/31 | &nbsp;&nbsp; MXN285 | $1368764 |
| Series M, 7.75%, 11/23/34 | &nbsp;&nbsp; MXN299 | 1370886 |
| Series M, 7.75%, 11/13/42 | &nbsp;&nbsp; MXN299 | 1244531 |
| Series M, 8.00%, 11/07/47 | &nbsp;&nbsp; MXN179 | 749638 |
| Series M 20, 7.50%, 06/03/27 | &nbsp;&nbsp; MXN280 | 1407114 |
| Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp; MXN302 | 1527851 |
| Series M 30, 8.50%, 11/18/38 | &nbsp;&nbsp; MXN149 | 688238 |
| Series M 30, 10.00%, 11/20/36 | &nbsp;&nbsp; MXN70 | 371395 |
|  |  | 16719953 |
| **Peru — 3.9%** | **Peru — 3.9%** | **Peru — 3.9%** |
| Peru Government Bond |  |  |
| 5.35%, 08/12/40 | &nbsp;&nbsp; PEN3 | 787600 |
| 5.40%, 08/12/34 | &nbsp;&nbsp; PEN5 | 1282145 |
| 5.94%, 02/12/29 | &nbsp;&nbsp; PEN4 | 1121165 |
| 6.15%, 08/12/32 | &nbsp;&nbsp; PEN6 | 1613831 |
| 6.35%, 08/12/28 | &nbsp;&nbsp; PEN2 | 533969 |
| 6.90%, 08/12/37 | &nbsp;&nbsp; PEN6 | 1591367 |
| 6.95%, 08/12/31 | &nbsp;&nbsp; PEN5 | 1646258 |
| 7.30%, 08/12/33<sup>(b)(c)</sup> | &nbsp;&nbsp; PEN5 | 1443469 |
| 7.60%, 08/12/39<sup>(b)</sup> | &nbsp;&nbsp; PEN5 | 1328323 |
| 8.20%, 08/12/26 | &nbsp;&nbsp; PEN1 | 304289 |
|  |  | 11652416 |
| **Poland — 4.2%** | **Poland — 4.2%** | **Poland — 4.2%** |
| Republic of Poland Government Bond |  |  |
| 0.25%, 10/25/26 | &nbsp;&nbsp; PLN2,697 | 672693 |
| 1.25%, 10/25/30 | &nbsp;&nbsp; PLN5,447 | 1206011 |
| 1.75%, 04/25/32 | &nbsp;&nbsp; PLN4,414 | 952738 |
| 2.50%, 07/25/26 | &nbsp;&nbsp; PLN3,751 | 971438 |
| 2.50%, 07/25/27 | &nbsp;&nbsp; PLN3,636 | 923934 |
| 2.75%, 04/25/28 | &nbsp;&nbsp; PLN3,143 | 793731 |
| 2.75%, 10/25/29 | &nbsp;&nbsp; PLN5,005 | 1228260 |
| 3.75%, 05/25/27 | &nbsp;&nbsp; PLN2,865 | 749273 |
| 4.75%, 07/25/29 | &nbsp;&nbsp; PLN4,423 | 1174306 |
| 5.00%, 01/25/30 | &nbsp;&nbsp; PLN2,411 | 647516 |
| 5.00%, 10/25/34 | &nbsp;&nbsp; PLN3,138 | 817257 |
| 6.00%, 10/25/33 | &nbsp;&nbsp; PLN4,753 | 1331949 |
| 7.50%, 07/25/28 | &nbsp;&nbsp; PLN3,655 | 1053629 |
|  |  | 12522735 |
| **Romania — 3.9%** | **Romania — 3.9%** | **Romania — 3.9%** |
| Romania Government Bond |  |  |
| 2.50%, 10/25/27 | &nbsp;&nbsp; RON1,670 | 340635 |
| 3.25%, 06/24/26 | &nbsp;&nbsp; RON2,020 | 442329 |
| 3.65%, 09/24/31 | &nbsp;&nbsp; RON2,265 | 417816 |
| 4.15%, 01/26/28 | &nbsp;&nbsp; RON2,510 | 528635 |
| 4.15%, 10/24/30 | &nbsp;&nbsp; RON1,675 | 326225 |
| 4.25%, 04/28/36 | &nbsp;&nbsp; RON2,340 | 413347 |
| 4.75%, 10/11/34 | &nbsp;&nbsp; RON3,065 | 571581 |
| 4.85%, 04/22/26 | &nbsp;&nbsp; RON2,255 | 503938 |
| 4.85%, 07/25/29 | &nbsp;&nbsp; RON2,110 | 436568 |
| 5.00%, 02/12/29 | &nbsp;&nbsp; RON1,805 | 379221 |
| 5.80%, 07/26/27 | &nbsp;&nbsp; RON2,340 | 517326 |
| 6.30%, 04/26/28 | &nbsp;&nbsp; RON1,530 | 337842 |
| 6.30%, 04/25/29 | &nbsp;&nbsp; RON2,650 | 579309 |
| 6.70%, 02/25/32 | &nbsp;&nbsp; RON2,270 | 496132 |
| 6.85%, 07/29/30 | &nbsp;&nbsp; RON1,075 | 238402 |
| 7.10%, 07/31/34 | &nbsp;&nbsp; RON1,955 | 432521 |
| 7.20%, 10/28/26 | &nbsp;&nbsp; RON2,195 | 500010 |
| 7.20%, 05/31/27 | &nbsp;&nbsp; RON2,675 | 608211 |
| 7.20%, 10/30/33 | &nbsp;&nbsp; RON2,405 | 537914 |
| 7.35%, 04/28/31 | &nbsp;&nbsp; RON3,095 | 699666 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Romania (continued)** | **Romania (continued)** | **Romania (continued)** |
| 7.90%, 02/24/38 | &nbsp;&nbsp; RON2,455 | $591871 |
| 8.00%, 04/29/30 | &nbsp;&nbsp; RON2,490 | 578747 |
| 8.25%, 09/29/32 | &nbsp;&nbsp; RON2,435 | 576868 |
| 8.75%, 10/30/28 | &nbsp;&nbsp; RON2,465 | 583504 |
|  |  | 11638618 |
| **Serbia — 3.9%** | **Serbia — 3.9%** | **Serbia — 3.9%** |
| Serbia Treasury Bond |  |  |
| 4.50%, 01/11/26 | &nbsp;&nbsp; RSD223,810 | 2164952 |
| 4.50%, 08/20/32 | &nbsp;&nbsp; RSD417,700 | 3913393 |
| 5.25%, 07/27/35 | &nbsp;&nbsp; RSD69,020 | 667527 |
| 5.88%, 02/08/28 | &nbsp;&nbsp; RSD240,050 | 2411012 |
| 7.00%, 10/26/31 | &nbsp;&nbsp; RSD242,470 | 2614491 |
|  |  | 11771375 |
| **South Africa — 4.1%** | **South Africa — 4.1%** | **South Africa — 4.1%** |
| Republic of South Africa Government Bond |  |  |
| 6.25%, 03/31/36 | &nbsp;&nbsp; ZAR8,931 | 339649 |
| 6.50%, 02/28/41 | &nbsp;&nbsp; ZAR9,406 | 324508 |
| 7.00%, 02/28/31 | &nbsp;&nbsp; ZAR15,999 | 772570 |
| 8.00%, 01/31/30 | &nbsp;&nbsp; ZAR27,935 | 1455461 |
| 8.25%, 03/31/32 | &nbsp;&nbsp; ZAR29,225 | 1457658 |
| 8.50%, 01/31/37 | &nbsp;&nbsp; ZAR26,804 | 1193963 |
| 8.75%, 01/31/44 | &nbsp;&nbsp; ZAR21,460 | 892740 |
| 8.75%, 02/28/48 | &nbsp;&nbsp; ZAR36,743 | 1505666 |
| 8.88%, 02/28/35 | &nbsp;&nbsp; ZAR29,927 | 1442222 |
| 9.00%, 01/31/40 | &nbsp;&nbsp; ZAR23,122 | 1017463 |
| 10.50%, 12/21/26 | &nbsp;&nbsp; ZAR26,491 | 1477269 |
| 10.88%, 03/31/38 | &nbsp;&nbsp; ZAR1,072 | 56349 |
| 11.63%, 03/31/53 | &nbsp;&nbsp; ZAR6,503 | 348051 |
|  |  | 12283569 |
| **Thailand — 4.9%** | **Thailand — 4.9%** | **Thailand — 4.9%** |
| Thailand Government Bond |  |  |
| 1.00%, 06/17/27 | &nbsp;&nbsp; THB26,768 | 790019 |
| 1.59%, 12/17/35 | &nbsp;&nbsp; THB15,623 | 452064 |
| 1.60%, 12/17/29 | &nbsp;&nbsp; THB18,814 | 562308 |
| 1.60%, 06/17/35 | &nbsp;&nbsp; THB8,739 | 254047 |
| 2.00%, 12/17/31 | &nbsp;&nbsp; THB26,459 | 804344 |
| 2.00%, 06/17/42 | &nbsp;&nbsp; THB14,140 | 400644 |
| 2.13%, 12/17/26 | &nbsp;&nbsp; THB22,958 | 692073 |
| 2.25%, 03/17/27 | &nbsp;&nbsp; THB18,046 | 546161 |
| 2.35%, 06/17/26 | &nbsp;&nbsp; THB20,731 | 625419 |
| 2.40%, 11/17/27 | &nbsp;&nbsp; THB8,783 | 267883 |
| 2.40%, 03/17/29 | &nbsp;&nbsp; THB22,447 | 690549 |
| 2.50%, 11/17/29 | &nbsp;&nbsp; THB15,824 | 491229 |
| 2.65%, 06/17/28 | &nbsp;&nbsp; THB25,043 | 772918 |
| 2.80%, 06/17/34 | &nbsp;&nbsp; THB15,897 | 511198 |
| 2.88%, 12/17/28 | &nbsp;&nbsp; THB18,582 | 579905 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| 2.88%, 06/17/46 | &nbsp;&nbsp; THB14,288 | $452656 |
| 2.98%, 06/17/45 | &nbsp;&nbsp; THB5,537 | 178367 |
| 3.30%, 06/17/38 | &nbsp;&nbsp; THB23,577 | 802698 |
| 3.35%, 06/17/33 | &nbsp;&nbsp; THB21,538 | 715741 |
| 3.39%, 06/17/37 | &nbsp;&nbsp; THB19,246 | 657608 |
| 3.40%, 06/17/36 | &nbsp;&nbsp; THB17,733 | 607556 |
| 3.45%, 06/17/43 | &nbsp;&nbsp; THB25,374 | 868512 |
| 3.65%, 06/20/31 | &nbsp;&nbsp; THB13,497 | 449173 |
| 3.78%, 06/25/32 | &nbsp;&nbsp; THB16,692 | 564595 |
| 3.85%, 12/12/25 | &nbsp;&nbsp; THB11,166 | 337938 |
| 4.88%, 06/22/29 | &nbsp;&nbsp; THB15,565 | 525403 |
|  |  | 14601008 |
| **Turkey — 3.7%** | **Turkey — 3.7%** | **Turkey — 3.7%** |
| Turkey Government Bond |  |  |
| 10.50%, 08/11/27 | &nbsp;&nbsp; TRY27,989 | 429309 |
| 10.60%, 02/11/26 | &nbsp;&nbsp; TRY14,634 | 300184 |
| 11.00%, 02/24/27 | &nbsp;&nbsp; TRY10,205 | 168065 |
| 11.70%, 11/13/30 | &nbsp;&nbsp; TRY28,813 | 347772 |
| 12.40%, 03/08/28 | &nbsp;&nbsp; TRY45,734 | 690856 |
| 16.90%, 09/02/26 | &nbsp;&nbsp; TRY21,192 | 412681 |
| Turkiye Government Bond |  |  |
| 17.30%, 07/19/28 | &nbsp;&nbsp; TRY52,072 | 896082 |
| 17.80%, 07/13/33 | &nbsp;&nbsp; TRY44,211 | 692614 |
| 26.20%, 10/05/33 | &nbsp;&nbsp; TRY130,647 | 2849596 |
| 30.00%, 09/12/29 | &nbsp;&nbsp; TRY107,710 | 2406143 |
| 31.08%, 11/08/28 | &nbsp;&nbsp; TRY88,700 | 2045563 |
|  |  | 11238865 |
| **Uruguay — 3.8%** | **Uruguay — 3.8%** | **Uruguay — 3.8%** |
| Uruguay Government International Bond |  |  |
| 8.25%, 05/21/31 | &nbsp;&nbsp; UYU184,720 | 4108553 |
| 8.50%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; UYU93,584 | 2168369 |
| 9.75%, 07/20/33 | &nbsp;&nbsp; UYU220,110 | 5255326 |
|  |  | 11532248 |
| **Total Investments — 97.6%** <br>**(Cost: $300,568,009)** | **Total Investments — 97.6%** <br>**(Cost: $300,568,009)** | 293311589 |
| **Other Assets Less Liabilities — 2.4%** | **Other Assets Less Liabilities — 2.4%** | 7196671 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $300508260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Zero-coupon bond.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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

------

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* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $1530000 | $—<br> $(1530000 )<sup>(b)</sup><br>| $— | $— | $— |  | $28607 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $293311589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $293311589 |

