UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: October 31, 2020

Date of reporting period: April 30, 2020

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company

Act of 1940 are attached.

APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares International High Yield Bond ETF  |  HYXU  |  Cboe BZX

· iShares J.P. Morgan EM Corporate Bond ETF  |  CEMB  |  Cboe BZX

· iShares J.P. Morgan EM High Yield Bond ETF  |  EMHY  |  Cboe BZX

· iShares J.P. Morgan EM Local Currency Bond ETF  |  LEMB  |  NYSE Arca

· iShares US & Intl High Yield Corp Bond ETF  |  GHYG  |  Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		51
Statements of Operations		53
Statements of Changes in Net Assets		55
Financial Highlights		58
Notes to Financial Statements		63
Statement Regarding Liquidity Risk Management Program		71
Supplemental Information		72
General Information		73
Glossary of Terms Used in this Report		74

Fund Summary  as of April 30, 2020 iShares^® International High Yield Bond ETF

Investment Objective

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(8.88	)%		(7.39	)%		0.98	%		1.98	%		(7.39	)%		4.98	%		17.13	%
Fund Market		(8.77	)		(7.50	)		0.86			2.00			(7.50	)		4.36			17.33
Index		(8.70	)		(7.09	)		1.31			2.16			(7.09	)		6.71			18.79

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$         911.20	$         1.90			$     1,000.00	$      1,022.90	$         2.01		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.3	%
Ba	51.7
B	26.4
Caa	6.6
Ca	0.2
Not Rated	13.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	18.5	%
Italy	16.4
France	12.0
United Kingdom	8.3
Germany	7.5
Spain	6.7
Netherlands	5.7
Ireland	4.0
Luxembourg	4.0
Sweden	3.5

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

^(a)  Excludes money market funds.

FUND SUMMARY 3

Fund Summary  as of April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF

Investment Objective

The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.23	)%		(0.08	)%		3.28	%		3.60	%		(0.08	)%		17.52	%		32.86	%
Fund Market		(5.15	)		(0.01	)		3.24			3.66			(0.01	)		17.26			33.54
Index		(4.83	)		0.64			3.85			4.19			0.64			20.78			39.12

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

Index Performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$         947.70	$         2.42			$     1,000.00	$      1,022.40	$         2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	2.3	%
A	18.1
Baa	35.7
Ba	17.3
B	7.0
Caa	3.6
Ca	0.1
Not Rated	15.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	10.1	%
Brazil	6.5
Hong Kong	5.7
Mexico	5.6
Russia	5.4
United Arab Emirates	4.9
South Korea	4.8
Saudi Arabia	4.7
India	4.5
Colombia	4.5

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

^(a)  Excludes money market funds.

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF

Investment Objective

The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) (formerly the iShares Emerging Markets High Yield Bond ETF) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(13.65	)%		(10.60	)%		1.60	%		2.94	%		(10.60	)%		8.25	%		26.33	%
Fund Market		(13.35	)		(10.10	)		1.73			3.02			(10.10	)		8.97			27.17
Index(a)		(13.29	)		(10.29	)		1.86			3.30			(10.29	)		9.65			29.93
J.P. Morgan USD Emerging Markets High Yield Bond Index (b)		(12.95	)		(10.30	)		N/A			N/A			(10.30	)		N/A			N/A

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

^(a)  Index performance through March 01, 2020 reflects the performance of the Morningstar^® Emerging Markets High Yield Bond Index^SM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index, which, effective as of March 02, 2020, replaced Morningstar^® Emerging Markets High Yield Bond Index as the underlying index of the fund.

^(b)  The inception date of the J.P. Morgan USD Emerging Markets High Yield Bond Index was July 27, 2018. The cumulative total return for this index for the period July 27, 2018 through April 30, 2020 was 5.85%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$         863.50	$         2.27			$     1,000.00	$     1,022.40	$         2.46		0.49	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	0.8	%
Ba	41.9
B	32.9
Caa	7.0
Ca	2.1
C	0.3
Not Rated	15.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	20.7	%
Turkey	14.2
China	6.3
South Africa	4.8
Israel	3.3
Russia	3.2
Oman	3.1
Hong Kong	2.9
Ukraine	2.8
Argentina	2.8

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

^(a)  Excludes money market funds.

FUND SUMMARY 5

Fund Summary  as of April 30, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF

Investment Objective

The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(10.87	)%		(7.13	)%		(1.50	)%		(0.79	)%		(7.13	)%		(7.26	)%		(6.54	)%
Fund Market		(12.22	)		(8.63	)		(1.75	)		(0.94	)		(8.63	)		(8.47	)		(7.74	)
Index		(10.25	)		(6.52	)		(0.82	)		(0.26	)		(6.52	)		(4.05	)		(2.23	)

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         891.30	$         1.41			$      1,000.00	$     1,023.40	$         1.51		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	4.5	%
A	22.6
Baa	50.7
Ba	17.3
B	4.4
Not Rated	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	8.7	%
Indonesia	8.7
Mexico	8.6
Thailand	6.5
Poland	5.9
Russia	5.1
Chile	4.6
Hungary	4.6
Czech Republic	4.6
Malaysia	4.5

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

^(a)  Excludes money market funds.

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.43	)%		(5.15	)%		2.28	%		3.61	%		(5.15	)%		11.94	%		33.12	%
Fund Market		(7.50	)		(5.52	)		2.20			3.59			(5.52	)		11.47			32.96
Index		(7.49	)		(5.19	)		2.46			3.75			(5.19	)		12.95			34.66

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$         925.70	$         1.92			$     1,000.00	$     1,022.90	$         2.01		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
A	0.1	%
Baa	0.8
Ba	48.2
B	34.4
Caa	10.9
Ca	0.5
C	0.1
Not Rated	5.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	68.7	%
Italy	4.5
France	3.9
United Kingdom	3.8
Canada	3.4
Germany	2.5
Netherlands	2.2
Luxembourg	2.0
Spain	1.7
Israel	1.6

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

^(a)  Excludes money market funds.

FUND SUMMARY 7

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Corporate Bonds & Notes
Belgium — 0.3%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)		EUR	100	$	112,183
Canada — 1.4%
Bombardier Inc., 6.13%, 05/15/21(a)		EUR	100		91,800
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 05/15/23 (Call 05/15/20)(a)		CAD	50		34,738
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/20)(a)		CAD	50		36,088
Parkland Fuel Corp. 5.63%, 05/09/25 (Call 05/09/20)		CAD	150		103,714
5.75%, 09/16/24 (Call 09/16/20)		CAD	100		70,493
Quebecor Media Inc., 6.63%, 01/15/23(b)		CAD	75		57,057
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)		CAD	50		4
Videotron Ltd. 4.50%, 01/15/30 (Call 10/15/24)		CAD	150		107,433
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		37,641
5.75%, 01/15/26 (Call 09/15/20)(a)		CAD	50		37,150
					576,118
Cayman Islands — 0.3%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)		EUR	100		107,931
Denmark — 1.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(a)		EUR	200		216,125
TDC AS 5.00%, 03/02/22		EUR	100		112,534
6.88%, 02/23/23(a)		GBP	100		129,859
					458,518
Finland — 1.6%
Nokia OYJ 2.00%, 03/15/24 (Call 12/15/23)(a)		EUR	100		109,180
2.00%, 03/11/26 (Call 12/11/25)(a)		EUR	150		158,730
Teollisuuden Voima OYJ 1.13%, 03/09/26 (Call 12/09/25)(a)		EUR	200		198,591
2.13%, 02/04/25 (Call 11/04/24)(a)		EUR	100		106,371
2.63%, 01/13/23(a)		EUR	100		111,327
					684,199
France — 11.7%
Altice France SA/France 2.13%, 02/15/25 (Call 01/29/22)(a)		EUR	150		152,635
2.50%, 01/15/25 (Call 09/15/21)(a)		EUR	100		103,336
3.38%, 01/15/28 (Call 09/15/22)(a)		EUR	200		205,257
5.88%, 02/01/27 (Call 02/01/22)(a)		EUR	150		170,555
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/22)(a)		EUR	100		103,472
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)(a)		EUR	100		93,617
Casino Guichard Perrachon SA 3.58%, 02/07/25 (Call 11/07/24)(a)		EUR	200		184,563
4.50%, 03/07/24 (Call 12/04/23)(a)		EUR	100		97,601
4.56%, 01/25/23(a)		EUR	300		311,622
5.98%, 05/26/21(a)		EUR	100		110,079
CMA CGM SA, 5.25%, 01/15/25 (Call 10/15/20)(a)		EUR	200		138,928
Constellium SE, 4.25%, 02/15/26 (Call 11/15/20)(a)		EUR	100		99,124
Elis SA 1.00%, 04/03/25 (Call 01/03/25)(a)		EUR	100		96,999
1.63%, 04/03/28 (Call 01/03/28)(a)		EUR	100		95,231
1.75%, 04/11/24 (Call 01/11/24)(a)		EUR	100		102,987
2.88%, 02/15/26 (Call 11/15/25)(a)		EUR	100		103,687

Security	Par (000)			Value
France (continued)
Europcar Mobility Group, 4.13%, 11/15/24 (Call 11/15/20)(a)		EUR	200	$	137,708
Faurecia SE 2.38%, 06/15/27 (Call 06/15/23)(a)		EUR	100		98,714
2.63%, 06/15/25 (Call 06/15/21)(a)		EUR	150		154,154
3.13%, 06/15/26 (Call 06/15/22)(a)		EUR	100		103,884
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/20)(a)		EUR	100		68,244
Loxam SAS 3.25%, 01/14/25 (Call 07/15/21)(a)		EUR	300		294,578
3.50%, 05/03/23 (Call 05/08/20)(a)		EUR	100		101,715
5.75%, 07/15/27 (Call 07/15/22)(a)		EUR	100		75,952
Orano SA 3.13%, 03/20/23 (Call 12/20/22)(a)		EUR	100		108,961
3.38%, 04/23/26 (Call 01/23/26)(a)		EUR	100		107,435
4.88%, 09/23/24		EUR	200		233,596
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(a)		EUR	100		110,842
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(d)		EUR	200		196,747
Rexel SA 2.13%, 06/15/25 (Call 12/15/20)(a)		EUR	150		159,624
2.75%, 06/15/26 (Call 06/15/22)(a)		EUR	100		106,935
SPCM SA, 2.88%, 06/15/23 (Call 06/15/20)(a)		EUR	100		108,125
SPIE SA 2.63%, 06/18/26 (Call 12/18/25)(a)		EUR	100		105,051
3.13%, 03/22/24 (Call 09/22/23)(a)		EUR	100		108,553
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23 (Call 07/01/20)(a)		EUR	150		160,421
Vallourec SA 2.25%, 09/30/24(a)		EUR	100		51,972
6.63%, 10/15/22 (Call 10/15/20)(a)		EUR	100		56,682
					4,819,586
Germany — 7.3%
ADLER Real Estate AG 1.50%, 12/06/21 (Call 11/06/21)(a)		EUR	100		105,777
1.50%, 04/17/22 (Call 03/17/22)(a)		EUR	100		104,444
3.00%, 04/27/26 (Call 02/27/26)(a)		EUR	100		103,895
Deutsche Bank AG 2.75%, 02/17/25(a)		EUR	325		345,314
4.50%, 05/19/26(a)		EUR	100		108,825
K+S AG 2.63%, 04/06/23 (Call 01/06/23)(a)		EUR	100		93,380
3.25%, 07/18/24 (Call 04/18/24)(a)		EUR	100		88,927
4.13%, 12/06/21(a)		EUR	200		205,070
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(d)		EUR	75		82,853
METRO AG 1.38%, 10/28/21(a)		EUR	100		107,379
1.50%, 03/19/25(a)		EUR	100		104,589
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)(a)		EUR	100		103,716
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)(a)		EUR	300		318,535
ProGroup AG, 3.00%, 03/31/26 (Call 03/31/21)(a)		EUR	100		101,365
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(d)		EUR	50		55,885
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a)		EUR	250		257,756
thyssenkrupp AG 1.38%, 03/03/22 (Call 12/03/21)(a)		EUR	150		157,140
1.88%, 03/06/23 (Call 02/06/23)(a)		EUR	150		153,367
2.88%, 02/22/24 (Call 11/22/23)(a)		EUR	400		413,746
					3,011,963

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Greece — 0.5%
Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(a)(d)		EUR	100	$	78,533
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(a)		EUR	100		71,386
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(d)		EUR	100		73,316
					223,235
Ireland — 3.9%
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(a)(d)		EUR	100		103,331
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 2.13%, 08/15/26 (Call 08/15/22)(a)		EUR	100		105,172
2.75%, 03/15/24 (Call 03/15/21)(a)		EUR	100		108,991
4.75%, 07/15/27 (Call 07/15/22)(a)		GBP	100		121,693
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(a)(d)		GBP	100		123,957
eircom Finance DAC 1.75%, 11/01/24 (Call 11/01/21)(a)		EUR	100		104,508
3.50%, 05/15/26 (Call 05/15/22)(a)		EUR	200		218,965
James Hardie International Finance DAC, 3.63%, 10/01/26 (Call 10/01/21)(a)		EUR	100		101,604
Smurfit Kappa Acquisitions ULC 2.38%, 02/01/24 (Call 11/01/23)(a)		EUR	100		111,179
2.88%, 01/15/26 (Call 10/15/25)(a)		EUR	225		255,196
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/14/27)(a)		EUR	125		130,405
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/20)(a)		GBP	100		125,565
					1,610,566
Israel — 3.0%
Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/24(a)		EUR	300		283,428
1.25%, 03/31/23 (Call 12/31/22)(a)		EUR	300		300,965
1.63%, 10/15/28(a)		EUR	150		129,224
1.88%, 03/31/27 (Call 12/31/26)(a)		EUR	100		90,233
3.25%, 04/15/22 (Call 01/15/22)		EUR	100		107,241
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		106,235
6.00%, 01/31/25 (Call 10/31/24)(a)		EUR	200		225,994
					1,243,320
Italy — 15.9%
Atlantia SpA 1.63%, 02/03/25(a)		EUR	100		98,283
1.88%, 07/13/27 (Call 04/13/27)(a)		EUR	175		167,382
Autostrade per l’Italia SpA 1.13%, 11/04/21(a)		EUR	100		104,589
4.38%, 09/16/25(a)		EUR	100		112,817
Banca IFIS SpA, 2.00%, 04/24/23(a)		EUR	100		95,592
Banca Monte dei Paschi di Siena SpA 3.63%, 09/24/24(a)		EUR	300		291,195
4.00%, 07/10/22(a)		EUR	100		103,721
5.38%, 01/18/28 (Call 01/18/23)(a)(d)		EUR	100		64,740
10.50%, 07/23/29(a)		EUR	100		78,314
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)		EUR	100		97,391
Banco BPM SpA 1.75%, 04/24/23(a)		EUR	309		319,363
1.75%, 01/28/25(a)		EUR	100		99,794
2.50%, 06/21/24(a)		EUR	100		103,920
4.25%, 10/01/29 (Call 10/01/24)(a)(d)		EUR	100		96,173
4.38%, 09/21/27 (Call 09/21/22)(a)(d)		EUR	100		96,476
6.38%, 05/31/21(a)		EUR	100		110,976
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(a)(d)		EUR	100		105,044
Fiat Chrysler Finance Europe SA, 4.75%, 07/15/22(a)		EUR	300		336,422

Security	Par (000)			Value
Italy (continued)
Iccrea Banca SpA 1.50%, 10/11/22(a)		EUR	100	$	103,875
4.13%, 11/28/29 (Call 11/28/24)(a)(d)		EUR	100		80,086
International Game Technology PLC, 3.50%, 06/15/26 (Call 06/15/22)(a)		EUR	150		138,992
Intesa Sanpaolo SpA 2.86%, 04/23/25(a)		EUR	100		112,345
3.93%, 09/15/26(a)		EUR	175		201,342
6.63%, 09/13/23(a)		EUR	200		243,696
Leonardo SpA 1.50%, 06/07/24 (Call 03/07/24)(a)		EUR	125		129,001
5.25%, 01/21/22		EUR	100		113,861
Mediobanca Banca di Credito Finanziario SpA 3.75%, 06/16/26		EUR	75		84,546
5.75%, 04/18/23		EUR	50		59,003
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a)		EUR	100		115,462
Saipem Finance International BV, 3.75%, 09/08/23(a)		EUR	200		214,197
Salini Impregilo SpA, 1.75%, 10/26/24(a)		EUR	150		132,257
Telecom Italia SpA/Milano 2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	200		211,739
2.50%, 07/19/23(a)		EUR	100		109,761
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	100		110,046
3.25%, 01/16/23(a)		EUR	150		167,930
3.63%, 01/19/24(a)		EUR	207		233,816
3.63%, 05/25/26(a)		EUR	100		114,215
4.00%, 04/11/24 (Call 01/11/24)(a)		EUR	125		142,560
5.25%, 02/10/22(a)		EUR	100		114,984
UniCredit SpA, 2.73%, 01/15/32 (Call 01/15/27)(a)(d)		EUR	200		190,271
Unione di Banche Italiane SpA 4.25%, 05/05/26 (Call 05/05/21)(a)(d)		EUR	200		220,532
4.38%, 07/12/29 (Call 07/12/24)(a)(d)		EUR	150		161,155
5.88%, 03/04/29 (Call 03/04/24)(a)(d)		EUR	150		171,021
Unipol Gruppo SpA 3.00%, 03/18/25(a)		EUR	175		193,347
3.50%, 11/29/27 (Call 08/29/27)(a)		EUR	100		110,542
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a)		EUR	100		106,069
					6,568,843
Japan — 2.4%
SoftBank Group Corp. 3.13%, 09/19/25 (Call 06/21/25)(a)		EUR	250		253,084
4.00%, 07/30/22 (Call 04/30/22)(a)		EUR	200		213,059
4.00%, 09/19/29 (Call 06/21/29)(a)		EUR	100		98,737
4.50%, 04/20/25 (Call 01/20/25)(a)		EUR	100		106,417
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	300		318,378
					989,675
Luxembourg — 3.9%
Altice Financing SA, 3.00%, 01/15/28 (Call 01/15/23)(a)		EUR	200		201,189
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)		EUR	100		93,163
Altice France Holding SA 4.00%, 02/15/28(a)		EUR	100		93,711
8.00%, 05/15/27(b)		EUR	250		277,398
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 11/01/20)(a)		GBP	100		100,987
INEOS Finance PLC, 2.13%, 11/15/25 (Call 11/15/20)(a)		EUR	100		102,034
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/20)(a)		EUR	100		106,590
Matterhorn Telecom SA 3.13%, 09/15/26 (Call 09/15/22)(a)		EUR	100		106,905
4.00%, 11/15/27 (Call 11/15/22)(a)		EUR	100		107,752
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)		EUR	90		73,316
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)		EUR	150		144,915

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Luxembourg (continued)
Vivion Investments Sarl 3.00%, 08/08/24(a)		EUR	100	$	96,744
3.50%, 11/01/25(a)		EUR	100		98,194
					1,602,898
Netherlands — 5.5%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/20)(a)		EUR	200		186,201
OCI NV 3.13%, 11/01/24 (Call 11/01/21)(a)		EUR	100		106,958
5.00%, 04/15/23 (Call 04/15/21)(a)		EUR	100		109,533
PPF Telecom Group BV 2.13%, 01/31/25 (Call 10/31/24)(a)		EUR	100		103,330
3.13%, 03/27/26 (Call 12/27/25)(a)		EUR	100		106,107
Q-Park Holding I BV 1.50%, 03/01/25 (Call 02/10/22)(a)		EUR	100		98,237
2.00%, 03/01/27 (Call 03/01/23)(a)		EUR	100		99,125
Saipem Finance International BV, 2.63%, 01/07/25(a)		EUR	100		101,901
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/21)(a)		EUR	200		81,271
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a)		EUR	100		104,524
SNS Bank NV, 6.25%, 10/26/20(e)		EUR	50		0	(f)
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(a)		EUR	100		103,990
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)		EUR	100		107,202
United Group BV 3.13%, 02/15/26 (Call 02/15/22)(a)		EUR	100		102,444
3.63%, 02/15/28 (Call 02/06/23)(a)		EUR	100		101,543
4.88%, 07/01/24 (Call 07/01/20)(a)		EUR	100		106,836
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)		EUR	200		212,394
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)		EUR	150		154,277
Ziggo BV 2.88%, 01/15/30 (Call 10/15/24)(a)		EUR	100		103,432
4.25%, 01/15/27 (Call 01/15/22)(a)		EUR	180		202,024
					2,291,329
Portugal — 1.7%
Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)(a)(d)		EUR	100		93,557
Caixa Geral de Depositos SA 1.25%, 11/25/24(a)		EUR	100		104,651
5.75%, 06/28/28 (Call 06/28/23)(a)(d)		EUR	100		105,892
EDP — Energias de Portugal SA 1.70%, 07/20/80 (Call 04/20/25)(a)(d)		EUR	100		99,374
4.50%, 04/30/79 (Call 01/30/24)(a)(d)		EUR	200		227,268
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(d)		EUR	100		85,628
					716,370
Spain — 6.5%
ABANCA Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(d)		EUR	100		90,918
Banco de Sabadell SA 1.13%, 03/27/25(a)		EUR	200		191,326
1.75%, 05/10/24(a)		EUR	100		100,354
5.38%, 12/12/28 (Call 12/12/23)(a)(d)		EUR	100		101,013
5.63%, 05/06/26(a)		EUR	100		103,046
Bankia SA 1.00%, 06/25/24(a)		EUR	100		103,881
1.13%, 11/12/26(a)		EUR	100		99,974
3.38%, 03/15/27 (Call 03/15/22)(a)(d)		EUR	100		107,915
3.75%, 02/15/29 (Call 02/15/24)(a)(d)		EUR	200		210,558
Cellnex Telecom SA 1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100		105,302

