Schedule of Investments  (unaudited) January 31, 2020 iShares^® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Aerospace & Defense — 3.8%
Arconic Inc.
5.40%, 04/15/21 (Call 01/15/21)	$	1,870	$	1,921,930
5.87%, 02/23/22		1,000		1,063,690
5.90%, 02/01/27		933		1,057,341
5.95%, 02/01/37(a)		946		1,054,582
6.75%, 01/15/28		450		528,790
Bombardier Inc., 7.45%, 05/01/34(b)		450		431,528
Leonardo U.S. Holdings Inc.
6.25%, 01/15/40(b)		300		333,084
7.38%, 07/15/39(b)		150		184,593
Spirit AeroSystems Inc., 3.95%, 06/15/23 (Call 05/15/23)		500		506,115
				7,081,653
Airlines — 0.2%
UAL Pass Through Trust, Series 2007-1A, 6.64%, 07/02/22(a)		319		338,410
Apparel — 0.6%
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)(a)		1,163		1,137,856
Auto Parts & Equipment — 0.1%
Goodyear Tire & Rubber Co. (The), 7.00%, 03/15/28		150		167,150
Banks — 11.8%
Barclays Bank PLC, 6.86%, (Call 06/15/32)(b)(c)(d)		100		123,429
Barclays PLC
4.38%, 09/11/24		1,300		1,395,914
4.84%, 05/09/28 (Call 05/07/27)		1,900		2,114,814
5.20%, 05/12/26		2,050		2,314,635
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23)(a)(d)		2,625		2,596,912
4.50%, 04/01/25(a)		2,575		2,654,876
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)(a)(b)		1,800		2,466,648
Intesa Sanpaolo SpA, 5.02%, 06/26/24(b)		3,500		3,713,990
RBS Capital Trust II, 6.43%, (Call 01/03/34)(c)(d)		675		961,875
Royal Bank of Scotland Group PLC, 7.65%, (Call 09/30/31)(c)(d)		1,375		1,988,443
Standard Chartered PLC, 7.01%, (Call 07/30/37)(b)(c)(d)		1,300		1,598,090
				21,929,626
Chemicals — 3.2%
CF Industries Inc.
3.45%, 06/01/23		1,275		1,314,895
4.95%, 06/01/43(a)		1,172		1,250,290
5.15%, 03/15/34(a)		1,223		1,413,213
5.38%, 03/15/44		1,375		1,548,662
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)(a)		485		485,951
				6,013,011
Commercial Services — 1.7%
ADT Security Corp. (The)
3.50%, 07/15/22(a)		1,692		1,717,059
4.13%, 06/15/23		1,447		1,476,374
				3,193,433
Computers — 2.3%
Dell Inc.
4.63%, 04/01/21		660		676,243
5.40%, 09/10/40		475		490,608
6.50%, 04/15/38(a)		600		670,626
7.10%, 04/15/28(a)		455		548,307