---

*See notes to financial statements.*

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)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| APA Infrastructure Ltd., 7.13%, 11/09/83, (5-year <br> EURIBOR ICE Swap + 4.098%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | $123665 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| 4.38%, 04/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD200 | 180402 |
| 4.50%, 09/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 78010 |
| FMG Resources August Pty. Ltd. |  |  |
| 5.88%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 79043 |
| 6.13%, 04/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 98500 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 66333 |
| 8.13%, 05/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 72947 |
| 8.50%, 05/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 63504 |
| 9.25%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 151194 |
|  |  | 913598 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113009 |
| Benteler International AG, 9.38%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117641 |
|  |  | 230650 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Azelis Finance NV, 4.75%, 09/25/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114905 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115006 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| 3.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110988 |
| 5.50%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 195583 |
|  |  | 536482 |
| **Canada — 3.7%** | **Canada — 3.7%** | **Canada — 3.7%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 3.50%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 88934 |
| 3.88%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD195 | 187220 |
| 4.00%, 10/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD350 | 318500 |
| 4.38%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 67725 |
| 5.63%, 09/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49874 |
| 6.13%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 177614 |
| Air Canada |  |  |
| 3.88%, 08/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 146925 |
| 4.63%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; CAD338 | 234910 |
| Alcoa Nederland Holding BV, 5.50%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74636 |
| AtkinsRealis Group Inc., 7.00%, 06/12/26 | &nbsp;&nbsp; CAD25 | 18748 |
| AutoCanada Inc., 5.75%, 02/07/29<sup>(c)</sup> | &nbsp;&nbsp; CAD75 | 48555 |
| Bausch Health Companies Inc., 5.00%, <br> 02/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD50 | 31500 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 64688 |
| 8.50%, 04/30/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 92689 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 6.88%, 09/15/55, (5-year CMT + 2.390%)<sup>(b)</sup> | &nbsp;&nbsp; USD150 | 150412 |
| 7.00%, 09/15/55, (5-year CMT + 2.363%)<sup>(b)</sup> | &nbsp;&nbsp; USD150 | 148979 |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 98772 |
| 7.00%, 06/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 91012 |
| 7.13%, 06/15/26<sup>(c)(d)</sup> | &nbsp;&nbsp; USD10 | 10019 |
| 7.25%, 07/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 97264 |
| 7.50%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 87550 |
| 7.88%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD69 | 69136 |
| 8.75%, 11/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 106906 |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 87055 |
| 6.25%, 09/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD82 | 80403 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Cineplex Inc., 7.63%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; CAD175 | $130868 |
| Emera Inc., Series 16-A, 6.75%, 06/15/76<sup>(b)</sup> | &nbsp;&nbsp; USD160 | 160000 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 58931 |
| 6.00%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 70163 |
| 7.75%, 02/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 56771 |
| 8.25%, 08/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 58942 |
| 8.38%, 11/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 123179 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 71207 |
| 4.38%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 52402 |
| 4.75%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72656 |
| goeasy Ltd. |  |  |
| 7.38%, 10/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49137 |
| 7.63%, 07/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 65569 |
| 9.25%, 12/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 78387 |
| Series 144\*, 6.88%, Series 144\*, 05/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 53639 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD110 | 111492 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 105119 |
| 10.50%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 53750 |
| Kronos Acquisition Holdings Inc. |  |  |
| 8.25%, 06/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 57897 |
| 10.75%, 06/30/32<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 37200 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 59352 |
| 5.25%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 82404 |
| Mattr Corp., 7.25%, 04/02/31<sup>(c)</sup> | &nbsp;&nbsp; CAD65 | 47503 |
| Methanex Corp. |  |  |
| 5.13%, 10/15/27 | &nbsp;&nbsp; USD85 | 83406 |
| 5.25%, 12/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 85417 |
| NOVA Chemicals Corp. |  |  |
| 4.25%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD57 | 53865 |
| 5.25%, 06/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 133177 |
| 7.00%, 12/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 51625 |
| 8.50%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 52653 |
| 9.00%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 63983 |
| NuVista Energy Ltd., 7.88%, 07/23/26<sup>(c)</sup> | &nbsp;&nbsp; CAD50 | 36435 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 109689 |
| 3.88%, 12/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 96559 |
| Open Text Holdings Inc. |  |  |
| 4.13%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 106179 |
| 4.13%, 12/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD68 | 60680 |
| Parkland Corp. |  |  |
| 3.88%, 06/16/26<sup>(c)</sup> | &nbsp;&nbsp; CAD75 | 53669 |
| 4.38%, 03/26/29<sup>(c)</sup> | &nbsp;&nbsp; CAD100 | 70104 |
| 4.50%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 89468 |
| 4.63%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 98739 |
| 5.88%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 39671 |
| 6.63%, 08/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 69639 |
| Ritchie Bros Holdings Inc. |  |  |
| 6.75%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 61185 |
| 7.75%, 03/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 94127 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82, (5-year CMT + 3.590%)<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD100 | 97368 |
| 7.00%, 04/15/55, (5-year CMT + 2.653%)<sup>(b)</sup> | &nbsp;&nbsp; USD150 | 150937 |
| 7.13%, 04/15/55, (5-year CMT + 2.620%)<sup>(b)</sup> | &nbsp;&nbsp; USD125 | 124506 |
| Sleep Country Canada Holdings Inc., 6.63%, <br> 11/28/32<br>| &nbsp;&nbsp; CAD175 | 128539 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55, (5-year CMT + 3.667%)<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD75 | $73687 |
| 7.63%, 03/01/55, (5-year CMT + 3.949%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD50 | 49770 |
| Superior Plus LP, 4.25%, 05/18/28<sup>(c)</sup> | &nbsp;&nbsp; CAD50 | 34705 |
| Tamarack Valley Energy Ltd., 7.25%, 05/10/27<sup>(c)</sup> | &nbsp;&nbsp; CAD75 | 54784 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 118101 |
|  |  | 6629261 |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD125 | 124687 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Swissport Investments SA, 6.75%, 12/15/21<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; EUR100 | 1 |
| **Cyprus — 0.1%** | **Cyprus — 0.1%** | **Cyprus — 0.1%** |
| Bank of Cyprus PCL, 7.38%, 07/25/28, <br> (3-mo. EURIBOR + 4.095%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 122874 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 119377 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Orsted A/S |  |  |
| 1.50%, (5-year EUR Swap + 1.860%)<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR100 | 91532 |
| 2.50%, (5-year UK Government Bond + <br> 2.136%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP100 | 95796 |
| 5.13%, (5-year EURIBOR ICE Swap + <br> 2.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113035 |
| Orsted AS, 5.25%, <br> (5-year EUR Swap + 2.619%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113638 |
|  |  | 414001 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Finnair OYJ, 4.75%, 05/24/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115322 |
| Huhtamaki OYJ, 4.25%, 06/09/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115596 |
|  |  | 230918 |
| **France — 5.2%** | **France — 5.2%** | **France — 5.2%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116857 |
| Air France-KLM |  |  |
| 7.25%, 05/31/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117695 |
| 8.13%, 05/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 126978 |
| Altice France SA |  |  |
| 5.13%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 36504 |
| 5.13%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 224812 |
| 5.50%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 124125 |
| 5.50%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 163500 |
| 8.13%, 02/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 160125 |
| Altice France SA/France |  |  |
| 3.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 90718 |
| 4.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 91109 |
| 4.25%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 91088 |
| 5.88%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 100067 |
| Banijay Entertainment SASU, 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117739 |
| CAB SELAS, 3.38%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106604 |
| Cerba Healthcare SACA, 3.50%, 05/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 84119 |
| Chrome Holdco SASU, 5.00%, 05/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 36745 |
| CMA CGM SA, 5.50%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115232 |
| Electricite de France SA, 9.13%, <br> (5-year CMT + 5.411%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp; USD175 | 194694 |
| Elior Group SA, 5.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114322 |
| ELO SACA |  |  |
| 5.88%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 216997 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| 6.00%, 03/22/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $104760 |
| Emeria SASU, 3.38%, 03/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 92786 |
| Eramet SA, 7.00%, 05/22/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113496 |
| Eutelsat SA |  |  |
| 1.50%, 10/13/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 93341 |
| 9.75%, 04/13/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114294 |
| Fnac Darty SA, 6.00%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118644 |
| Forvia SE |  |  |
| 2.38%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107675 |
| 2.75%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108983 |
| 3.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109076 |
| 5.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109726 |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106693 |
| 5.63%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109817 |
| Getlink SE, 4.13%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114368 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115759 |
| Holding d'Infrastructures des Metiers de <br> l'Environnement<br>|  |  |
| 4.88%, 10/24/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115332 |
| Series ., 0.63%, Series ., 09/16/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 100445 |
| Iliad Holding SASU |  |  |
| 5.38%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115449 |
| 5.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115042 |
| 6.88%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 120577 |
| 7.00%, 10/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 101172 |
| 7.00%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 100988 |
| 8.50%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 121309 |
| iliad SA |  |  |
| 1.88%, 02/11/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108512 |
| 2.38%, 06/17/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112256 |
| 4.25%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114928 |
| 5.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118947 |
| Series ., 5.38%, Series ., 05/02/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118406 |
| IPD 3 BV |  |  |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113427 |
| 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117759 |
| Laboratoire Eimer Selas, 5.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102286 |
| Loxam SAS |  |  |
| 6.38%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116806 |
| 6.38%, 05/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 148370 |
| Mobilux Finance SAS, 7.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117777 |
| Nexans SA |  |  |
| 4.13%, 05/29/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115726 |
| 4.25%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116078 |
| Opal Bidco SAS |  |  |
| 5.50%, 03/31/32<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 224515 |
| 6.50%, 03/31/32<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 150000 |
| Opmobility, 4.88%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115249 |
| OVH Groupe SAS, 4.75%, 02/05/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114153 |
| Paprec Holding SA, 6.50%, 11/17/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118443 |
| Picard Groupe SAS, 6.38%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117766 |
| RCI Banque SA |  |  |
| 4.75%, 03/24/37, (5-year EURIBOR ICE Swap <br> + 2.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111978 |
| 5.50%, 10/09/34, (5-year EURIBOR ICE Swap <br> + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117346 |
| Renault SA |  |  |
| 1.13%, 10/04/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107736 |
| 2.38%, 05/25/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112487 |
| 2.50%, 06/02/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111805 |
| 2.50%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111063 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Rexel SA |  |  |
| 2.13%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $108561 |
| 5.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118180 |
| Seche Environnement SACA, 4.50%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114459 |
| SNF Group SACA |  |  |
| 2.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107603 |
| 4.50%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113923 |
| SPIE SA, 2.63%, 06/18/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112706 |
| Tereos Finance Groupe I SA |  |  |
| 4.75%, 04/30/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113596 |
| 5.75%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113258 |
| Valeo SE |  |  |
| 1.00%, 08/03/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101964 |
| 4.50%, 04/11/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110789 |
| 5.38%, 05/28/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117093 |
| 5.88%, 04/12/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117847 |
| Viridien, 8.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107968 |
|  |  | 9331528 |
| **Germany — 3.5%** | **Germany — 3.5%** | **Germany — 3.5%** |
| alstria office REIT-AG, 5.50%, 03/20/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108398 |
| Bayer AG |  |  |
| 5.38%, 03/25/82, <br> (5-year EUR Swap + 4.458%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111141 |
| 5.50%, 09/13/54, (5-year EURIBOR ICE Swap <br> + 3.269%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113644 |
| 6.63%, 09/25/83, <br> (5-year EUR Swap + 3.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 118846 |
| 7.00%, 09/25/83, <br> (5-year EUR Swap + 3.896%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 119058 |
| Series N5.5, 4.50%, Series N5.5, 03/25/82, <br> (5-year EUR Swap + 3.751%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111899 |
| Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75, <br> (5-year EUR Swap + 3.206%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 112285 |
| Birkenstock Financing SARL, 5.25%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114091 |
| Ceconomy AG, 6.25%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117505 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104349 |
| 7.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106358 |
| CT Investment GmbH, 6.38%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116358 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55, (5-year <br> EURIBOR ICE Swap + 2.855%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 110924 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113577 |
| Evonik Industries AG, 1.38%, 09/02/81, <br> (5-year EUR Swap + 1.836%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 108940 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113864 |
| Gruenenthal GmbH |  |  |
| 4.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111060 |
| 6.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118994 |
| Hella GmbH & Co. KGaA, 0.50%, 01/26/27 | &nbsp;&nbsp; EUR100 | 107288 |
| IHO Verwaltungs GmbH |  |  |
| 6.38%, 05/15/29, (6.38% Cash)<sup>(c)(h)</sup> | &nbsp;&nbsp; USD50 | 48438 |
| 6.75%, 11/15/29, <br> (6.75% cash and 7.50% PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; EUR100 | 116562 |
| 7.00%, 11/15/31, <br> (7.00% cash and 7.75% PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; EUR100 | 116385 |
| 7.75%, 11/15/30, <br> (7.75% Cash and 8.50% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD100 | 97750 |
| 8.00%, 11/15/32, <br> (8.00% Cash and 8.75% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD25 | 23938 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Mahle GmbH |  |  |
| 2.38%, 05/14/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $101696 |
| 6.50%, 05/02/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110821 |
| Mercer International Inc. |  |  |
| 5.13%, 02/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD135 | 110700 |
| 12.88%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 45891 |
| Motel One GmbH/Muenchen, 7.75%, 04/02/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 119329 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.38%, 10/23/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112980 |
| 5.63%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114271 |
| 7.50%, 08/21/26<sup>(a)</sup> | &nbsp;&nbsp; EUR66 | 76091 |
| PCF GmbH, 4.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR101 | 88268 |
| Phoenix PIB Dutch Finance BV, 4.88%, <br> 07/10/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 116328 |
| ProGroup AG, 5.38%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108882 |
| Schaeffler AG |  |  |
| 2.88%, 03/26/27<sup>(a)</sup> | &nbsp;&nbsp; EUR75 | 83765 |
| 3.38%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109850 |
| 4.50%, 03/28/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111230 |
| 4.75%, 08/14/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113235 |
| 5.38%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112660 |
| Techem Verwaltungsgesellschaft 675 mbH, 5.38%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR200 | 231741 |
| Tele Columbus AG, 10.00%, 01/01/29, <br> (10.00% PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; EUR105 | 94541 |
| TK Elevator Holdco GmbH |  |  |
| 6.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR90 | 101780 |
| 7.63%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50008 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112810 |
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 147469 |
| TUI AG, 5.88%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116860 |
| TUI Cruises GmbH, 6.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117224 |
| WEPA Hygieneprodukte GmbH, 5.63%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 116625 |
| ZF Europe Finance BV |  |  |
| 2.50%, 10/23/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104342 |
| 3.00%, 10/23/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 96934 |
| 4.75%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105341 |
| 6.13%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109629 |
| ZF Finance GmbH |  |  |
| 2.00%, 05/06/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105000 |
| 2.75%, 05/25/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106159 |
| 3.75%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104220 |
| ZF North America Capital Inc. |  |  |
| 6.75%, 04/23/30<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 136470 |
| 6.88%, 04/14/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 71446 |
| 7.13%, 04/14/30<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 138000 |
|  |  | 6344248 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| Eurobank Ergasias Services and Holdings SA, <br> 10.00%, 12/06/32, <br> (5-year EUR Swap + 7.588%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 130266 |
| Metlen Energy & Metals SA, 4.00%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115002 |
| National Bank of Greece SA, 5.88%, 06/28/35, <br> (5-year EURIBOR ICE Swap + 3.154%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 120423 |
| Piraeus Financial Holdings SA, 7.25%, 04/17/34, <br> (5-year EUR Swap + 4.773%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 125104 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114612 |
|  |  | 605407 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| FWD Group Holdings Ltd., 8.40%, 04/05/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | $102699 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/29<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 144384 |
| 5.63%, 07/17/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48198 |
| 5.75%, 07/21/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 118184 |
| 7.63%, 04/17/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 96110 |
|  |  | 509575 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc., 5.25%, 08/15/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD75 | 34500 |
| eircom Finance DAC |  |  |
| 3.50%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 140922 |
| 5.00%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113049 |
| Energia Group Roi Financeco DAC, 6.88%, <br> 07/31/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 116366 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49589 |
| 6.88%, 04/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 45841 |
| 7.75%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD25 | 25241 |
| 8.00%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 97316 |
| 8.00%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 73341 |
|  |  | 696165 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| Energian Israel Finance Ltd. |  |  |
| 5.38%, 03/30/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD56 | 52719 |
| 5.88%, 03/30/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD70 | 63295 |
| 8.50%, 09/30/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD90 | 90243 |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27<sup>(a)(c)</sup> | &nbsp;&nbsp; USD55 | 54033 |
| 6.75%, 06/30/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD60 | 58102 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |
| 1.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105785 |
| 1.88%, 03/31/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109839 |
| 3.75%, 05/09/27 | &nbsp;&nbsp; EUR100 | 113683 |
| 4.38%, 05/09/30 | &nbsp;&nbsp; EUR150 | 171335 |
| 7.38%, 09/15/29 | &nbsp;&nbsp; EUR100 | 126808 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; EUR100 | 133741 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; USD410 | 396162 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; USD100 | 98134 |
| 5.13%, 05/09/29 | &nbsp;&nbsp; USD100 | 97313 |
| 6.75%, 03/01/28 | &nbsp;&nbsp; USD150 | 153483 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; USD125 | 133857 |
| 8.13%, 09/15/31 | &nbsp;&nbsp; USD75 | 82516 |
|  |  | 2041048 |
| **Italy — 3.5%** | **Italy — 3.5%** | **Italy — 3.5%** |
| Agrifarma SpA, 4.50%, 10/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112403 |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 115104 |
| Banca IFIS SpA, 6.13%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117879 |
| Banca Monte dei Paschi di Siena SpA |  |  |
| 4.75%, 03/15/29, <br> (3-mo. EURIBOR + 2.047%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117221 |
| 10.50%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 138202 |
| Banca Popolare di Sondrio SpA, 3.88%, 02/25/32, <br> (5-year EUR Swap + 3.958%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113010 |
| Banco BPM SpA, 4.50%, 11/26/36, (5-year <br> EURIBOR ICE Swap + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR200 | 226117 |
| BFF Bank SpA, 4.88%, 03/30/28, (1-year <br> EURIBOR ICE Swap + 2.622%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| BPER Banca SpA |  |  |