Security	Par (000)			Value
Spain (continued)
2.38%, 01/16/24 (Call 10/16/23)(a)		EUR	100	$	112,932
2.88%, 04/18/25 (Call 01/18/25)(a)		EUR	100		116,078
3.13%, 07/27/22(a)		EUR	100		114,087
Cirsa Finance International Sarl 4.75%, 05/22/25 (Call 05/07/21)(a)		EUR	100		85,531
6.25%, 12/20/23 (Call 06/20/20)(a)		EUR	100		89,953
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(a)		EUR	100		106,033
Grifols SA 1.63%, 02/15/25 (Call 02/15/22)(a)		EUR	250		266,961
2.25%, 11/15/27 (Call 11/15/22)(a)		EUR	100		106,606
3.20%, 05/01/25 (Call 05/01/20)(a)		EUR	100		109,216
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 05/28/20)(c)		EUR	141		77
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(d)		EUR	100		86,665
Liberbank SA, 6.88%, 03/14/27 (Call 03/14/22)(a)(d)		EUR	100		103,919
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(d)		EUR	175		189,365
					2,701,710
Sweden — 3.4%
Akelius Residential Property AB 2.25%, 05/17/81 (Call 02/17/26)(a)(d)		EUR	100		97,759
3.88%, 10/05/78 (Call 10/05/23)(a)(d)		EUR	100		108,441
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(d)		EUR	100		101,860
Intrum AB 2.75%, 07/15/22 (Call 07/15/20)(a)		EUR	50		47,697
3.00%, 09/15/27 (Call 09/15/22)(a)		EUR	100		80,635
3.13%, 07/15/24 (Call 07/15/20)(a)		EUR	200		177,391
3.50%, 07/15/26 (Call 07/15/22)(a)		EUR	175		145,435
Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24(a)		EUR	100		109,951
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/20)(a)		EUR	200		210,418
Volvo Car AB 2.00%, 01/24/25 (Call 10/24/24)(a)		EUR	200		205,042
3.25%, 05/18/21(a)		EUR	100		109,525
					1,394,154
Switzerland — 0.6%
Dufry One BV 2.00%, 02/15/27 (Call 02/15/22)(a)		EUR	100		83,519
2.50%, 10/15/24 (Call 10/15/20)(a)		EUR	200		179,300
					262,819
United Kingdom — 8.1%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/21)(a)		EUR	100		96,485
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(a)		GBP	100		113,837
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)(a)		GBP	150		194,129
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/20)(a)		GBP	100		117,369
EC Finance PLC, 2.38%, 11/15/22 (Call 11/15/20)(a)		EUR	100		101,426
eG Global Finance PLC 4.38%, 02/07/25 (Call 05/15/21)(a)		EUR	125		116,861
6.25%, 10/30/25 (Call 10/25/21)(a)		EUR	150		147,624
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24(a)		EUR	200		222,523
Heathrow Finance PLC, 3.88%, 03/01/27(a)		GBP	100		115,383
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(a)		EUR	100		103,099
Jaguar Land Rover Automotive PLC 2.20%, 01/15/24(a)		EUR	100		77,161
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		113,149
5.00%, 02/15/22(a)		GBP	100		115,111
5.88%, 11/15/24 (Call 08/15/24)(a)		EUR	100		81,986

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United Kingdom (continued)
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 02/10/22)(a)		GBP	100	$	113,026
Motion Bondco DAC, 4.50%, 11/15/27 (Call 11/15/22)(a)		EUR	100		86,062
Top Gun Realisations 74 PLC, 6.50%, 07/01/22 (Call 06/24/20)(a)(c)		GBP	25		5,999
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 01/15/21)(a)		EUR	100		110,492
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/20)(a)		GBP	100		125,375
Virgin Media Secured Finance PLC 4.88%, 01/15/27 (Call 01/15/21)(a)		GBP	100		125,278
5.00%, 04/15/27 (Call 04/15/22)(a)		GBP	100		126,027
5.25%, 05/15/29 (Call 05/15/24)(a)		GBP	100		126,018
6.00%, 01/15/25 (Call 01/15/21)(a)(g)		GBP	100		134,490
6.25%, 03/28/29 (Call 01/15/21)(a)		GBP	90		118,502
Vodafone Group PLC 1.00%, 10/03/78 (Call 10/03/25)(a)(d)		GBP	100		127,967
3.10%, 01/03/79 (Call 01/03/24)(a)(d)		EUR	300		323,858
4.20%, 10/03/78 (Call 10/03/28)(a)(d)		EUR	100		112,070
					3,351,307
United States — 18.0%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)		EUR	175		149,434
AMC Entertainment Holdings Inc., 6.38%, 11/15/24 (Call 11/15/20)		GBP	100		35,381
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/21)(a)		EUR	100		98,883
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		102,205
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/20)(a)		EUR	100		111,868
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(a)		EUR	100		58,556
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/21)(a)		EUR	100		106,703
Ball Corp. 0.88%, 03/15/24 (Call 12/15/23)		EUR	100		104,803
1.50%, 03/15/27 (Call 12/15/26)		EUR	100		104,124
4.38%, 12/15/23		EUR	100		117,747
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 05/15/20)(a)		EUR	300		321,252
Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a)		EUR	150		157,004
Berry Global Inc. 1.00%, 01/15/25 (Call 10/15/24)(a)		EUR	100		103,178
1.50%, 01/15/27 (Call 10/15/26)(a)		EUR	100		102,548
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)		EUR	150		152,787
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)		EUR	100		89,141
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(a)		EUR	100		90,738
Crown European Holdings SA 0.75%, 02/15/23 (Call 01/16/23)(a)		EUR	100		104,696
2.25%, 02/01/23 (Call 11/01/22)(a)		EUR	100		108,975
2.63%, 09/30/24 (Call 03/30/24)(a)		EUR	125		137,664
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		110,128
3.38%, 05/15/25 (Call 11/15/24)(a)		EUR	100		114,063
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a)		EUR	100		108,804
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a)		EUR	100		108,188
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)		EUR	100		106,881
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/21)(a)		EUR	100		69,187
International Game Technology PLC 2.38%, 04/15/28 (Call 04/15/23)(a)		EUR	100		88,460
3.50%, 07/15/24 (Call 01/15/24)(a)		EUR	125		122,734

Security	Par/ Shares (000)				Value
United States (continued)
IQVIA Inc. 2.25%, 01/15/28 (Call 07/15/22)(a)		EUR	150		$	159,482
2.88%, 09/15/25 (Call 09/15/20)(a)		EUR	100			109,120
3.25%, 03/15/25 (Call 03/15/21)(a)		EUR	250			275,392
3.50%, 10/15/24 (Call 10/15/20)(a)		EUR	100			110,334
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(a)		GBP	100			116,654
Levi Strauss &Co., 3.38%, 03/15/27 (Call 03/15/22)		EUR	100			109,735
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(d)		EUR	100			102,470
LKQ European Holdings BV 3.63%, 04/01/26 (Call 04/01/21)(a)		EUR	100			108,032
4.13%, 04/01/28 (Call 04/01/23)(a)		EUR	100			106,669
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a)		EUR	100			112,208
Mauser Packaging Solutions HoldingCo., 4.75%, 04/15/24 (Call 04/15/21)(a)		EUR	100			101,521
MPT Operating Partnership LP/MPT Finance Corp. 2.55%, 12/05/23 (Call 11/05/23)		GBP	100			124,060
3.33%, 03/24/25 (Call 12/24/24)		EUR	100			110,713
3.69%, 06/05/28 (Call 04/05/28)		GBP	100			121,619
4.00%, 08/19/22 (Call 05/19/22)		EUR	100			111,986
Netflix Inc. 3.00%, 06/15/25 (Call 03/15/25)(a)		EUR	100			111,045
3.63%, 05/15/27		EUR	150			170,268
3.63%, 06/15/30 (Call 03/15/30)(a)		EUR	150			165,622
3.88%, 11/15/29(a)		EUR	200			224,471
4.63%, 05/15/29		EUR	300			353,427
OI European Group BV 3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	100			105,034
4.88%, 03/31/21(a)		EUR	36			38,876
Panther BF Aggregator 2 LP/Panther Finance Co. Inc., 4.38%, 05/15/26 (Call 05/15/22)(a)		EUR	125			126,348
Refinitiv U.S. Holdings Inc., 4.50%, 05/15/26 (Call 11/15/21)(a)		EUR	250			285,058
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)(a)		EUR	100			72,404
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)		EUR	100			114,763
Silgan Holdings Inc. 2.25%, 06/01/28 (Call 03/01/23)(a)		EUR	100			105,962
3.25%, 03/15/25 (Call 03/15/21)		EUR	100			110,146
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/21)(a)		EUR	100			102,129
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a).		EUR	100			93,101
Tenneco Inc., 5.00%, 07/15/24 (Call 07/15/20)(a)		EUR	100			78,603
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a)		EUR	100			109,896
						7,433,280
Total Corporate Bonds & Notes — 97.1% (Cost: $46,515,515)						40,160,004
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd. Class A(e)(h)			0	(i)		0	(f)
Total Common Stocks — 0.0% (Cost: $159,437)						0	(f)

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.18%(j)(k)		22	$	22,000
Total Short-Term Investments — 0.1% (Cost: $22,000)				22,000
Total Investments in Securities — 97.2% (Cost: $46,696,952)				40,182,004
Other Assets, Less Liabilities — 2.8%				1,166,822
Net Assets — 100.0%			$	41,348,826

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

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

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

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

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

^(f)  Rounds to less than $1.

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

^(h)  Non-income producing security.

⁽ⁱ⁾  Rounds to less than 1,000.

^(j)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)		Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		14		8		22	$	22,000	$	89	$	—	$	—

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

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 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	$	—	$	40,160,004	$	0	(a)	$	40,160,004
Common Stocks		—		—		0	(a)		0	(a)
Money Market Funds		22,000		—		—			22,000
	$	22,000	$	40,160,004	$	0	(a)	$	40,182,004

^(a)  Rounds to less than $1.

See notes to financial statements.

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited)  April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 1.0%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 02/01/21)(a)	$	150	$	34,539
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)(a)(b)		225		180,562
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(a)(b)		150		56,484
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(a)		300		175,238
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(a)(c)		266		38,855
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)(a)		200		154,250
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(a)		150		109,125
YPF SA 6.95%, 07/21/27(a)(b)		360		160,200
7.00%, 12/15/47 (Call 06/15/47)(a)(b)		250		109,063
8.50%, 07/28/25(a)		600		286,125
8.50%, 06/27/29 (Call 03/27/29)(a)(b)		200		91,313
8.75%, 04/04/24(a)		480		253,200
				1,648,954
Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		400		332,000
Bahrain — 0.1%
BBK BSC, 5.50%, 07/09/24(a)		200		189,500
Brazil — 6.3%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(a)		150		127,500
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23(a)		200		196,250
Banco do Brasil SA/Cayman 3.88%, 10/10/22(b)		200		197,000
4.63%, 01/15/25(a)		200		194,025
4.75%, 03/20/24(a)		200		196,625
5.88%, 01/19/23(a)(b)		200		205,000
6.25%, (Call 04/15/24)(a)(d)(e)		200		165,031
9.00%, (Call 06/18/24)(a)(d)(e)		200		191,200
Braskem Netherlands Finance BV 4.50%, 01/10/28 (Call 10/10/27)(a)(b)		200		170,000
4.50%, 01/31/30(a)(b)		200		160,625
5.88%, 01/31/50(a)		200		150,000
BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(a)		200		173,256
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		200		208,400
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(a)		200		174,700
CSN Resources SA 7.63%, 02/13/23 (Call 02/13/21)(a)(b)		200		156,500
7.63%, 04/17/26 (Call 04/17/22)(a)(b)		200		142,000
Embraer Netherlands Finance BV 5.05%, 06/15/25		227		189,864
5.40%, 02/01/27		50		42,000
Fibria Overseas Finance Ltd. 5.25%, 05/12/24		50		50,309
5.50%, 01/17/27		100		100,406
Gerdau Trade Inc., 4.88%, 10/24/27(a)		200		193,875
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a)		100		51,969
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(a)		150		151,800
Itau Unibanco Holding SA/Cayman Island 4.50%, 11/21/29 (Call 11/21/24)(a)(b)(e)		200		186,160
5.13%, 05/13/23(a)		200		204,063
6.50%, (Call 03/19/23)(a)(d)(e)		200		186,000

Security	Par (000)		Value
Brazil (continued)
JBS Investments II GmbH 5.75%, 01/15/28 (Call 07/15/22)(a)	$	200	$	194,874
7.00%, 01/15/26 (Call 01/15/22)(a)		200		207,354
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 05/29/20)(a)		129		130,451
Klabin Austria GmbH, 5.75%, 04/03/29 (Call 01/03/29)(a)		200		195,750
MARB BondCo PLC, 6.88%, 01/19/25 (Call 01/19/21)(a)		200		190,804
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(a)		200		194,000
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)(a)(b)		200		192,500
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(a)(f)		51		15,123
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(a)(f)		162		12,633
Oi SA (4.00% PIK), 10.00%, 07/27/25(f)		150		110,203
Petrobras Global Finance BV 4.38%, 05/20/23		150		145,500
5.09%, 01/15/30(a)		500		456,250
5.30%, 01/27/25		218		210,622
5.63%, 05/20/43		100		88,281
5.75%, 02/01/29		250		235,235
6.00%, 01/27/28		200		191,210
6.25%, 03/17/24		125		126,217
6.75%, 01/27/41		100		96,346
6.85%, 06/05/2115		300		280,500
6.88%, 01/20/40		148		143,782
6.90%, 03/19/49		200		191,991
7.25%, 03/17/44		75		74,545
7.38%, 01/17/27		250		263,075
8.75%, 05/23/26		100		111,200
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a)		200		179,700
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(a)(b)		200		197,250
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(a)		200		202,625
Suzano Austria GmbH 5.00%, 01/15/30 (Call 10/15/29)		200		189,800
7.00%, 03/16/47 (Call 09/16/46)(a)		200		202,750
Ultrapar International SA, 5.25%, 06/06/29(a)		200		182,500
Vale Overseas Ltd. 6.25%, 08/10/26		200		218,200
6.88%, 11/21/36		200		233,750
6.88%, 11/10/39		150		176,520
				10,006,099
Chile — 4.1%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(a)(e)		200		189,875
Banco de Credito e Inversiones SA 3.50%, 10/12/27(a)(b)		200		196,375
4.00%, 02/11/23(a)(b)		200		204,750
Celulosa Arauco y Constitucion SA 4.20%, 01/29/30 (Call 10/29/29)(a)		200		193,244
4.25%, 04/30/29 (Call 01/30/29)(a)		400		381,500
4.50%, 08/01/24 (Call 05/01/24)		200		202,125
5.15%, 01/29/50 (Call 07/29/49)(a)		200		183,875
Cencosud SA 4.38%, 07/17/27 (Call 04/17/27)(a)		600		561,375
5.15%, 02/12/25 (Call 11/12/24)(a)(b)		200		201,062
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 05/28/20)(a)		250		88,984
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(a)		200		143,438
Empresa Nacional de Telecomunicaciones SA 4.75%, 08/01/26 (Call 05/03/26)(a)		400		412,800

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chile (continued)
4.88%, 10/30/24 (Call 07/30/24)(a)	$	400	$	408,750
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		200		204,500
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		500		532,500
GNL Quintero SA, 4.63%, 07/31/29(a)(b)		600		621,000
Inversiones CMPC SA, 4.38%, 04/04/27(a)		200		203,000
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(a)(b)		600		613,312
Latam Finance Ltd. 6.88%, 04/11/24 (Call 04/11/21)(a)		200		79,813
7.00%, 03/01/26 (Call 03/01/23)(a)		400		161,375
SACI Falabella, 3.75%, 04/30/23(a)		200		200,120
Telefonica Chile SA, 3.88%, 10/12/22(a)		200		199,500
VTR Finance BV, 6.88%, 01/15/24 (Call 05/08/20)(a)		400		397,164
				6,580,437
China — 9.9%
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)(a)(d)(e)		200		185,563
Alibaba Group Holding Ltd. 3.40%, 12/06/27 (Call 09/06/27)		300		325,053
4.00%, 12/06/37 (Call 06/06/37)		200		231,500
4.20%, 12/06/47 (Call 06/06/47)		200		239,875
Baidu Inc. 3.50%, 11/28/22		200		205,744
4.13%, 06/30/25		200		213,750
Bank of China Ltd., 5.00%, 11/13/24(a)		200		217,750
Bank of China Ltd./Hong Kong 1.85%, 03/08/23, (3 mo. LIBOR US + 0.850%)(a)(g)		200		198,076
3.88%, 06/30/25(a)		200		219,187
Bank of Communications Co. Ltd./Hong Kong, 2.54%, 05/17/23, (3 mo. LIBOR US + 0.85%)(a)(g)		200		197,716
BOC Aviation Ltd. 2.36%, 09/26/23 (Call 08/26/23), (3 mo. LIBORUS + 1.125%)(a)(g)		200		194,890
3.00%, 09/11/29 (Call 06/11/29)(a)		300		286,509
3.50%, 10/10/24 (Call 09/10/24)(a)		200		202,608
3.50%, 09/18/27 (Call 06/18/27)(a)(b)		400		401,500
3.88%, 04/27/26 (Call 01/27/26)(a)		300		309,469
4.00%, 01/25/24 (Call 12/25/23)(a)		200		205,832
Bocom Leasing Management Hong Kong Co. Ltd., 1.97%, 12/10/24, (3 mo. LIBOR US + 1.075%)(a)(g)		200		194,250
CFLD Cayman Investment Ltd., 8.05%, 01/13/25(a)		200		170,380
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a)		200		216,750
China Cinda Finance 2017 I Ltd. 3.88%, 02/08/23(a)		200		207,692
4.75%, 02/21/29(a)		200		225,687
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)(a)(e)		200		209,312
China Evergrande Group 7.50%, 06/28/23 (Call 06/28/20)(a)		200		156,875
8.75%, 06/28/25 (Call 06/28/21)(a)		200		156,750
10.50%, 04/11/24 (Call 04/11/22)(a)		200		167,500
China Life Insurance Co. Ltd., 4.00%, 07/03/2135 (Call 07/03/75)(a)(e)		200		193,418
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(a)		200		224,812
China Overseas Finance Cayman VII Ltd. 4.25%, 04/26/23(a)		200		209,788
4.75%, 04/26/28(a)		200		227,000
China Railway Xunjie Co. Ltd., 2.88%, 07/25/22(a)		200		205,750
China Resources Land Ltd., 4.13%, 02/26/29(a)		200		220,312
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(a)(d)(e)		200		205,375

Security	Par (000)		Value
China (continued)
CITIC Ltd., 3.88%, 02/28/27(a)	$	200	$	210,687
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23(a)		200		214,320
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)		200		206,154
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		200		215,375
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28		200		226,612
CNPC General Capital Ltd., 3.40%, 04/16/23(a)		200		207,188
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a)		200		220,312
Country Garden Holdings Co. Ltd., 7.25%, 04/08/26 (Call 04/08/23)(a)		400		414,000
CRCC Yuxiang Ltd., 3.50%, 05/16/23(a)		200		207,375
Franshion Brilliant Ltd., 4.00%, (Call 01/03/23)(a)(d)(e)		200		186,500
Huarong Finance 2017 Co. Ltd. 4.25%, 11/07/27(a)		200		201,688
4.75%, 04/27/27(a)		200		207,750
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a)		200		205,313
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(a)		200		213,211
ICBCIL Finance Co. Ltd. 3.13%, 11/15/22(a)		200		204,125
3.75%, 03/05/24(a)		200		208,562
Industrial &Commercial Bank of China Ltd./London, 1.84%, 10/25/23, (3 mo. LIBOR US + 0.850%)(a)(g)		400		394,000
Industrial &Commercial Bank of China Ltd./Singapore, 1.82%, 04/25/24, (3 mo. LIBOR US + 0.830%)(a)(g)		200		196,250
Industrial &Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(a)(e)		200		197,188
JD.com Inc., 3.88%, 04/29/26(b)		200		212,500
Kaisa Group Holdings Ltd. 8.50%, 06/30/22 (Call 06/30/20)(a)		200		185,063
9.38%, 06/30/24 (Call 06/30/21)(a)		200		171,875
KWG Group Holdings Ltd., 6.00%, 09/15/22 (Call 05/13/20)(a).		200		193,625
Lenovo Group Ltd., 4.75%, 03/29/23(a)		200		198,250
Nexen Inc. 6.40%, 05/15/37		200		278,927
7.50%, 07/30/39		100		160,188
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(a)		200		202,625
Proven Honour Capital Ltd., 4.13%, 05/19/25(a)		200		204,875
Shimao Property Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(a)		200		200,625
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		204,379
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(a)		400		410,750
State Elite Global Ltd., 1.79%, 10/24/24, (3 mo. LIBOR US + 0.770%)(a)(g)		200		195,500
Tencent Holdings Ltd. 3.60%, 01/19/28 (Call 10/19/27)(a)		300		323,250
3.93%, 01/19/38 (Call 07/19/37)(a)		200		223,511
3.98%, 04/11/29 (Call 01/11/29)(a)		200		225,426
Vanke Real Estate Hong Kong Co. Ltd. 4.15%, 04/18/23(a)		200		206,688
4.20%, 06/07/24(a)		200		208,187
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(a)		200		196,000
Yuzhou Properties Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)(a)		200		163,866
				15,729,393
Colombia — 4.3%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(a)(b)		250		227,812
Banco Davivienda SA, 5.88%, 07/09/22(a)		200		200,250

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Banco de Bogota SA 4.38%, 08/03/27 (Call 05/03/27)(a)	$	350	$	321,016
5.38%, 02/19/23(a)		200		199,781
6.25%, 05/12/26(a)		400		397,000
Bancolombia SA 4.63%, 12/18/29 (Call 12/18/24)(e)		400		345,000
4.88%, 10/18/27 (Call 10/18/22)(e)		200		176,813
5.13%, 09/11/22		200		202,125
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 05/28/20)(a)(b)		308		303,476
Ecopetrol SA 4.13%, 01/16/25		383		359,594
5.38%, 06/26/26 (Call 03/26/26)		535		525,136
5.88%, 09/18/23		600		611,700
5.88%, 05/28/45		700		616,157
7.38%, 09/18/43		300		311,156
Grupo Aval Ltd., 4.75%, 09/26/22(a)		625		617,285
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(a)		200		201,000
Millicom International Cellular SA 5.13%, 01/15/28 (Call 09/15/22)(a)		200		184,625
6.00%, 03/15/25 (Call 05/08/20)(a)		200		200,440
6.25%, 03/25/29 (Call 03/25/24)(a)		200		196,000
6.63%, 10/15/26 (Call 10/15/21)(a)		200		204,000
SURA Asset Management SA, 4.88%, 04/17/24(a)(b)		100		102,063
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28(a)		400		416,375
				6,918,804
Ghana — 0.1%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(a)		200		122,625
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)(a)		200		100,375
				223,000
Guatemala — 0.4%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(a)		100		97,875
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 05/28/20)(a)		200		200,000
Industrial Senior Trust, 5.50%, 11/01/22(a)(b)		400		398,988
				696,863
Hong Kong —5.6%
AIA Group Ltd. 3.60%, 04/09/29 (Call 01/09/29)(a)		200		215,329
3.90%, 04/06/28 (Call 01/06/28)(a)		200		215,500
4.50%, 03/16/46 (Call 09/16/45)(a)		200		236,751
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(a)(d)(e) .		400		416,502
Bank of East Asia Ltd. (The) 4.00%, 11/03/26 (Call 11/03/21)(a)(e)		200		199,375
5.50%, (Call 12/02/20)(a)(d)(e)		150		142,828
5.88%, (Call 09/19/24)(a)(d)(e)		250		235,000
Celestial Dynasty Ltd., 4.25%, 06/27/29(a)		200		198,938
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(d)(e)		200		200,500
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(d)(e)		200		215,500
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a)		200		206,500
CK Hutchison International 19 Ltd. 3.25%, 04/11/24 (Call 03/11/24)(a)		200		208,276
3.38%, 09/06/49 (Call 03/06/49)(a)		200		208,500
3.63%, 04/11/29 (Call 01/11/29)(a)		200		219,000