Security	Par (000)		Value
Computers (continued)
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)(a)	$	1,791	$	1,819,083
				4,204,867
Cosmetics & Personal Care — 1.9%
Avon Products Inc.
7.00%, 03/15/23		862		941,209
8.95%, 03/15/43(a)		425		563,648
Edgewell Personal Care Co.
4.70%, 05/19/21		1,085		1,112,016
4.70%, 05/24/22		819		845,847
				3,462,720
Diversified Financial Services — 2.2%
Navient Corp.
5.50%, 01/25/23		1,725		1,807,489
5.63%, 08/01/33		1,120		1,021,731
7.25%, 01/25/22		1,210		1,303,957
				4,133,177
Electric — 1.7%
DPL Inc.
4.35%, 04/15/29 (Call 01/15/29)(a)(b)		700		690,284
7.25%, 10/15/21 (Call 07/15/21)		650		688,896
Midland Cogeneration Venture LP, 6.00%, 03/15/25(a)(b)		510		511,449
Panoche Energy Center LLC, 6.89%, 07/31/29(a)(b)		167		148,718
TransAlta Corp.
4.50%, 11/15/22 (Call 08/15/22)		685		714,558
6.50%, 03/15/40(a)		450		465,421
				3,219,326
Electronics — 0.8%
Ingram Micro Inc.
5.00%, 08/10/22 (Call 02/10/22)		510		526,483
5.45%, 12/15/24 (Call 09/15/24)		932		981,918
				1,508,401
Energy – Alternate Sources — 0.9%
Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b)		1,499		1,697,633
Engineering & Construction — 0.2%
AECOM Global II LLC/URS Fox US LP, 5.00%, 04/01/22 (Call 01/01/22)		425		440,861
Food — 0.2%
Safeway Inc., 7.25%, 02/01/31		433		469,511
Forest Products & Paper — 0.1%
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25(a)		210		261,229
Health Care – Services — 1.5%
HCA Inc.
7.05%, 12/01/27(a)		190		222,148
7.50%, 11/15/95(a)		350		433,146
7.69%, 06/15/25		717		871,076
8.36%, 04/15/24		70		84,739
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		665		691,859
Tenet Healthcare Corp., 6.88%, 11/15/31(a)		570		588,371
				2,891,339
Home Builders — 2.0%
MDC Holdings Inc.
5.50%, 01/15/24 (Call 10/15/23)		430		469,964
6.00%, 01/15/43 (Call 10/15/42)(a)		906		1,008,768
PulteGroup Inc.
6.00%, 02/15/35(a)		598		687,604
6.38%, 05/15/33(a)		656		792,133

1

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
7.88%, 06/15/32(a)	$	620	$	831,947
				3,790,416
Housewares — 3.5%
Newell Brands Inc.
3.85%, 04/01/23 (Call 02/01/23)		1,450		1,508,159
4.00%, 06/15/22 (Call 03/15/22)(a)		250		257,615
4.00%, 12/01/24 (Call 09/01/24)(a)		200		207,804
4.20%, 04/01/26 (Call 01/01/26)		2,350		2,452,389
5.38%, 04/01/36 (Call 10/01/35)(a)		450		493,655
5.50%, 04/01/46 (Call 10/01/45)		700		763,084
Tupperware Brands Corp., 4.75%, 06/01/21 (Call 03/01/21)(a)		950		937,071
				6,619,777
Insurance — 2.0%
Genworth Holdings Inc.
6.50%, 06/15/34		510		511,066
7.20%, 02/15/21		625		647,519
7.63%, 09/24/21		1,288		1,361,068
Liberty Mutual Group Inc., 7.80%, 03/07/87(a)(b)		500		664,305
MBIA Inc.
5.70%, 12/01/34(a)		75		70,969
6.40%, 08/15/22 (Call 03/23/20)		110		109,889
Provident Financing Trust I, 7.41%, 03/15/38(a)		290		358,776
				3,723,592
Internet — 0.4%
NortonLifeLock Inc., 3.95%, 06/15/22 (Call 03/15/22)(a)		655		672,266
Iron & Steel — 1.7%
Allegheny Ludlum LLC, 6.95%, 12/15/25(a)		195		207,958
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		1,080		1,179,717
Carpenter Technology Corp.
4.45%, 03/01/23 (Call 12/01/22)(a)		515		539,282
5.20%, 07/15/21 (Call 04/15/21)		420		432,986
Cleveland-Cliffs Inc., 6.25%, 10/01/40		505		421,609
U.S. Steel Corp., 6.65%, 06/01/37(a)		565		449,480
				3,231,032
Lodging — 2.4%
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		700		710,997
4.25%, 03/01/22 (Call 12/01/21)		1,075		1,101,896
5.40%, 04/01/24 (Call 02/01/24)(a)		514		549,307
5.63%, 03/01/21		410		422,981
5.75%, 04/01/27 (Call 01/01/27)(a)		930		1,016,564
6.35%, 10/01/25 (Call 07/01/25)(a)		530		594,453
				4,396,198
Manufacturing — 0.4%
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		650		672,984
Media — 1.2%
Belo Corp.
7.25%, 09/15/27		430		495,670
7.75%, 06/01/27		375		435,585
Liberty Interactive LLC
8.25%, 02/01/30		840		854,162
8.50%, 07/15/29(a)		430		437,761
				2,223,178
Mining — 3.0%
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)		1,308		1,322,924
3.88%, 03/15/23 (Call 12/15/22)		1,405		1,433,859