| 3.88%, 07/25/32, <br> (5-year EUR Swap + 3.728%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR200 | $226413 |
| 5.75%, 09/11/29, <br> (3-mo. EURIBOR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR150 | 182978 |
| Bubbles Holdco SPA, 6.50%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112846 |
| Cerved Group SpA, 6.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102055 |
| Engineering - Ingegneria Informatica - SpA, <br> 8.63%, 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 116717 |
| Eolo SpA, 4.88%, 10/21/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102398 |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109282 |
| Flos B&b Italia SpA, 10.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR80 | 94777 |
| Guala Closures SpA, 3.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107474 |
| Iccrea Banca SpA, 4.75%, 01/18/32, (5-year <br> EURIBOR ICE Swap + 4.829%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114165 |
| Illimity Bank SpA, 5.75%, 05/31/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117326 |
| IMA Industria Macchine Automatiche SpA, 3.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 111320 |
| Infrastrutture Wireless Italiane SpA |  |  |
| 1.75%, 04/19/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 105130 |
| 1.88%, 07/08/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112474 |
| 3.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114578 |
| Intesa Sanpaolo Assicurazioni SpA, 4.22%, <br> 03/05/35<sup>(a)</sup><br>| &nbsp;&nbsp; EUR200 | 221230 |
| Intesa Sanpaolo SpA, 5.15%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 129559 |
| Italmatch Chemicals SpA, 10.00%, 02/06/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118604 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112228 |
| Lottomatica SpA/Roma, 5.38%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116817 |
| Mediobanca Banca di Credito Finanziario SpA, <br> 4.25%, 09/18/35, (5-year EURIBOR ICE Swap <br> + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR200 | 227106 |
| Mundys SpA |  |  |
| 1.88%, 07/13/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110938 |
| 1.88%, 02/12/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109301 |
| 4.50%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117594 |
| 4.75%, 01/24/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118507 |
| Optics Bidco SpA |  |  |
| 1.63%, 01/18/29 | &nbsp;&nbsp; EUR100 | 104123 |
| 2.38%, 10/12/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109697 |
| 6.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 121138 |
| 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 125593 |
| Series 2033, 6.38%, Series 2033, 11/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD25 | 23938 |
| Series 2036, 7.20%, Series 2036, 07/18/36<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 194746 |
| Rekeep SpA, 9.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110151 |
| Rossini SARL, 6.75%, 12/31/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117706 |
| Saipem Finance International BV, 3.13%, <br> 03/31/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 112175 |
| Telecom Italia SpA, 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 127746 |
| Telecom Italia SpA/Milano |  |  |
| 1.63%, 01/18/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106234 |
| 2.38%, 10/12/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113138 |
| 3.00%, 09/30/25<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113199 |
| UniCredit SpA, 7.30%, 04/02/34, <br> (5-year USD ICE Swap + 4.914%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; USD125 | 130725 |
| UnipolSai Assicurazioni SpA, 4.90%, 05/23/34<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115994 |
| Webuild SpA |  |  |
| 3.63%, 01/28/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113599 |
| 7.00%, 09/27/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 122834 |
|  |  | 6229302 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** |
| Nissan Motor Co. Ltd. |  |  |
| 3.20%, 09/17/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $109655 |
| 4.35%, 09/17/27<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 96360 |
| 4.81%, 09/17/30<sup>(c)</sup> | &nbsp;&nbsp; USD325 | 299943 |
| Rakuten Group Inc. |  |  |
| 5.13%, (5-year CMT + 4.578%)<sup>(b)(c)(g)</sup> | &nbsp;&nbsp; USD70 | 65814 |
| 6.25%, (5-year CMT + 4.956%)<sup>(b)(c)(g)</sup> | &nbsp;&nbsp; USD110 | 95700 |
| 8.13%, , (5-year CMT + 4.250%)<sup>(b)(c)(g)</sup> | &nbsp;&nbsp; USD50 | 47012 |
| 9.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 290592 |
| 11.25%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 214750 |
| SoftBank Group Corp. |  |  |
| 2.88%, 01/06/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110542 |
| 3.88%, 07/06/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101583 |
| 4.00%, 09/19/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 134969 |
| 5.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114067 |
| 5.38%, 01/08/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114064 |
|  |  | 1795051 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Aston Martin Capital Holdings Ltd. |  |  |
| 10.00%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 107401 |
| 10.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 116346 |
|  |  | 223747 |
| **Luxembourg — 1.8%** | **Luxembourg — 1.8%** | **Luxembourg — 1.8%** |
| AccorInvest Group SA |  |  |
| 5.50%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112784 |
| 6.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117571 |
| Albion Financing 1 SARL/Aggreko Holdings Inc., <br> 6.13%, 10/15/26<sup>(c)</sup><br>| &nbsp;&nbsp; USD90 | 89831 |
| Albion Financing 2 SARL, 8.75%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50329 |
| Altice Financing SA |  |  |
| 3.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 85182 |
| 4.25%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 85036 |
| 5.00%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 121764 |
| 5.75%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD250 | 183750 |
| Altice Finco SA, 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 39836 |
| Altice France Holding SA |  |  |
| 4.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 33303 |
| 6.00%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 30881 |
| 8.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 33118 |
| 10.50%, 05/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 46605 |
| ARD Finance SA, 5.00%, 06/30/27, <br> (5.00% Cash and 5.75% PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; EUR103 | 3536 |
| Cidron Aida Finco Sarl |  |  |
| 7.00%, 10/27/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111910 |
| 9.13%, 10/27/31<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 131892 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 119188 |
| Garfunkelux Holdco 3 SA, 6.75%, 11/01/25<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 78897 |
| Herens Midco SARL, 5.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 83118 |
| Ineos Finance PLC |  |  |
| 5.63%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107585 |
| 6.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110918 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 97422 |
| 7.50%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 70448 |
| Intelsat Jackson Holdings SA, 6.50%, <br> 03/15/30<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD365 | 359737 |
| ION Trading Technologies SARL |  |  |
| 5.75%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 67500 |
| 9.50%, 05/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 97220 |
| Kleopatra Finco SARL, 1.00%, 09/01/29 | &nbsp;&nbsp; EUR101 | 88465 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| Loarre Investments SARL, 6.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $114591 |
| Matterhorn Telecom SA, 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112990 |
| SES SA, 5.50%, 09/12/54, (5-year EURIBOR ICE <br> Swap + 3.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR125 | 131921 |
| Summer BC Holdco B SARL, 5.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110393 |
| Vivion Investments SARL |  |  |
| 6.50%, 02/28/29<sup>(a)(h)</sup> | &nbsp;&nbsp; EUR100 | 108519 |
| 8.00%, 08/31/28, <br> (6.50 % Cash and 1.40 % PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; EUR101 | 110487 |
|  |  | 3246727 |
| **Macau — 0.4%** | **Macau — 0.4%** | **Macau — 0.4%** |
| MGM China Holdings Ltd. |  |  |
| 4.75%, 02/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73099 |
| 5.88%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 99875 |
| 7.13%, 06/26/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50234 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 105250 |
| 6.50%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 57472 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 115156 |
| 5.50%, 10/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73125 |
| 5.63%, 08/26/28<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 190388 |
|  |  | 764599 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116569 |
| Boost Newco Borrower LLC/GTCR W Dutch <br> Finance Sub BV, 8.50%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 142960 |
| Flora Food Management BV, 6.88%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116539 |
| Maxeda DIY Holding BV, 5.88%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 92739 |
| Nobian Finance BV, 3.63%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112615 |
| Odido Group Holding BV, 5.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112225 |
| Odido Holding BV, 3.75%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110962 |
| Q-Park Holding I BV |  |  |
| 2.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 165708 |
| 5.13%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115567 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 136744 |
| Trivium Packaging Finance BV |  |  |
| 3.75%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111557 |
| 5.50%, 08/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 98858 |
| 8.50%, 08/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73875 |
| UPCB Finance VII Ltd., 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110341 |
| Versuni Group BV, 3.13%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107989 |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 152714 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102912 |
| Ziggo Bond Co. BV |  |  |
| 3.38%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 100263 |
| 5.13%, 02/28/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 44216 |
| 6.13%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 133743 |
| Ziggo BV |  |  |
| 2.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 103523 |
| 4.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 123850 |
|  |  | 2486469 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Var Energi ASA, 7.86%, 11/15/83, (5-year <br> EURIBOR ICE Swap + 4.765%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 122868 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Transportes Aereos Portugueses SA, 5.13%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 114090 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Portugal — 0.6%** | **Portugal — 0.6%** | **Portugal — 0.6%** |
| Banco Comercial Portugues SA, 4.75%, 03/20/37, <br> (5-year EURIBOR ICE Swap + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | $111977 |
| Caixa Economica Montepio Geral Caixa <br> Economica Bancaria SA, 5.63%, 05/29/28, <br> (3-mo. EURIBOR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117750 |
| EDP SA |  |  |
| 1.50%, 03/14/82, <br> (5-year EUR Swap + 1.888%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 109255 |
| 1.88%, 08/02/81, <br> (5-year EUR Swap + 2.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 111192 |
| 1.88%, 03/14/82, <br> (5-year EUR Swap + 2.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 102506 |
| 4.63%, 09/16/54, (5-year EURIBOR ICE Swap <br> + 2.395%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113866 |
| 4.75%, 05/29/54, (5-year EURIBOR ICE Swap <br> + 2.052%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114878 |
| 5.94%, 04/23/83, <br> (5-year EUR Swap + 3.184%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 120150 |
| Novo Banco SA, 9.88%, 12/01/33, <br> (5-year EUR Swap + 6.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 131782 |
|  |  | 1033356 |
| **Slovenia — 0.3%** | **Slovenia — 0.3%** | **Slovenia — 0.3%** |
| United Group BV |  |  |
| 3.63%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110619 |
| 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112640 |
| 5.25%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111885 |
| 6.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115873 |
|  |  | 451017 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Abanca Corp. Bancaria SA, 4.63%, 12/11/36, <br> (5-year EURIBOR ICE Swap + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113364 |
| Atlantica Sustainable Infrastructure PLC, 4.13%, <br> 06/15/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD50 | 47500 |
| Banco de Credito Social Cooperativo SA, 5.25%, <br> 11/27/31, (5-year EUR Swap + 5.419%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113760 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; USD75 | 73684 |
| Cirsa Finance International SARL |  |  |
| 7.88%, 07/31/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118483 |
| 10.38%, 11/30/27<sup>(a)</sup> | &nbsp;&nbsp; EUR90 | 107088 |
| Eroski S Coop, 10.63%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 121940 |
| Grifols SA |  |  |
| 2.25%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108673 |
| 3.88%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 132409 |
| Grupo Antolin-Irausa SA, 3.50%, 04/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 69213 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114231 |
| Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(a)</sup> | &nbsp;&nbsp; EUR250 | 282754 |
| Minor Hotels Europe & Americas SA, 4.00%, <br> 07/02/26<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 113090 |
| Neinor Homes SA, 5.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115881 |
| Unicaja Banco SA, 5.50%, 06/22/34, <br> (5-year EUR Swap + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 117654 |
|  |  | 1749724 |
| **Sweden — 0.8%** | **Sweden — 0.8%** | **Sweden — 0.8%** |
| Asmodee Group AB, 5.75%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR53 | 62624 |
| Assemblin Caverion Group AB, 6.25%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116922 |
| Dometic Group AB, 2.00%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 102330 |
| Heimstaden AB, 8.38%, 01/29/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112183 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Intrum AB |  |  |
| 3.50%, 07/15/26<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; EUR100 | $88111 |
| 4.88%, 09/15/27<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; EUR100 | 90118 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 98500 |
| 7.63%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD25 | 25197 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111683 |
| 3.88%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112673 |
| 5.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116535 |
| 7.13%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117257 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113474 |
| Volvo Car AB |  |  |
| 2.50%, 10/07/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109611 |
| 4.75%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112049 |
|  |  | 1489267 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| Dufry One BV |  |  |
| 2.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110532 |
| 4.75%, 04/18/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116414 |
| VistaJet Malta Finance PLC/Vista Management <br> Holding Inc.<br>|  |  |
| 6.38%, 02/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 102900 |
| 7.88%, 05/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 67900 |
| 9.50%, 06/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 48846 |
|  |  | 446592 |
| **United Kingdom — 5.7%** | **United Kingdom — 5.7%** | **United Kingdom — 5.7%** |
| 888 Acquisitions Ltd. |  |  |
| 7.56%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112809 |
| 10.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 133154 |
| Alexandrite Monnet U.K. Holdco PLC, 10.50%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 123717 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117864 |
| Ardonagh Finco Ltd. |  |  |
| 6.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114410 |
| 7.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 127500 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 178290 |
| B&M European Value Retail SA, 8.13%, <br> 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 138951 |
| BCP V Modular Services Finance II PLC, 4.75%, <br> 11/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR150 | 163500 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(a)</sup> | &nbsp;&nbsp; GBP225 | 278887 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 126044 |
| Belron U.K. Finance PLC |  |  |
| 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114623 |
| 5.75%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 149526 |
| British Telecommunications PLC |  |  |
| 4.25%, 11/23/81, (5-year CMT + 2.985%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD50 | 48444 |
| 4.88%, 11/23/81, (5-year CMT + 3.493%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD70 | 62833 |
| 5.13%, 10/03/54, (5-year EURIBOR ICE Swap <br> + 2.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 115577 |
| 8.38%, 12/20/83, (5-year UK Government Bond <br> + 3.820%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP100 | 141924 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 115411 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 135853 |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD250 | 233750 |
| ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 113543 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | $131184 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 134924 |
| eG Global Finance PLC |  |  |
| 11.00%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 125319 |
| 12.00%, 11/30/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 137564 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 130485 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.38%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 176491 |
| 8.75%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD25 | 20026 |
| Heathrow Finance PLC, 4.38%, 03/01/27<sup>(a)(i)</sup> | &nbsp;&nbsp; GBP100 | 126788 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 133553 |
| 8.13%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 65731 |
| Iceland Bondco PLC, 10.88%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 140864 |
| Ineos Quattro Finance 2 PLC |  |  |
| 6.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 101442 |
| 8.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108119 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 10/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47600 |
| 5.88%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 103529 |
| 6.88%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117793 |
| Jerrold Finco PLC, 5.25%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 131016 |
| Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 126636 |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD50 | 45933 |
| Metro Bank Holdings PLC, 12.00%, 04/30/29, <br> (1-year UK Government Bond + 7.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP100 | 146683 |
| Mobico Group PLC, 4.88%, 09/26/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107467 |
| Motion Bondco DAC, 6.63%, 11/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47191 |
| Motion Finco SARL |  |  |
| 7.38%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109946 |
| 8.38%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47083 |
| NGG Finance PLC, 2.13%, 09/05/82, <br> (5-year EUR Swap + 2.532%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 109621 |
| Nomad Foods Bondco PLC, 2.50%, 06/24/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 108848 |
| Ocado Group PLC, 3.88%, 10/08/26<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 130898 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50779 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 114334 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 140964 |
| Playtech PLC, 5.88%, 06/28/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116755 |
| Project Grand U.K. PLC, 9.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 118881 |
| Punch Finance PLC, 6.13%, 06/30/26<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 131825 |
| RAY Financing LLC, 6.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116828 |
| Thames Water Super Senior Issuer PLC, 9.75%, <br> 10/10/27<sup>(a)</sup><br>| &nbsp;&nbsp; GBP11 | 15707 |
| Thames Water Utilities Finance PLC |  |  |
| 1.25%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 78365 |
| 2.63%, 01/24/34<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 92776 |
| 2.88%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 17020 |
| 4.00%, 04/18/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 80057 |
| 4.38%, 01/18/33<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 79896 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(a)(j)</sup> | &nbsp;&nbsp; GBP2 | 2525 |
| TVL Finance PLC, 10.25%, 04/28/28<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 134173 |
| Very Group Funding PLC (The), 6.50%, <br> 08/01/26<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 132135 |
| Victoria PLC, 3.63%, 08/24/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109625 |
| Virgin Media Finance PLC, 5.00%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 109364 |
| Virgin Media Secured Finance PLC |  |  |
| 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 117185 |
| 4.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; GBP150 | 179321 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 4.50%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD115 | $103471 |
| 5.50%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 192828 |
| Virgin Media Vendor Financing Notes III DAC, <br> 4.88%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; GBP100 | 124722 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD75 | 72656 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 3.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 157353 |
| 4.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 122014 |
| 4.25%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 130732 |
| 4.75%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 140600 |
| 5.63%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 113019 |
| 7.75%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 100733 |
| Vodafone Group PLC |  |  |
| 2.63%, 08/27/80, <br> (5-year EUR Swap + 3.002%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 112105 |
| 3.00%, 08/27/80, <br> (5-year EUR Swap + 3.477%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 105638 |
| 3.25%, 06/04/81, (5-year CMT + 2.447%)<sup>(b)</sup> | &nbsp;&nbsp; USD40 | 38559 |
| 4.13%, 06/04/81, (5-year CMT + 2.767%)<sup>(b)</sup> | &nbsp;&nbsp; USD170 | 150501 |
| 4.20%, 10/03/78, <br> (5-year EUR Swap + 3.427%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114594 |
| 6.50%, 08/30/84, <br> (5-year EUR Swap + 3.489%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; EUR150 | 183370 |
| 7.00%, 04/04/79, <br> (5-year USD Swap + 4.873%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD240 | 246571 |
| 8.00%, 08/30/86, (5-year UK Government Bond <br> + 3.837%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; GBP100 | 143083 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 149367 |
|  |  | 10199775 |
| **United States — 63.8%** | **United States — 63.8%** | **United States — 63.8%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD350 | 343437 |
| Acadia Healthcare Co. Inc. |  |  |
| 5.00%, 04/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD58 | 54798 |
| 5.50%, 07/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD33 | 32222 |
| 7.38%, 03/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 64908 |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| 4.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 88840 |
| 6.00%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 57005 |
| 7.50%, 11/06/30<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 137383 |
| 8.25%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 127471 |
| 8.50%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 62066 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 75898 |
| 5.13%, 03/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 53568 |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50286 |
| 7.50%, 02/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 90012 |
| 8.25%, 04/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 54450 |
| ADT Security Corp. (The), 4.13%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 127379 |
| Advance Auto Parts Inc., 3.90%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 44977 |
| AES Corp. (The) |  |  |
| 6.95%, 07/15/55, (5-year CMT + 2.890%)<sup>(b)</sup> | &nbsp;&nbsp; USD75 | 69930 |
| 7.60%, 01/15/55, (5-year CMT + 3.201%)<sup>(b)</sup> | &nbsp;&nbsp; USD115 | 113888 |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD135 | 135141 |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64064 |