Security	Par (000)		Value
Hong Kong (continued)
FWD Group Ltd. 0.00%, (Call 06/15/22)(a)(d)(e)(h)	$	200	$	149,313
5.75%, 07/09/24(a)		200		193,438
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(a)		200		199,312
HLP Finance Ltd., 4.75%, 06/25/22(a)		200		211,437
Hongkong Electric Finance Ltd., 2.88%, 05/03/26(a)		200		206,750
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/22(a)		200		210,250
HPHT Finance 19 Ltd., 2.88%, 11/05/24(a)		200		200,375
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a).		400		426,875
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a)		100		152,563
Hysan MTN Ltd., 2.82%, 09/04/29(a)		200		196,625
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a)		200		217,312
Industrial &Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(a)(d)(e)		200		199,312
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a)		200		205,437
Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)(a)		200		175,250
Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24(a)		200		213,625
Nan Fung Treasury II Ltd., 5.50%, (Call 05/29/20)(a)(d)		200		193,188
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(a)(d)(e)		350		330,810
New World China Land Ltd., 4.75%, 01/23/27(a)		200		211,875
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(d)		200		192,750
NWD MTN Ltd., 4.13%, 07/18/29(a)		200		195,875
OVPH Ltd., 5.88%, (Call 03/01/21)(a)(d)		200		195,500
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(a)		200		206,750
Radiant Access Ltd., 4.60%, (Call 11/18/20)(a)(d)		200		193,625
Sun Hung Kai Properties Capital Market Ltd. 2.88%, 01/21/30(a)		200		205,048
3.63%, 01/16/23(a)		200		208,375
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(a)		200		216,437
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a)		200		213,125
				8,839,731
India — 4.4%
ABJA Investment Co. Pte Ltd. 5.45%, 01/24/28(a)		200		160,482
5.95%, 07/31/24(a)		200		178,375
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(i)		200		166,500
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		192,250
Adani Ports &Special Economic Zone Ltd. 3.38%, 07/24/24(a)(b)		400		351,000
4.00%, 07/30/27 (Call 06/30/27)(a)		200		170,356
Adani Transmission Ltd., 4.25%, 05/21/36(a)		200		176,500
Axis Bank Ltd./Dubai, 3.00%, 08/08/22(a)		200		194,250
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a)		200		190,688
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(a) .		200		205,750
Bharti Airtel Ltd., 4.38%, 06/10/25(a)(b)		200		198,125
Canara Bank/London, 3.25%, 08/10/22(a)		200		195,500
Delhi International Airport Ltd., 6.13%, 10/31/26(a)		200		176,500
Greenko Solar Mauritius Ltd. 5.55%, 01/29/25 (Call 01/29/21)(a)		200		176,500
5.95%, 07/29/26 (Call 07/29/22)(a)		200		175,500
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a)		200		182,813
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)(b)		250		238,047
Indian Oil Corp. Ltd., 4.75%, 01/16/24(a)		200		198,875
Network i2i Ltd., 5.65%, (Call 01/15/25)(a)(d)(e)		200		179,500
NTPC Ltd., 4.38%, 11/26/24(a)		200		200,313

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Oil India International Pte Ltd., 4.00%, 04/21/27(a)	$	200	$	185,038
Oil India Ltd., 5.38%, 04/17/24(a)		200		202,312
ONGC Videsh Ltd., 4.63%, 07/15/24(a)		200		199,875
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a)		200		189,750
Power Finance Corp. Ltd., 4.50%, 06/18/29(a)		400		367,250
REC Ltd. 3.38%, 07/25/24(a)		200		185,688
5.25%, 11/13/23(a)		200		200,500
Reliance Industries Ltd. 3.67%, 11/30/27(a)		250		250,000
4.13%, 01/28/25(a)(b)		250		257,031
4.88%, 02/10/45(a)		250		243,437
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(a)		200		171,625
State Bank of India/London 4.38%, 01/24/24(a)(b)		200		203,437
4.88%, 04/17/24(a)(b)		200		206,687
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(a)		200		78,750
Vedanta Resources Ltd. 6.13%, 08/09/24 (Call 08/09/21)(a)		200		70,426
7.13%, 05/31/23(a)		200		73,250
				6,992,880
Indonesia — 2.2%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(a)		250		218,437
Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24(a)		200		193,313
Bank Rakyat Indonesia Persero Tbk PT 3.95%, 03/28/24(a)		200		196,063
4.63%, 07/20/23(a)		200		202,060
Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 05/29/20)(f)		216		95,500
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(a)		250		209,687
Listrindo Capital BV, 4.95%, 09/14/26 (Call 09/14/21)(a)		200		187,250
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)		385		390,768
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(i)		200		119,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		200		122,000
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(a)		200		124,000
Minejesa Capital BV 4.63%, 08/10/30(a)		400		380,000
5.63%, 08/10/37(a)		400		377,000
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(a)		400		409,375
Saka Energi Indonesia PT, 4.45%, 05/05/24(a)		200		171,750
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(a)		181		168,249
				3,564,452
Israel — 4.3%
Altice Financing SA 5.00%, 01/15/28 (Call 01/15/23)(a)		400		387,500
7.50%, 05/15/26 (Call 05/15/21)(a)		795		828,708
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(e)(i)		200		184,625
Israel Chemicals Ltd., 6.38%, 05/31/38 (Call 11/30/37)(i)		250		275,000
Israel Electric Corp. Ltd. 4.25%, 08/14/28(i)		400		423,500
6.88%, 06/21/23(a)		200		224,000
Series 6, 5.00%, 11/12/24(i)		400		433,500
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		200		186,188

Security	Par (000)		Value
Israel (continued)
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23	$	886	$	800,169
3.15%, 10/01/26(b)		1,351		1,170,802
4.10%, 10/01/46		490		382,200
6.00%, 04/15/24 (Call 01/15/24)		700		694,312
6.75%, 03/01/28 (Call 12/01/27)(b)		500		513,125
7.13%, 01/31/25 (Call 10/31/24)(a)		400		411,125
				6,914,754
Jamaica — 0.4%
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)(a)(c)		325		192,766
Digicel Group Two Ltd. 8.25%, 09/30/22 (Call 09/30/20)(a)(c)		350		10,526
9.13%, (2.00% PIK), 04/01/24 (Call 05/28/20)(a)(c)(f)		602		6,065
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(a)		200		185,250
Digicel Ltd., 6.75%, 03/01/23 (Call 05/13/20)(a)(c)		400		162,500
				557,107
Kazakhstan — 0.4%
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/28/20)(a)		147		142,862
Nostrum Oil &Gas Finance BV, 8.00%, 07/25/22 (Call 05/08/20)(a)		200		34,000
Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(a)(b)		500		475,781
				652,643
Kuwait — 1.3%
Burgan Bank SAK, 5.75%, (Call 07/09/24)(a)(d)(e)		200		172,688
Equate Petrochemical BV, 4.25%, 11/03/26(a)		600		583,125
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(a)		200		208,500
Kuwait Projects Co. SPC Ltd. 4.23%, 10/29/26(a)		200		175,000
4.50%, 02/23/27(a)		200		175,438
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)(a)(d)(e)		400		366,000
NBK Tier 1 Financing Ltd., 5.75%, (Call 04/09/21)(a)(d)(e)		200		190,437
Warba Sukuk Ltd., 2.98%, 09/24/24(a)		200		201,187
				2,072,375
Macau — 3.0%
Melco Resorts Finance Ltd. 4.88%, 06/06/25 (Call 06/06/20)(a)		204		197,370
5.25%, 04/26/26 (Call 04/26/22)(a)		200		195,000
5.38%, 12/04/29 (Call 12/04/24)(a)		600		564,000
5.63%, 07/17/27 (Call 07/17/22)(a)		200		194,000
MGM China Holdings Ltd. 5.38%, 05/15/24 (Call 05/15/21)(a)		200		194,750
5.88%, 05/15/26 (Call 05/15/22)(a)		200		194,250
Sands China Ltd. 4.60%, 08/08/23 (Call 07/08/23)		600		609,950
5.13%, 08/08/25 (Call 06/08/25)		800		835,659
5.40%, 08/08/28 (Call 05/08/28)(b)		600		627,312
Studio City Finance Ltd., 7.25%, 02/11/24 (Call 02/11/21)(a)(b)		208		197,600
Wynn Macau Ltd. 4.88%, 10/01/24 (Call 10/01/20)(a)		400		385,000
5.13%, 12/15/29 (Call 12/15/24)(a)		200		193,000
5.50%, 10/01/27 (Call 10/01/22)(a)		400		387,875
				4,775,766
Malaysia — 1.6%
Axiata SPV2 Bhd, 4.36%, 03/24/26(a)		200		216,563
CIMB Bank Bhd, 2.10%, 10/09/24, (3 mo. LIBOR US + 0.780%)(a)(g)		200		190,250

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Malaysia (continued)
Gohl Capital Ltd., 4.25%, 01/24/27(a)	$	600	$	559,125
IOI Investment L Bhd, 4.38%, 06/27/22(a)		400		418,000
Malayan Banking Bhd, 2.49%, 08/16/24, (3 mo. LIBOR US + 0.800%)(a)(g)		400		380,000
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(a)(d)(e)		200		190,625
TNB Global Ventures Capital Bhd 3.24%, 10/19/26(a)		400		403,375
4.85%, 11/01/28(a)		200		221,906
				2,579,844
Mexico — 5.4%
Alfa SAB de CV, 5.25%, 03/25/24 (Call 12/25/23)(a)(b)		200		198,865
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(a)		200		173,000
America Movil SAB de CV 3.13%, 07/16/22		200		204,062
3.63%, 04/22/29 (Call 01/22/29)		200		213,045
4.38%, 07/16/42		200		226,000
4.38%, 04/22/49 (Call 10/22/48)		200		231,680
6.13%, 03/30/40		300		407,940
6.38%, 03/01/35		100		134,906
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24(a)(b)		450		444,375
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(a)(b)(d)(e)		200		157,900
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.13%, 11/09/22(a)(b)		350		351,728
5.95%, 10/01/28 (Call 10/01/23)(a)(e)		200		194,250
BBVA Bancomer SA/Texas 4.38%, 04/10/24(a)(b)		150		154,595
5.13%, 01/18/33 (Call 01/17/28)(a)(e)		200		171,250
5.88%, 09/13/34 (Call 09/13/29)(a)(e)		200		175,500
Becle SAB de CV, 3.75%, 05/13/25(a)(b)		150		146,578
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(a)		200		146,300
Cemex SAB de CV 5.45%, 11/19/29 (Call 11/19/24)(a)		200		164,000
5.70%, 01/11/25 (Call 05/28/20)(a)		200		181,050
7.75%, 04/16/26 (Call 04/16/21)(a)(b)		200		186,610
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43		150		176,063
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)		190		169,516
El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26(a)		200		179,500
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/50 (Call 07/16/49)		300		288,234
4.38%, 05/10/43		150		167,706
Fresnillo PLC, 5.50%, 11/13/23(a)		200		210,000
Grupo Bimbo SAB de CV 4.00%, 09/06/49(a)		200		181,625
4.88%, 06/27/44(a)(b)		200		201,687
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)		200		195,946
6.13%, 01/31/46 (Call 07/31/45)		200		225,437
6.63%, 01/15/40		120		140,100
Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)(a)		200		191,900
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)		200		167,663
Orbia Advance Corp. SAB de CV 4.88%, 09/19/22(a)		200		200,800
5.50%, 01/15/48 (Call 07/15/47)(a)		200		185,312
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)		200		201,900

Security	Par (000)		Value
Mexico (continued)
Southern Copper Corp. 3.88%, 04/23/25(b)	$	100	$	103,438
5.25%, 11/08/42		200		210,000
5.88%, 04/23/45(b)		200		225,700
6.75%, 04/16/40		100		122,500
7.50%, 07/27/35		200		254,000
Trust Fibra Uno 5.25%, 01/30/26 (Call 10/30/25)(a)		200		183,563
6.39%, 01/15/50 (Call 07/15/49)(a)		200		177,563
				8,623,787
Morocco — 0.7%
OCP SA 4.50%, 10/22/25(a)		400		413,375
5.63%, 04/25/24(a)		425		454,750
6.88%, 04/25/44(a)		200		237,750
				1,105,875
Netherlands — 0.1%
VEON Holdings BV, 4.00%, 04/09/25 (Call 01/09/25)(a)		200		204,800
Nigeria — 0.4%
IHS Netherlands Holdco BV 7.13%, 03/18/25 (Call 09/18/21)(a)		200		180,000
8.00%, 09/18/27 (Call 09/18/22)(a)		300		268,875
United Bank for Africa PLC, 7.75%, 06/08/22(a)		200		176,250
				625,125
Oman — 0.5%
Bank Muscat SAOG, 4.88%, 03/14/23(a)		200		179,875
National Bank of Oman SAOG, 5.63%, 09/25/23(a)		200		186,375
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)		500		417,500
				783,750
Panama — 0.7%
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a)		200		197,438
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(a)		600		592,500
7.50%, 10/15/26 (Call 10/15/21)(a)(b)		200		204,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		200		190,000
				1,183,938
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(h)		300		184,950
Peru — 1.9%
Banco BBVA Peru SA, 5.00%, 08/26/22(a)		150		155,813
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a)		400		391,000
Banco de Credito del Peru/Panama, 6.13%, 04/24/27 (Call 04/24/22)(a)(e)		300		315,375
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)		200		154,625
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(a)(b)		200		188,250
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a)(b)		200		195,812
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/36(a)		200		203,500
5.88%, 07/05/34(a)(b)		323		361,747
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(a)		200		180,125
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(a)		200		192,250
Peru LNG Srl, 5.38%, 03/22/30(a)		400		223,000
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a)(b)		400		409,875
				2,971,372

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Philippines — 1.5%
Bank of the Philippine Islands, 4.25%, 09/04/23(a)	$	200	$	206,563
BDO Unibank Inc., 2.95%, 03/06/23(a)		400		397,750
JGSH Philippines Ltd., 4.38%, 01/23/23(a)		200		204,406
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(a)(d)(e)		200		184,000
Petron Corp., 4.60%, (Call 07/19/23)(a)(d)(e)		200		176,000
Philippine National Bank, 3.28%, 09/27/24(a)		200		194,955
San Miguel Corp., 4.88%, 04/26/23 (Call 05/14/20)(a)		200		191,766
SMC Global Power Holdings Corp. 1.00%, 12/31/99		200		171,758
5.95%, (Call 05/05/25)(a)(d)(e)		200		173,500
6.50%, (Call 04/25/24)(a)(d)(e)		300		266,250
Union Bank of the Philippines, 3.37%, 11/29/22(a)		200		201,858
				2,368,806
Poland — 0.3%
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB, 4.63%, 09/26/22(a)		400		412,250
Qatar — 2.8%
ABQ Finance Ltd., 3.13%, 09/24/24(a)		200		198,000
AKCB Finance Ltd., 4.75%, 10/09/23(a)		200		209,813
Nakilat Inc., 6.07%, 12/31/33(a)		250		286,562
Ooredoo International Finance Ltd. 3.25%, 02/21/23(a)		350		358,750
3.75%, 06/22/26(a)		200		210,000
3.88%, 01/31/28(a)		200		210,750
4.50%, 01/31/43(a)		200		226,000
5.00%, 10/19/25(a)		200		221,500
QIB Sukuk Ltd., 3.98%, 03/26/24(a)		400		414,500
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(a)		200		206,875
QNB Finance Ltd. 2.75%, 02/12/27(a)		300		295,617
3.50%, 03/28/24(a)		400		414,375
Ras Laffan Liquefied Natural Gas Co. Ltd. III 5.84%, 09/30/27(a)		500		561,875
6.33%, 09/30/27(a)		500		572,500
				4,387,117
Russia — 5.2%
Alfa Bank AO Via Alfa Bond Issuance PLC 5.95%, 04/15/30 (Call 04/15/25)(a)(e)		200		192,176
8.00%, (Call 02/03/22)(a)(d)(e)		200		195,500
ALROSA Finance SA, 4.65%, 04/09/24 (Call 01/09/24)(a)		200		207,688
Credit Bank of Moscow Via CBOM Finance PLC, 7.12%, 06/25/24(a)		400		416,750
Eurochem Finance DAC, 5.50%, 03/13/24(a)		200		213,508
Evraz PLC 5.25%, 04/02/24(a)		200		212,312
5.38%, 03/20/23(a)		200		211,000
Gazprom Neft OAO Via GPN Capital SA 4.38%, 09/19/22(a)		200		205,000
6.00%, 11/27/23(a)		400		436,500
Gazprom PJSC Via Gaz Capital SA 4.95%, 07/19/22(a)		200		207,500
4.95%, 02/06/28(a)		400		431,250
7.29%, 08/16/37(a)		400		547,125
8.63%, 04/28/34(a)		250		366,875
GTH Finance BV, 7.25%, 04/26/23 (Call 01/26/23)(a)		200		219,000
Lukoil International Finance BV 4.56%, 04/24/23(a)		200		208,188
4.75%, 11/02/26(a)		200		214,000
Metalloinvest Finance DAC, 4.85%, 05/02/24(a)		200		209,250

Security	Par (000)		Value
Russia (continued)
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23(a)	$	300	$	309,187
MMC Norilsk Nickel OJSC Via MMC Finance DAC, 3.38%, 10/28/24(a)		200		202,250
MMK International Capital DAC, 4.38%, 06/13/24(a)		200		207,250
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23(a)		200		209,750
Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22(a)		200		207,274
Novolipetsk Steel Via Steel Funding DAC, 4.50%, 06/15/23(a)		200		208,812
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(a)		200		208,520
Polyus Finance PLC, 5.25%, 02/07/23(a)		200		210,000
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22(a)		400		413,000
Severstal OAO Via Steel Capital SA 3.15%, 09/16/24(a)		200		199,800
5.90%, 10/17/22(a)		200		212,760
VEON Holdings BV, 4.95%, 06/16/24 (Call 03/16/24)(a)		200		209,125
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22(a)		400		415,000
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(a)(d)(e)		400		419,125
				8,325,475
Saudi Arabia — 4.6%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)		200		195,000
Almarai Sukuk Ltd., 4.31%, 03/05/24(a)		200		203,312
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		300		252,000
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23(a)		200		179,500
SABIC Capital II BV 4.00%, 10/10/23(a)		200		205,500
4.50%, 10/10/28(a)		400		425,000
Samba Funding Ltd., 2.75%, 10/02/24(a)		400		393,000
Saudi Arabian Oil Co. 3.50%, 04/16/29(a)		1,000		1,006,250
4.25%, 04/16/39(a)		1,000		1,034,495
4.38%, 04/16/49(a)		800		835,000
Saudi Electricity Global Sukuk Co. 3.47%, 04/08/23(a)		400		412,000
5.06%, 04/08/43(a)		400		421,500
Saudi Electricity Global Sukuk Co. 3 4.00%, 04/08/24(a)		400		417,000
5.50%, 04/08/44(a)		200		224,500
Saudi Electricity Global Sukuk Co. 4.22%, 01/27/24(a)		200		208,875
4.72%, 09/27/28(a)		400		439,875
Saudi Telecom Co., 3.89%, 05/13/29(a)		400		415,250
				7,268,057
Singapore — 2.9%
DBS Group Holdings Ltd. 1.61%, 07/25/22, (3 mo. LIBOR US + 0.620%)(a)(g)		200		196,213
3.30%, (Call 02/27/25)(a)(d)(e)		400		371,288
3.60%, (Call 09/07/21)(a)(d)(e)		200		198,063
4.52%, 12/11/28 (Call 12/11/23)(a)(e)		400		420,500
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)(b)		210		222,206
GLP Pte Ltd., 3.88%, 06/04/25(a)		225		204,891
Olam International Ltd., 5.35%, (Call 07/20/21)(a)(d)(e)		300		263,812
Oversea-Chinese Banking Corp. Ltd., 4.25%, 06/19/24(a)		400		417,500
Singapore Telecommunications Ltd., 7.38%, 12/01/31(a)		200		299,833
SingTel Group Treasury Pte Ltd. 2.38%, 10/03/26(a)		200		203,625
2.38%, 08/28/29 (Call 05/28/29)(a)		200		200,813

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Singapore (continued)
3.25%, 06/30/25(a)	$	500	$	533,437
3.88%, 08/28/28 (Call 05/28/28)(a)		200		223,500
United Overseas Bank Ltd. 3.50%, 09/16/26 (Call 09/16/21)(a)(e)		200		200,875
3.75%, 04/15/29 (Call 04/15/24)(a)(b)(e)		200		204,000
3.88%, (Call 10/19/23)(a)(d)(e)		400		389,875
				4,550,431
South Africa — 2.0%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22		257		263,425
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(e)		200		190,313
Gold Fields Orogen Holdings BVI Ltd. 5.13%, 05/15/24 (Call 04/15/24)(a)		200		205,250
6.13%, 05/15/29 (Call 02/15/29)(a)		200		209,625
Liquid Telecommunications Financing PLC, 8.50%, 07/13/22 (Call 07/13/20)(a)		200		169,125
MTN Mauritius Investment Ltd. 4.76%, 11/11/24(a)		250		230,781
6.50%, 10/13/26(a)		200		191,937
Prosus NV 4.85%, 07/06/27 (Call 04/06/27)(a)		400		429,000
5.50%, 07/21/25 (Call 04/21/25)(a)		400		437,500
Sasol Financing International Ltd., 4.50%, 11/14/22		200		140,500
Sasol Financing USA LLC 5.88%, 03/27/24 (Call 02/27/24)		600		390,000
6.50%, 09/27/28 (Call 06/27/28)(b)		400		262,000
				3,119,456
South Korea — 4.5%
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(a)(d)(e)		200		192,000
Hyundai Capital America, 3.50%, 11/02/26 (Call 09/02/26)(a)		400		377,375
Hyundai Capital Services Inc., 3.75%, 03/05/23(a)		400		396,928
Kia Motors Corp., 3.00%, 04/25/23(a)		200		198,000
Kookmin Bank 2.88%, 03/25/23(a)(b)		200		206,391
4.35%, (Call 07/02/24)(a)(d)(e)		200		192,250
Korea East-West Power Company Ltd., 2.63%, 06/19/22(a)		400		409,250
Korea Electric Power Corp., 2.50%, 06/24/24(a)		200		205,252
Korea Gas Corp. 3.50%, 07/21/25(a)(b)		200		217,187
3.88%, 02/12/24(a)		200		215,187
6.25%, 01/20/42(a)		200		298,750
Korea Hydro & Nuclear Power Co. Ltd. 3.00%, 09/19/22(a)		400		413,875
3.75%, 07/25/23(a)		200		212,500
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(a)(d)(e)		200		196,313
LG Chem Ltd. 3.25%, 10/15/24(a)		200		205,103
3.63%, 04/15/29(a)		200		204,000
NongHyup Bank 2.88%, 07/17/22(a)		200		205,688
3.88%, 07/30/23(a)(b)		200		212,937
POSCO, 2.75%, 07/15/24(a)		400		398,608
Shinhan Bank Co. Ltd. 3.88%, 11/05/23(a)		200		213,750
3.88%, 03/24/26(a)(b)		200		198,000
Shinhan Financial Group Co. Ltd. 3.34%, 02/05/30 (Call 02/05/25)(a)(e)		200		202,500
5.88%, (Call 08/13/23)(a)(d)(e)		200		205,813
SK Hynix Inc., 3.00%, 09/17/24(a)		200		202,563