Security	Par (000)		Value
Mining (continued)
4.55%, 11/14/24 (Call 08/14/24)	$	622	$	659,612
5.40%, 11/14/34 (Call 05/14/34)(a)		615		635,959
5.45%, 03/15/43 (Call 09/15/42)		1,425		1,452,004
				5,504,358
Office & Business Equipment — 4.6%
Pitney Bowes Inc.
4.13%, 10/01/21 (Call 09/01/21)		966		984,741
4.63%, 05/15/22 (Call 04/15/22)		725		736,361
4.63%, 03/15/24 (Call 12/15/23)(a)		900		856,323
5.20%, 04/01/23 (Call 03/01/23)		725		727,929
Xerox Corp.
3.80%, 05/15/24(a)		675		689,438
4.13%, 03/15/23 (Call 02/15/23)		1,701		1,760,586
4.50%, 05/15/21		1,703		1,741,743
4.80%, 03/01/35		410		388,360
6.75%, 12/15/39(a)		595		647,473
				8,532,954
Oil & Gas — 8.0%
Diamond Offshore Drilling Inc.
3.45%, 11/01/23 (Call 08/01/23)		517		425,403
4.88%, 11/01/43 (Call 05/01/43)		1,260		625,325
5.70%, 10/15/39		762		407,647
Global Marine Inc., 7.00%, 06/01/28(a)		400		335,900
Murphy Oil Corp.
4.45%, 12/01/22 (Call 09/01/22)		1,025		1,061,890
5.88%, 12/01/42 (Call 06/01/42)(a)		625		580,706
7.05%, 05/01/29(a)		375		412,500
Nabors Industries Inc.
4.63%, 09/15/21		96		95,767
5.10%, 09/15/23 (Call 06/15/23)		500		458,750
5.50%, 01/15/23 (Call 11/15/22)(a)		850		854,990
Noble Holding International Ltd.
5.25%, 03/15/42		650		215,625
6.05%, 03/01/41(a)		600		204,168
6.20%, 08/01/40(a)		450		153,639
7.95%, 04/01/25 (Call 01/01/25)(a)		792		379,107
8.95%, 04/01/45 (Call 10/01/44)		700		296,282
Pride International LLC, 7.88%, 08/15/40		400		192,624
Rowan Companies Inc.
4.75%, 01/15/24 (Call 10/15/23)		625		402,400
4.88%, 06/01/22 (Call 03/01/22)(a)		1,250		930,850
5.40%, 12/01/42 (Call 06/01/42)		645		322,203
5.85%, 01/15/44 (Call 07/15/43)(a)		626		307,040
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		460		452,378
6.20%, 01/23/25 (Call 10/23/24)(a)		1,595		1,326,593
Suncor Energy Ventures Corp., 4.50%, 04/01/22 (Call 01/01/22)(a)(b)		225		233,429
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)(a)		515		505,740
6.80%, 03/15/38(a)		1,784		1,153,320
7.50%, 04/15/31(a)		991		722,152
8.38%, 12/15/21		350		361,536
9.35%, 12/15/41		425		334,356
Valaris PLC
4.50%, 10/01/24 (Call 07/01/24)		425		215,734
5.20%, 03/15/25 (Call 12/15/24)		564		277,133
5.75%, 10/01/44 (Call 04/01/44)		1,550		637,391
				14,882,578