| AG TTMT Escrow Issuer LLC, 8.63%, <br> 09/30/27<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD90 | 92609 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD185 | $172050 |
| 4.63%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD190 | 187838 |
| 4.88%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 106300 |
| 5.88%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 89975 |
| 6.25%, 03/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 75941 |
| 6.50%, 02/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 86331 |
| Alcoa Nederland Holding BV |  |  |
| 4.13%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 46448 |
| 6.13%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49812 |
| 7.13%, 03/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 102900 |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72319 |
| 5.88%, 11/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 52976 |
| 6.50%, 10/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 124687 |
| 6.75%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 154339 |
| 6.75%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 136012 |
| 7.00%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 157306 |
| 7.38%, 10/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 115999 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD315 | 321564 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp.<br>|  |  |
| 6.00%, 06/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 93883 |
| 9.75%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 115415 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL<br>|  |  |
| 3.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 109045 |
| 4.63%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD250 | 239931 |
| Allison Transmission Inc. |  |  |
| 3.75%, 01/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 85368 |
| 4.75%, 10/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 53929 |
| 5.88%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64898 |
| Ally Financial Inc. |  |  |
| 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(b)</sup> | &nbsp;&nbsp; USD60 | 57021 |
| 6.70%, 02/14/33<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 74513 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 122122 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73996 |
| 6.38%, 09/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48684 |
| AMC Entertainment Holdings Inc. |  |  |
| 7.50%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 72427 |
| 10.00%, 06/15/26, <br> (10.00% Cash or 12.00% PIK)<sup>(c)(d)(h)</sup><br>| &nbsp;&nbsp; USD100 | 98304 |
| AMC Networks Inc. |  |  |
| 4.25%, 02/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD120 | 87886 |
| 10.25%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 128819 |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 127187 |
| American Airlines Inc. |  |  |
| 7.25%, 02/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 88875 |
| 8.50%, 05/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 142154 |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD375 | 362824 |
| American Axle & Manufacturing Inc. |  |  |
| 5.00%, 10/01/29 | &nbsp;&nbsp; USD60 | 52650 |
| 6.50%, 04/01/27<sup>(d)</sup> | &nbsp;&nbsp; USD70 | 68017 |
| 6.88%, 07/01/28<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 48125 |
| American Builders & Contractors Supply Co. Inc. |  |  |
| 3.88%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 32254 |
| 4.00%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 86737 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27 | &nbsp;&nbsp; USD60 | $57257 |
| 5.88%, 08/20/26 | &nbsp;&nbsp; USD70 | 69125 |
| 9.38%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64594 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 94828 |
| 6.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 70623 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |  |
| 5.38%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 77911 |
| 5.75%, 03/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 79680 |
| 5.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 79514 |
| 6.63%, 02/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 65684 |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD190 | 167929 |
| Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.25%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD5 | 3663 |
| 5.75%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD26 | 20345 |
| Aptiv PLC/Aptiv Global Financing DAC, 6.88%, <br> 12/15/54, (5-year CMT + 3.385%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD85 | 79490 |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 132675 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 108233 |
| 6.13%, 12/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 67242 |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74759 |
| 6.63%, 09/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74460 |
| 6.88%, 04/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD22 | 21956 |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47081 |
| 6.88%, 08/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50938 |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance PLC<br>|  |  |
| 2.00%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 103828 |
| 3.25%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 68603 |
| 4.00%, 09/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 86970 |
| 6.00%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74719 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc.<br>|  |  |
| 2.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 100316 |
| 4.13%, 08/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 97075 |
| 4.75%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 63688 |
| 5.25%, 08/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 45894 |
| Aretec Group Inc. |  |  |
| 7.50%, 04/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 48826 |
| 10.00%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 75357 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 77522 |
| 11.50%, 10/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 65885 |
| Asbury Automotive Group Inc. |  |  |
| 4.50%, 03/01/28 | &nbsp;&nbsp; USD51 | 49299 |
| 4.63%, 11/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 89328 |
| 4.75%, 03/01/30 | &nbsp;&nbsp; USD60 | 56100 |
| 5.00%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 63809 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72690 |
| 6.63%, 10/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68833 |
| 8.25%, 12/31/28<sup>(c)</sup> | &nbsp;&nbsp; USD25 | 25315 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ashland Services BV, 2.00%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | $107325 |
| Ashton Woods USA LLC/Ashton Woods Finance <br> Co., 4.63%, 04/01/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD30 | 27458 |
| ASP Unifrax Holdings Inc. |  |  |
| 7.10%, 09/30/29, <br> (5.85% Cash and 1.25% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD57 | 22800 |
| 10.43%, 09/30/29, <br> (10.43% Cash and 11.18% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD139 | 124763 |
| AssuredPartners Inc. |  |  |
| 5.63%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49859 |
| 7.50%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 106354 |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD290 | 276892 |
| ATI Inc., 7.25%, 08/15/30 | &nbsp;&nbsp; USD60 | 62179 |
| Avantor Funding Inc. |  |  |
| 3.88%, 11/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 87753 |
| 4.63%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD180 | 173004 |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 83964 |
| 7.13%, 08/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 76309 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| 4.75%, 04/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 46500 |
| 5.38%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 87114 |
| 5.75%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 39011 |
| 8.00%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49523 |
| 8.25%, 01/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 79816 |
| Avis Budget Finance PLC, 7.00%, 02/28/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111611 |
| Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD75 | 77719 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 69395 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD50 | 49260 |
| Axon Enterprise Inc. |  |  |
| 6.13%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 122550 |
| 6.25%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 96900 |
| B&G Foods Inc. |  |  |
| 5.25%, 09/15/27<sup>(d)</sup> | &nbsp;&nbsp; USD80 | 75019 |
| 8.00%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 94525 |
| Ball Corp. |  |  |
| 1.50%, 03/15/27 | &nbsp;&nbsp; EUR100 | 109778 |
| 2.88%, 08/15/30 | &nbsp;&nbsp; USD175 | 155106 |
| 3.13%, 09/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 78687 |
| 6.00%, 06/15/29 | &nbsp;&nbsp; USD160 | 163160 |
| 6.88%, 03/15/28 | &nbsp;&nbsp; USD90 | 92199 |
| Bath & Body Works Inc. |  |  |
| 5.25%, 02/01/28 | &nbsp;&nbsp; USD65 | 64521 |
| 6.63%, 10/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 81351 |
| 7.50%, 06/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD65 | 66509 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD165 | 171402 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 182312 |
| 5.25%, 01/30/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 43641 |
| 5.25%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 27102 |
| 6.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 81875 |
| 11.00%, 09/30/28<sup>(c)</sup> | &nbsp;&nbsp; USD264 | 248266 |
| BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27, <br> (7.75% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD50 | 48351 |
| Beacon Roofing Supply Inc., 6.75%, 04/30/32<sup>(c)</sup> | &nbsp;&nbsp; USD280 | 280700 |
| Belden Inc., 3.38%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107688 |
| Berry Global Inc., 5.63%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 54969 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Block Inc. |  |  |
| 2.75%, 06/01/26 | &nbsp;&nbsp; USD125 | $121779 |
| 3.50%, 06/01/31 | &nbsp;&nbsp; USD105 | 93187 |
| 6.50%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD285 | 290190 |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 7.00%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 45651 |
| 7.25%, 07/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 76649 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD250 | 263589 |
| Boyd Gaming Corp. |  |  |
| 4.75%, 12/01/27 | &nbsp;&nbsp; USD120 | 117619 |
| 4.75%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 93085 |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 147250 |
| Brandywine Operating Partnership LP |  |  |
| 3.95%, 11/15/27 | &nbsp;&nbsp; USD50 | 47119 |
| 8.88%, 04/12/29 | &nbsp;&nbsp; USD65 | 68153 |
| Bread Financial Holdings Inc. |  |  |
| 8.38%, 06/15/35, (5-year CMT + 4.300%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD90 | 84251 |
| 9.75%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 105062 |
| Brightline East LLC, 11.00%, 01/31/30<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 143156 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 58892 |
| 6.50%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 61135 |
| 6.75%, 06/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 46069 |
| Brookfield Property Finance ULC |  |  |
| 4.00%, 09/30/26 | &nbsp;&nbsp; CAD125 | 88926 |
| 7.13%, 02/13/28 | &nbsp;&nbsp; CAD100 | 74543 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC<br>|  |  |
| 4.50%, 04/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 91978 |
| 5.75%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD66 | 65368 |
| Buckeye Partners LP |  |  |
| 3.95%, 12/01/26 | &nbsp;&nbsp; USD75 | 73112 |
| 4.13%, 12/01/27 | &nbsp;&nbsp; USD35 | 33625 |
| 4.50%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72094 |
| 6.75%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 66081 |
| 6.88%, 07/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60844 |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD175 | 158202 |
| 5.00%, 03/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 76700 |
| 6.38%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 90583 |
| 6.38%, 03/01/34<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 109037 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49504 |
| 9.25%, 07/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 78956 |
| Caesars Entertainment Inc. |  |  |
| 4.63%, 10/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 129325 |
| 6.00%, 10/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 117556 |
| 6.50%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD205 | 206025 |
| 7.00%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD230 | 235531 |
| 8.13%, 07/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD63 | 63151 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 101484 |
| 4.50%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD180 | 175837 |
| 4.63%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 86994 |
| 5.00%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 105930 |
| 5.13%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 148154 |
| Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD110 | 95392 |
| Carnival PLC, 1.00%, 10/28/29 | &nbsp;&nbsp; EUR100 | 98771 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Carvana Co. |  |  |
| 9.00%, 12/01/28, (9.00% PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; USD126 | $129641 |
| 13.00%, 06/01/30, (13.00% PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; USD185 | 195940 |
| 14.00%, 06/01/31, (14.00% PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; USD225 | 246287 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 360960 |
| 4.25%, 01/15/34<sup>(c)(d)</sup> | &nbsp;&nbsp; USD260 | 219017 |
| 4.50%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD360 | 333905 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; USD335 | 297731 |
| 4.50%, 06/01/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD215 | 187088 |
| 4.75%, 03/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD360 | 340121 |
| 4.75%, 02/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD145 | 131044 |
| 5.00%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD290 | 282750 |
| 5.13%, 05/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD405 | 399211 |
| 5.38%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 171244 |
| 5.50%, 05/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 69913 |
| 6.38%, 09/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD160 | 161360 |
| 7.38%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD180 | 185060 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum <br> Management Corp./Millennium Op<br>|  |  |
| 5.25%, 07/15/29 | &nbsp;&nbsp; USD60 | 57146 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; USD70 | 69476 |
| Celanese U.S. Holdings LLC |  |  |
| 0.63%, 09/10/28 | &nbsp;&nbsp; EUR100 | 98059 |
| 5.00%, 04/15/31 | &nbsp;&nbsp; EUR100 | 109628 |
| 5.59%, 01/19/29 | &nbsp;&nbsp; EUR100 | 115786 |
| 6.42%, 07/15/27 | &nbsp;&nbsp; USD202 | 203525 |
| 6.50%, 04/15/30 | &nbsp;&nbsp; USD70 | 68348 |
| 6.58%, 07/15/29 | &nbsp;&nbsp; USD100 | 100852 |
| 6.60%, 11/15/28 | &nbsp;&nbsp; USD100 | 101002 |
| 6.63%, 07/15/32<sup>(d)</sup> | &nbsp;&nbsp; USD100 | 98272 |
| 6.75%, 04/15/33<sup>(d)</sup> | &nbsp;&nbsp; USD130 | 121786 |
| 6.80%, 11/15/30 | &nbsp;&nbsp; USD125 | 124947 |
| 6.95%, 11/15/33<sup>(d)</sup> | &nbsp;&nbsp; USD175 | 175303 |
| Central Garden & Pet Co. |  |  |
| 4.13%, 10/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 68433 |
| 4.13%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 36009 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD100 | 85904 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD90 | 79481 |
| Century Communities Inc. |  |  |
| 3.88%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 44637 |
| 6.75%, 06/01/27 | &nbsp;&nbsp; USD50 | 49852 |
| Charles River Laboratories International Inc. |  |  |
| 3.75%, 03/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD35 | 32025 |
| 4.00%, 03/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 57146 |
| 4.25%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 71323 |
| Chart Industries Inc. |  |  |
| 7.50%, 01/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD164 | 170150 |
| 9.50%, 01/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 79922 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 66923 |
| 5.38%, 05/15/27 | &nbsp;&nbsp; USD50 | 48551 |
| 5.75%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 95081 |
| 8.00%, 01/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD20 | 18023 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, <br> (8.75% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD78 | 82835 |
| Chobani LLC/Chobani Finance Corp. Inc., 7.63%, <br> 07/01/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD50 | 52277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | $98700 |
| 5.25%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD190 | 161615 |
| 5.63%, 03/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD205 | 199875 |
| 6.00%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 83908 |
| 6.13%, 04/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD150 | 102031 |
| 6.88%, 04/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 65663 |
| 6.88%, 04/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 101719 |
| 8.00%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD109 | 109054 |
| 10.88%, 01/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD285 | 294470 |
| Churchill Downs Inc. |  |  |
| 4.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72656 |
| 5.50%, 04/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74339 |
| 5.75%, 04/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD170 | 166353 |
| 6.75%, 05/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 80845 |
| Cinemark USA Inc. |  |  |
| 5.25%, 07/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 107814 |
| 7.00%, 08/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 40883 |
| CITGO Petroleum Corp. |  |  |
| 6.38%, 06/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64675 |
| 8.38%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 109897 |
| Civitas Resources Inc. |  |  |
| 5.00%, 10/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 33934 |
| 8.38%, 07/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD205 | 201412 |
| 8.63%, 11/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 120275 |
| 8.75%, 07/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD155 | 147250 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.38%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112825 |
| 6.25%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD49 | 48964 |
| 6.75%, 05/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 126684 |
| 6.75%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 71125 |
| 8.50%, 05/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD195 | 195731 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 103794 |
| 4.88%, 07/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 145250 |
| Clean Harbors Inc. |  |  |
| 4.88%, 07/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 97750 |
| 6.38%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 40632 |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 5.13%, 08/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD155 | 150108 |
| 7.50%, 06/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 102344 |
| 7.75%, 04/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD135 | 112050 |
| 7.88%, 04/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 115144 |
| 9.00%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 77453 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 84671 |
| 4.75%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 107421 |
| Cleveland-Cliffs Inc. |  |  |
| 5.88%, 06/01/27<sup>(d)</sup> | &nbsp;&nbsp; USD45 | 44405 |
| 6.75%, 04/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 72174 |
| 6.88%, 11/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD160 | 154825 |
| 7.00%, 03/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD170 | 159963 |
| 7.38%, 05/01/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 89445 |
| 7.50%, 09/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 101694 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD505 | 505000 |
| 8.25%, 06/30/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD245 | 255259 |
| 9.00%, 09/30/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD445 | 448866 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 65528 |
| 6.75%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 179046 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 6.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD60 | $61095 |
| 8.75%, 04/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 108179 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 78750 |
| CNX Resources Corp. |  |  |
| 6.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 63053 |
| 7.25%, 03/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49963 |
| 7.38%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 70110 |
| Cogent Communications Group LLC |  |  |
| 3.50%, 05/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48899 |
| 7.00%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50000 |
| Coinbase Global Inc. |  |  |
| 3.38%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 96584 |
| 3.63%, 10/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 82456 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD87 | 76845 |
| 7.13%, 07/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 114579 |
| 8.25%, 03/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 113921 |
| 9.50%, 12/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 51125 |
| CommScope Technologies LLC, 5.00%, <br> 03/15/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD90 | 78300 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD100 | 94320 |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 99550 |
| 6.75%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD240 | 226734 |
| Consolidated Communications Inc. |  |  |
| 5.00%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 33212 |
| 6.50%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 83300 |
| Constellium SE |  |  |
| 3.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106403 |
| 3.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 45937 |
| Cooper-Standard Automotive Inc., 13.50%, <br> 03/31/27, (13.50% Cash)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD25 | 26095 |
| Cornerstone Building Brands Inc., 9.50%, <br> 08/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD45 | 39150 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.50%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 144187 |
| 7.50%, 12/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 52622 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68772 |
| 9.25%, 12/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 63525 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 100769 |
| 7.63%, 04/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 118137 |
| 9.25%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 151590 |
| Crown Americas LLC, 5.25%, 04/01/30 | &nbsp;&nbsp; USD70 | 69647 |
| Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; USD35 | 34463 |
| Crown European Holdings SACA |  |  |
| 4.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115974 |
| 4.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117118 |
| CSC Holdings LLC |  |  |
| 3.38%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 100125 |
| 4.13%, 12/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 85625 |
| 4.50%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 136000 |
| 4.63%, 12/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 127187 |
| 5.00%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 26750 |
| 5.38%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 109219 |
| 5.50%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 139219 |
| 5.75%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD300 | 150375 |
| 6.50%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 163500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 7.50%, 04/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | $91562 |
| 11.25%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 121810 |
| 11.75%, 01/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD250 | 235937 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 75188 |
| 8.88%, 09/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 42800 |
| CVR Energy Inc. |  |  |
| 5.75%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 40866 |
| 8.50%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 68875 |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54, (5-year CMT + 2.516%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | 99550 |
| 7.00%, 03/10/55, (5-year CMT + 2.886%)<sup>(b)</sup> | &nbsp;&nbsp; USD275 | 277819 |
| Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 121596 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30 | &nbsp;&nbsp; USD50 | 45973 |
| 5.38%, 11/15/27 | &nbsp;&nbsp; USD40 | 39750 |
| 5.63%, 06/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD55 | 54361 |