Security	Par (000)		Value
South Korea (continued)
SK Innovation Co. Ltd., 4.13%, 07/13/23(a)	$	200	$	200,250
SK Telecom Co. Ltd., 3.75%, 04/16/23(a)		200		210,195
Woori Bank 4.25%, (Call 10/04/24)(a)(d)(e)		400		376,000
4.50%, (Call 09/27/21)(a)(d)(e)		200		198,813
5.25%, (Call 05/16/22)(a)(d)(e)		200		198,500
				7,163,978
Taiwan — 0.4%
Competition Team Technologies Ltd., 3.75%, 03/12/24(a)		200		208,125
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a)		400		410,625
				618,750
Thailand — 1.8%
Bangkok Bank PCL/Hong Kong 3.73%, 09/25/34 (Call 09/25/29)(a)(e)		600		534,000
4.05%, 03/19/24(a)		400		420,375
4.45%, 09/19/28(a)		200		216,562
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(a)(e)		400		353,750
PTT Global Chemical PCL, 4.25%, 09/19/22(a)		200		208,438
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a)		200		186,000
Siam Commercial Bank PCL/Cayman Islands 2.75%, 05/16/23(a)		200		201,688
3.90%, 02/11/24(a)		200		209,312
4.40%, 02/11/29(a)		200		217,000
Thaioil Treasury Center Co. Ltd. 3.50%, 10/17/49(a)		200		169,250
5.38%, 11/20/48(a)		200		223,000
				2,939,375
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(a)		200		185,000
Turkey — 4.2%
Akbank Turk AS 5.13%, 03/31/25(a)		200		182,563
7.20%, 03/16/27 (Call 03/16/22)(a)(e)		200		182,750
Arcelik AS, 5.00%, 04/03/23(a)		200		192,250
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(a)		200		195,437
KOC Holding AS 5.25%, 03/15/23 (Call 12/15/22)(a)		200		195,677
6.50%, 03/11/25 (Call 12/11/24)(a)		200		196,062
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a)		300		295,594
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)(a)		200		188,750
QNB Finansbank AS, 6.88%, 09/07/24(a)		200		199,437
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		200		175,000
Turk Telekomunikasyon AS 4.88%, 06/19/24(a)		200		188,000
6.88%, 02/28/25(a)		200		198,937
Turkcell Iletisim Hizmetleri AS 5.75%, 10/15/25(a)		200		192,938
5.80%, 04/11/28 (Call 01/11/28)(a)		200		187,813
Turkiye Garanti Bankasi AS 5.88%, 03/16/23(a)		200		196,437
6.13%, 05/24/27 (Call 05/24/22)(a)(e)		400		337,500
Turkiye Is Bankasi AS 6.00%, 10/24/22(a)		400		373,125
6.13%, 04/25/24(a)		400		384,750

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
7.00%, 06/29/28 (Call 06/29/23)(a)(e)	$	200	$	172,063
7.75%, 01/22/30 (Call 01/22/25)(a)(e)		300		263,913
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		200		192,875
Turkiye Vakiflar Bankasi TAO 5.75%, 01/30/23(a)		400		384,750
6.00%, 11/01/22(a)		200		186,313
8.13%, 03/28/24(a)		200		201,250
Yapi ve Kredi Bankasi AS 5.50%, 12/06/22(a)		200		180,938
5.85%, 06/21/24(a)		200		189,625
6.10%, 03/16/23(a)		200		194,813
8.25%, 10/15/24(a)		200		204,000
8.50%, 03/09/26 (Call 03/09/21)(a)(e)		300		285,281
13.88%, (Call 01/15/24)(a)(d)(e)		200		200,812
				6,719,653
Ukraine — 0.7%
DTEK Finance PLC, 10.75%, (10.75% PIK), 12/31/24 (Call 05/29/20)(f)		460		208,425
Metinvest BV 7.75%, 04/23/23 (Call 01/23/23)(a)		200		138,000
7.75%, 10/17/29(a)		200		128,063
8.50%, 04/23/26 (Call 01/23/26)(a)		400		267,250
MHP Lux SA, 6.95%, 04/03/26(a)		200		184,937
MHP SE, 7.75%, 05/10/24(a)		200		194,437
				1,121,112
United Arab Emirates — 4.8%
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23(a)		200		205,000
Abu Dhabi National Energy Co. PJSC 3.88%, 05/06/24(a)		200		209,562
4.00%, 10/03/49(a)		200		199,375
4.38%, 06/22/26(a)		200		214,250
4.88%, 04/23/30(a)		200		219,125
6.50%, 10/27/36(a)		200		241,562
ADCB Finance Cayman Ltd., 4.00%, 03/29/23(a)		200		205,312
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(d)(e)		200		191,000
Aldar Sukuk Ltd., 4.75%, 09/29/25(a)		200		209,000
BOS Funding Ltd., 4.00%, 09/18/24(a)		200		182,000
DIB Sukuk Ltd., 3.63%, 02/06/23(a)		400		406,000
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(d)(e)		200		191,000
DP World Crescent Ltd. 3.75%, 01/30/30 (Call 10/30/29)(a)		200		180,000
3.88%, 07/18/29(a)		200		179,438
3.91%, 05/31/23(a)		200		198,000
4.85%, 09/26/28(a)		200		192,250
DP World PLC 5.63%, 09/25/48(a)		200		191,313
6.85%, 07/02/37(a)		500		550,750
Emaar Sukuk Ltd., 3.64%, 09/15/26(a)		200		176,750
EMG Sukuk Ltd., 4.56%, 06/18/24(a)		200		195,000
Emirates NBD Bank PJSC 3.25%, 11/14/22(a)		200		202,687
6.13%, (Call 03/20/25)(a)(d)(e)		200		188,875
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a)		200		204,000
Esic Sukuk Ltd., 3.94%, 07/30/24(a)		200		187,688
Fab Sukuk Co. Ltd. 3.63%, 03/05/23(a)		200		207,937
3.88%, 01/22/24(a)		200		210,750

Security	Par/ Shares (000)		Value
United Arab Emirates (continued)
First Abu Dhabi Bank PJSC, 2.25%, 07/08/24, (3 mo. LIBOR US + 0.900%)(a)(g)	$	400	$	384,000
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(a)		200		183,563
MAF Sukuk Ltd. 3.93%, 02/28/30(a)		200		173,438
4.64%, 05/14/29(a)		200		184,250
Mashreqbank PSC, 4.25%, 02/26/24(a)		200		199,062
Rakfunding Cayman Ltd., 4.13%, 04/09/24(a)		200		195,750
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)(b)		200		235,500
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(a)		200		64,160
SIB Sukuk Co. III Ltd., 4.23%, 04/18/23(a)		200		207,125
				7,565,472
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a)		250		235,625
Zambia — 1.0%
First Quantum Minerals Ltd. 6.50%,03/01/24 (Call 09/01/20)(a)		400		348,000
6.88%,03/01/26 (Call 03/01/21)(a)		400		346,000
7.25%,04/01/23 (Call 05/28/20)(a)		600		538,500
7.50%,04/01/25 (Call 05/28/20)(a)		400		348,625
				1,581,125
Total Corporate Bonds & Notes — 96.3% (Cost: $163,674,219)				153,519,881
Foreign Government Obligations(j)
Nigeria — 0.4%
Africa Finance Corp. 3.75%, 10/30/29(a)		200		182,345
3.88%, 04/13/24(a)		200		197,250
4.38%, 04/17/26(a)		200		201,342
				580,937
South Korea — 0.1%
Korea Gas Corp., 2.88%, 07/16/29(a)		200		211,250
Supranational — 0.5%
African Export-Import Bank (The) 3.99%, 09/21/29 (Call 06/23/29)(a)		400		364,000
5.25%, 10/11/23(a)		400		396,000
				760,000
Total Foreign Government Obligations — 1.0% (Cost: $1,640,527)				1,552,187
Short-Term Investments
Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%(k)(l)(m)		13,585		13,599,517

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(k)(l)		1,947	$	1,947,000
				15,546,517
Total Short-Term Investments — 9.8% (Cost: $15,531,683)				15,546,517
Total Investments in Securities — 107.1% (Cost: $180,846,429)				170,618,585
Other Assets, Less Liabilities — (7.1)%				(11,288,300	)
Net Assets — 100.0%			$	159,330,285

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

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

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

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

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

^(f)  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^(g)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(h)  Zero-coupon bond.

⁽ⁱ⁾  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.

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

^(k)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	17,273	(3,688	)	13,585	$	13,599,517	$	63,260	(b)	$	(9,262	)	$	12,074
BlackRock Cash Funds: Treasury, SL Agency Shares	1,688	259		1,947		1,947,000		7,806			—			—
					$	15,546,517	$	71,066		$	(9,262	)	$	12,074

^(a)  Includes realized capital gain distributions fromanaffiliated 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 offinancial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 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	$	—	$	153,519,881	$	—	$	153,519,881
Foreign Government Obligations		—		1,552,187		—		1,552,187
Money Market Funds		15,546,517		—		—		15,546,517
	$	15,546,517	$	155,072,068	$	—	$	170,618,585

See notes to financial statements.

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 0.8%
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)(a)	$	400	$	321,000
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(a)		550		321,269
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(a)		300		218,250
YPF SA 6.95%, 07/21/27(a)		600		267,000
7.00%, 12/15/47 (Call 06/15/47)(a)		300		130,875
8.50%, 07/28/25(a)		850		405,344
8.50%, 06/27/29 (Call 03/27/29)(a)		250		114,140
8.75%, 04/04/24(a)		866		456,815
				2,234,693
Azerbaijan — 0.6%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		700		581,000
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a)		1,200		1,254,000
				1,835,000
Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a)		600		577,650
Brazil — 13.9%
Banco BTG Pactual SA/Cayman Islands 4.50%, 01/10/25 (Call 12/10/24)(a)		400		374,600
5.50%, 01/31/23(a)		300		294,375
7.75%, 02/15/29 (Call 02/15/24)(a)(b)		400		367,500
Banco do Brasil SA/Cayman 3.88%, 10/10/22		800		788,000
4.63%, 01/15/25(a)		600		582,075
4.75%, 03/20/24(a)		600		589,875
4.88%, 04/19/23(a)		600		601,688
5.88%, 01/19/23(a)		600		615,000
6.25%, (Call 04/15/24)(a)(b)(c)		1,000		825,156
9.00%, (Call 06/18/24)(a)(b)(c)		1,400		1,338,400
9.25%, (Call 04/15/23)(a)(b)(c)		600		599,400
BRF SA 4.75%, 05/22/24(a)		400		377,500
4.88%, 01/24/30 (Call 10/24/29)(a)		400		346,513
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		800		833,600
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)		200		170,625
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(a)		400		349,399
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(a)		1,000		1,011,250
CSN Islands XII Corp., 7.00%, (Call 06/23/20)(a)(c)		700		422,188
CSN Resources SA 7.63%, 02/13/23 (Call 02/13/21)(a)		400		313,000
7.63%, 04/17/26 (Call 04/17/22)(a)		800		568,000
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a)		400		207,875
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/28/20)(a)		400		152,380
Itau Unibanco Holding SA/Cayman Island 4.50%, 11/21/29 (Call 11/21/24)(a)(b)		1,000		930,800
4.63%, (Call 02/27/25)(a)(b)(c)		400		327,524
5.13%, 05/13/23(a)		920		938,687
5.50%, 08/06/22(a)		960		979,200
6.13%, (Call 12/12/22)(a)(b)(c)		600		556,500
JBS Investments II GmbH 5.75%, 01/15/28 (Call 07/15/22)(a)		400		389,748
7.00%, 01/15/26 (Call 01/15/22)(a)		600		622,062
JBS USA LUX SA/JBS USA Finance Inc. 5.75%, 06/15/25 (Call 06/15/20)(a)		550		549,313

Security	Par (000)		Value
Brazil (continued)
5.88%, 07/15/24 (Call 05/29/20)(a)	$	400	$	404,500
6.75%, 02/15/28 (Call 02/15/23)(a)		500		530,939
Klabin Austria GmbH 5.75%, 04/03/29 (Call 01/03/29)(a)		400		391,500
7.00%, 04/03/49 (Call 10/03/48)(a)		400		393,500
MARB BondCo PLC 6.88%, 01/19/25 (Call 01/19/21)(a)		600		572,411
7.00%, 03/15/24 (Call 05/28/20)(a)		400		389,240
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(a)		900		873,000
NBM U.S. Holdings Inc. 6.63%, 08/06/29 (Call 08/06/24)(a)		400		372,380
7.00%, 05/14/26 (Call 05/14/22)(a)		400		385,000
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(a)(d)		400		118,946
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(a)(d)		600		46,763
Oi SA (4.00% PIK), 10.00%, 07/27/25(a)(d)		900		661,219
Petrobras Global Finance BV 4.38%, 05/20/23		756		733,320
5.09%, 01/15/30(a)		2,200		2,007,500
5.30%, 01/27/25		900		869,542
5.63%, 05/20/43		300		264,844
5.75%, 02/01/29		792		745,222
6.00%, 01/27/28		1,268		1,212,271
6.25%, 03/17/24		1,011		1,020,845
6.75%, 01/27/41		700		674,419
6.85%, 06/05/2115		1,233		1,152,855
6.88%, 01/20/40		700		680,050
6.90%, 03/19/49		1,000		959,956
7.25%, 03/17/44		986		980,022
7.38%, 01/17/27		1,301		1,369,042
8.75%, 05/23/26		1,079		1,199,848
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a)		1,000		898,500
Rumo Luxembourg Sarl 5.88%, 01/18/25 (Call 01/18/22)(a)		200		197,250
7.38%, 02/09/24 (Call 02/09/21)(a)		800		821,000
Ultrapar International SA 5.25%, 10/06/26(a)		400		373,880
5.25%, 06/06/29(a)		200		182,500
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		800		705,250
				39,209,747
Chile — 0.5%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(a)(b)		400		379,750
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 05/28/20)(a)		250		88,985
Latam Finance Ltd. 6.88%, 04/11/24 (Call 04/11/21)(a)		500		199,531
7.00%, 03/01/26 (Call 03/01/23)(a)		400		161,375
VTR Finance BV, 6.88%, 01/15/24 (Call 05/08/20)(a)		600		595,746
				1,425,387
China — 6.1%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(a)(b)(c)		800		730,000
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(a)		600		539,438
China Evergrande Group 7.50%, 06/28/23 (Call 06/28/20)(a)		700		549,062
8.75%, 06/28/25 (Call 06/28/21)(a)		2,600		2,037,750
10.50%, 04/11/24 (Call 04/11/22)(a)		400		335,000
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(a)		400		375,375
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a)		400		415,000

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24 (Call 11/07/22)(a)	$	400	$	390,500
Country Garden Holdings Co. Ltd. 4.75%, 07/25/22 (Call 07/25/20)(a)		400		391,750
4.75%, 09/28/23 (Call 09/28/20)(a)		400		387,625
Easy Tactic Ltd., 5.88%, 02/13/23 (Call 11/17/20)(a)		400		342,540
Greenland Global Investment Ltd., 5.88%, 07/03/24(a)		400		360,250
Kaisa Group Holdings Ltd. 8.50%,06/30/22 (Call 06/30/20)(a)		400		370,125
9.38%, 06/30/24 (Call 06/30/21)(a)		2,000		1,718,750
KWG Group Holdings Ltd. 5.88%, 11/10/24 (Call 11/10/21)(a)		400		363,375
6.00%,09/15/22 (Call 05/13/20)(a)		400		387,250
Lenovo Group Ltd., 4.75%, 03/29/23(a)		800		793,000
Overseas Chinese Town Asia Holdings Ltd., 4.30%, (Call 10/10/20)(a)(b)(c)		600		596,250
Proven Honour Capital Ltd. 4.13%, 05/19/25(a)		800		819,500
4.13%,05/06/26(a)		1,200		1,217,625
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/06/21)(a)		300		277,125
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)(a)		600		600,562
Sunac China Holdings Ltd. 7.95%,08/08/22 (Call 08/08/20)(a)		400		399,250
8.35%, 04/19/23 (Call 04/19/21)(a)		400		399,375
Tsinghua Unic Ltd., 5.38%,01/31/23(a)		400		219,125
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(a)		600		515,625
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(a)(b)(c)		600		586,698
Yuzhou Properties Co. Ltd. 8.30%, 05/27/25 (Call 11/27/22)(a)		400		348,000
8.38%, 10/30/24 (Call 10/30/22)(a)		400		361,625
8.50%, 02/26/24 (Call 02/26/22)(a)		400		370,500
				17,198,050
Colombia — 1.8%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(a)		550		501,188
Banco de Bogota SA 5.38%, 02/19/23(a)		200		199,781
6.25%,05/12/26(a)		600		595,500
Bancolombia SA 4.63%, 12/18/29 (Call 12/18/24)(b)		600		517,500
4.88%, 10/18/27 (Call 10/18/22)(b)		400		353,625
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 05/28/20)(a)		545		536,995
Grupo Aval Ltd. 4.38%,02/04/30 (Call 11/04/29)(a)		200		167,696
4.75%,09/26/22(a)		800		790,125
Millicom International Cellular SA 5.13%,01/15/28 (Call 09/15/22)(a)		200		184,625
6.00%, 03/15/25 (Call 05/08/20)(a)		300		300,660
6.25%,03/25/29 (Call 03/25/24)(a)		600		588,000
6.63%,10/15/26 (Call 10/15/21)(a)		400		408,000
				5,143,695
Ghana — 0.2%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(a)		400		245,250
Tullow Oil PLC, 7.00%,03/01/25 (Call 03/01/21)(a)		600		301,125
				546,375
Guatemala — 0.3%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 05/28/20)(a)		800		800,000

Security	Par (000)		Value
Hong Kong — 2.8%
Bank of East Asia Ltd. (The) 5.50%, (Call 12/02/20)(a)(b)(c)	$	650	$	618,922
5.88%, (Call 09/19/24)(a)(b)(c)		500		470,000
Celestial Dynasty Ltd., 4.25%, 06/27/29(a)		1,200		1,193,625
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(b)(c)		400		431,000
FWD Group Ltd., 6.38%, (Call 09/13/24)(a)(b)(c)		800		649,000
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(a)(b)(c)		1,000		996,563
Li & Fung Ltd., 5.25%, (Call 11/03/21)(a)(c)		400		277,000
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(a)(b)(c) .		800		756,136
New World China Land Ltd., 4.75%, 01/23/27(a)		400		423,750
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(c)		1,000		963,750
NWD MTN Ltd., 4.13%, 07/18/29(a)		1,200		1,175,250
				7,954,996
India — 1.6%
ABJA Investment Co. Pte Ltd. 5.45%, 01/24/28(a)		600		481,446
5.95%, 07/31/24(a)		625		557,422
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		600		576,750
Delhi International Airport Ltd. 6.13%, 10/31/26(a)		200		176,500
6.45%, 06/04/29(a)		600		522,750
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(a)		200		54,686
Greenko Dutch BV, 5.25%, 07/24/24 (Call 07/24/20)(a)		400		352,500
Greenko Solar Mauritius Ltd. 5.55%, 01/29/25 (Call 01/29/21)(a)		600		529,500
5.95%,07/29/26 (Call 07/29/22)(a)		200		175,500
JSW Steel Ltd., 5.95%, 04/18/24(a)		400		333,375
Network i2i Ltd., 5.65%, (Call 01/15/25)(a)(b)(c)		200		179,500
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(a)		400		157,500
Vedanta Resources Ltd. 6.13%,08/09/24 (Call 08/09/21)(a)		400		140,851
6.38%,07/30/22(a)		600		219,375
7.13%,05/31/23(a)		300		109,875
				4,567,530
Indonesia — 0.8%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(a)		750		655,312
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(a)		600		503,250
Medco Oak Tree Pte Ltd., 7.38%,05/14/26 (Call 05/14/23)(a)		1,000		610,000
Saka Energi Indonesia PT, 4.45%,05/05/24(a)		600		515,250
				2,283,812
Israel — 3.1%
Altice Financing SA, 7.50%, 05/15/26 (Call 05/15/21)(a)		2,000		2,084,800
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		350		330,750
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23		1,575		1,422,422
3.15%, 10/01/26		1,900		1,646,576
4.10%, 10/01/46		1,450		1,131,000
6.00%, 04/15/24 (Call 01/15/24)		800		793,500
6.75%, 03/01/28 (Call 12/01/27)		800		821,000
7.13%, 01/31/25 (Call 10/31/24)(a)		600		616,687
				8,846,735
Jamaica — 0.3%
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)(a)(e)		713		422,898
Digicel Group Two Ltd., 8.25%, 09/30/22 (Call 09/30/20)(a)(e)		687		20,662