2

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas Services — 1.1%
Oceaneering International Inc., 4.65%, 11/15/24 (Call 09/30/24)	$	950	$	912,817
SESI LLC, 7.13%, 12/15/21 (Call 12/15/20)(a)		1,240		1,083,958
				1,996,775
Packaging & Containers — 1.4%
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26(a)		551		657,002
Pactiv LLC
7.95%, 12/15/25(a)		535		622,879
8.38%, 04/15/27(a)		360		421,063
Sealed Air Corp., 6.88%, 07/15/33(b)		750		891,180
				2,592,124
Pharmaceuticals — 0.5%
Owens & Minor Inc.
3.88%, 09/15/21(a)		585		566,315
4.38%, 12/15/24 (Call 09/15/24)		425		328,755
				895,070
Pipelines — 8.3%
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)(a)		1,175		1,161,147
4.13%, 12/01/27 (Call 09/01/27)(a)		825		816,131
4.15%, 07/01/23 (Call 04/01/23)(a)		929		939,832
4.35%, 10/15/24 (Call 07/15/24)		410		414,510
4.88%, 02/01/21 (Call 11/01/20)(a)		1,060		1,075,709
5.60%, 10/15/44 (Call 04/15/44)		510		469,384
5.85%, 11/15/43 (Call 05/15/43)(a)		775		733,871
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		900		921,744
4.75%, 09/30/21 (Call 06/30/21)(b)		817		838,144
4.95%, 04/01/22 (Call 01/01/22)(a)		560		582,170
5.60%, 04/01/44 (Call 10/01/43)		630		614,527
6.45%, 11/03/36(a)(b)		565		598,245
6.75%, 09/15/37(a)(b)		805		870,664
8.13%, 08/16/30		440		544,408
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)(a)		1,325		1,216,628
4.40%, 04/01/24 (Call 01/01/24)		849		809,988
4.85%, 07/15/26 (Call 04/15/26)		925		853,192
5.05%, 04/01/45 (Call 10/01/44)(a)		650		494,065
5.45%, 06/01/47 (Call 12/01/46)		1,000		781,940
5.60%, 04/01/44 (Call 10/01/43)		510		403,084
NuStar Logistics LP, 4.75%, 02/01/22 (Call 11/01/21)(a)		377		386,964
				15,526,347
Real Estate Investment Trusts — 2.8%
CBL & Associates LP
4.60%, 10/15/24 (Call 07/15/24)		485		290,287
5.25%, 12/01/23 (Call 09/01/23)(a)		735		443,491
5.95%, 12/15/26 (Call 09/15/26)		986		496,254
Diversified Healthcare Trust
4.75%, 05/01/24 (Call 11/01/23)		445		468,554
4.75%, 02/15/28 (Call 08/15/27)		855		892,415
Mack-Cali Realty LP
3.15%, 05/15/23 (Call 02/15/23)		370		363,292
4.50%, 04/18/22 (Call 01/18/22)		510		520,394
Senior Housing Properties Trust, 6.75%, 12/15/21 (Call 06/15/21)(a)		475		500,412
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)(a)		1,300		1,159,054
				5,134,153