| Darling Global Finance BV, 3.63%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112805 |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49384 |
| 6.00%, 06/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 129472 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 153769 |
| 4.63%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD365 | 339197 |
| 6.88%, 09/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 110962 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49375 |
| 8.63%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 128679 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 90630 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD450 | 435121 |
| 10.00%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD260 | 247650 |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD360 | 327600 |
| 5.75%, 12/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD350 | 294000 |
| 7.38%, 07/01/28<sup>(d)</sup> | &nbsp;&nbsp; USD130 | 87230 |
| 7.75%, 07/01/26 | &nbsp;&nbsp; USD225 | 195197 |
| 5.13%, 06/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD175 | 109484 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD413 | 434285 |
| Diversified Healthcare Trust |  |  |
| 4.38%, 03/01/31<sup>(d)</sup> | &nbsp;&nbsp; USD65 | 50243 |
| 4.75%, 02/15/28 | &nbsp;&nbsp; USD60 | 53651 |
| DPL Inc., 4.35%, 04/15/29 | &nbsp;&nbsp; USD40 | 37950 |
| DT Midstream Inc. |  |  |
| 4.13%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 126619 |
| 4.38%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 105800 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(h)</sup> | &nbsp;&nbsp; USD275 | 256523 |
| Series ., 10.75%, Series ., 11/30/29 | &nbsp;&nbsp; USD701 | 741367 |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 69985 |
| 5.50%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 78337 |
| Edison International |  |  |
| 7.88%, 06/15/54, (5-year CMT + 3.658%)<sup>(b)</sup> | &nbsp;&nbsp; USD60 | 56304 |
| 8.13%, 06/15/53, (5-year CMT + 3.864%)<sup>(b)(d)</sup> | &nbsp;&nbsp; USD50 | 47750 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.38%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116971 |
| 6.63%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD335 | 339985 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 6.75%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | $76313 |
| Encino Acquisition Partners Holdings LLC |  |  |
| 8.50%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 75094 |
| 8.75%, 05/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 45675 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; USD90 | 88452 |
| 4.63%, 04/01/31<sup>(d)</sup> | &nbsp;&nbsp; USD65 | 61876 |
| 4.75%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD80 | 77655 |
| Encore Capital Group Inc. |  |  |
| 8.50%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 51866 |
| 9.25%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 73891 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 135094 |
| Energizer Gamma Acquisition BV, 3.50%, <br> 06/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 105076 |
| Energizer Holdings Inc. |  |  |
| 4.38%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 83825 |
| 4.75%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 81838 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + 2.829%)<sup>(b)(d)</sup> | &nbsp;&nbsp; USD50 | 49466 |
| 8.00%, 05/15/54, (5-year CMT + 4.020%)<sup>(b)</sup> | &nbsp;&nbsp; USD90 | 93150 |
| Entegris Inc. |  |  |
| 3.63%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 32221 |
| 4.38%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48159 |
| 4.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 194187 |
| 5.95%, 06/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 99503 |
| EQT Corp. |  |  |
| 4.50%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD74 | 71727 |
| 4.75%, 01/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 106200 |
| 6.38%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 76672 |
| 7.50%, 06/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 40604 |
| 7.50%, 06/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 53760 |
| EquipmentShare.com Inc. |  |  |
| 8.00%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68961 |
| 8.63%, 05/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 71349 |
| 9.00%, 05/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 122100 |
| EUSHI Finance Inc., 7.63%, 12/15/54, <br> (5-year CMT + 3.136%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD50 | 50194 |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 95669 |
| 5.25%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 34951 |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| 5.38%, 04/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 63213 |
| 5.88%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 82503 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc.<br>|  |  |
| 4.63%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 116211 |
| 6.75%, 01/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD155 | 135199 |
| FirstCash Inc. |  |  |
| 4.63%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72339 |
| 5.63%, 01/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 44215 |
| 6.88%, 03/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 66447 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 120450 |
| Fortress Transportation and Infrastructure <br> Investors LLC<br>|  |  |
| 5.88%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 57435 |
| 7.00%, 05/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD83 | 84574 |
| 7.00%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 91181 |
| 7.88%, 12/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 78242 |
| 5.50%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 122812 |
| Freedom Mortgage Corp. |  |  |
| 6.63%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 109037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 7.63%, 05/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD45 | $44986 |
| 12.00%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 107029 |
| 12.25%, 10/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 54927 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 82981 |
| 9.13%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 95737 |
| 9.25%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 132443 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD240 | 237490 |
| 5.88%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 134872 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD75 | 74824 |
| 6.00%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 120336 |
| 6.75%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 120473 |
| 8.63%, 03/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 105944 |
| 8.75%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 183145 |
| FXI Holdings Inc. |  |  |
| 12.25%, 11/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD109 | 96317 |
| 12.25%, 11/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD74 | 65620 |
| Gap Inc. (The) |  |  |
| 3.63%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 72312 |
| 3.88%, 10/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD94 | 81141 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 104721 |
| 6.75%, 09/30/27<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 116869 |
| 7.13%, 09/30/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 66859 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.75%, 02/01/28 | &nbsp;&nbsp; USD65 | 64706 |
| 7.88%, 05/15/32 | &nbsp;&nbsp; USD110 | 107040 |
| 8.00%, 05/15/33<sup>(d)</sup> | &nbsp;&nbsp; USD65 | 63047 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; USD70 | 71042 |
| 8.88%, 04/15/30 | &nbsp;&nbsp; USD55 | 56238 |
| GEO Group Inc. (The) |  |  |
| 8.63%, 04/15/29 | &nbsp;&nbsp; USD85 | 89244 |
| 10.25%, 04/15/31 | &nbsp;&nbsp; USD60 | 65562 |
| Glatfelter Corp., 4.75%, 11/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 43435 |
| Global Atlantic Fin Co. |  |  |
| 4.70%, 10/15/51, (5-year CMT + 3.796%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD95 | 90488 |
| 7.95%, 10/15/54, (5-year CMT + 3.608%)<sup>(b)(c)</sup> | &nbsp;&nbsp; USD100 | 101773 |
| Global Partners LP/GLP Finance Corp. |  |  |
| 7.00%, 08/01/27<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 49619 |
| 8.25%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 55884 |
| Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| 3.50%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 88455 |
| 5.25%, 12/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 59357 |
| Goodyear Europe BV, 2.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106848 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; USD110 | 108169 |
| 5.00%, 05/31/26 | &nbsp;&nbsp; USD65 | 64594 |
| 5.00%, 07/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD95 | 89831 |
| 5.25%, 04/30/31<sup>(d)</sup> | &nbsp;&nbsp; USD70 | 65258 |
| 5.25%, 07/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 83768 |
| 5.63%, 04/30/33<sup>(d)</sup> | &nbsp;&nbsp; USD65 | 59892 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD35 | 32944 |
| 3.75%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 50325 |
| 6.38%, 07/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 70438 |
| Gray Television Inc. |  |  |
| 4.75%, 10/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 66000 |
| 5.38%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD145 | 86094 |
| 7.00%, 05/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48650 |
| 10.50%, 07/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD170 | 174512 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Group 1 Automotive Inc. |  |  |
| 4.00%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | $71250 |
| 6.38%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50478 |
| H&E Equipment Services Inc., 3.88%, 12/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 199312 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD60 | 62175 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 75773 |
| 7.50%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 71228 |
| Helios Software Holdings Inc./ION Corporate <br> Solutions Finance SARL<br>|  |  |
| 7.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 112651 |
| 8.75%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48619 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 133181 |
| 6.63%, 06/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 113626 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 58538 |
| 5.00%, 12/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 77285 |
| 12.63%, 07/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD150 | 145875 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 89029 |
| 5.13%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68558 |
| 5.50%, 10/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 39068 |
| 5.88%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 125192 |
| 6.50%, 06/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 66012 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 51030 |
| 6.00%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 63700 |
| 6.00%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 71400 |
| 6.25%, 11/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 82078 |
| 6.25%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 51769 |
| 6.88%, 05/15/34<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 76556 |
| 7.25%, 02/15/35<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 99727 |
| 8.38%, 11/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 52211 |
| Hillenbrand Inc., 6.25%, 02/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD55 | 54714 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD170 | 150664 |
| 3.75%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 93858 |
| 4.00%, 05/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 160428 |
| 4.88%, 01/15/30 | &nbsp;&nbsp; USD130 | 127010 |
| 5.75%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 44974 |
| 5.88%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 65650 |
| 5.88%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 109887 |
| 6.13%, 04/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60940 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 43500 |
| 5.00%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 101567 |
| 6.63%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 97872 |
| Hilton Worldwide Finance LLC/Hilton Worldwide <br> Finance Corp., 4.88%, 04/01/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD60 | 59620 |
| HLF Financing SARL LLC/Herbalife <br> International Inc.<br>|  |  |
| 4.88%, 06/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 57750 |
| 12.25%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 106355 |
| Hologic Inc. |  |  |
| 3.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 92903 |
| 4.63%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49078 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 82163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 4.38%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | $57641 |
| 5.38%, 08/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72375 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 81288 |
| 8.88%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 51956 |
| HUB International Ltd. |  |  |
| 5.63%, 12/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 63395 |
| 7.25%, 06/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD430 | 445131 |
| 7.38%, 01/31/32<sup>(c)</sup> | &nbsp;&nbsp; USD230 | 236134 |
| Hudson Pacific Properties LP |  |  |
| 3.25%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD60 | 39724 |
| 3.95%, 11/01/27 | &nbsp;&nbsp; USD50 | 43444 |
| 4.65%, 04/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 35803 |
| Hughes Satellite Systems Corp. |  |  |
| 5.25%, 08/01/26<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 69885 |
| 6.63%, 08/01/26<sup>(d)</sup> | &nbsp;&nbsp; USD110 | 89322 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 4.38%, 02/01/29 | &nbsp;&nbsp; USD85 | 70763 |
| 5.25%, 05/15/27 | &nbsp;&nbsp; USD192 | 182744 |
| 6.25%, 05/15/26 | &nbsp;&nbsp; USD88 | 87714 |
| 9.00%, 06/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 84642 |
| 9.75%, 01/15/29 | &nbsp;&nbsp; USD100 | 98700 |
| 10.00%, 11/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 53763 |
| IGT Lottery Holdings BV, 4.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115161 |
| iHeartCommunications Inc. |  |  |
| 7.75%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD77 | 55350 |
| 9.13%, 05/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD71 | 54840 |
| 10.88%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD96 | 40320 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 214740 |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(k)</sup> | &nbsp;&nbsp; USD27 | 5691 |
| International Game Technology PLC |  |  |
| 2.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 111092 |
| 4.13%, 04/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74027 |
| 5.25%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73328 |
| 6.25%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 85141 |
| IQVIA Inc. |  |  |
| 2.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 106666 |
| 2.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 220038 |
| 5.00%, 10/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 123881 |
| 5.00%, 05/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 118986 |
| 6.50%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 76008 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 143297 |
| 4.88%, 09/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 118232 |
| 4.88%, 09/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD145 | 139674 |
| 5.00%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48839 |
| 5.25%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 98434 |
| 5.25%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD145 | 140438 |
| 5.63%, 07/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD60 | 58125 |
| 6.25%, 01/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 154722 |
| 7.00%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 102731 |
| Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; USD105 | 98175 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD140 | 127575 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 4.50%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47560 |
| 6.13%, 11/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD215 | 211350 |
| 6.75%, 05/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD170 | 170811 |
| 7.13%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD185 | 190807 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD180 | 170695 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.00%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD150 | $139091 |
| 6.63%, 10/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73429 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD35 | 35088 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD240 | 221220 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD60 | 53886 |
| 4.63%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47975 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD120 | 122850 |
| Kennedy-Wilson Inc. |  |  |
| 4.75%, 03/01/29 | &nbsp;&nbsp; USD55 | 49242 |
| 4.75%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 65564 |
| 5.00%, 03/01/31 | &nbsp;&nbsp; USD96 | 81873 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco <br> Bell of America LLC, 4.75%, 06/01/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD100 | 99577 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 117000 |
| 6.63%, 12/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 115833 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 62040 |
| 8.25%, 11/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 71006 |
| 8.63%, 10/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 81750 |
| 10.50%, 07/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 62923 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.25%, 02/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68176 |
| 4.75%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD78 | 74710 |
| 7.00%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 66981 |
| Lamar Media Corp. |  |  |
| 3.63%, 01/15/31 | &nbsp;&nbsp; USD55 | 49769 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; USD75 | 71513 |
| 4.00%, 02/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD60 | 55961 |
| 4.88%, 01/15/29 | &nbsp;&nbsp; USD55 | 53444 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 107718 |
| 4.38%, 01/31/32<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 63981 |
| 4.88%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64025 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 91870 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 94552 |
| 8.25%, 08/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 109315 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 55219 |
| 6.75%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD190 | 154617 |
| Level 3 Financing Inc. |  |  |
| 3.88%, 10/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD60 | 47322 |
| 4.00%, 04/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 69732 |
| 4.50%, 04/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 62455 |
| 4.88%, 06/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 82913 |
| 10.50%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 83115 |
| 10.50%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 129889 |
| 10.75%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 110875 |
| 11.00%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 223888 |
| Levi Strauss & Co., 3.38%, 03/15/27 | &nbsp;&nbsp; EUR100 | 112189 |
| LGI Homes Inc. |  |  |
| 7.00%, 11/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 55350 |
| 8.75%, 12/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50403 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Liberty Mutual Group Inc., 4.13%, 12/15/51, <br> (5-year CMT + 3.315%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; USD50 | $47299 |
| LifePoint Health Inc. |  |  |
| 5.38%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 63197 |
| 8.38%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 86620 |
| 9.88%, 08/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 95625 |
| 10.00%, 06/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 106012 |
| 11.00%, 10/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 136998 |
| Light & Wonder International Inc. |  |  |
| 7.00%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 80053 |
| 7.25%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50862 |
| 7.50%, 09/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 76969 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD185 | 191475 |
| Lithia Motors Inc. |  |  |
| 3.88%, 06/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 74358 |
| 4.38%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 45875 |
| 4.63%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48672 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 67108 |
| 4.75%, 10/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 117454 |
| 6.50%, 05/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 136524 |
| Lumen Technologies Inc. |  |  |
| 4.13%, 04/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 46750 |
| 10.00%, 10/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD56 | 55860 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD26 | 24633 |
| 5.88%, 03/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 37176 |
| 6.13%, 03/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 40453 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 71417 |
| 5.88%, 06/30/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 122850 |
| Magnera Corp., 7.25%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 89784 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 94516 |
| 6.50%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 101053 |
| 6.88%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 44744 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 51391 |
| 4.13%, 08/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 53907 |
| 4.63%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 57540 |
| 5.00%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73728 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD300 | 300804 |
| 9.25%, 04/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD210 | 192937 |
| McAfee Corp., 7.38%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD260 | 224575 |
| McGraw-Hill Education Inc. |  |  |
| 5.75%, 08/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 122290 |
| 7.38%, 09/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 76637 |
| 8.00%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 79104 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD605 | 564565 |
| 5.25%, 10/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD290 | 275500 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD160 | 161200 |
| Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD100 | 94706 |
| MGM Resorts International |  |  |
| 4.63%, 09/01/26 | &nbsp;&nbsp; USD57 | 56376 |
| 4.75%, 10/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 86472 |
| 5.50%, 04/15/27 | &nbsp;&nbsp; USD66 | 65678 |
| 6.13%, 09/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD135 | 134284 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 6.50%, 04/15/32<sup>(d)</sup> | &nbsp;&nbsp; USD90 | $88317 |
| Michaels Companies Inc. (The) |  |  |
| 5.25%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 60341 |
| 7.88%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD165 | 57808 |
| Midcap Financial Issuer Trust |  |  |
| 5.63%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 44025 |
| 6.50%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 109792 |
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(c)</sup><br>| &nbsp;&nbsp; USD75 | 74823 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, <br> 02/01/30<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD75 | 67594 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC<br>|  |  |
| 8.25%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 89920 |
| 11.88%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49391 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 67576 |
| 3.88%, 05/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 74829 |
| 4.38%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 124798 |
| 6.25%, 01/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 74243 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD89 | 70975 |
| 6.75%, 03/31/31, <br> (6.00% Cash and 0.75% PIK)<sup>(c)(d)(h)</sup><br>| &nbsp;&nbsp; USD89 | 59941 |
| 11.50%, 12/31/30, <br> (6.50% Cash and 5.00% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; USD94 | 87897 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.38%, 04/24/30 | &nbsp;&nbsp; GBP125 | 106471 |
| 3.50%, 03/15/31 | &nbsp;&nbsp; USD110 | 72940 |
| 4.63%, 08/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD150 | 114285 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; USD160 | 142568 |
| 7.00%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 143649 |
| 8.50%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD190 | 193227 |
| Murphy Oil USA Inc. |  |  |
| 3.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 72013 |
| 4.75%, 09/15/29 | &nbsp;&nbsp; USD25 | 24099 |
| Nabors Industries Inc. |  |  |
| 7.38%, 05/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 89537 |
| 8.88%, 08/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 50663 |