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Jamaica (continued)
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(a)	$	200	$	185,250
Digicel Ltd., 6.75%, 03/01/23 (Call 05/13/20)(a)(e)		600		243,750
				872,560
Kazakhstan — 0.1%
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/28/20)(a)		147		142,862
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 05/08/20)(a)		400		68,000
				210,862
Kuwait — 0.1%
Kuwait Projects Co. SPC Ltd., 4.23%, 10/29/26(a)		400		350,000
Macau — 1.4%
Melco Resorts Finance Ltd. 5.25%, 04/26/26 (Call 04/26/22)(a)		800		780,000
5.38%, 12/04/29 (Call 12/04/24)(a)		600		564,000
MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/15/21)(a)		1,000		973,750
Wynn Macau Ltd. 4.88%, 10/01/24 (Call 10/01/20)(a)		800		770,000
5.13%, 12/15/29 (Call 12/15/24)(a)		800		772,000
				3,859,750
Mexico — 1.9%
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(a)(b)(c)		900		710,550
BBVA Bancomer SA/Texas 5.13%, 01/18/33 (Call 01/17/28)(a)(b)		600		513,750
5.88%, 09/13/34 (Call 09/13/29)(a)(b)		350		307,125
6.75%, 09/30/22(a)		800		830,000
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(a)		600		438,900
Cemex Finance LLC, 6.00%, 04/01/24 (Call 05/28/20)(a)		250		227,025
Cemex SAB de CV 5.45%, 11/19/29 (Call 11/19/24)(a)		700		574,000
5.70%, 01/11/25 (Call 05/28/20)(a)		600		543,150
6.13%, 05/05/25 (Call 05/28/20)(a)		400		358,750
7.75%, 04/16/26 (Call 04/16/21)(a)		600		559,830
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(a)(b)(c)		200		198,687
				5,261,767
Netherlands — 0.1%
VEON Holdings BV, 4.00%, 04/09/25 (Call 01/09/25)(a)		400		409,600
Nigeria — 0.2%
IHS Netherlands Holdco BV 7.13%, 03/18/25 (Call 09/18/21)(a)		400		360,000
8.00%, 09/18/27 (Call 09/18/22)(a)		400		358,500
				718,500
Oman — 0.3%
Oztel Holdings SPC Ltd. 5.63%, 10/24/23(a)		600		549,000
6.63%, 04/24/28(a)		300		250,500
				799,500
Panama — 0.5%
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(a)		800		790,000
7.50%, 10/15/26 (Call 10/15/21)(a)		400		408,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		200		190,000
				1,388,000

Security	Par (000)		Value
Peru — 0.5%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)	$	550	$	425,219
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(a)		600		540,375
Peru LNG Srl, 5.38%, 03/22/30(a)		600		334,500
				1,300,094
Philippines — 0.6%
JGSH Philippines Ltd., 4.38%, 01/23/23(a)		400		408,812
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(a)(b)(c)		400		368,000
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)(a)(b)(c)		1,000		887,500
				1,664,312
Russia — 3.1%
Alfa Bank AO Via Alfa Bond Issuance PLC, 5.95%, 04/15/30 (Call 04/15/25)(a)(b)		800		768,704
Credit Bank of Moscow Via CBOM Finance PLC, 8.88%, (Call 11/10/22)(a)(b)(c)		400		317,000
Eurochem Finance DAC, 5.50%, 03/13/24(a)		600		640,524
Evraz PLC 5.25%, 04/02/24(a)		400		424,625
5.38%, 03/20/23(a)		500		527,500
Metalloinvest Finance DAC, 4.85%, 05/02/24(a)		600		627,750
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(a)		200		208,520
Polyus Finance PLC, 5.25%, 02/07/23(a)		400		420,000
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22(a)		1,300		1,342,250
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(a)		400		396,500
VEON Holdings BV 4.95%, 06/16/24 (Call 03/16/24)(a)		400		418,250
5.95%, 02/13/23(a)		400		423,875
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22(a)		800		830,000
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(a)(b)(c)		1,250		1,309,766
				8,655,264
Saudi Arabia — 0.2%
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		800		642,750
South Africa — 1.7%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22		445		456,117
Eskom Holdings SOC Ltd. 6.35%, 08/10/28(a)		600		535,687
6.75%, 08/06/23(a)		617		456,580
7.13%, 02/11/25(a)		860		621,350
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(b)		200		190,313
Gold Fields Orogen Holdings BVI Ltd. 5.13%, 05/15/24 (Call 04/15/24)(a)		200		205,250
6.13%, 05/15/29 (Call 02/15/29)(a)		400		419,250
MTN Mauritius Investment Ltd., 4.76%, 11/11/24(a)		600		553,875
Sasol Financing USA LLC 5.88%, 03/27/24 (Call 02/27/24)		800		520,000
6.50%, 09/27/28 (Call 06/27/28)		400		262,000
Transnet SOC Ltd., 4.00%, 07/26/22(a)		671		613,126
				4,833,548
South Korea — 0.3%
Woori Bank 4.25%, (Call 10/04/24)(a)(b)(c)		400		376,000
5.00%, 06/10/45 (Call 06/10/20)(a)(b)		600		594,000
				970,000
Thailand — 0.2%
Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29)(a)(b)		600		534,000

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Turkey — 3.8%
Akbank Turk AS 5.00%, 10/24/22(a)	$	300		$	291,000
5.13%, 03/31/25(a)		400			365,125
7.20%, 03/16/27 (Call 03/16/22)(a)(b)		200			182,750
Arcelik AS, 5.00%, 04/03/23(a)		400			384,500
KOC Holding AS 5.25%, 03/15/23 (Call 12/15/22)(a)		400			391,355
6.50%, 03/11/25 (Call 12/11/24)(a)		400			392,125
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a)		400			394,125
QNB Finansbank AS, 6.88%, 09/07/24(a)		400			398,875
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		400			350,000
Turk Telekomunikasyon AS 4.88%,06/19/24(a)		400			376,000
6.88%, 02/28/25(a)		200			198,938
Turkcell Iletisim Hizmetleri AS 5.75%, 10/15/25(a)		400			385,875
5.80%, 04/11/28 (Call 01/11/28)(a)		200			187,813
Turkiye Garanti Bankasi AS 5.25%, 09/13/22(a)		400			393,875
5.88%, 03/16/23(a)		300			294,656
6.13%, 05/24/27 (Call 05/24/22)(a)(b)		400			337,500
Turkiye Is Bankasi AS 6.00%, 10/24/22(a)		650			606,328
6.13%, 04/25/24(a)		800			769,500
7.00%, 06/29/28 (Call 06/29/23)(a)(b)		200			172,063
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		500			482,187
Turkiye Vakiflar Bankasi TAO 5.63%, 05/30/22(a)		0	(f)		0	(g)
5.75%, 01/30/23(a)		300			288,562
6.00%, 11/01/22(a)		500			465,781
8.13%, 03/28/24(a)		600			603,750
Yapi ve Kredi Bankasi AS 5.50%, 12/06/22(a)		600			542,812
5.85%, 06/21/24(a)		300			284,437
6.10%, 03/16/23(a)		200			194,813
8.25%, 10/15/24(a)		400			408,000
8.50%, 03/09/26 (Call 03/09/21)(a)(b)		400			380,375
13.88%, (Call 01/15/24)(a)(b)(c)		200			200,813
					10,723,933
Ukraine — 0.5%
DTEK Finance PLC, 10.75%, (10.75% PIK),12/31/24 (Call 05/29/20)(a)		800			362,500
Metinvest BV 7.75%, 04/23/23 (Call 01/23/23)(a)		400			276,000
7.75%, 10/17/29(a)		200			128,063
8.50%, 04/23/26 (Call 01/23/26)(a)		400			267,250
MHP SE, 7.75%, 05/10/24(a)		400			388,875
					1,422,688
United Arab Emirates — 0.9%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(b)(c)		600			573,000
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(b)(c)		600			573,000
Emirates NBD Bank PJSC, 6.13%, (Call 03/20/25)(a)(b)(c)		600			566,625
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(a)		600			550,687
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(a) .		500			160,400
					2,423,712

Security	Par (000)		Value
Zambia — 0.8%
First Quantum Minerals Ltd. 6.88%,03/01/26 (Call 03/01/21)(a)	$	1,200	$	1,038,000
7.25%,04/01/23 (Call 05/28/20)(a)		1,400		1,256,500
				2,294,500
Total Corporate Bonds & Notes — 50.2% (Cost: $161,123,647)				141,959,010
Foreign Government Obligations(h)
Angola — 0.7%
Angolan Government International Bond 8.00%, 11/26/29(a)		1,400		602,000
9.13%, 11/26/49(a)		1,400		598,063
9.50%, 11/12/25(a)		1,400		661,500
				1,861,563
Argentina — 1.9%
Argentine Republic Government International Bond 4.63%, 01/11/23(e)		800		224,750
5.88%, 01/11/28(e)		2,250		551,250
6.63%, 07/06/28(e)		400		100,125
6.88%, 01/26/27(e)		2,024		500,940
6.88%, 01/11/48(e)		1,550		359,406
7.13%, 07/06/36(e)		920		219,937
7.13%, 06/28/2117(e)		1,531		355,479
7.50%, 04/22/26(e)		3,455		918,814
7.63%, 04/22/46(e)		1,431		350,595
8.28%, 12/31/33(e)		743		251,254
Series NY, 3.75%, 12/31/38(e)(i)		2,750		866,250
Series NY, 8.28%, 12/31/33(e)		1,657		582,095
				5,280,895
Azerbaijan — 0.5%
Republic of Azerbaijan International Bond, 4.75%, 03/18/24(a)		1,000		1,007,500
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(a)		400		400,250
				1,407,750
Bahrain — 2.2%
Bahrain Government International Bond 5.63%,09/30/31(a)		600		539,250
6.00%, 09/19/44(a)		800		677,000
6.13%, 07/05/22(a)		1,000		1,001,875
6.13%, 08/01/23(a)		1,000		1,000,937
6.75%, 09/20/29(a)		600		580,875
7.00%, 01/26/26(a)		800		797,750
7.00%, 10/12/28(a)		900		893,813
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(a)		800		784,000
				6,275,500
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(a)		200		162,438
Brazil — 6.1%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(a)		800		830,000
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(a)		800		800,500
Brazilian Government International Bond 2.63%, 01/05/23		1,100		1,103,437
4.25%, 01/07/25		2,148		2,224,522
4.50%, 05/30/29 (Call 02/28/29)		800		798,000
4.63%, 01/13/28 (Call 10/13/27)		1,700		1,759,500
4.75%, 01/14/50 (Call 07/14/49)		1,150		1,027,813

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
5.00%, 01/27/45	$	1,526	$	1,420,611
5.63%, 01/07/41		1,317		1,311,650
5.63%, 02/21/47		1,500		1,507,500
6.00%, 04/07/26		1,414		1,549,656
7.13%, 01/20/37		1,060		1,199,787
8.25%, 01/20/34		750		916,406
8.88%, 04/15/24		520		634,238
				17,083,620
Costa Rica — 0.7%
Costa Rica Government International Bond 4.25%,01/26/23(a)		600		534,750
6.13%, 02/19/31(a)		600		488,813
7.00%, 04/04/44(a)		462		352,419
7.16%, 03/12/45(a)		800		617,750
				1,993,732
Dominican Republic — 2.5%
Dominican Republic International Bond 5.50%, 01/27/25(a)		700		653,625
5.88%, 04/18/24(a)		540		520,256
5.88%, 01/30/60(j)		850		667,250
5.95%, 01/25/27(a)		1,000		900,000
6.00%, 07/19/28(a)		900		807,188
6.40%, 06/05/49(a)		600		487,125
6.50%, 02/15/48(a)		600		490,200
6.85%, 01/27/45(a)		990		845,213
6.88%, 01/29/26(a)		1,003		958,492
7.45%, 04/30/44(a)		950		851,734
				7,181,083
Ecuador — 0.9%
Ecuador Government International Bond 7.88%, 01/23/28(a)(e)		1,800		508,500
7.95%, 06/20/24(a)(e)		800		248,800
8.75%, 06/02/23(a)(e)		1,400		428,400
8.88%, 10/23/27(a)(e)		1,300		362,700
9.50%, 03/27/30(a)(e)		800		232,000
9.63%, 06/02/27(a)(e)		600		168,300
9.65%, 12/13/26(a)(e)		1,200		336,600
10.75%, 01/31/29(a)(e)		1,000		285,000
				2,570,300
Egypt — 2.5%
Egypt Government International Bond 5.58%,02/21/23(a)		800		776,750
5.88%, 06/11/25(a)		1,000		943,750
6.59%, 02/21/28(a)		814		743,284
7.05%, 01/15/32(a)		600		530,250
7.50%, 01/31/27(a)		1,000		967,500
7.60%, 03/01/29(a)		600		569,250
7.90%, 02/21/48(a)		800		689,250
8.50%, 01/31/47(a)		1,300		1,157,812
8.70%, 03/01/49(a)		800		716,250
				7,094,096
El Salvador — 0.3%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/20/49)(a)		550		415,078
7.65%, 06/15/35(a)		600		475,313
				890,391
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(a)		400		344,250

Security	Par (000)		Value
Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31(j)	$	400	$	281,000
Ghana — 1.0%
Ghana Government International Bond 7.63%, 05/16/29(a)		800		610,000
8.13%, 01/18/26(a)		470		383,050
8.13%, 03/26/32(a)		900		688,500
8.63%, 06/16/49(a)		800		604,000
8.95%, 03/26/51(a)		700		528,500
				2,814,050
Iraq — 0.5%
Iraq International Bond, 5.80%, 01/15/28 (Call 06/14/20)(a)		2,000		1,450,000
Ivory Coast — 0.5%
Ivory Coast Government International Bond 5.75%,12/31/32 (Call 06/30/20)(a)(i)		342		298,823
6.13%,06/15/33(a)		600		516,375
6.38%,03/03/28(a)		700		623,000
				1,438,198
Jamaica — 0.9%
Jamaica Government International Bond 6.75%,04/28/28		800		799,500
7.88%,07/28/45		900		943,312
8.00%,03/15/39		700		737,188
				2,480,000
Jordan — 0.5%
Jordan Government International Bond 5.75%,01/31/27(a)		600		573,375
6.13%, 01/29/26(a)		400		394,125
7.38%, 10/10/47(a)		600		555,188
				1,522,688
Kenya — 0.9%
Kenya Government International Bond 6.88%,06/24/24(a)		1,400		1,270,500
8.00%, 05/22/32(a)		600		541,312
8.25%, 02/28/48(a)		800		713,000
				2,524,812
Lebanon — 0.3%
Lebanon Government International Bond 6.00%, 01/27/23(a)(e)		600		94,500
6.10%, 10/04/22(a)(e)		900		141,750
6.60%, 11/27/26(a)(e)		550		86,969
6.60%, 11/27/26(a)		300		47,438
6.65%, 02/26/30(a)(e)		740		116,550
6.75%, 11/29/27(a)(e)		500		78,750
6.85%, 03/23/27(a)(e)		650		103,187
7.00%, 03/23/32(a)(e)		500		78,906
				748,050
Malaysia — 0.6%
1MDB Global Investments Ltd., 4.40%, 03/09/23(a)		2,000		1,768,125
Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 12/05/22(a)		200		177,250
Nigeria — 1.3%
Nigeria Government International Bond 6.50%, 11/28/27(a)		800		602,750
7.14%, 02/23/30(a)		514		386,946
7.63%, 11/21/25(a)		500		418,125
7.63%, 11/28/47(a)		800		584,750

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Nigeria (continued)
7.70%, 02/23/38(a)	$	800	$	590,000
7.88%, 02/16/32(a)		800		606,750
8.75%, 01/21/31(a)		600		480,000
				3,669,321
Oman — 2.7%
Oman Government International Bond 4.75%, 06/15/26(a)		3,100		2,354,062
5.63%, 01/17/28(a)		2,600		1,982,500
6.50%, 03/08/47(a)		1,000		693,750
6.75%, 01/17/48(a)		1,400		981,750
Oman Sovereign Sukuk SAOC, 5.93%, 10/31/25(a)		1,800		1,697,625
				7,709,687
Pakistan — 0.5%
Pakistan Government International Bond 6.88%, 12/05/27(a)		1,000		863,750
8.25%, 04/15/24(a)		677		637,649
				1,501,399
Paraguay —0.2%
Paraguay Government International Bond, 6.10%, 08/11/44(a)		600		654,750
Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33(a)		500		437,969
6.75%, 03/13/48(a)		600		499,687
				937,656
South Africa — 3.0%
Republic of South Africa Government International Bond 4.30%, 10/12/28		800		670,000
4.67%, 01/17/24		1,000		988,125
4.85%, 09/27/27		600		539,062
4.85%, 09/30/29		1,100		943,250
4.88%, 04/14/26		700		649,906
5.00%, 10/12/46		400		299,250
5.38%, 07/24/44		700		542,719
5.65%, 09/27/47		800		630,000
5.75%, 09/30/49		1,500		1,168,125
5.88%, 09/16/25		1,186		1,183,035
5.88%, 06/22/30		800		732,000
				8,345,472
Sri Lanka — 1.2%
Sri Lanka Government International Bond 5.75%, 04/18/23(a)		600		350,523
5.88%, 07/25/22(a)		562		346,814
6.20%, 05/11/27(a)		800		454,000
6.75%, 04/18/28(a)		700		387,625
6.83%, 07/18/26(a)		600		341,250
6.85%, 03/14/24(a)		500		293,440
6.85%, 11/03/25(a)		700		399,570
7.55%, 03/28/30(a)		800		451,000
7.85%, 03/14/29(a)		700		393,687
				3,417,909
Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a)		600		541,500
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(a)		400		335,750

Security	Par (000)		Value
Turkey —9.9%
Hazine Mustesarligi Varlik Kiralama AS, 5.00%, 04/06/23(a)	$	1,200	$	1,150,500
Turkey Government International Bond 3.25%, 03/23/23		900		829,969
4.25%, 03/13/25		800		711,750
4.25%, 04/14/26		600		516,188
4.88%, 10/09/26		1,710		1,504,266
4.88%, 04/16/43		1,379		1,001,499
5.13%, 02/17/28		1,000		870,000
5.25%, 03/13/30		1,000		831,250
5.60%, 11/14/24		1,300		1,239,062
5.75%, 03/22/24		1,450		1,399,250
5.75%, 05/11/47		2,026		1,537,227
6.00%, 03/25/27		1,521		1,397,894
6.00%, 01/14/41		1,703		1,364,529
6.13%, 10/24/28		1,000		911,250
6.25%, 09/26/22		1,383		1,385,593
6.35%, 08/10/24		1,150		1,127,359
6.63%, 02/17/45		1,479		1,243,747
6.75%, 05/30/40		875		752,500
6.88%, 03/17/36		1,591		1,434,883
7.25%, 12/23/23		1,000		1,011,250
7.25%, 03/05/38		650		607,750
7.38%, 02/05/25		1,570		1,589,625
7.63%, 04/26/29		1,700		1,674,500
8.00%, 02/14/34		813		823,162
11.88%, 01/15/30		800		1,007,250
				27,922,253
Ukraine — 2.2%
Ukraine Government International Bond 7.38%, 09/25/32(a)		1,500		1,328,906
7.75%, 09/01/22(a)		800		760,000
7.75%, 09/01/23(a)		675		639,563
7.75%, 09/01/24(a)		718		678,510
7.75%, 09/01/25(a)		736		687,424
7.75%, 09/01/26(a)		500		464,000
7.75%, 09/01/27(a)		848		781,008
9.75%, 11/01/28(a)		1,000		980,000
				6,319,411
Venezuela — 0.3%
Venezuela Government International Bond 7.65%, 04/21/25(a)(e)		658		55,930
9.00%, 05/07/23(a)(e)		1,037		88,145
9.25%, 09/15/27(e)		1,962		166,770
9.38%, 01/13/34(e)		730		62,050
11.75%, 10/21/26(a)(e)		1,435		121,975
11.95%, 08/05/31(a)(e)		2,030		172,550
12.75%, 08/23/22(a)(e)		1,430		121,550
				788,970
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(a)		600		619,150
Zambia — 0.1%
Zambia Government International Bond 8.50%, 04/14/24(a)		600		195,562
8.97%,07/30/27(a)		600		193,313
				388,875
Total Foreign Government Obligations — 46.1% (Cost: $180,399,094)				130,501,894

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(k)(l)		6,179	$	6,179,000
Total Short-Term Investments — 2.2% (Cost: $6,179,000)				6,179,000
Total Investments in Securities — 98.5% (Cost: $347,701,741)				278,639,904
Other Assets, Less Liabilities — 1.5%				4,165,599
Net Assets — 100.0%			$	282,805,503

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

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

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

^(d)  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

^(f)  Rounds to less than 1,000.

^(g)  Rounds to less than $1.

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

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

^(j)  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.

^(k)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,849	2,330	6,179	$	6,179,000	$	33,580	$	—		$	—

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

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 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	$	—	$	141,959,010	$	—	$	141,959,010
Foreign Government Obligations		—		130,501,894		—		130,501,894
Money Market Funds		6,179,000		—		—		6,179,000
	$	6,179,000	$	272,460,904	$	—	$	278,639,904

See notes to financial statements.