Security	Par (000)		Value
Retail — 4.8%
Bed Bath & Beyond Inc.
3.75%, 08/01/24 (Call 05/01/24)(a)	$	433	$	424,717
4.92%, 08/01/34 (Call 02/01/34)		500		398,515
5.17%, 08/01/44 (Call 02/01/44)		1,529		1,123,479
Brinker International Inc.
3.88%, 05/15/23(a)		518		529,417
5.00%, 10/01/24 (Call 07/01/24)(a)(b)		580		613,095
Gap Inc. (The), 5.95%, 04/12/21 (Call 01/12/21)		2,001		2,063,951
JC Penney Corp. Inc.
6.38%, 10/15/36(a)		350		108,437
7.40%, 04/01/37(a)		210		63,998
7.63%, 03/01/97		250		67,915
L Brands Inc.
6.95%, 03/01/33(a)		560		506,111
7.60%, 07/15/37(a)		525		497,348
Rite Aid Corp., 7.70%, 02/15/27		400		327,016
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)(a)		500		512,070
3.88%, 11/01/23 (Call 08/01/23)(a)		650		670,163
5.35%, 11/01/43 (Call 05/01/43)(a)		395		404,223
6.88%, 11/15/37		560		657,238
				8,967,693
Software — 0.6%
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)(a)		1,105		1,199,787
Telecommunications — 13.8%
CenturyLink Inc.
Series G, 6.88%, 01/15/28		320		358,176
Series P, 7.60%, 09/15/39		539		584,179
Series S, 6.45%, 06/15/21		800		839,880
Series T, 5.80%, 03/15/22(a)		935		986,350
Series U, 7.65%, 03/15/42		320		345,462
Embarq Corp., 8.00%, 06/01/36(a)		1,145		1,271,797
Frontier Communications Corp., 9.00%, 08/15/31(a)		1,351		617,691
Frontier Florida LLC, Series E, 6.86%, 02/01/28		450		424,575
Frontier North Inc., Series G, 6.73%, 02/15/28		250		235,625
Nokia of America Corp., 6.45%, 03/15/29(a)		300		316,260
Nokia OYJ, 6.63%, 05/15/39(a)		810		980,262
Qwest Corp.
6.75%, 12/01/21(a)		629		672,885
7.25%, 09/15/25		135		157,104
Sprint Capital Corp.
6.88%, 11/15/28		2,850		2,900,160
8.75%, 03/15/32		2,092		2,316,869
Sprint Communications Inc., 9.25%, 04/15/22(a)		200		226,372
Telecom Italia Capital SA
6.00%, 09/30/34(a)		1,188		1,336,346
6.38%, 11/15/33		1,251		1,459,904
7.20%, 07/18/36(a)		1,138		1,410,437
7.72%, 06/04/38(a)		1,200		1,550,784
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		1,652		1,717,271
U.S. Cellular Corp., 6.70%, 12/15/33(a)		889		1,004,668
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)(a)(d)		3,450		4,067,343
				25,780,400
Toys, Games & Hobbies — 0.7%
Mattel Inc.
3.15%, 03/15/23 (Call 12/15/22)(a)		435		431,859
5.45%, 11/01/41 (Call 05/01/41)		565		501,353

3

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Toys, Games & Hobbies (continued)
6.20%, 10/01/40	$	360	$	343,019
				1,276,231
Transportation — 0.3%
XPO CNW Inc., 6.70%, 05/01/34(a)		450		483,781
Total Corporate Bonds & Notes — 96.7% (Cost: $177,477,366)				180,251,897
Short-Term Investments
Money Market Funds — 24.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(e)(f)(g)		41,209		41,233,268
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(e)(f)		4,305		4,305,000
				45,538,268
Total Short-Term Investments — 24.4% (Cost: $45,529,314)				45,538,268
Total Investments in Securities — 121.1% (Cost: $223,006,680)				225,790,165
Other Assets, Less Liabilities — (21.1)%				(39,392,652	)
Net Assets — 100.0%			$	186,397,513

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

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

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

^(d)  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the three months ended January 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 01/31/20 (000)		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	21,399	19,810	41,209	$	41,233,268	$	54,200	(b)	$	(463	)	$	5,149
BlackRock Cash Funds: Treasury, SL Agency Shares	1,554	2,751	4,305		4,305,000		7,518			—			—
				$	45,538,268	$	61,718		$	(463	)	$	5,149

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	180,251,897	$	—	$	180,251,897
Money Market Funds		45,538,268		—		—		45,538,268
	$	45,538,268	$	180,251,897	$	—	$	225,790,165

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