| 9.13%, 01/31/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | 63111 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 85080 |
| 5.50%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 99145 |
| 5.75%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60152 |
| 6.00%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 65016 |
| 6.50%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 122040 |
| 7.13%, 02/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 124565 |
| Navient Corp. |  |  |
| 4.88%, 03/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD55 | 52817 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; USD85 | 83937 |
| 5.50%, 03/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 85297 |
| 6.75%, 06/15/26 | &nbsp;&nbsp; USD50 | 50297 |
| 9.38%, 07/25/30 | &nbsp;&nbsp; USD45 | 47802 |
| 11.50%, 03/15/31 | &nbsp;&nbsp; USD100 | 111171 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 119406 |
| 6.75%, 02/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD215 | 209625 |
| 7.75%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 113418 |
| 8.13%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 104585 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 49606 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 160879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD70 | $67865 |
| 5.13%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47948 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD335 | 298150 |
| Newell Brands Inc. |  |  |
| 5.20%, 04/01/26 | &nbsp;&nbsp; USD101 | 99737 |
| 6.38%, 09/15/27<sup>(d)</sup> | &nbsp;&nbsp; USD35 | 34241 |
| 6.38%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 68090 |
| 6.63%, 09/15/29 | &nbsp;&nbsp; USD75 | 70356 |
| 6.63%, 05/15/32<sup>(d)</sup> | &nbsp;&nbsp; USD60 | 53850 |
| Newfold Digital Holdings Group Inc. |  |  |
| 6.00%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 37975 |
| 11.75%, 10/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 30680 |
| Nexstar Media Inc. |  |  |
| 4.75%, 11/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 113217 |
| 5.63%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 198304 |
| NextEra Energy Operating Partners LP |  |  |
| 3.88%, 10/15/26<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 48126 |
| 4.50%, 09/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 80277 |
| 7.25%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 98635 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD375 | 258784 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 98713 |
| 8.38%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD165 | 149676 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 2.75%, 03/09/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 68273 |
| 5.30%, 09/13/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49006 |
| 7.05%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 76674 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD170 | 161879 |
| Nordstrom Inc. |  |  |
| 4.25%, 08/01/31 | &nbsp;&nbsp; USD55 | 46837 |
| 4.38%, 04/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD55 | 48767 |
| Northern Oil & Gas Inc. |  |  |
| 8.13%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73725 |
| 8.75%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 61858 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 87016 |
| 3.88%, 08/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 81771 |
| 4.75%, 01/30/30<sup>(c)</sup> | &nbsp;&nbsp; USD195 | 181066 |
| Novelis Inc., 6.88%, 01/30/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 96354 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107092 |
| NRG Energy Inc. |  |  |
| 3.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 55479 |
| 3.63%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 94237 |
| 3.88%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD61 | 54443 |
| 5.25%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 88987 |
| 5.75%, 01/15/28 | &nbsp;&nbsp; USD80 | 80282 |
| 5.75%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 119441 |
| 6.00%, 02/01/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 108762 |
| 6.25%, 11/01/34<sup>(c)(d)</sup> | &nbsp;&nbsp; USD145 | 144517 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/27 | &nbsp;&nbsp; USD70 | 69778 |
| 6.00%, 06/01/26 | &nbsp;&nbsp; USD60 | 59963 |
| 6.38%, 10/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD60 | 60911 |
| Office Properties Income Trust |  |  |
| 3.25%, 03/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD49 | 38935 |
| 9.00%, 09/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 37000 |
| OI European Group BV |  |  |
| 4.75%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 37033 |
| 6.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 116104 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Olin Corp. |  |  |
| 5.00%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD50 | $46839 |
| 5.63%, 08/01/29 | &nbsp;&nbsp; USD85 | 82450 |
| 6.63%, 04/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 66384 |
| Olympus Water U.S. Holding Corp. |  |  |
| 3.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 107008 |
| 4.25%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 92362 |
| 6.25%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 68759 |
| 7.25%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 75000 |
| 9.63%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117865 |
| 9.75%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 234612 |
| OneMain Finance Corp. |  |  |
| 3.50%, 01/15/27 | &nbsp;&nbsp; USD100 | 95656 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; USD60 | 55404 |
| 4.00%, 09/15/30 | &nbsp;&nbsp; USD100 | 88595 |
| 5.38%, 11/15/29 | &nbsp;&nbsp; USD95 | 90815 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; USD100 | 100625 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; USD100 | 100356 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; USD75 | 73562 |
| 7.13%, 11/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD85 | 85339 |
| 7.50%, 05/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 91125 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; USD120 | 123900 |
| 9.00%, 01/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD85 | 88709 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV<br>|  |  |
| 4.13%, 04/30/28<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 259013 |
| 5.13%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 188693 |
| 2.88%, 04/30/28<sup>(a)</sup> | &nbsp;&nbsp; EUR150 | 161225 |
| 6.75%, 05/15/34<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 70758 |
| 7.88%, 05/15/34<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 64400 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 55728 |
| 4.63%, 03/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 46210 |
| 5.00%, 08/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 78371 |
| 7.38%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 67946 |
| Owens & Minor Inc. |  |  |
| 4.50%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 48748 |
| 6.63%, 04/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 63948 |
| 10.00%, 04/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 118432 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 84894 |
| 7.25%, 05/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 79306 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD370 | 379444 |
| Paramount Global |  |  |
| 6.25%, 02/28/57<sup>(b)</sup> | &nbsp;&nbsp; USD80 | 74138 |
| 6.38%, 03/30/62, (5-year CMT + 3.999%)<sup>(b)(d)</sup> | &nbsp;&nbsp; USD130 | 125131 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 88825 |
| 5.88%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73263 |
| 7.00%, 02/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 74975 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 6.00%, 02/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD95 | 83877 |
| 7.88%, 09/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 82073 |
| 9.88%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 74890 |
| PennyMac Financial Services Inc. |  |  |
| 4.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 69981 |
| 5.75%, 09/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 42880 |
| 6.88%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 124984 |
| 7.13%, 11/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 86336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 7.88%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | $93913 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD145 | 137250 |
| 5.50%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 128777 |
| 6.13%, 09/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 100048 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68043 |
| 6.25%, 02/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 116750 |
| 7.00%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD145 | 145906 |
| 8.00%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50602 |
| Perrigo Finance Unlimited Co. |  |  |
| 4.90%, 06/15/30 | &nbsp;&nbsp; USD85 | 80845 |
| 6.13%, 09/30/32<sup>(d)</sup> | &nbsp;&nbsp; USD100 | 98994 |
| PetSmart Inc./PetSmart Finance Corp. |  |  |
| 4.75%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 142693 |
| 7.75%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 116389 |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28 | &nbsp;&nbsp; USD110 | 107189 |
| 5.25%, 07/01/30 | &nbsp;&nbsp; USD165 | 158981 |
| 7.38%, 03/15/55, (5-year CMT + 3.883%)<sup>(b)</sup> | &nbsp;&nbsp; USD175 | 170406 |
| Pike Corp. |  |  |
| 5.50%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73497 |
| 8.63%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 57750 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; USD135 | 120004 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; USD115 | 109126 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; USD100 | 104079 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; USD100 | 108335 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 113771 |
| 4.63%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD205 | 193264 |
| 5.50%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 151902 |
| 6.25%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 100875 |
| 6.25%, 10/15/34<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64551 |
| 6.38%, 03/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 148687 |
| PRA Group Inc. |  |  |
| 8.38%, 02/01/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 40400 |
| 8.88%, 01/31/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 56650 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.<br>|  |  |
| 5.63%, 09/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 52650 |
| 5.88%, 09/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 39563 |
| Prestige Brands Inc. |  |  |
| 3.75%, 04/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 53963 |
| 5.13%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49345 |
| Prime Healthcare Services Inc., 9.38%, <br> 09/01/29<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD195 | 186208 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 124003 |
| 5.75%, 04/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD41 | 40988 |
| 6.25%, 01/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 129753 |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc.<br>|  |  |
| 4.38%, 04/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 94853 |
| 6.25%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 74625 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD495 | 498221 |
| 6.75%, 03/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD175 | 175646 |
| QVC Inc., 6.88%, 04/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD80 | 53400 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Radiate Holdco LLC/Radiate Finance Inc. |  |  |
| 4.50%, 09/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD90 | $77400 |
| 6.50%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 58409 |
| Radiology Partners Inc. |  |  |
| 7.78%, 01/31/29, <br> (4.28% Cash and 3.50% PIK)<sup>(c)(d)(h)</sup><br>| &nbsp;&nbsp; USD90 | 87755 |
| 9.78%, 02/15/30, (6.78% PIK)<sup>(c)(d)(h)</sup> | &nbsp;&nbsp; USD69 | 63636 |
| Range Resources Corp. |  |  |
| 4.75%, 02/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD60 | 56475 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; USD55 | 56312 |
| Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/31<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD170 | 166387 |
| Resorts World Las Vegas LLC/RWLV Capital Inc. |  |  |
| 4.63%, 04/16/29<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 128811 |
| 8.45%, 07/27/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48500 |
| Reworld Holding Corp. |  |  |
| 4.88%, 12/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 69979 |
| 5.00%, 09/01/30 | &nbsp;&nbsp; USD50 | 45953 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 67032 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; USD90 | 88299 |
| 6.50%, 04/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 134494 |
| 7.25%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 41182 |
| RLJ Lodging Trust LP |  |  |
| 3.75%, 07/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 48949 |
| 4.00%, 09/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 58747 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 92499 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD170 | 163830 |
| 3.63%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 93030 |
| 3.88%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 140275 |
| 4.00%, 10/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 77861 |
| Rocket Software Inc. |  |  |
| 6.50%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 75600 |
| 9.00%, 11/28/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 128775 |
| Rockies Express Pipeline LLC |  |  |
| 4.95%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 90869 |
| 6.75%, 03/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 50730 |
| RR Donnelley & Sons Co. |  |  |
| 9.50%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 119062 |
| 10.88%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 94375 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 47375 |
| 5.88%, 08/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD185 | 182747 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 95750 |
| 10.75%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD89 | 84884 |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 166719 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD165 | 152831 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; USD220 | 215290 |
| SCIH Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 119531 |
| 6.63%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73096 |
| SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, <br> 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 118301 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.00%, 04/01/31 | &nbsp;&nbsp; USD70 | 61261 |
| 4.38%, 02/01/32<sup>(d)</sup> | &nbsp;&nbsp; USD40 | 34640 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; USD45 | 41959 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Scripps Escrow II Inc., 3.88%, 01/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | $34289 |
| Scripps Escrow Inc., 5.88%, 07/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD110 | 86841 |
| Seagate HDD Cayman |  |  |
| 4.09%, 06/01/29 | &nbsp;&nbsp; USD70 | 66441 |
| 4.88%, 06/01/27 | &nbsp;&nbsp; USD60 | 59375 |
| 8.25%, 12/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD55 | 58969 |
| 8.50%, 07/15/31 | &nbsp;&nbsp; USD65 | 69560 |
| 9.63%, 12/01/32 | &nbsp;&nbsp; USD72 | 81444 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD48 | 46176 |
| 5.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 58321 |
| 6.50%, 07/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 50813 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 95777 |
| 7.25%, 02/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 52116 |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 87391 |
| 5.88%, 09/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 73203 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 91481 |
| 4.38%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 69278 |
| 6.63%, 07/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49531 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; USD100 | 89644 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; USD105 | 95906 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; USD65 | 63833 |
| 5.13%, 06/01/29 | &nbsp;&nbsp; USD100 | 98750 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; USD100 | 98750 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28 | &nbsp;&nbsp; USD40 | 35288 |
| 4.38%, 02/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD35 | 26090 |
| 4.75%, 10/01/26 | &nbsp;&nbsp; USD60 | 58088 |
| 4.95%, 02/15/27 | &nbsp;&nbsp; USD70 | 66533 |
| 4.95%, 10/01/29<sup>(d)</sup> | &nbsp;&nbsp; USD60 | 47079 |
| 5.50%, 12/15/27 | &nbsp;&nbsp; USD65 | 62118 |
| 8.38%, 06/15/29 | &nbsp;&nbsp; USD70 | 67916 |
| 8.63%, 11/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 127354 |
| 8.88%, 06/15/32<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 72343 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc.<br>|  |  |
| 4.63%, 11/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49330 |
| 6.75%, 08/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD120 | 121708 |
| Silgan Holdings Inc. |  |  |
| 2.25%, 06/01/28 | &nbsp;&nbsp; EUR100 | 109093 |
| 4.13%, 02/01/28 | &nbsp;&nbsp; USD60 | 57600 |
| Sinclair Television Group Inc. |  |  |
| 4.38%, 12/31/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD67 | 40828 |
| 5.50%, 03/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 46881 |
| 8.13%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 128537 |
| 9.75%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 51435 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD165 | 160629 |
| 3.88%, 09/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD165 | 141653 |
| 4.00%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 211781 |
| 4.13%, 07/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD230 | 205631 |
| 5.00%, 08/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD165 | 162693 |
| 5.50%, 07/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 150889 |
| Six Flags Entertainment Corp./DE |  |  |
| 5.50%, 04/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 64332 |
| 7.25%, 05/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 106444 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Six Flags Entertainment Corp./Six Flags Theme <br> Parks Inc., 6.63%, 05/01/32<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD90 | $90789 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; USD75 | 72474 |
| 6.50%, 01/31/30<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 51515 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/28 | &nbsp;&nbsp; USD80 | 76601 |
| 6.63%, 01/15/27 | &nbsp;&nbsp; USD60 | 58950 |
| 6.75%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 74784 |
| 7.00%, 08/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 82974 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 126692 |
| 8.88%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 133500 |
| Snap Inc., 6.88%, 03/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD180 | 179775 |
| Sonic Automotive Inc. |  |  |
| 4.63%, 11/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 84447 |
| 4.88%, 11/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD52 | 47444 |
| Sotheby's, 7.38%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 70411 |
| Spirit AeroSystems Inc. |  |  |
| 4.60%, 06/15/28 | &nbsp;&nbsp; USD95 | 91832 |
| 9.38%, 11/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD140 | 148925 |
| 9.75%, 11/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 155128 |
| SS&C Technologies Inc. |  |  |
| 5.50%, 09/30/27<sup>(c)</sup> | &nbsp;&nbsp; USD220 | 218654 |
| 6.50%, 06/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 96294 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD135 | 127447 |
| Standard Industries Inc./New York |  |  |
| 2.25%, 11/21/26<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 110244 |
| 3.38%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 105872 |
| 4.38%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD235 | 218844 |
| 4.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 107101 |
| 5.00%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 103931 |
| 6.50%, 08/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 115862 |
| Staples Inc. |  |  |
| 10.75%, 09/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD300 | 261750 |
| 12.75%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD97 | 56331 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 126500 |
| Starwood Property Trust Inc. |  |  |
| 3.63%, 07/15/26<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 58492 |
| 4.38%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 68425 |
| 6.00%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 49375 |
| 6.50%, 07/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 75556 |
| 6.50%, 10/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 55481 |
| 7.25%, 04/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 41300 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 67489 |
| 4.63%, 12/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 49849 |
| 6.63%, 03/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 74591 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD90 | 82242 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 154724 |
| 7.00%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 87262 |
| 7.25%, 05/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 98298 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.50%, 05/15/29 | &nbsp;&nbsp; USD75 | 71042 |
| 4.50%, 04/30/30 | &nbsp;&nbsp; USD108 | 101655 |
| 5.88%, 03/15/28 | &nbsp;&nbsp; USD50 | 49798 |
| 6.00%, 04/15/27 | &nbsp;&nbsp; USD50 | 49813 |
| 7.00%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 71629 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(d)</sup> | &nbsp;&nbsp; USD85 | 86700 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD185 | $196707 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 116569 |
| 6.00%, 03/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD40 | 39354 |
| 6.00%, 12/31/30<sup>(c)</sup> | &nbsp;&nbsp; USD90 | 83810 |
| 6.00%, 09/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 59705 |
| 7.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 94302 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 80835 |
| 9.38%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 65571 |
| Taylor Morrison Communities Inc. |  |  |
| 5.13%, 08/01/30<sup>(c)</sup> | &nbsp;&nbsp; USD45 | 43640 |
| 5.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 79922 |
| 5.88%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60314 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28 | &nbsp;&nbsp; USD100 | 95625 |
| 5.00%, 09/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD130 | 120209 |
| Teleflex Inc., 4.25%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 95777 |
| Tempur Sealy International Inc. |  |  |
| 3.88%, 10/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 110000 |
| 4.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 46422 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; USD160 | 152094 |
| 4.38%, 01/15/30 | &nbsp;&nbsp; USD205 | 194432 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD85 | 82688 |
| 5.13%, 11/01/27 | &nbsp;&nbsp; USD220 | 218240 |
| 6.13%, 10/01/28 | &nbsp;&nbsp; USD288 | 287280 |
| 6.13%, 06/15/30 | &nbsp;&nbsp; USD235 | 236175 |
| 6.25%, 02/01/27 | &nbsp;&nbsp; USD145 | 145001 |
| 6.75%, 05/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD180 | 184455 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(c)</sup> | &nbsp;&nbsp; USD225 | 214688 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 71753 |
| 6.25%, 10/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 95690 |
| TerraForm Power Operating LLC |  |  |
| 4.75%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 79896 |
| 5.00%, 01/31/28<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 82769 |
| TKC Holdings Inc. |  |  |
| 6.88%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60150 |
| 10.50%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD85 | 84548 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; USD150 | 144416 |
| 4.88%, 05/01/29 | &nbsp;&nbsp; USD125 | 120282 |
| 5.50%, 11/15/27 | &nbsp;&nbsp; USD320 | 318800 |
| 6.00%, 01/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD195 | 194671 |
| 6.38%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD360 | 366858 |
| 6.63%, 03/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD255 | 261166 |
| 6.75%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD245 | 249716 |
| 6.88%, 12/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD150 | 154508 |
| 7.13%, 12/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 124639 |
| Transocean Inc. |  |  |
| 8.25%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 100749 |
| 8.50%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD105 | 81113 |
| 8.75%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD156 | 151661 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD68 | 66862 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD90 | 84424 |
| 6.00%, 04/01/27 | &nbsp;&nbsp; USD50 | 50278 |
| 6.63%, 07/31/26<sup>(c)</sup> | &nbsp;&nbsp; USD60 | 60417 |