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) April 30, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations
Brazil — 8.5%
Brazil Letras do Tesouro Nacional 0.00%, 07/01/21(a)	BRL		17,037	$	3,035,718
0.00%, 01/01/22(a)	BRL		18,524		3,221,224
0.00%, 07/01/22(a)	BRL		15,000		2,531,872
0.00%, 07/01/23(a)	BRL		28,000		4,376,212
0.00%, 01/01/24(a)	BRL		7,000		1,049,239
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/23	BRL		24,557		5,096,017
Series F, 10.00%, 01/01/25	BRL		20,399		4,299,581
Series F, 10.00%, 01/01/27	BRL		17,193		3,632,636
Series F, 10.00%, 01/01/29	BRL		9,263		1,965,944
Brazilian Government International Bond 8.50%, 01/05/24	BRL		500		93,924
10.25%, 01/10/28	BRL		1,420		273,957
12.50%, 01/05/22	BRL		707		143,583
					29,719,907
Chile — 4.5%
Bonos de la Tesoreria de la Republica en pesos 4.00%, 03/01/23(b)(c)	CLP		1,600,000		2,078,053
4.50%, 03/01/26	CLP		2,250,000		3,068,899
4.70%, 09/01/30(b)(c)	CLP		1,900,000		2,683,493
5.00%, 03/01/35	CLP		2,795,000		4,183,921
6.00%, 01/01/43	CLP		2,165,000		3,743,430
					15,757,796
China — 2.9%
China Government Bond 2.94%, 10/17/24	CNY		10,610		1,576,314
3.12%, 12/05/26	CNY		9,320		1,385,607
3.13%, 11/21/29	CNY		11,040		1,639,088
3.19%, 04/11/24	CNY		12,580		1,878,048
3.25%, 06/06/26	CNY		12,400		1,858,740
3.29%, 05/23/29	CNY		12,190		1,826,880
					10,164,677
Colombia — 4.3%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		218,062
Colombian TES 6.00%, 04/28/28	COP		8,794,200		2,140,861
6.25%, 11/26/25	COP		5,636,100		1,456,142
7.00%, 05/04/22	COP		10,139,900		2,724,332
7.00%, 06/30/32	COP		5,470,100		1,378,421
7.25%, 10/18/34	COP		3,314,400		845,231
7.50%, 08/26/26	COP		8,030,600		2,190,255
7.75%, 09/18/30	COP		5,458,100		1,463,806
10.00%, 07/24/24	COP		8,130,300		2,435,284
					14,852,394
Czech Republic — 4.4%
Czech Republic Government Bond 0.25%, 02/10/27	CZK		31,180		1,190,811
0.45%, 10/25/23(c)	CZK		24,170		972,230
0.95%, 05/15/30(c)	CZK		37,660		1,486,795
1.00%, 06/26/26(c)	CZK		39,480		1,589,238
2.00%, 10/13/33	CZK		29,330		1,282,058
2.40%, 09/17/25(c)	CZK		30,640		1,329,932
2.50%, 08/25/28(c)	CZK		43,880		1,966,233
2.75%, 07/23/29	CZK		38,480		1,769,719
3.85%, 09/29/21(c)	CZK		32,750		1,388,748

Security		Par (000)		Value
Czech Republic (continued)
4.70%, 09/12/22(c)	CZK		23,680	$	1,052,006
5.70%, 05/25/24(c)	CZK		30,480		1,472,992
					15,500,762
Dominican Republic — 4.0%
Dominican Republic International Bond 8.90%, 02/15/23(c)	DOP		389,700		6,148,482
9.75%, 06/05/26(c)	DOP		508,900		7,696,117
					13,844,599
Hungary — 4.4%
Hungary Government Bond 1.75%, 10/26/22	HUF		441,720		1,387,914
2.50%, 10/27/21	HUF		314,320		998,112
2.50%, 10/24/24	HUF		445,600		1,448,289
2.75%, 12/22/26	HUF		380,030		1,259,396
3.00%, 06/26/24	HUF		442,420		1,461,254
3.00%, 10/27/27	HUF		607,770		2,035,267
3.00%, 08/21/30	HUF		329,650		1,109,164
5.50%, 06/24/25	HUF		607,640		2,260,267
6.00%, 11/24/23	HUF		374,260		1,347,978
6.75%, 10/22/28	HUF		252,380		1,072,503
7.00%, 06/24/22	HUF		325,530		1,138,114
					15,518,258
Indonesia — 8.5%
Indonesia Treasury Bond 5.63%, 05/15/23	IDR		18,380,000		1,192,383
6.13%, 05/15/28	IDR		23,496,000		1,411,340
6.50%, 06/15/25	IDR		14,622,000		952,027
6.63%, 05/15/33	IDR		16,767,000		984,040
7.00%, 05/15/22	IDR		21,359,000		1,450,258
7.00%, 05/15/27	IDR		22,863,000		1,470,917
7.00%, 09/15/30	IDR		20,867,000		1,309,536
7.50%, 08/15/32	IDR		7,610,000		483,715
7.50%, 06/15/35	IDR		11,967,000		763,072
7.50%, 05/15/38	IDR		15,632,000		982,057
8.13%, 05/15/24	IDR		21,224,000		1,473,195
8.25%, 07/15/21	IDR		21,827,000		1,504,779
8.25%, 05/15/29	IDR		25,582,000		1,748,390
8.25%, 06/15/32	IDR		13,183,000		888,911
8.25%, 05/15/36	IDR		16,922,000		1,142,733
8.38%, 03/15/24	IDR		25,561,000		1,778,530
8.38%, 09/15/26	IDR		24,637,000		1,707,251
8.38%, 03/15/34	IDR		33,753,000		2,304,280
8.38%, 04/15/39	IDR		9,317,000		632,616
8.75%, 05/15/31	IDR		16,167,000		1,133,592
9.00%, 03/15/29	IDR		17,983,000		1,282,082
9.50%, 07/15/31	IDR		5,720,000		420,300
10.50%, 08/15/30	IDR		6,985,000		546,121
11.00%, 09/15/25	IDR		1,084,000		82,985
12.80%, 06/15/21	IDR		5,677,000		408,935
Perusahaan Penerbit SBSN Indonesia 8.25%, 09/15/23	IDR		8,832,000		611,156
8.88%, 11/15/31	IDR		13,500,000		941,918
					29,607,119
Malaysia — 4.4%
Malaysia Government Bond 3.48%, 06/14/24	MYR		1,666		401,220
3.62%, 11/30/21	MYR		2,340		554,403
3.73%, 06/15/28	MYR		2,777		683,567
3.76%, 04/20/23	MYR		1,950		469,923

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Malaysia (continued)
3.80%, 08/17/23	MYR		2,620	$	634,375
3.89%, 08/15/29	MYR		3,605		906,356
3.90%, 11/30/26	MYR		1,355		336,576
3.90%, 11/16/27	MYR		3,857		961,341
3.91%, 07/15/26	MYR		2,014		498,254
3.96%, 09/15/25	MYR		3,836		954,673
4.06%, 09/30/24	MYR		3,201		788,474
4.16%, 07/15/21	MYR		4,008		951,338
4.18%, 07/15/24	MYR		3,282		811,333
4.76%, 04/07/37	MYR		3,424		932,088
Malaysia Government Investment Issue 3.73%, 03/31/26	MYR		2,700		662,394
3.95%, 04/14/22	MYR		3,540		846,548
4.09%, 11/30/23	MYR		2,600		636,627
4.13%, 08/15/25	MYR		3,955		984,150
4.13%, 07/09/29	MYR		3,126		792,352
4.26%, 07/26/27	MYR		2,796		709,620
4.37%, 10/31/28	MYR		3,793		975,661
					15,491,273
Mexico — 8.4%
Mexican Bonos 6.75%, 03/09/23	MXN		11,500		501,404
7.25%, 12/09/21	MXN		43,480		1,881,478
7.50%, 06/03/27	MXN		64,185		2,891,230
8.50%, 05/31/29	MXN		57,900		2,744,559
8.50%, 11/18/38	MXN		36,105		1,656,426
10.00%, 12/05/24	MXN		60,623		3,002,508
10.00%, 11/20/36	MXN		23,523		1,239,035
Series M, 5.75%, 03/05/26	MXN		35,362		1,477,689
Series M, 6.50%, 06/10/21	MXN		52,448		2,230,828
Series M, 6.50%, 06/09/22	MXN		64,023		2,753,836
Series M, 7.75%, 05/29/31	MXN		26,307		1,175,506
Series M, 7.75%, 11/23/34	MXN		19,000		844,112
Series M, 7.75%, 11/13/42	MXN		36,440		1,536,795
Series M, 8.00%, 12/07/23	MXN		48,615		2,214,999
Series M, 8.00%, 09/05/24	MXN		38,300		1,763,392
Series M, 8.00%, 11/07/47	MXN		31,750		1,372,736
					29,286,533
Peru — 4.4%
Peru Government Bond 5.35%, 08/12/40(b)(c)	PEN		3,752		1,054,092
5.40%, 08/12/34(b)(c)	PEN		3,917		1,191,054
5.70%, 08/12/24	PEN		2,714		922,989
5.94%, 02/12/29(b)(c)	PEN		6,142		2,046,831
6.15%, 08/12/32(b)(c)	PEN		5,064		1,658,662
6.35%, 08/12/28	PEN		6,230		2,139,929
6.90%, 08/12/37	PEN		6,677		2,256,396
6.95%, 08/12/31	PEN		6,169		2,159,590
8.20%, 08/12/26	PEN		5,159		1,946,571
					15,376,114
Philippines — 4.3%
Philippine Government International Bond 3.90%, 11/26/22	PHP		254,000		4,900,479
6.25%, 01/14/36	PHP		452,000		9,996,774
					14,897,253
Poland — 5.8%
Republic of Poland Government Bond 1.75%, 07/25/21	PLN		6,811		1,670,682
2.25%, 04/25/22	PLN		6,576		1,640,828

Security		Par (000)		Value
Poland (continued)
2.25%, 10/25/24	PLN		5,604	$	1,440,099
2.50%, 01/25/23	PLN		6,239		1,585,953
2.50%, 04/25/24	PLN		6,848		1,770,477
2.50%, 07/25/26	PLN		7,126		1,863,465
2.50%, 07/25/27	PLN		6,269		1,642,431
2.75%, 04/25/28	PLN		7,508		2,001,777
2.75%, 10/25/29	PLN		5,221		1,402,269
3.25%, 07/25/25	PLN		6,532		1,761,021
4.00%, 10/25/23	PLN		4,663		1,257,084
5.75%, 10/25/21	PLN		3,259		848,474
5.75%, 09/23/22	PLN		4,932		1,336,915
					20,221,475
Romania — 4.3%
Romania Government Bond 3.25%, 04/29/24	RON		5,565		1,230,757
3.40%, 03/08/22	RON		5,355		1,211,927
3.50%, 12/19/22	RON		4,025		908,196
4.00%, 10/27/21	RON		5,745		1,313,554
4.25%, 06/28/23	RON		5,730		1,313,644
4.75%, 02/24/25	RON		7,380		1,719,846
4.85%, 04/22/26	RON		1,610		378,228
5.00%, 02/12/29	RON		8,605		1,977,170
5.80%, 07/26/27	RON		8,060		1,976,125
5.85%, 04/26/23	RON		6,500		1,555,853
5.95%, 06/11/21	RON		6,130		1,429,434
					15,014,734
Russia — 5.0%
Russian Federal Bond - OFZ 6.50%, 02/28/24	RUB		48,459		676,635
6.90%, 05/23/29	RUB		90,538		1,302,423
7.00%, 12/15/21	RUB		61,167		847,965
7.00%, 01/25/23	RUB		33,312		468,290
7.00%, 08/16/23	RUB		42,159		596,228
7.05%, 01/19/28	RUB		59,753		867,059
7.10%, 10/16/24	RUB		64,677		923,414
7.15%, 11/12/25	RUB		45,156		651,631
7.25%, 05/10/34	RUB		81,694		1,215,831
7.40%, 12/07/22	RUB		64,677		917,205
7.40%, 07/17/24	RUB		74,013		1,067,867
7.50%, 08/18/21	RUB		65,550		909,959
7.60%, 07/20/22	RUB		46,729		661,099
7.65%, 04/10/30	RUB		29,192		441,448
7.70%, 03/23/33	RUB		88,395		1,357,385
7.70%, 03/16/39	RUB		31,654		497,501
7.75%, 09/16/26	RUB		82,744		1,238,887
7.95%, 10/07/26	RUB		56,927		860,009
8.15%, 02/03/27	RUB		48,226		738,839
8.50%, 09/17/31	RUB		71,080		1,145,921
					17,385,596
South Africa — 4.4%
Republic of South Africa Government Bond 6.25%, 03/31/36	ZAR		19,688		674,586
6.50%, 02/28/41	ZAR		18,316		598,920
7.00%, 02/28/31	ZAR		22,759		957,667
7.75%, 02/28/23	ZAR		18,138		1,042,365
8.00%, 01/31/30	ZAR		37,257		1,744,098
8.25%, 03/31/32	ZAR		25,304		1,144,161
8.50%, 01/31/37	ZAR		30,689		1,297,883
8.75%, 01/31/44	ZAR		28,813		1,186,831

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
South Africa (continued)
8.75%, 02/28/48	ZAR		47,316	$	1,931,906
8.88%, 02/28/35	ZAR		24,765		1,111,123
9.00%, 01/31/40	ZAR		21,549		928,113
10.50%, 12/21/26	ZAR		46,945		2,815,968
					15,433,621
Thailand — 6.4%
Thailand Government Bond 1.45%, 12/17/24	THB		24,070		759,626
1.60%, 12/17/29	THB		9,060		289,922
1.60%, 06/17/35	THB		17,785		564,971
1.88%, 06/17/22	THB		40,106		1,264,494
2.00%, 12/17/22	THB		40,281		1,280,348
2.13%, 12/17/26	THB		42,127		1,382,171
2.40%, 12/17/23	THB		35,942		1,168,022
2.88%, 12/17/28	THB		35,570		1,247,011
2.88%, 06/17/46	THB		40,854		1,427,573
3.30%, 06/17/38	THB		41,555		1,630,830
3.40%, 06/17/36	THB		30,159		1,170,354
3.63%, 06/16/23	THB		39,163		1,310,653
3.65%, 12/17/21	THB		51,267		1,652,632
3.65%, 06/20/31	THB		46,584		1,753,466
3.78%, 06/25/32	THB		46,122		1,791,388
3.85%, 12/12/25	THB		47,616		1,692,425
4.26%, 12/12/37(c)	THB		470		18,868
4.88%, 06/22/29	THB		46,725		1,902,023
					22,306,777
Turkey — 4.3%
Turkey Government Bond 7.10%, 03/08/23	TRY		9,450		1,246,570
8.00%, 03/12/25	TRY		8,298		1,043,563
8.50%, 09/14/22	TRY		5,834		817,987
9.00%, 07/24/24	TRY		6,745		904,223
9.20%, 09/22/21	TRY		6,779		976,188
9.50%, 01/12/22	TRY		5,051		727,299
10.40%, 03/20/24	TRY		4,792		674,630
10.50%, 08/11/27	TRY		8,925		1,216,900
10.60%, 02/11/26	TRY		10,871		1,505,562
10.70%, 08/17/22	TRY		6,352		932,875
11.00%, 03/02/22	TRY		8,852		1,301,932
11.00%, 02/24/27	TRY		6,988		978,790
12.20%, 01/18/23	TRY		7,036		1,055,979
12.40%, 03/08/28	TRY		4,785		717,117
16.20%, 06/14/23	TRY		4,588		753,562
					14,853,177
Uruguay — 4.4%
Uruguay Government International Bond 8.50%, 03/15/28(c)	UYU		349,625		6,858,425
9.88%, 06/20/22(c)	UYU		383,874		8,453,155
					15,311,580
Total Foreign Government Obligations — 97.6% (Cost: $385,667,614)					340,543,645
Total Investments in Securities — 97.6% (Cost: $385,667,614)					340,543,645
Other Assets, Less Liabilities — 2.4%					8,302,752
Net Assets — 100.0%				$	348,846,397

^(a)  Zero-coupon bond.

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

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

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	6,933	(6,933	)	—	$	—	$	21,564	$	—		$	—

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

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 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
Foreign Government Obligations	$	—	$	340,543,645	$	—	$	340,543,645

See notes to financial statements.

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.2%
FMG Resources August 2006 Pty Ltd. 4.50%, 09/15/27 (Call 06/15/27)(a)(b)	USD		75	$	73,463
4.75%, 05/15/22 (Call 02/15/22)(a)	USD		100		100,090
5.13%, 03/15/23 (Call 12/15/22)(a)(b)	USD		65		65,455
5.13%, 05/15/24 (Call 02/15/24)(a)	USD		100		101,220
					340,228
Austria — 0.1%
Novomatic AG, 1.63%, 09/20/23	EUR		100		97,881
Wienerberger AG, 2.00%, 05/02/24(c)	EUR		50		53,708
					151,589
Belgium — 0.2%
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)	USD		200		207,450
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(c)	EUR		100		112,183
					319,633
Bermuda — 0.1%
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a)	USD		265		196,100
Brazil — 0.6%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a)	USD		200		207,604
JBS USA LUX SA/JBS USA Finance Inc. 5.88%, 07/15/24 (Call 06/01/20)(a)	USD		110		111,801
6.75%, 02/15/28 (Call 02/15/23)(a)	USD		125		132,452
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 01/15/25)(a)	USD		160		163,600
6.50%, 04/15/29 (Call 04/15/24)(a)	USD		180		189,765
					805,222
Canada — 3.3%
1011778 BC ULC/New Red Finance Inc. 3.88%, 01/15/28 (Call 09/15/22)(a)	USD		95		92,082
4.25%, 05/15/24 (Call 05/29/20)(a)	USD		190		190,059
4.38%, 01/15/28 (Call 11/15/22)(a)(b)	USD		95		92,358
5.00%, 10/15/25 (Call 10/15/20)(a)	USD		355		356,775
5.75%, 04/15/25 (Call 04/15/22)(a)	USD		15		15,853
Air Canada, 7.75%, 04/15/21(a)	USD		50		48,625
Bombardier Inc. 5.75%, 03/15/22(a)	USD		65		48,287
6.00%, 10/15/22 (Call 05/29/20)(a)	USD		150		111,000
6.13%, 01/15/23(a)	USD		155		110,050
7.50%, 12/01/24 (Call 12/01/20)(a)	USD		125		83,047
7.50%, 03/15/25 (Call 05/29/20)(a)	USD		185		119,325
7.88%, 04/15/27 (Call 04/15/22)(a)	USD		245		158,637
8.75%, 12/01/21(a)	USD		130		108,485
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. 4.88%, 02/15/30 (Call 02/15/25)(a)	USD		50		41,250
6.13%, 05/15/23 (Call 05/28/20)(a)	CAD		35		24,317
6.25%, 09/15/27 (Call 09/15/22)(a)	USD		82		75,254
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 10/21/20)	CAD		40		21,124
Crew Energy Inc., 6.50%, 03/14/24 (Call 05/28/20)(a)	CAD		40		15,422
Garda World Security Corp. 4.63%, 02/15/27 (Call 02/15/23)(a)	USD		50		48,625
9.50%, 11/01/27 (Call 11/01/22)(a)	USD		75		75,620

Security		Par (000)		Value
Canada (continued)
GFL Environmental Inc. 4.25%, 06/01/25 (Call 06/01/22)(a)	USD		15	$	15,075
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		80		83,124
7.00%, 06/01/26 (Call 06/01/21)(a)	USD		57		59,761
Gibson Energy Inc., 5.25%, 07/15/24 (Call 07/15/20)(c)	CAD		80		58,250
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 05/08/20)(a)	CAD		25		18,044
Mattamy Group Corp. 4.63%, 03/01/30 (Call 03/01/25)(a)	USD		70		61,892
5.25%, 12/15/27 (Call 12/15/22)(a)	USD		65		60,938
MEG Energy Corp. 6.50%, 01/15/25 (Call 05/29/20)(a)	USD		83		67,226
7.00%, 03/31/24 (Call 05/29/20)(a)	USD		75		52,796
7.13%, 02/01/27 (Call 02/01/23)(a)	USD		150		103,316
NOVA Chemicals Corp. 4.88%, 06/01/24 (Call 03/03/24)(a)	USD		130		116,131
5.00%, 05/01/25 (Call 01/31/25)(a)	USD		65		54,925
5.25%, 08/01/23 (Call 05/29/20)(a)	USD		65		60,450
5.25%, 06/01/27 (Call 03/03/27)(a)	USD		130		104,000
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 05/28/20)	CAD		30		12,095
Open Text Corp. 3.88%, 02/15/28 (Call 02/15/23)(a)	USD		115		111,512
5.88%, 06/01/26 (Call 06/01/21)(a)	USD		100		105,000
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)	USD		115		111,700
Parkland Fuel Corp. 5.63%, 05/09/25 (Call 05/28/20)	CAD		100		69,143
5.75%, 09/16/24 (Call 05/28/20)(a)	CAD		25		17,623
5.75%, 09/16/24 (Call 05/28/20)	CAD		25		17,623
5.88%, 07/15/27 (Call 07/15/22)(a)	USD		65		62,344
6.00%, 11/21/22 (Call 05/28/20)	CAD		50		35,902
6.00%, 04/01/26 (Call 04/01/21)(a)	USD		65		63,050
Primo Water Corp., 5.50%, 07/01/24 (Call 05/08/20)(c)	EUR		100		107,278
Quebecor Media Inc. 5.75%, 01/15/23(b)	USD		105		110,025
6.63%, 01/15/23(a)	CAD		75		57,057
Russel Metals Inc., 6.00%, 04/19/22 (Call 05/28/20)(a)	CAD		25		17,387
Seven Generations Energy Ltd. 5.38%, 09/30/25 (Call 09/30/20)(a)	USD		90		72,675
6.75%, 05/01/23 (Call 05/29/20)(a)	USD		50		44,906
6.88%, 06/30/23 (Call 05/29/20)(a)	USD		50		44,773
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)	USD		125		129,350
Superior Plus LP 5.13%, 08/27/25 (Call 02/27/21)	CAD		50		34,630
5.25%, 02/27/24 (Call 05/28/20)	CAD		50		35,269
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)(a)	USD		80		74,600
Videotron Ltd. 4.50%, 01/15/30 (Call 10/15/24)	CAD		110		78,784
5.00%, 07/15/22(b)	USD		100		103,022
5.13%, 04/15/27 (Call 04/15/22)(a)	USD		75		78,281
5.38%, 06/15/24 (Call 03/15/24)(a)	USD		75		79,538
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		37,641
5.75%, 01/15/26 (Call 09/15/20)(c)	CAD		50		37,150
					4,500,481
Cayman Islands — 0.2%
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)(a)	USD		75		56,844
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(c)	EUR		150		161,896
					218,740

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China — 0.0%
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 (Call 01/15/21)(a)	USD		90	$	30,407
Denmark — 0.2%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(c)	EUR		100		108,063
TDC AS, 6.88%, 02/23/23(c)	GBP		100		129,859
					237,922
Finland — 0.4%
Nokia OYJ 2.00%, 03/11/26 (Call 12/11/25)(c)	EUR		200		211,640
3.38%, 06/12/22	USD		65		65,334
4.38%, 06/12/27	USD		65		66,105
Teollisuuden Voima OYJ 1.13%, 03/09/26 (Call 12/09/25)(c)	EUR		100		99,296
2.00%, 05/08/24 (Call 02/08/24)(c)	EUR		100		108,015
					550,390
France — 3.8%
Altice France SA/France 2.13%, 02/15/25 (Call 02/15/22)(c)	EUR		100		101,757
3.38%, 01/15/28 (Call 09/15/22)(c)	EUR		100		102,629
5.50%, 01/15/28 (Call 09/15/22)(a)	USD		200		201,044
5.88%, 02/01/27 (Call 02/01/22)(c)	EUR		200		227,407
7.38%, 05/01/26 (Call 05/01/21)(a)	USD		400		418,000
8.13%, 02/01/27 (Call 02/01/22)(a)	USD		200		215,391
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)(c)	EUR		100		93,617
Burger King France SAS, 6.00%, 05/01/24 (Call 05/28/20)(c)	EUR		100		105,379
Casino Guichard Perrachon SA 4.05%, 08/05/26 (Call 05/05/26)(c)	EUR		100		91,458
4.50%, 03/07/24 (Call 12/07/23)(c)	EUR		100		97,601
4.56%, 01/25/23(c)	EUR		100		103,874
5.98%, 05/26/21(c)	EUR		100		110,079
CMA CGM SA 5.25%, 01/15/25 (Call 10/15/20)(c)	EUR		100		69,464
6.50%, 07/15/22 (Call 05/08/20)(c)	EUR		100		78,999
Constellium SE 4.63%, 05/15/21 (Call 05/28/20)(c)	EUR		67		71,134
6.63%, 03/01/25 (Call 05/29/20)(a)	USD		250		243,062
Elis SA 1.00%, 04/03/25 (Call 01/03/25)(c)	EUR		100		96,999
1.63%, 04/03/28 (Call 01/03/28)(c)	EUR		100		95,231
1.88%, 02/15/23 (Call 11/15/22)(c)	EUR		100		105,371
Europcar Mobility Group, 4.00%, 04/30/26 (Call 04/30/22)(c)	EUR		150		98,697
Faurecia SE 2.38%, 06/15/27 (Call 06/15/23)(c)	EUR		100		98,714
2.63%, 06/15/25 (Call 06/15/21)(c)	EUR		100		102,769
3.13%, 06/15/26 (Call 06/15/22)(c)	EUR		100		103,884
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/30/22)(c)	EUR		100		104,863
Getlink SE, 3.63%, 10/01/23 (Call 10/01/20)(c)	EUR		100		106,792
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/20)(c)	EUR		100		68,244
Loxam SAS 2.88%, 04/15/26 (Call 04/15/22)(c)	EUR		125		122,114
3.25%, 01/14/25 (Call 07/15/21)(c)	EUR		125		122,741
6.00%, 04/15/25 (Call 05/28/20)(c)	EUR		100		76,025
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 05/08/20)(c)	EUR		100		91,304
Nexans SA, 3.25%, 05/26/21 (Call 02/26/21)(c)	EUR		100		110,341
Novafives SAS, 5.00%, 06/15/25 (Call 06/15/21)(c)	EUR		100		57,312

Security		Par (000)		Value
France (continued)
Orano SA 3.13%, 03/20/23 (Call 12/20/22)(c)	EUR		100	$	108,961
3.38%, 04/23/26 (Call 01/23/26)(c)	EUR		100		107,435
4.88%, 09/23/24	EUR		50		58,399
Paprec Holding SA, 4.00%, 03/31/25 (Call 03/31/21)(c)	EUR		100		89,144
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(c)	EUR		100		110,841
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(c)(d)	EUR		100		98,373
Rexel SA 2.63%, 06/15/24 (Call 05/08/20)(c)	EUR		100		106,430
2.75%, 06/15/26 (Call 03/15/22)(c)	EUR		125		133,668
SPCM SA, 2.88%, 06/15/23 (Call 05/08/20)(c)	EUR		100		108,125
SPIE SA 2.63%, 06/18/26 (Call 12/18/25)(c)	EUR		100		105,051
3.13%, 03/22/24 (Call 09/22/23)(c)	EUR		100		108,553
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)(c)	EUR		100		77,098
Vallourec SA 2.25%, 09/30/24(c)	EUR		100		51,972
6.63%, 10/15/22 (Call 10/15/20)(c)	EUR		100		56,682
					5,213,028
Germany — 2.4%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/08/20)(c)	EUR		100		53,535
ADLER Real Estate AG 1.50%, 12/06/21 (Call 11/06/21)(c)	EUR		100		105,777
1.50%, 04/17/22 (Call 03/17/22)(c)	EUR		100		104,444
3.00%, 04/27/26 (Call 02/27/26)(c)	EUR		100		103,895
CBR Fashion Finance BV, 5.13%, 10/01/22 (Call 05/08/20)(c)	EUR		100		89,078
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 12/15/20)(c)	EUR		100		95,455
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(c)	EUR		100		99,884
Deutsche Bank AG 2.75%, 02/17/25(c)	EUR		125		132,813
4.50%, 05/19/26(c)	EUR		100		108,825
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(d)	USD		200		179,601
Douglas GmbH, 6.25%, 07/15/22 (Call 05/08/20)(c)	EUR		100		86,616
K+S AG 2.63%, 04/06/23 (Call 01/06/23)(c)	EUR		100		93,380
3.25%, 07/18/24 (Call 04/18/24)(c)	EUR		100		88,927
4.13%, 12/06/21(c)	EUR		100		102,535
KME SE, 6.75%, 02/01/23 (Call 05/28/20)(c)	EUR		100		48,807
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(c)(d)	EUR		100		110,471
METRO AG, 1.50%, 03/19/25(c)	EUR		100		104,589
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)(c)	EUR		100		103,716
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)(c)	EUR		200		212,357
Platin 1426 GmbH, 5.38%, 06/15/23 (Call 05/08/20)(c)	EUR		100		93,217
ProGroup AG, 3.00%, 03/31/26 (Call 03/31/21)(c)	EUR		100		101,365
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(c)(d)	EUR		50		55,885
Summit Properties Ltd., 2.00%, 01/31/25 (Call 01/31/21)(c)	EUR		100		93,388
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(c)	EUR		100		108,634
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(c)	EUR		100		103,102
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/21)(c)	EUR		100		91,766
thyssenkrupp AG 1.38%, 03/03/22 (Call 12/03/21)(c)	EUR		125		130,950

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
1.88%, 03/06/23 (Call 02/06/23)(c)	EUR		175	$	178,928
2.50%, 02/25/25(c)	EUR		100		102,520
2.88%, 02/22/24 (Call 11/22/23)(c)	EUR		150		155,155
TUI AG, 2.13%, 10/26/21 (Call 07/26/21)(c)	EUR		100		85,966
					3,325,581
Greece — 0.3%
Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(c)(d)	EUR		100		78,533
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(c)	EUR		100		71,386
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 09/15/20)(c)	EUR		100		23,062
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(c)(d)	EUR		100		73,317
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)(c)	EUR		100		102,710
					349,008
Ireland — 1.1%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(d)	USD		150		99,625
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(c)(d)	EUR		100		103,331
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 2.13%, 08/15/26 (Call 08/15/22)(c)	EUR		100		105,172
4.75%, 07/15/27 (Call 07/15/22)(c)	GBP		100		121,693
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		200		195,188
6.00%, 02/15/25 (Call 05/11/20)(a)	USD		200		200,234
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(c)(d)	GBP		100		123,957
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/22)(c)	EUR		125		136,853
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26 (Call 10/15/25)(c)	EUR		200		226,841
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/15/27)(c)	EUR		150		156,486
					1,469,380
Israel — 1.6%
Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/24(c)	EUR		200		188,952
1.25%, 03/31/23 (Call 12/31/22)(c)	EUR		100		100,322
1.63%, 10/15/28(c)	EUR		100		86,149
1.88%, 03/31/27 (Call 12/31/26)(c)	EUR		100		90,233
3.25%, 04/15/22 (Call 01/15/22)	EUR		100		107,241
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		106,235
6.00%, 01/31/25 (Call 10/31/24)(c)	EUR		100		112,997
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/21	USD		175		171,762
2.80%, 07/21/23	USD		350		320,565
3.15%, 10/01/26	USD		300		261,460
6.00%, 04/15/24 (Call 01/15/24)	USD		200		198,710
6.75%, 03/01/28 (Call 12/01/27)	USD		200		206,374
7.13%, 01/31/25 (Call 10/31/24)(a)	USD		200		207,160
					2,158,160
Italy — 4.4%
Atlantia SpA 1.63%, 02/03/25(c)	EUR		100		98,283
1.88%, 07/13/27 (Call 04/13/27)(c)	EUR		100		95,647
Autostrade per l’Italia SpA, 1.13%, 11/04/21	EUR		100		104,589
Banca IFIS SpA, 4.50%, 10/17/27 (Call 10/17/22)(c)(d)	EUR		100		87,539
Banca Monte dei Paschi di Siena SpA 2.63%, 04/28/25(c)	EUR		125		116,154
3.63%, 09/24/24(c)	EUR		100		97,065
5.38%, 01/18/28 (Call 01/18/23)(c)(d)	EUR		100		64,739
10.50%, 07/23/29(c)	EUR		100		78,314
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c)	EUR		100		97,391

Security		Par (000)		Value
Italy (continued)
Banco BPM SpA 1.75%, 01/28/25(c)	EUR		100	$	99,794
2.00%, 03/08/22(c)	EUR		100		106,273
2.50%, 06/21/24(c)	EUR		100		103,920
4.38%, 09/21/27 (Call 09/21/22)(c)(d)	EUR		100		96,476
7.13%, 03/01/21(c)	EUR		100		111,940
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(c)(d)	EUR		100		105,044
Fiat Chrysler Finance Europe SA, 4.75%, 07/15/22(c)	EUR		150		168,211
Iccrea Banca SpA, 1.50%, 10/11/22(c)	EUR		150		155,812
International Game Technology PLC 3.50%, 06/15/26 (Call 06/15/22)(c)	EUR		150		138,992
4.75%, 02/15/23 (Call 08/15/22)(c)	EUR		100		103,352
Intesa Sanpaolo SpA 2.86%, 04/23/25(c)	EUR		100		112,345
3.93%, 09/15/26(c)	EUR		100		115,053
5.02%, 06/26/24(a)	USD		200		203,115
6.63%, 09/13/23(c)	EUR		200		243,696
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(c)	EUR		100		103,200
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23	EUR		100		118,007
Nexi SpA, 1.75%, 10/31/24(c)	EUR		150		153,205
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(c)	EUR		100		115,462
Saipem Finance International BV, 2.75%, 04/05/22(c)	EUR		100		107,066
Salini Impregilo SpA, 1.75%, 10/26/24(c)	EUR		100		88,172
Sisal Group SpA, 7.00%, 07/31/23 (Call 05/08/20)(c)	EUR		69		68,399
Societa Cattolica di Assicurazioni SC, 4.25%, 12/14/47 (Call 12/14/27)(c)(d)	EUR		100		103,561
Telecom Italia SpA/Milano 2.38%, 10/12/27 (Call 07/12/27)(c)	EUR		200		211,739
2.50%, 07/19/23(c)	EUR		100		109,761
2.75%, 04/15/25 (Call 01/15/25)(c)	EUR		150		163,703
2.88%, 01/28/26 (Call 10/28/25)(c)	EUR		100		110,046
3.00%, 09/30/25(c)	EUR		100		110,697
3.25%, 01/16/23(c)	EUR		200		223,907
3.63%, 01/19/24(c)	EUR		100		112,955
3.63%, 05/25/26(c)	EUR		100		114,215
4.00%, 04/11/24 (Call 01/11/24)(c)	EUR		100		114,048
5.30%, 05/30/24(a)(b)	USD		200		206,421
UniCredit SpA, 2.73%, 01/15/32 (Call 01/15/27)(c)(d)	EUR		200		190,271
Unione di Banche Italiane SpA 2.63%, 06/20/24(c)	EUR		250		266,277
4.25%, 05/05/26 (Call 05/05/21)(c)(d)	EUR		100		110,266
4.45%, 09/15/27 (Call 09/15/22)(c)(d)	EUR		100		110,899
Unipol Gruppo SpA 3.00%, 03/18/25(c)	EUR		100		110,484
3.50%, 11/29/27 (Call 08/29/27)(c)	EUR		100		110,542
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(c)	EUR		100		106,069
					6,043,116
Japan — 0.5%
SoftBank Group Corp. 3.13%, 09/19/25 (Call 06/21/25)(c)	EUR		150		151,851
4.00%, 07/30/22 (Call 04/30/22)(c)	EUR		100		106,529
4.00%, 04/20/23 (Call 01/20/23)(c)	EUR		100		107,698
4.00%, 09/19/29 (Call 06/21/29)(c)	EUR		125		123,421
4.50%, 04/20/25 (Call 01/20/25)(c)	EUR		100		106,417
5.00%, 04/15/28 (Call 01/16/28)(c)	EUR		100		106,126
					702,042

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Luxembourg — 2.0%
Altice Financing SA 2.25%, 01/15/25 (Call 01/15/22)(c)	EUR		100	$	102,099
3.00%, 01/15/28 (Call 01/15/23)(c)	EUR		100		100,595
7.50%, 05/15/26 (Call 05/15/21)(a)	USD		200		209,400
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(c)	EUR		100		93,163
Altice France Holding SA 4.00%, 02/15/28 (Call 02/15/23)(c)	EUR		100		93,711
6.00%, 02/15/28 (Call 02/15/23)(a)	USD		200		182,786
8.00%, 05/15/27 (Call 05/15/22)(a)	EUR		100		110,959
10.50%, 05/15/27 (Call 05/15/22)(a)	USD		200		216,042
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)	USD		200		192,525
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 08/01/20)(c)	EUR		100		107,846
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 05/08/20)(c)	GBP		100		100,987
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 05/08/20)(c)	EUR		100		106,590
Intelsat Jackson Holdings SA 5.50%, 08/01/23 (Call 05/29/20)(e)	USD		150		79,875
8.00%, 02/15/24 (Call 05/29/20)(a)	USD		175		178,815
9.50%, 09/30/22(a)	USD		60		66,479
9.75%, 07/15/25 (Call 07/15/21)(a)	USD		135		77,372
JBS USA LUX SA/JBS USA Finance Inc., 5.75%, 06/15/25 (Call 06/15/20)(a)	USD		150		154,170
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(c)	EUR		100		107,752
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(c)	EUR		100		97,058
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(c)	EUR		90		73,316
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(c)	EUR		100		96,610
Swissport Investments SA, 6.75%, 12/15/21 (Call 05/08/20)(c)	EUR		100		78,862
Vivion Investments Sarl, 3.00%, 08/08/24(c)	EUR		100		96,744
					2,723,756
Netherlands — 2.2%
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(c)	EUR		100		109,078
IPD 3 BV, 4.50%, 07/15/22 (Call 05/08/20)(c)	EUR		100		106,372
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/20)(c)	EUR		125		116,376
Maxeda DIY Holding BV, 6.13%, 07/15/22 (Call 05/28/20)(c)	EUR		100		70,984
Nielsen Co Luxembourg Sarl/The, 5.50%, 10/01/21 (Call 05/29/20)(a)	USD		75		73,969
OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(c)	EUR		100		106,958
OI European Group BV, 2.88%, 02/15/25 (Call 02/15/22)(c)	EUR		100		103,083
PPF Telecom Group BV, 3.13%, 03/27/26 (Call 12/27/25)(c)	EUR		100		106,107
Promontoria Holding 264 BV, 6.75%, 08/15/23 (Call 08/15/20)(c)	EUR		100		74,343
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c)	EUR		150		148,688
Saipem Finance International BV, 2.63%, 01/07/25(c)	EUR		100		101,900
Selecta Group BV, 5.88%, 02/01/24 (Call 05/28/20)(c)	EUR		100		40,636
Sensata Technologies BV 4.88%, 10/15/23(a)	USD		75		75,402
5.63%, 11/01/24(a)	USD		50		50,778
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)	USD		200		205,139
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(c)	EUR		100		104,524
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(c)	EUR		100		103,990

Security		Par (000)			Value
Netherlands (continued)
Trivium Packaging Finance BV 3.75%, 08/15/26 (Call 08/15/22)(c)	EUR		100		$	107,202
8.50%, 08/15/27 (Call 08/15/22)(a)	USD		200			208,124
United Group BV 3.63%, 02/15/28 (Call 02/15/23)(c)	EUR		100			101,543
4.88%, 07/01/24 (Call 07/01/20)(c)	EUR		100			106,835
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(c)	EUR		100			102,851
Ziggo BV 2.88%, 01/15/30 (Call 10/15/24)(c)	EUR		100			103,432
4.25%, 01/15/27 (Call 01/15/22)(c)	EUR		90			101,012
4.88%, 01/15/30 (Call 10/15/24)(a)	USD		200			198,476
5.50%, 01/15/27 (Call 01/15/22)(a)	USD		225			228,728
						2,956,530
Portugal — 0.3%
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(d)	EUR		100			92,024
Caixa Geral de Depositos SA, 1.25%, 11/25/24(c)	EUR		100			104,651
EDP — Energias de Portugal SA 1.70%, 07/20/80 (Call 04/20/25)(c)(d)	EUR		100			99,374
4.50%, 04/30/79 (Call 01/30/24)(c)(d)	EUR		100			113,634
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 06/02/24)(c)	EUR		100			65,718
						475,401
Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 10/06/20)(a)	USD		200			144,500
Spain — 1.7%
ABANCA Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(d)	EUR		100			90,918
Banco de Sabadell SA 1.13%, 03/27/25(c)	EUR		100			95,663
5.38%, 12/12/28 (Call 12/12/23)(c)(d)	EUR		100			101,013
5.63%, 05/06/26(c)	EUR		100			103,046
Bankia SA 1.00%, 06/25/24(c)	EUR		100			103,881
1.13%, 11/12/26(c)	EUR		100			99,974
3.75%, 02/15/29 (Call 02/15/24)(c)(d)	EUR		100			105,279
Cellnex Telecom SA 2.38%, 01/16/24 (Call 10/16/23)(c)	EUR		100			112,932
2.88%, 04/18/25 (Call 01/18/25)(c)	EUR		100			116,078
3.13%, 07/27/22(c)	EUR		100			114,087
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 06/20/20)(c)	EUR		100			89,953
Distribuidora Internacional de Alimentacion SA, 0.88%, 04/06/23 (Call 01/06/23)(c)	EUR		100			49,836
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 09/01/20)(c)	EUR		100			72,922
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(c)	EUR		100			106,033
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/08/20)(c)	EUR		100			99,193
Grifols SA 1.63%, 02/15/25 (Call 02/15/22)(c)	EUR		100			106,784
2.25%, 11/15/27 (Call 11/15/22)(c)	EUR		100			106,606
3.20%, 05/01/25 (Call 05/28/20)(c)	EUR		100			109,216
Grupo Isolux Corsan SA
Series B, 6.00%, 12/30/21 (Call 05/28/20)(e)	EUR		28			16
Series C, 1.00%, 12/30/21 (Call 05/28/20)(e)	EUR		0	(f)		0	(g)
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 (Call 05/08/20)(c)	EUR		100			80,169
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(d)	EUR		100			86,665

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Spain (continued)
Liberbank SA, 6.88%, 03/14/27 (Call 03/14/22)(c)(d)	EUR		100	$	103,919
NH Hotel Group SA, 3.75%, 10/01/23 (Call 05/08/20)(c)	EUR		90		86,871
Obrascon Huarte Lain SA, 4.75%, 03/15/22 (Call 05/28/20)(c)	EUR		100		49,631
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(d)	EUR		100		108,209
					2,298,894
Sweden — 0.9%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(c)(d)	EUR		100		108,441
Dometic Group AB, 3.00%, 05/08/26 (Call 04/08/26)(c)	EUR		125		118,610
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(c)(d)	EUR		100		101,860
Intrum AB 2.75%, 07/15/22 (Call 05/28/20)(c)	EUR		50		47,697
3.13%, 07/15/24 (Call 07/15/20)(c)	EUR		100		88,695
3.50%, 07/15/26 (Call 07/15/22)(c)	EUR		200		166,212
Telefonaktiebolaget LM Ericsson 1.88%, 03/01/24(c)	EUR		100		109,951
4.13%, 05/15/22	USD		125		128,750
Verisure Midholding AB, 5.75%, 12/01/23 (Call 05/08/20)(c)	EUR		200		210,419
Volvo Car AB 2.13%, 04/02/24 (Call 01/02/24)(c)	EUR		100		104,341
3.25%, 05/18/21(c)	EUR		100		109,525
					1,294,501
Switzerland — 0.2%
Dufry One BV 2.00%, 02/15/27 (Call 02/15/23)(c)	EUR		100		83,519
2.50%, 10/15/24 (Call 10/15/20)(c)	EUR		100		89,650
Transocean Inc., 7.50%, 01/15/26 (Call 01/15/21)(a)	USD		105		39,900
Walnut Bidco PLC, 6.75%, 08/01/24 (Call 08/01/21)(c)	EUR		100		90,003
					303,072
United Kingdom — 3.7%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 05/28/20)(c)	EUR		100		96,485
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(c)	GBP		100		113,837
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)(c)	GBP		100		129,420
Avon International Capital PLC, 6.50%, 08/15/22 (Call 05/29/20)(a)	USD		50		47,047
Boparan Finance PLC, 4.38%, 07/15/21 (Call 05/11/20)(c)	EUR		100		82,695
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 05/08/20)(c)	GBP		100		117,369
Co-Operative Group Ltd., 5.13%, 05/17/24 (Call 02/15/24)(c)	GBP		100		129,004
Drax Finco PLC, 4.25%, 05/01/22 (Call 05/11/20)(c)	GBP		100		120,888
eG Global Finance PLC 4.38%, 02/07/25 (Call 05/15/21)(c)	EUR		100		93,488
6.25%, 10/30/25 (Call 10/30/21)(c)	EUR		100		98,416
6.75%, 02/07/25 (Call 05/15/21)(a)	USD		200		180,880
Fiat Chrysler Automobiles NV 3.75%, 03/29/24(c)	EUR		200		222,523
5.25%, 04/15/23	USD		200		198,960
GKN Holdings Ltd., 5.38%, 09/19/22(c)	GBP		100		131,781
Heathrow Finance PLC, 3.88%, 03/01/27(c)	GBP		100		115,383
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 09/15/20)(c)	GBP		100		109,966
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(c)	EUR		100		103,099
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(c)	EUR		100		99,535

Security		Par (000)		Value
United Kingdom (continued)
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)(a)	USD		100	$	96,031
Jaguar Land Rover Automotive PLC 2.20%, 01/15/24(c)	EUR		100		77,161
3.88%, 03/01/23(c)	GBP		100		94,309
4.50%, 01/15/26(c)	EUR		100		75,432
5.63%, 02/01/23 (Call 05/29/20)(a)(b)	USD		150		120,951
5.88%, 11/15/24 (Call 08/15/24)(c)	EUR		100		81,986
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(c)(d)	GBP		100		55,670
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(c)	EUR		100		109,677
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(c)	GBP		100		124,882
Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21 (Call 05/11/20)(c)	GBP		100		80,411
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)(c)	EUR		100		97,924
Shop Direct Funding PLC, 7.75%, 11/15/22 (Call 05/28/20)(c)	GBP		100		92,962
TalkTalk Telecom Group PLC, 3.88%, 02/20/25 (Call 02/20/22)(c)	GBP		100		122,722
Top Gun Realisations 74 PLC, 6.50%, 07/01/22 (Call 05/11/20)(c)(e)	GBP		25		5,999
Victoria PLC, 5.25%, 07/15/24 (Call 07/15/21)(c)	EUR		100		90,622
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 05/28/20)(c)	EUR		100		110,492
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 05/08/20)(c)	GBP		100		125,375
Virgin Media Secured Finance PLC 4.25%, 01/15/30 (Call 10/15/24)(c)	GBP		150		182,082
4.88%, 01/15/27 (Call 01/15/21)(c)	GBP		100		125,278
5.00%, 04/15/27 (Call 04/15/22)(c)	GBP		100		126,027
5.50%, 05/15/29 (Call 05/15/24)(a)	USD		200		209,000
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25 (Call 09/15/20)(c)	EUR		100		104,123
Vodafone Group PLC 3.10%, 01/03/79 (Call 01/03/24)(c)	EUR		200		215,906
4.20%, 10/03/78 (Call 07/03/28)(c)(d)	EUR		100		112,070
7.00%, 04/04/79 (Call 01/04/29)(d)	USD		250		286,250
					5,114,118
United States — 66.8%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/29/20)	USD		80		76,600
Acrisure LLC/Acrisure Finance Inc. 7.00%, 11/15/25 (Call 11/15/20)(a)	USD		115		103,021
8.13%, 02/15/24 (Call 02/15/21)(a)	USD		120		122,450
10.13%, 08/01/26 (Call 08/01/22)(a)	USD		55		55,278
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(c)	EUR		100		85,391
Adient U.S. LLC 7.00%, 05/15/26 (Call 05/15/22)(a)(b)	USD		200		199,000
9.00%, 04/15/25 (Call 04/15/22)(a)	USD		25		26,063
ADT Security Corp. (The) 3.50%, 07/15/22	USD		125		122,268
4.13%, 06/15/23	USD		90		88,488
6.25%, 10/15/21	USD		125		127,967
AECOM 5.13%, 03/15/27 (Call 12/15/26)	USD		125		126,796
5.88%, 10/15/24 (Call 07/15/24)	USD		100		106,397
AES Corp. (The) 4.50%, 03/15/23 (Call 05/29/20)	USD		65		65,365
4.88%, 05/15/23 (Call 05/29/20)	USD		86		86,628