---

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* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Tronox Inc., 4.63%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD130 | $104650 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | &nbsp;&nbsp; USD65 | 60704 |
| 3.88%, 03/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD50 | 45219 |
| U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD125 | 126875 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 52388 |
| 4.75%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD140 | 135856 |
| 5.75%, 04/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD55 | 53907 |
| 6.88%, 09/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 71670 |
| 7.25%, 01/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 46913 |
| UGI International LLC, 2.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 104468 |
| UKG Inc., 6.88%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD300 | 309075 |
| United Rentals North America Inc. |  |  |
| 3.75%, 01/15/32 | &nbsp;&nbsp; USD80 | 71143 |
| 3.88%, 11/15/27 | &nbsp;&nbsp; USD100 | 96695 |
| 3.88%, 02/15/31 | &nbsp;&nbsp; USD175 | 159882 |
| 4.00%, 07/15/30 | &nbsp;&nbsp; USD70 | 65151 |
| 4.88%, 01/15/28 | &nbsp;&nbsp; USD195 | 192197 |
| 5.25%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD90 | 88984 |
| 5.50%, 05/15/27<sup>(d)</sup> | &nbsp;&nbsp; USD47 | 46910 |
| 6.13%, 03/15/34<sup>(c)(d)</sup> | &nbsp;&nbsp; USD135 | 136176 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 72513 |
| 5.75%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD70 | 69077 |
| Uniti Group LP/Uniti Fiber Holdings Inc./CSL <br> Capital LLC, 6.00%, 01/15/30<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD100 | 89138 |
| Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC<br>|  |  |
| 4.75%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 62174 |
| 6.50%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 141861 |
| 10.50%, 02/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD315 | 334527 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD130 | 111354 |
| 6.63%, 06/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD165 | 159431 |
| 7.38%, 06/30/30<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 104866 |
| 8.00%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD210 | 204531 |
| 8.50%, 07/31/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 131337 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |
| 6.88%, 09/01/27 | &nbsp;&nbsp; USD80 | 79219 |
| 7.13%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 121146 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 112339 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 11/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD130 | 109525 |
| 6.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 115030 |
| 3.88%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD150 | 137529 |
| 4.13%, 08/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD185 | 165284 |
| Venture Global LNG Inc. |  |  |
| 7.00%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD205 | 192960 |
| 8.13%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD255 | 253087 |
| 8.38%, 06/01/31<sup>(c)</sup> | &nbsp;&nbsp; USD265 | 255394 |
| 9.50%, 02/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD365 | 378231 |
| 9.88%, 02/01/32<sup>(c)</sup> | &nbsp;&nbsp; USD275 | 278867 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 158767 |
| 7.75%, 05/01/35<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 102722 |
| VF Corp. |  |  |
| 0.25%, 02/25/28 | &nbsp;&nbsp; EUR100 | 98261 |
| 0.63%, 02/25/32 | &nbsp;&nbsp; EUR100 | 79605 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 2.80%, 04/23/27 | &nbsp;&nbsp; USD100 | $92777 |
| 2.95%, 04/23/30 | &nbsp;&nbsp; USD75 | 61685 |
| Viasat Inc. |  |  |
| 5.63%, 04/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD85 | 83169 |
| 6.50%, 07/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD40 | 35150 |
| 7.50%, 05/30/31<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 71915 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 114646 |
| 7.00%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD50 | 50181 |
| 9.13%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 80063 |
| Vistra Operations Co. LLC |  |  |
| 4.38%, 05/01/29<sup>(c)</sup> | &nbsp;&nbsp; USD160 | 153885 |
| 5.00%, 07/31/27<sup>(c)</sup> | &nbsp;&nbsp; USD215 | 213119 |
| 5.50%, 09/01/26<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 99518 |
| 5.63%, 02/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD120 | 119914 |
| 6.88%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD115 | 118626 |
| 7.75%, 10/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD170 | 179633 |
| Vital Energy Inc., 7.88%, 04/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 89074 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 93100 |
| Walgreens Boots Alliance Inc. |  |  |
| 2.13%, 11/20/26 | &nbsp;&nbsp; EUR100 | 109800 |
| 3.20%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD125 | 117624 |
| 3.45%, 06/01/26 | &nbsp;&nbsp; USD150 | 146521 |
| 8.13%, 08/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD75 | 78017 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD140 | 143840 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29<sup>(c)</sup> | &nbsp;&nbsp; USD100 | 91344 |
| 7.75%, 09/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD75 | 68576 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(c)(d)</sup><br>| &nbsp;&nbsp; USD175 | 172869 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD125 | 126562 |
| 6.38%, 03/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD95 | 95950 |
| 6.63%, 03/15/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 117204 |
| 7.25%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD140 | 142281 |
| Williams Scotsman Inc. |  |  |
| 4.63%, 08/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 62310 |
| 6.63%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD55 | 55572 |
| 6.63%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD65 | 66157 |
| 7.38%, 10/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 46580 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD250 | 255602 |
| Wolverine Escrow LLC, 1.00%, 01/31/33<sup>(e)(f)(k)</sup> | &nbsp;&nbsp; USD89 |  |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; USD80 | 77455 |
| 5.63%, 08/15/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD145 | 127970 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 96473 |
| 6.25%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; USD95 | 91720 |
| 7.13%, 02/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD155 | 160087 |
| Xerox Corp., 10.25%, 10/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | 45814 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(c)(d)</sup> | &nbsp;&nbsp; USD100 | 64000 |
| 8.88%, 11/30/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD65 | 38919 |
| Xerox Issuer Corp., 13.50%, 04/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD50 | 47438 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 8.38%, 01/15/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD105 | 105394 |
| 8.63%, 03/15/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD115 | 114641 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® US & Intl High Yield Corp Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| XPO Inc. |  |  |
| 7.13%, 06/01/31<sup>(c)(d)</sup> | &nbsp;&nbsp; USD45 | $46076 |
| 7.13%, 02/01/32<sup>(c)(d)</sup> | &nbsp;&nbsp; USD75 | 76835 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31 | &nbsp;&nbsp; USD145 | 130798 |
| 4.63%, 01/31/32 | &nbsp;&nbsp; USD130 | 122137 |
| 4.75%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD125 | 120819 |
| 5.38%, 04/01/32 | &nbsp;&nbsp; USD120 | 117990 |
| Zayo Group Holdings Inc. |  |  |
| 4.00%, 03/01/27<sup>(c)</sup> | &nbsp;&nbsp; USD155 | 142586 |
| 6.13%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD110 | 89684 |
|  |  | 114234359 |
| **Total Corporate Bonds & Notes — 96.9%** <br>**(Cost: $176,683,770)** | **Total Corporate Bonds & Notes — 96.9%** <br>**(Cost: $176,683,770)** | 173436763 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Clover Holdings SPV III LLC, , 2024 USD Term <br> Loan, 2024 USD Term Loan12/09/27<sup>(k)</sup><br>| &nbsp;&nbsp; $5 | 5305 |
| **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $5,141)** | **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $5,141)** | 5305 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Incora Top Holdco LLC, NVS<sup>(d)(k)</sup> | &nbsp;&nbsp; 1351 | 20265 |
| New Fortress Energy Inc., <br> (Acquired12/24/24, Cost $0)<sup>(l)</sup><br>| &nbsp;&nbsp; 2564 | 13923 |
| Office Properties Income Trust, NVS | &nbsp;&nbsp; 149 | 61 |
|  |  | 34249 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $147,633)** | **Total Common Stocks — 0.0%** <br>**(Cost: $147,633)** | 34249 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Veritas Kapital Assurance PLC, Series G, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 263 | 6049 |
| Veritas Kapital Assurance PLC, Series G-1, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 181 | 3710 |
|  |  | 9759 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $8,840)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $8,840)** | 9759 |
| **Total Long-Term Investments — 96.9%** <br>**(Cost: $176,845,384)** | **Total Long-Term Investments — 96.9%** <br>**(Cost: $176,845,384)** | 173486076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 16.6%** | **Money Market Funds — 16.6%** | **Money Market Funds — 16.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(m)(n)(o)</sup><br>| &nbsp;&nbsp; 27207620 | $27218503 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(m)(n)</sup><br>| &nbsp;&nbsp; 2490000 | 2490000 |
| **Total Short-Term Securities — 16.6%** <br>**(Cost: $29,700,341)** | **Total Short-Term Securities — 16.6%** <br>**(Cost: $29,700,341)** | 29708503 |
| **Total Investments — 113.5%** <br>**(Cost: $206,545,725)** | **Total Investments — 113.5%** <br>**(Cost: $206,545,725)** | 203194579 |
| **Liabilities in Excess of Other Assets — (13.5)%** | **Liabilities in Excess of Other Assets — (13.5)%** | (24169113)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $179025466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> Perpetual security with no stated maturity date.

<sup>(h)</sup> 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. 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Zero-coupon bond.

<sup>(k)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(l)</sup> 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 $—. 

<sup>(m)</sup> Affiliate of the Fund.

<sup>(n)</sup> Annualized 7-day yield as of period end.

<sup>(o)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

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* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $18845580<br> $8378981 <br><sup>(a)</sup><br>| $— | $(681)<br>| $(5377)<br>| $27218503 | 27207620 | $50130 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1160000<br> 1330000 <br><sup>(a)</sup><br>|  |  |  | 2490000 | 2490000 | 25849 |  |
|  |  |  | $(681) | $(5377) | $29708503 |  | $75979 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173431072 | &nbsp;&nbsp; $5691 | &nbsp;&nbsp; $173436763 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5305 | &nbsp;&nbsp; 5305 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 13984 | &nbsp;&nbsp; 20265 | &nbsp;&nbsp; 34249 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 9759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9759 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 29708503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29708503 |
|  | &nbsp;&nbsp; $29708503 | &nbsp;&nbsp; $173454815 | &nbsp;&nbsp; $31261 | &nbsp;&nbsp; $203194579 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>International <br> High Yield <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM High <br> Yield Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM Local <br> Currency <br> Bond ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $40422439 | $364438439 | $427433070 | $293311589 |
| Investments, at value—affiliated<sup>(c)</sup> | 30000 | 33871355 | 57315573 |  |
| Cash | 5610 | 11258 | 8515 | 212357 |
| Foreign currency, at value<sup>(d)</sup> | 441559 | 8939 | 3293 | 2351560 |
| Receivables: |  |  |  |  |
| Investments sold | 1492272 | 3577435 | 3761629 | 3153467 |
| Securities lending income—affiliated |  | 13506 | 22321 |  |
| Capital shares sold |  |  | 20147 |  |
| Dividends—affiliated | 33 | 6482 | 11019 | 6115 |
| Interest—unaffiliated | 650451 | 4620329 | 7156375 | 5881884 |
| Total assets | 43042364 | 406547743 | 495731942 | 304916972 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value |  | 31543195 | 54637950 |  |
| Payables: |  |  |  |  |
| Investments purchased | 1740191 | 3831557 | 3567148 | 3985904 |
| Deferred foreign capital gain tax |  |  |  | 347214 |
| Foreign taxes |  |  |  | 1163 |
| Investment advisory fees | 13725 | 154410 | 177439 | 74431 |
| Total liabilities | 1753916 | 35529162 | 58382537 | 4408712 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $41288448 | $371018581 | $437349405 | $300508260 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $47022109 | $421884353 | $569161635 | $396738341 |
| Accumulated loss | (5733661) | (50865772) | (131812230) | (96230081) |
| NET ASSETS | $41288448 | $371018581 | $437349405 | $300508260 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 800000 | 8300000 | 11600000 | 7800000 |
| 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 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $39807680 | $379767393 | $455363005 | $300568009 |
| <sup>(b)</sup> Securities loaned, at value | $— | $30297544 | $52385756 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $30000 | $33874595 | $57320897 | $— |
| <sup>(d)</sup> Foreign currency, at cost | $436284 | $8476 | $3135 | $2323781 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>US & Intl <br> High Yield <br> Corp Bond <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $173486076 |
| Investments, at value—affiliated<sup>(c)</sup> | 29708503 |
| Cash | 37886 |
| Foreign currency, at value<sup>(d)</sup> | 883380 |
| Receivables: |  |
| Investments sold | 1658269 |
| Securities lending income—affiliated | 7358 |
| Loans | 360 |
| Capital shares sold | 69491 |
| Dividends—affiliated | 7887 |
| Interest—unaffiliated | 2963612 |
| Total assets | 208822822 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 27220859 |
| Payables: |  |
| Investments purchased | 2521378 |
| Investment advisory fees | 55119 |
| Total liabilities | 29797356 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $179025466 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $192751783 |
| Accumulated loss | (13726317) |
| NET ASSETS | $179025466 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 4000000 |
| Net asset value | $44.76 |
| Shares authorized | 500 million |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $176845384 |
| <sup>(b)</sup> Securities loaned, at value | $26050005 |
| <sup>(c)</sup> Investments, at cost—affiliated | $29700341 |
| <sup>(d)</sup> Foreign currency, at cost | $878393 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>International <br> High Yield <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM High <br> Yield Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>J.P. Morgan <br> EM Local <br> Currency <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $862 | &nbsp;&nbsp;&nbsp; $46294 | &nbsp;&nbsp;&nbsp; $85657 | &nbsp;&nbsp;&nbsp; $28607 |
| Interest—unaffiliated | &nbsp;&nbsp; 1186002 | &nbsp;&nbsp;&nbsp; 11403486 | &nbsp;&nbsp;&nbsp; 17678261 | &nbsp;&nbsp;&nbsp; 11446952 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 102307 | &nbsp;&nbsp;&nbsp; 191456 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 3677 | &nbsp;&nbsp;&nbsp; 4247 | &nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (3388)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; (156113)<br>|
| Total investment income | &nbsp;&nbsp; 1187153 | &nbsp;&nbsp;&nbsp; 11556331 | &nbsp;&nbsp;&nbsp; 17958373 | &nbsp;&nbsp;&nbsp; 11319446 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 88271 | &nbsp;&nbsp;&nbsp; 1009682 | &nbsp;&nbsp;&nbsp; 1135473 | &nbsp;&nbsp;&nbsp; 491819 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1660 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152 |
| Total expenses | &nbsp;&nbsp; 88271 | &nbsp;&nbsp;&nbsp; 1009936 | &nbsp;&nbsp;&nbsp; 1135473 | &nbsp;&nbsp;&nbsp; 493631 |
| Net investment income | &nbsp;&nbsp; 1098882 | &nbsp;&nbsp;&nbsp; 10546395 | &nbsp;&nbsp;&nbsp; 16822900 | &nbsp;&nbsp;&nbsp; 10825815 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (194192)<br>| &nbsp;&nbsp;&nbsp; (880548)<br>| &nbsp;&nbsp;&nbsp; (2117771)<br>| &nbsp;&nbsp;&nbsp; (5433530)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9572 | &nbsp;&nbsp;&nbsp; 17293 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 19472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (324071)<br>|
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (183807)<br>| &nbsp;&nbsp;&nbsp; 41391 | &nbsp;&nbsp;&nbsp; 1707658 | &nbsp;&nbsp;&nbsp; (3406065)<br>|
|  | &nbsp;&nbsp; (358527)<br>| &nbsp;&nbsp;&nbsp; (829585)<br>| &nbsp;&nbsp;&nbsp; (392820)<br>| &nbsp;&nbsp;&nbsp; (9163666)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 1328576 | &nbsp;&nbsp;&nbsp; (3066462)<br>| &nbsp;&nbsp;&nbsp; (8568060)<br>| &nbsp;&nbsp;&nbsp; 10561073 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20224)<br>| &nbsp;&nbsp;&nbsp; (38351)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 50058 | &nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 273125 |
|  | &nbsp;&nbsp; 1378634 | &nbsp;&nbsp;&nbsp; (3086310)<br>| &nbsp;&nbsp;&nbsp; (8606279)<br>| &nbsp;&nbsp;&nbsp; 10834198 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1020107 | &nbsp;&nbsp;&nbsp; (3915895)<br>| &nbsp;&nbsp;&nbsp; (8999099)<br>| &nbsp;&nbsp;&nbsp; 1670532 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2118989 | &nbsp;&nbsp;&nbsp; $6630500 | &nbsp;&nbsp;&nbsp; $7823801 | &nbsp;&nbsp;&nbsp; $12496347 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(169951)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(256103)<br>|

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>US & Intl <br> High Yield <br> Corp Bond <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—affiliated | &nbsp;&nbsp; $25849 |
| Interest—unaffiliated | &nbsp;&nbsp; 4871381 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 50130 |
| Other income—unaffiliated | &nbsp;&nbsp; 4673 |
| Total investment income | &nbsp;&nbsp; 4952033 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 296040 |
| Total expenses | &nbsp;&nbsp; 296040 |
| Net investment income | &nbsp;&nbsp; 4655993 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (18800)<br>|
| Investments—affiliated | &nbsp;&nbsp; (681)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 2960 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (66924)<br>|
|  | &nbsp;&nbsp; (83445)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (296382)<br>|
| Investments—affiliated | &nbsp;&nbsp; (5377)<br>|
| Foreign currency translations | &nbsp;&nbsp; 50659 |
|  | &nbsp;&nbsp; (251100)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (334545)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $4321448 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>International High Yield Bond ETF  | iShares <br>International High Yield Bond ETF  | iShares <br>J.P. Morgan EM Corporate Bond ETF  | iShares <br>J.P. Morgan EM Corporate Bond ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1098882 | &nbsp;&nbsp;&nbsp; $2457741 | &nbsp;&nbsp;&nbsp; $10546395 | &nbsp;&nbsp;&nbsp; $21509343 |
| Net realized loss | &nbsp;&nbsp; (358527)<br>| &nbsp;&nbsp;&nbsp; (638372)<br>| &nbsp;&nbsp;&nbsp; (829585)<br>| &nbsp;&nbsp;&nbsp; (2555046)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1378634 | &nbsp;&nbsp;&nbsp; 5217255 | &nbsp;&nbsp;&nbsp; (3086310)<br>| &nbsp;&nbsp;&nbsp; 37315312 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2118989 | &nbsp;&nbsp;&nbsp; 7036624 | &nbsp;&nbsp;&nbsp; 6630500 | &nbsp;&nbsp;&nbsp; 56269609 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2161932 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1678258)<br>| &nbsp;&nbsp;&nbsp; (10895433 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (21697293)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (9867572)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (69148991)<br>| &nbsp;&nbsp;&nbsp; (4974797)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (9910515)<br>| &nbsp;&nbsp;&nbsp; 5358366 | &nbsp;&nbsp;&nbsp; (73413924)<br>| &nbsp;&nbsp;&nbsp; 29597519 |
| Beginning of period | &nbsp;&nbsp; 51198963 | &nbsp;&nbsp;&nbsp; 45840597 | &nbsp;&nbsp;&nbsp; 444432505 | &nbsp;&nbsp;&nbsp; 414834986 |
| End of period | &nbsp;&nbsp; $41288448 | &nbsp;&nbsp;&nbsp; $51198963 | &nbsp;&nbsp;&nbsp; $371018581 | &nbsp;&nbsp;&nbsp; $444432505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>J.P. Morgan EM High Yield Bond ETF  | iShares <br>J.P. Morgan EM High Yield Bond ETF  | iShares <br>J.P. Morgan EM Local Currency Bond <br> ETF  | iShares <br>J.P. Morgan EM Local Currency Bond <br> ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $16822900 | &nbsp;&nbsp;&nbsp; $26420766 | &nbsp;&nbsp;&nbsp; $10825815 | &nbsp;&nbsp;&nbsp; $27873727 |
| Net realized loss | &nbsp;&nbsp; (392820)<br>| &nbsp;&nbsp;&nbsp; (11789342)<br>| &nbsp;&nbsp;&nbsp; (9163666)<br>| &nbsp;&nbsp;&nbsp; (39549642)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (8606279)<br>| &nbsp;&nbsp;&nbsp; 59137763 | &nbsp;&nbsp;&nbsp; 10834198 | &nbsp;&nbsp;&nbsp; 45894792 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 7823801 | &nbsp;&nbsp;&nbsp; 73769187 | &nbsp;&nbsp;&nbsp; 12496347 | &nbsp;&nbsp;&nbsp; 34218877 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (17478216 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (25337988)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6390267)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (10663946)<br>| &nbsp;&nbsp;&nbsp; 102784153 | &nbsp;&nbsp;&nbsp; (74457484)<br>| &nbsp;&nbsp;&nbsp; (136659360)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (20318361)<br>| &nbsp;&nbsp;&nbsp; 151215352 | &nbsp;&nbsp;&nbsp; (61961137)<br>| &nbsp;&nbsp;&nbsp; (108830750)<br>|
| Beginning of period | &nbsp;&nbsp; 457667766 | &nbsp;&nbsp;&nbsp; 306452414 | &nbsp;&nbsp;&nbsp; 362469397 | &nbsp;&nbsp;&nbsp; 471300147 |
| End of period | &nbsp;&nbsp; $437349405 | &nbsp;&nbsp;&nbsp; $457667766 | &nbsp;&nbsp;&nbsp; $300508260 | &nbsp;&nbsp;&nbsp; $362469397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>US & Intl High Yield Corp Bond ETF  | iShares <br>US & Intl High Yield Corp Bond ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $4655993 | &nbsp;&nbsp;&nbsp; $8170108 |
| Net realized loss | &nbsp;&nbsp; (83445)<br>| &nbsp;&nbsp;&nbsp; (633190)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (251100)<br>| &nbsp;&nbsp;&nbsp; 12220842 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4321448 | &nbsp;&nbsp;&nbsp; 19757760 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4641350 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7906875)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 31304113 | &nbsp;&nbsp;&nbsp; 13473414 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 30984211 | &nbsp;&nbsp;&nbsp; 25324299 |
| Beginning of period | &nbsp;&nbsp; 148041255 | &nbsp;&nbsp;&nbsp; 122716956 |
| End of period | &nbsp;&nbsp; $179025466 | &nbsp;&nbsp;&nbsp; $148041255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International High Yield Bond ETF  | iShares International High Yield Bond ETF  | iShares International High Yield Bond ETF  | iShares International High Yield Bond ETF  | iShares International High Yield Bond ETF  | iShares International High Yield Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $45.84 | &nbsp;&nbsp;&nbsp; $39.74 | &nbsp;&nbsp;&nbsp; $54.74 | &nbsp;&nbsp;&nbsp; $51.94 | &nbsp;&nbsp;&nbsp; $51.05 |
| Net investment income<sup>(a)</sup> | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp; (14.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net increase (decrease) from investment operations | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp; (13.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (2.40 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.61 | &nbsp;&nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $45.84 | &nbsp;&nbsp;&nbsp; $39.74 | &nbsp;&nbsp;&nbsp; $54.74 | &nbsp;&nbsp;&nbsp; $51.94 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.06<br> %<br>| &nbsp;&nbsp;&nbsp; (25.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | 4.98 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $41288 | &nbsp;&nbsp;&nbsp; $51199 | &nbsp;&nbsp;&nbsp; $45841 | &nbsp;&nbsp;&nbsp; $31796 | &nbsp;&nbsp;&nbsp; $71161 | &nbsp;&nbsp;&nbsp; $46750 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares J.P. Morgan EM Corporate Bond ETF  | iShares J.P. Morgan EM Corporate Bond ETF  | iShares J.P. Morgan EM Corporate Bond ETF  | iShares J.P. Morgan EM Corporate Bond ETF  | iShares J.P. Morgan EM Corporate Bond ETF  | iShares J.P. Morgan EM Corporate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $45.12 | &nbsp;&nbsp;&nbsp; $41.48 | &nbsp;&nbsp;&nbsp; $40.27 | &nbsp;&nbsp;&nbsp; $51.32 | &nbsp;&nbsp;&nbsp; $51.13 | &nbsp;&nbsp;&nbsp; $51.29 |
| Net investment income<sup>(a)</sup> | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net increase (decrease) from investment operations | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.18 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $44.70 | &nbsp;&nbsp;&nbsp; $45.12 | &nbsp;&nbsp;&nbsp; $41.48 | &nbsp;&nbsp;&nbsp; $40.27 | &nbsp;&nbsp;&nbsp; $51.32 | &nbsp;&nbsp;&nbsp; $51.13 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.06<br> %<br>| &nbsp;&nbsp;&nbsp; (18.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 5.22 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $371019 | &nbsp;&nbsp;&nbsp; $444433 | &nbsp;&nbsp;&nbsp; $414835 | &nbsp;&nbsp;&nbsp; $285898 | &nbsp;&nbsp;&nbsp; $518363 | &nbsp;&nbsp;&nbsp; $214731 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares J.P. Morgan EM High Yield Bond ETF  | iShares J.P. Morgan EM High Yield Bond ETF  | iShares J.P. Morgan EM High Yield Bond ETF  | iShares J.P. Morgan EM High Yield Bond ETF  | iShares J.P. Morgan EM High Yield Bond ETF  | iShares J.P. Morgan EM High Yield Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp; $33.49 | &nbsp;&nbsp;&nbsp; $32.19 | &nbsp;&nbsp;&nbsp; $43.61 | &nbsp;&nbsp;&nbsp; $43.06 | &nbsp;&nbsp;&nbsp; $46.63 |
| Net investment income<sup>(a)</sup> | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp; (11.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (3.54)<br>|
| Net increase (decrease) from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp; (9.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp; (1.02)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.45 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.70 | &nbsp;&nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp; $33.49 | &nbsp;&nbsp;&nbsp; $32.19 | &nbsp;&nbsp;&nbsp; $43.61 | &nbsp;&nbsp;&nbsp; $43.06 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.81 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.82<br> %<br>| &nbsp;&nbsp;&nbsp; (21.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>| &nbsp;&nbsp;&nbsp; (2.08)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived | 0.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 7.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $437349 | &nbsp;&nbsp;&nbsp; $457668 | &nbsp;&nbsp;&nbsp; $306452 | &nbsp;&nbsp;&nbsp; $291297 | &nbsp;&nbsp;&nbsp; $475355 | &nbsp;&nbsp;&nbsp; $303584 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares J.P. Morgan EM Local Currency Bond ETF  | iShares J.P. Morgan EM Local Currency Bond ETF  | iShares J.P. Morgan EM Local Currency Bond ETF  | iShares J.P. Morgan EM Local Currency Bond ETF  | iShares J.P. Morgan EM Local Currency Bond ETF  | iShares J.P. Morgan EM Local Currency Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $36.99 | &nbsp;&nbsp;&nbsp; $34.65 | &nbsp;&nbsp;&nbsp; $32.09 | &nbsp;&nbsp;&nbsp; $41.73 | &nbsp;&nbsp;&nbsp; $41.68 | &nbsp;&nbsp;&nbsp; $45.43 |
| Net investment income<sup>(a)</sup> | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (10.06)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (4.11)<br>|
| Net increase (decrease) from investment operations | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (8.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (1.82)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.93)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $38.53 | &nbsp;&nbsp;&nbsp; $36.99 | &nbsp;&nbsp;&nbsp; $34.65 | &nbsp;&nbsp;&nbsp; $32.09 | &nbsp;&nbsp;&nbsp; $41.73 | &nbsp;&nbsp;&nbsp; $41.68 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.92<br> %<br>| &nbsp;&nbsp;&nbsp; (20.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp; (4.20)%<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 6.60 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $300508 | &nbsp;&nbsp;&nbsp; $362469 | &nbsp;&nbsp;&nbsp; $471300 | &nbsp;&nbsp;&nbsp; $346525 | &nbsp;&nbsp;&nbsp; $517427 | &nbsp;&nbsp;&nbsp; $500100 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares US & Intl High Yield Corp Bond ETF  | iShares US & Intl High Yield Corp Bond ETF  | iShares US & Intl High Yield Corp Bond ETF  | iShares US & Intl High Yield Corp Bond ETF  | iShares US & Intl High Yield Corp Bond ETF  | iShares US & Intl High Yield Corp Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $40.91 | &nbsp;&nbsp;&nbsp; $40.03 | &nbsp;&nbsp;&nbsp; $49.61 | &nbsp;&nbsp;&nbsp; $47.80 | &nbsp;&nbsp;&nbsp; $48.97 |
| Net investment income<sup>(a)</sup> | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (1.27)<br>|
| Net increase (decrease) from investment operations | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.37 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $44.76 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $40.91 | &nbsp;&nbsp;&nbsp; $40.03 | &nbsp;&nbsp;&nbsp; $49.61 | &nbsp;&nbsp;&nbsp; $47.80 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.88 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp; (15.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | 6.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $179025 | &nbsp;&nbsp;&nbsp; $148041 | &nbsp;&nbsp;&nbsp; $122717 | &nbsp;&nbsp;&nbsp; $100077 | &nbsp;&nbsp;&nbsp; $193464 | &nbsp;&nbsp;&nbsp; $176851 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* <br>*Classification* <br>|
| International High Yield Bond | &nbsp;&nbsp; Diversified |
| J.P. Morgan EM Corporate Bond | &nbsp;&nbsp; Diversified |
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; Diversified |
| J.P. Morgan EM Local Currency Bond | &nbsp;&nbsp; Non-diversified |
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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

------

*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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| J.P. Morgan EM Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $11407454 | &nbsp;&nbsp;&nbsp; $(11407454) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 98750 | &nbsp;&nbsp;&nbsp; (98750) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 4373677 | &nbsp;&nbsp;&nbsp; (4373677) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 2443308 | &nbsp;&nbsp;&nbsp; (2443308) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1093901 | &nbsp;&nbsp;&nbsp; (1093901) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 259732 | &nbsp;&nbsp;&nbsp; (259732) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 332729 | &nbsp;&nbsp;&nbsp; (332729) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2454650 | &nbsp;&nbsp;&nbsp; (2454650) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2130826 | &nbsp;&nbsp;&nbsp; (2130826) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1275204 | &nbsp;&nbsp;&nbsp; (1275204) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 2270006 | &nbsp;&nbsp;&nbsp; (2224068) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45938<sup>(b)</sup> <br>|
| Pershing LLC | &nbsp;&nbsp; 713530 | &nbsp;&nbsp;&nbsp; (713530) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 192650 | &nbsp;&nbsp;&nbsp; (192650) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 60857 | &nbsp;&nbsp;&nbsp; (60857) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 156950 | &nbsp;&nbsp;&nbsp; (156950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1033320 | &nbsp;&nbsp;&nbsp; (1033320) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $30297544 | &nbsp;&nbsp;&nbsp; $(30251606) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $45938 |
| J.P. Morgan EM High Yield Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $8651909 | &nbsp;&nbsp;&nbsp; $(8651909) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 192169 | &nbsp;&nbsp;&nbsp; (192169) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 7970930 | &nbsp;&nbsp;&nbsp; (7970930) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 6044128 | &nbsp;&nbsp;&nbsp; (6044128) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1429709 | &nbsp;&nbsp;&nbsp; (1429709) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1349382 | &nbsp;&nbsp;&nbsp; (1349382) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 308120 | &nbsp;&nbsp;&nbsp; (308120) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 11259389 | &nbsp;&nbsp;&nbsp; (11259389) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 4890244 | &nbsp;&nbsp;&nbsp; (4890244) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2484988 | &nbsp;&nbsp;&nbsp; (2484988) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 5235413 | &nbsp;&nbsp;&nbsp; (5235413) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 1374537 | &nbsp;&nbsp;&nbsp; (1374537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 246302 | &nbsp;&nbsp;&nbsp; (246302) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp; (2075) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 389306 | &nbsp;&nbsp;&nbsp; (389306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 557155 | &nbsp;&nbsp;&nbsp; (557155) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $52385756 | &nbsp;&nbsp;&nbsp; $(52385756) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| US & Intl High Yield Corp Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $4737926 | &nbsp;&nbsp;&nbsp; $(4737926) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 659006 | &nbsp;&nbsp;&nbsp; (659006) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 202214 | &nbsp;&nbsp;&nbsp; (202214) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 3349779 | &nbsp;&nbsp;&nbsp; (3349779) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 701813 | &nbsp;&nbsp;&nbsp; (701813) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 219045 | &nbsp;&nbsp;&nbsp; (219045) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 476856 | &nbsp;&nbsp;&nbsp; (476856) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 2564059 | &nbsp;&nbsp;&nbsp; (2564059) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1896302 | &nbsp;&nbsp;&nbsp; (1896302) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3109062 | &nbsp;&nbsp;&nbsp; (3109062) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 184637 | &nbsp;&nbsp;&nbsp; (184637) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1599085 | &nbsp;&nbsp;&nbsp; (1599085) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 106786 | &nbsp;&nbsp;&nbsp; (106786) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 116237 | &nbsp;&nbsp;&nbsp; (116237) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 2804360 | &nbsp;&nbsp;&nbsp; (2804360) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 692425 | &nbsp;&nbsp;&nbsp; (692425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital Inc | &nbsp;&nbsp; 395425 | &nbsp;&nbsp;&nbsp; (395425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 415465 | &nbsp;&nbsp;&nbsp; (415465) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 121474 | &nbsp;&nbsp;&nbsp; (121474) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 365431 | &nbsp;&nbsp;&nbsp; (365431) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 419922 | &nbsp;&nbsp;&nbsp; (419922) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 177200 | &nbsp;&nbsp;&nbsp; (177200) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 735496 | &nbsp;&nbsp;&nbsp; (735496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $26050005 | &nbsp;&nbsp;&nbsp; $(26050005) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

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 | &nbsp;&nbsp; $28974 |
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; 55481 |
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; 14661 |

---

**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 | &nbsp;&nbsp; $8569706 | &nbsp;&nbsp;&nbsp; $9814089 |
| J.P. Morgan EM Corporate Bond | &nbsp;&nbsp; 61707790 | &nbsp;&nbsp;&nbsp; 63764951 |
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; 61353853 | &nbsp;&nbsp;&nbsp; 64632823 |
| J.P. Morgan EM Local Currency Bond | &nbsp;&nbsp; 46526700 | &nbsp;&nbsp;&nbsp; 76034968 |
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; 15900329 | &nbsp;&nbsp;&nbsp; 16006065 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| International High Yield Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9484632 |
| J.P. Morgan EM Corporate Bond | &nbsp;&nbsp; 2273081 | &nbsp;&nbsp;&nbsp; 68677924 |
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; 50375549 | &nbsp;&nbsp;&nbsp; 59067891 |
| J.P. Morgan EM Local Currency Bond | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34310427 |
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; 34270871 | &nbsp;&nbsp;&nbsp; 4154616 |

---

***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* <br>*Capital Loss* <br>*Carryforwards*<br>|
| International High Yield Bond | &nbsp;&nbsp; $(6640366)<br>|
| J.P. Morgan EM Corporate Bond | &nbsp;&nbsp; (34202062)<br>|
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; (103551727)<br>|
| J.P. Morgan EM Local Currency Bond | &nbsp;&nbsp; (83807038)<br>|
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; (10942990)<br>|

---

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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| International High Yield Bond | &nbsp;&nbsp; $39897223 | &nbsp;&nbsp;&nbsp; $2010123 | &nbsp;&nbsp;&nbsp; $(1454907) | &nbsp;&nbsp;&nbsp; $555216 |
| J.P. Morgan EM Corporate Bond | &nbsp;&nbsp; 415638623 | &nbsp;&nbsp;&nbsp; 3569451 | &nbsp;&nbsp;&nbsp; (20898280) | &nbsp;&nbsp;&nbsp; (17328829) |
| J.P. Morgan EM High Yield Bond | &nbsp;&nbsp; 515112073 | &nbsp;&nbsp;&nbsp; 7238913 | &nbsp;&nbsp;&nbsp; (37602343) | &nbsp;&nbsp;&nbsp; (30363430) |
| J.P. Morgan EM Local Currency Bond | &nbsp;&nbsp; 307179095 | &nbsp;&nbsp;&nbsp; 10287723 | &nbsp;&nbsp;&nbsp; (24155229) | &nbsp;&nbsp;&nbsp; (13867506) |
| US & Intl High Yield Corp Bond | &nbsp;&nbsp; 206804116 | &nbsp;&nbsp;&nbsp; 3206838 | &nbsp;&nbsp;&nbsp; (6816375) | &nbsp;&nbsp;&nbsp; (3609537) |

---

***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

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

------

*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 <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| International High Yield Bond |  |  |  |  |
| Shares redeemed | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(9867572)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| J.P. Morgan EM Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $2228313 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $40365040 |
| Shares redeemed | &nbsp;&nbsp; (1600000)<br>| &nbsp;&nbsp;&nbsp; (71377304)<br>| &nbsp;&nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp;&nbsp; (45339837)<br>|
|  | &nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; $(69148991)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(4974797)<br>|
| J.P. Morgan EM High Yield Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; $51775030 | &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; $108295192 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11950)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; (62427026)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (5511039)<br>|
|  | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(10663946)<br>| &nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; $102784153 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 04/30/25 | Six Months Ended<br> 04/30/25 | Year Ended<br> 10/31/24 | Year Ended<br> 10/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| J.P. Morgan EM Local Currency Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $22293694 |
| Shares redeemed | &nbsp;&nbsp; (2000000)<br>| &nbsp;&nbsp;&nbsp; (74457484)<br>| &nbsp;&nbsp;&nbsp; (4400000)<br>| &nbsp;&nbsp;&nbsp; (158953054)<br>|
|  | &nbsp;&nbsp; (2000000)<br>| &nbsp;&nbsp;&nbsp; $(74457484)<br>| &nbsp;&nbsp;&nbsp; (3800000)<br>| &nbsp;&nbsp;&nbsp; $(136659360)<br>|
| US & Intl High Yield Corp Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $35618453 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $21939956 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4314340)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (8466542)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $31304113 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $13473414 |

---

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

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **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

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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.

![](g812902imgf36620662.gif)

![](g812902img404942f93.gif)

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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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](d812902dex99cert.htm)

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d812902dex99906cert.htm)

------

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<br> 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<br> iShares, Inc. |

---

Date: June 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares, Inc. |

---

Date: June 24, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following five series: 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following five series: 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**