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.13%, 09/01/27 (Call 09/01/22)	USD		70	$	72,450
5.50%, 04/15/25 (Call 05/29/20)	USD		70		72,275
6.00%, 05/15/26 (Call 05/15/21)	USD		65		68,250
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/23 (Call 12/15/22)(a)	USD		60		60,388
4.63%, 01/15/27 (Call 01/15/23)(a)	USD		170		171,584
4.88%, 02/15/30 (Call 02/15/25)(a)	USD		100		101,355
5.75%, 03/15/25 (Call 05/29/20)	USD		150		153,202
5.88%, 02/15/28 (Call 08/15/22)(a)	USD		125		130,381
6.63%, 06/15/24 (Call 05/29/20)	USD		200		206,333
7.50%, 03/15/26 (Call 03/15/22)(a)	USD		75		82,031
Alcoa Nederland Holding BV, 7.00%, 09/30/26 (Call 09/30/21)(a)	USD		200		199,855
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)	USD		65		59,353
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.63%, 07/15/26 (Call 07/15/22)(a)	USD		160		165,600
9.75%, 07/15/27 (Call 07/15/22)(a)	USD		140		143,150
Allison Transmission Inc. 4.75%, 10/01/27 (Call 10/01/22)(a)	USD		50		46,348
5.00%, 10/01/24 (Call 05/11/20)(a)	USD		125		120,547
5.88%, 06/01/29 (Call 06/01/24)(a)	USD		70		67,867
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)	USD		130		132,721
AMC Entertainment Holdings Inc. 5.75%, 06/15/25 (Call 06/15/20)(b)	USD		75		17,625
5.88%, 11/15/26 (Call 11/15/21)(b)	USD		75		16,383
6.13%, 05/15/27 (Call 05/15/22)	USD		60		13,140
6.38%, 11/15/24 (Call 05/28/20)	GBP		100		35,381
10.50%, 04/15/25 (Call 04/15/22)(a)	USD		50		44,063
AMC Networks Inc. 4.75%, 12/15/22 (Call 05/29/20)	USD		83		82,145
4.75%, 08/01/25 (Call 08/01/21)	USD		100		92,000
5.00%, 04/01/24 (Call 05/29/20)	USD		125		120,250
American Airlines Group Inc. 3.75%, 03/01/25(a)	USD		65		30,388
5.00%, 06/01/22(a)	USD		95		53,913
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (Call 05/29/20)	USD		90		67,998
6.25%, 03/15/26 (Call 03/15/21)	USD		50		37,250
6.50%, 04/01/27 (Call 04/01/22)	USD		60		44,404
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a)	USD		150		143,296
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/25 (Call 02/20/25)	USD		90		91,187
5.63%, 05/20/24 (Call 03/20/24)	USD		85		86,700
5.75%, 05/20/27 (Call 02/20/27)	USD		75		76,221
5.88%, 08/20/26 (Call 05/20/26)	USD		75		76,563
Anixter Inc., 5.13%, 10/01/21	USD		50		50,783
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.38%, 09/15/24 (Call 05/14/20)	USD		80		62,160
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		85		63,155
5.75%, 01/15/28 (Call 01/15/23)(a)	USD		80		58,880
Antero Resources Corp. 5.00%, 03/01/25 (Call 05/29/20)	USD		75		39,375
5.13%, 12/01/22 (Call 05/29/20)	USD		115		77,625
5.38%, 11/01/21 (Call 05/29/20)	USD		120		107,700
5.63%, 06/01/23 (Call 05/29/20)	USD		95		54,388

Security		Par (000)		Value
United States (continued)
APX Group Inc. 6.75%, 02/15/27 (Call 02/15/23)(a)	USD		80	$	67,829
7.88%, 12/01/22 (Call 05/29/20)	USD		94		89,574
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 05/28/20)(c)	EUR		100		98,883
Aramark Services Inc. 4.75%, 06/01/26 (Call 06/01/21)	USD		50		47,913
5.00%, 04/01/25 (Call 05/29/20)(a)(b)	USD		75		72,750
5.00%, 02/01/28 (Call 02/01/23)(a)(b)	USD		145		141,012
6.38%, 05/01/25 (Call 05/01/22)(a)(b)	USD		45		46,800
Archrock Partners LP/Archrock Partners Finance Corp. 6.25%, 04/01/28 (Call 04/01/23)(a)	USD		65		48,472
6.88%, 04/01/27 (Call 04/01/22)(a)	USD		65		48,927
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)(a)	USD		20		20,225
Asbury Automotive Group Inc. 4.50%, 03/01/28 (Call 03/01/23)(a)	USD		36		30,150
4.75%, 03/01/30 (Call 03/01/25)(a)	USD		36		30,083
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/26 (Call 11/01/21)(a)	USD		75		41,531
10.00%, 04/01/22 (Call 05/29/20)(a)	USD		125		99,687
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(c)	EUR		100		102,205
Avantor Inc. 4.75%, 10/01/24 (Call 10/01/20)(c)	EUR		100		111,868
6.00%, 10/01/24 (Call 10/01/20)(a)(b)	USD		190		200,473
9.00%, 10/01/25 (Call 10/01/20)(a)	USD		250		271,103
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 07/15/22)(a)	USD		55		31,969
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(c)	EUR		100		58,556
Avon International Operations Inc., 7.88%, 08/15/22 (Call 05/29/20)(a)	USD		65		63,415
Avon Products Inc., 7.00%, 03/15/23	USD		50		47,625
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/28/20)(c)	EUR		125		133,379
B&G Foods Inc. 5.25%, 04/01/25 (Call 05/29/20)	USD		115		116,437
5.25%, 09/15/27 (Call 03/01/22)	USD		70		71,042
Ball Corp. 1.50%, 03/15/27 (Call 12/15/26)	EUR		100		104,124
4.00%, 11/15/23	USD		125		129,312
4.38%, 12/15/23	EUR		100		117,747
4.88%, 03/15/26 (Call 12/15/25)	USD		95		102,125
5.00%, 03/15/22	USD		100		104,750
5.25%, 07/01/25	USD		125		137,812
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)(b)	USD		185		166,037
Bausch Health Americas Inc. 8.50%, 01/31/27 (Call 07/31/22)(a)	USD		220		242,528
9.25%, 04/01/26 (Call 04/01/22)(a)	USD		190		209,731
Bausch Health Companies Inc. 4.50%, 05/15/23 (Call 05/28/20)(c)	EUR		225		240,939
5.00%, 01/30/28 (Call 01/30/23)(a)	USD		155		149,381
5.25%, 01/30/30 (Call 01/30/25)(a)	USD		155		152,690
5.50%, 03/01/23 (Call 05/29/20)(a)	USD		39		38,805
5.50%, 11/01/25 (Call 11/01/20)(a)	USD		220		228,690
5.75%, 08/15/27 (Call 08/15/22)(a)	USD		65		68,232
6.13%, 04/15/25 (Call 05/29/20)(a)	USD		310		314,743
6.50%, 03/15/22 (Call 05/29/20)(a)	USD		150		152,970
7.00%, 03/15/24 (Call 05/29/20)(a)	USD		250		260,355
7.00%, 01/15/28 (Call 01/15/23)(a)	USD		95		98,800

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
7.25%, 05/30/29 (Call 05/30/24)(a)	USD		95	$	101,056
9.00%, 12/15/25 (Call 12/15/21)(a)	USD		190		206,827
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)	USD		165		145,819
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c)	EUR		150		157,004
Berry Global Inc. 1.00%, 01/15/25 (Call 10/15/24)(c)	EUR		100		103,178
4.50%, 02/15/26 (Call 02/15/21)(a)(b)	USD		65		63,962
4.88%, 07/15/26 (Call 07/15/22)(a)	USD		155		158,347
5.13%, 07/15/23 (Call 05/29/20)	USD		90		90,562
5.50%, 05/15/22 (Call 05/29/20)	USD		50		49,851
5.63%, 07/15/27 (Call 07/15/22)(a)	USD		65		66,813
Blue Cube Spinco LLC 9.75%, 10/15/23 (Call 10/15/20)	USD		100		104,250
10.00%, 10/15/25 (Call 10/15/20)	USD		65		68,900
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/29/20)(a)	USD		105		86,831
Boyd Gaming Corp. 4.75%, 12/01/27 (Call 12/01/22)(a)(b)	USD		125		106,281
6.00%, 08/15/26 (Call 08/15/21)	USD		90		81,225
6.38%, 04/01/26 (Call 04/01/21)	USD		95		86,094
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b)	USD		125		92,452
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a)	USD		125		99,300
Buckeye Partners LP 3.95%, 12/01/26 (Call 09/01/26)	USD		75		67,748
4.13%, 03/01/25 (Call 02/01/25)(a)	USD		50		46,250
4.13%, 12/01/27 (Call 09/01/27)	USD		75		66,938
4.15%, 07/01/23 (Call 04/01/23)	USD		50		46,750
4.50%, 03/01/28 (Call 12/01/27)(a)	USD		50		44,667
6.38%, 01/22/78 (Call 01/22/23)(d)	USD		50		30,125
Builders FirstSource Inc., 5.00%, 03/01/30 (Call 03/01/25)(a)	USD		46		39,618
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b)	USD		215		168,779
California Resources Corp., 8.00%, 12/15/22 (Call 05/29/20)(a)	USD		230		6,302
Callon Petroleum Co. 6.13%, 10/01/24 (Call 05/29/20)	USD		75		13,969
6.25%, 04/15/23 (Call 05/29/20)	USD		35		7,263
6.38%, 07/01/26 (Call 07/01/21)	USD		50		8,250
Calpine Corp. 4.50%, 02/15/28 (Call 02/15/23)(a)	USD		155		150,384
5.13%, 03/15/28 (Call 03/15/23)(a)	USD		175		170,625
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		150		153,045
5.50%, 02/01/24 (Call 05/29/20)	USD		75		75,375
5.75%, 01/15/25 (Call 05/29/20)	USD		150		149,924
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)(a)(b)	USD		70		55,825
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(c)	EUR		100		101,858
CBL & Associates LP 5.25%, 12/01/23 (Call 09/01/23)(b)	USD		55		14,507
5.95%, 12/15/26 (Call 09/15/26)(b)	USD		80		20,800
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23 (Call 05/14/20)(a)	USD		65		65,495
4.50%, 08/15/30 (Call 02/15/25)(a)	USD		310		313,968
4.50%, 05/01/32 (Call 05/01/26)(a)	USD		145		144,048

Security		Par (000)		Value
United States (continued)
4.75%, 03/01/30 (Call 09/01/24)(a)	USD		385	$	392,098
5.00%, 02/01/28 (Call 08/01/22)(a)	USD		315		323,584
5.13%, 05/01/23 (Call 05/01/20)(a)	USD		145		146,678
5.13%, 05/01/27 (Call 05/01/22)(a)	USD		405		421,795
5.38%, 05/01/25 (Call 05/29/20)(a)	USD		95		97,298
5.38%, 06/01/29 (Call 06/01/24)(a)	USD		190		200,364
5.50%, 05/01/26 (Call 05/01/21)(a)	USD		190		197,146
5.75%, 02/15/26 (Call 02/15/21)(a)	USD		315		328,002
5.88%, 04/01/24 (Call 05/29/20)(a)	USD		215		221,181
5.88%, 05/01/27 (Call 05/01/21)(a)	USD		100		103,956
CDK Global Inc. 4.88%, 06/01/27 (Call 06/01/22)	USD		75		74,775
5.00%, 10/15/24 (Call 07/15/24)	USD		65		67,763
5.25%, 05/15/29 (Call 05/15/24)(a)	USD		65		66,016
5.88%, 06/15/26 (Call 06/15/21)	USD		65		67,072
CDW LLC/CDW Finance Corp. 4.13%, 05/01/25 (Call 05/01/22)	USD		25		25,422
4.25%, 04/01/28 (Call 10/01/22)	USD		75		75,298
5.00%, 09/01/25 (Call 05/29/20)(b)	USD		75		76,926
5.50%, 12/01/24 (Call 06/01/24)	USD		70		74,621
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(a)	USD		70		59,967
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.38%, 04/15/27 (Call 04/15/22)	USD		85		75,650
5.50%, 05/01/25 (Call 05/01/22)(a)	USD		50		50,000
Centene Corp. 3.38%, 02/15/30 (Call 02/15/25)(a)	USD		250		251,650
4.25%, 12/15/27 (Call 12/15/22)(a)	USD		315		328,978
4.63%, 12/15/29 (Call 12/15/24)(a)	USD		440		481,800
4.75%, 05/15/22 (Call 05/29/20)(b)	USD		125		126,421
4.75%, 01/15/25 (Call 05/29/20)(b)	USD		250		257,655
5.25%, 04/01/25 (Call 05/14/20)(a)	USD		150		156,375
5.38%, 06/01/26 (Call 06/01/21)(a)	USD		225		238,511
5.38%, 08/15/26 (Call 08/15/21)(a)	USD		95		101,184
CenturyLink Inc. 4.00%, 02/15/27 (Call 02/15/23)(a)	USD		155		151,512
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		155		147,828
5.63%, 04/01/25 (Call 01/01/25)	USD		65		65,325
Series T, 5.80%, 03/15/22	USD		175		178,934
Series W, 6.75%, 12/01/23	USD		100		104,955
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b)	USD		125		135,625
CF Industries Inc., 3.45%, 06/01/23	USD		95		95,906
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/20)(a)	USD		125		123,305
Charles River Laboratories International Inc. 4.25%, 05/01/28 (Call 05/01/23)(a)	USD		65		65,569
5.50%, 04/01/26 (Call 04/01/21)(a)	USD		65		67,756
Chemours Co. (The) 5.38%, 05/15/27 (Call 02/15/27)	USD		65		54,460
6.63%, 05/15/23 (Call 05/29/20)	USD		115		107,588
7.00%, 05/15/25 (Call 05/29/20)(b)	USD		95		89,568
Cheniere Energy Partners LP 4.50%, 10/01/29 (Call 10/01/24)(a)	USD		190		173,171
5.25%, 10/01/25 (Call 10/01/20)	USD		136		129,903
5.63%, 10/01/26 (Call 10/01/21)	USD		140		135,147
Chesapeake Energy Corp., 11.50%, 01/01/25 (Call 01/01/22)(a)	USD		278		8,132
CHS/Community Health Systems Inc. 6.25%, 03/31/23 (Call 05/29/20)	USD		390		366,600
6.63%, 02/15/25 (Call 02/15/22)(a)	USD		180		165,600

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.88%, 04/01/28 (Call 04/01/23)(a)	USD		210	$	72,450
8.00%, 03/15/26 (Call 03/15/22)(a)	USD		260		249,231
8.00%, 12/15/27 (Call 12/15/22)(a)	USD		89		83,994
8.13%, 06/30/24 (Call 06/30/21)(a)	USD		170		115,109
8.63%, 01/15/24 (Call 01/15/21)(a)	USD		130		126,249
9.88%, 06/30/23 (Call 06/30/20)(a)(h)	USD		220		161,810
Churchill Downs Inc. 4.75%, 01/15/28 (Call 01/15/23)(a)	USD		50		46,515
5.50%, 04/01/27 (Call 04/01/22)(a)	USD		80		76,974
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 05/29/20)(a)	USD		80		80,775
Cinemark USA Inc. 4.88%, 06/01/23 (Call 05/29/20)	USD		95		79,800
5.13%, 12/15/22 (Call 05/29/20)	USD		50		42,125
CIT Group Inc. 4.75%, 02/16/24 (Call 11/16/23)	USD		65		62,489
5.00%, 08/15/22	USD		145		142,885
5.00%, 08/01/23	USD		100		97,877
5.25%, 03/07/25 (Call 12/07/24)(b)	USD		65		64,907
6.13%, 03/09/28	USD		50		51,362
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)(a)	USD		175		157,500
Clear Channel Worldwide Holdings Inc. 5.13%, 08/15/27 (Call 08/15/22)(a)	USD		155		145,638
9.25%, 02/15/24 (Call 02/15/21)(a)	USD		239		198,370
Clearway Energy Operating LLC 4.75%, 03/15/28 (Call 03/15/23)(a)	USD		75		76,335
5.75%, 10/15/25 (Call 10/15/21)	USD		75		77,835
Cleveland-Cliffs Inc. 4.88%, 01/15/24 (Call 01/15/21)(a)	USD		50		43,000
6.75%, 03/15/26 (Call 03/15/22)(a)	USD		45		39,263
9.88%, 10/17/25 (Call 10/17/22)(a)	USD		129		127,065
CNX Resources Corp. 5.88%, 04/15/22 (Call 05/29/20)	USD		115		114,281
7.25%, 03/14/27 (Call 03/14/22)(a)	USD		65		58,175
Colfax Corp. 3.25%, 05/15/25 (Call 05/28/20)(c)	EUR		100		103,550
6.00%, 02/15/24 (Call 02/15/21)(a)	USD		75		76,045
6.38%, 02/15/26 (Call 02/15/22)(a)	USD		50		51,333
CommScope Inc. 5.50%, 03/01/24 (Call 03/01/21)(a)	USD		155		155,000
5.50%, 06/15/24 (Call 05/11/20)(a)	USD		85		76,061
6.00%, 03/01/26 (Call 03/01/22)(a)	USD		190		190,475
8.25%, 03/01/27 (Call 03/01/22)(a)(b)	USD		125		118,875
CommScope Technologies LLC 5.00%, 03/15/27 (Call 03/15/22)(a)(b)	USD		90		77,616
6.00%, 06/15/25 (Call 06/15/20)(a)	USD		190		169,199
Comstock Resources Inc. 7.50%, 05/15/25 (Call 05/29/20)(a)	USD		80		67,120
9.75%, 08/15/26 (Call 08/15/21)	USD		100		86,875
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(c)	EUR		100		90,738
Covanta Holding Corp. 5.88%, 03/01/24 (Call 05/29/20)	USD		50		49,292
5.88%, 07/01/25 (Call 07/01/20)	USD		50		48,375
6.00%, 01/01/27 (Call 01/01/22)	USD		50		47,955
Credit Acceptance Corp. 5.13%, 12/31/24 (Call 12/31/21)(a)	USD		50		44,542
6.63%, 03/15/26 (Call 03/15/22)(b)	USD		50		45,000
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.63%, 05/01/27 (Call 05/01/22)(a)	USD		75		48,938
5.75%, 04/01/25 (Call 05/29/20)	USD		65		47,128

Security		Par (000)		Value
United States (continued)
6.25%, 04/01/23 (Call 05/14/20)	USD		90	$	66,064
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23	USD		125		128,150
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)	USD		50		50,688
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)	USD		100		102,159
Crown European Holdings SA 0.75%, 02/15/23 (Call 01/15/23)(c)	EUR		100		104,696
2.25%, 02/01/23 (Call 11/01/22)(c)	EUR		100		108,975
2.88%, 02/01/26 (Call 08/01/25)(c)	EUR		100		110,128
4.00%, 07/15/22 (Call 04/15/22)(c)	EUR		100		112,648
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a)	USD		150		121,422
CSC Holdings LLC 5.25%, 06/01/24	USD		100		104,405
5.38%, 07/15/23 (Call 05/11/20)(a)	USD		200		202,250
5.38%, 02/01/28 (Call 02/01/23)(a)	USD		200		206,769
5.50%, 05/15/26 (Call 05/15/21)(a)	USD		200		207,560
5.50%, 04/15/27 (Call 04/15/22)(a)	USD		200		208,062
5.75%, 01/15/30 (Call 01/15/25)(a)(b)	USD		200		208,060
6.50%, 02/01/29 (Call 02/01/24)(a)	USD		300		326,683
6.63%, 10/15/25 (Call 10/15/20)(a)	USD		200		208,794
6.75%, 11/15/21	USD		100		104,302
10.88%,10/15/25 (Call 10/15/20)(a)	USD		200		216,190
CVR Energy Inc. 5.25%, 02/15/25 (Call 02/15/22)(a)	USD		75		61,233
5.75%, 02/15/28 (Call 02/15/23)(a)	USD		50		41,776
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/20)(a)	USD		50		45,113
Dana Inc., 5.50%, 12/15/24 (Call 05/29/20)	USD		55		51,425
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(c)	EUR		100		108,804
DaVita Inc. 5.00%, 05/01/25 (Call 05/14/20)	USD		190		193,087
5.13%, 07/15/24 (Call 05/14/20)(b)	USD		220		223,300
DCP Midstream Operating LP 3.88%, 03/15/23 (Call 12/15/22)	USD		65		53,300
4.75%, 09/30/21 (Call 06/30/21)(a)	USD		65		61,263
5.13%, 05/15/29 (Call 02/15/29)	USD		75		55,688
5.38%, 07/15/25 (Call 04/15/25)	USD		105		84,788
5.85%, 05/21/43 (Call 05/21/23)(a)(d)	USD		65		30,333
Dell International LLC/EMC Corp. 5.88%, 06/15/21 (Call 05/14/20)(a)	USD		132		132,283
7.13%, 06/15/24 (Call 05/14/20)(a)	USD		205		213,456
Denbury Resources Inc. 7.75%, 02/15/24 (Call 08/15/20)(a)	USD		75		12,816
9.00%, 05/15/21 (Call 05/29/20)(a)	USD		75		13,643
9.25%, 03/31/22 (Call 05/29/20)(a)	USD		55		10,012
Diamond Resorts International Inc. 7.75%, 09/01/23 (Call 05/29/20)(a)	USD		65		52,553
10.75%, 09/01/24 (Call 05/29/20)(a)	USD		75		47,550
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.38%, 08/15/26 (Call 08/15/22)(a)	USD		280		212,800
6.63%, 08/15/27 (Call 08/15/22)(a)	USD		225		123,187
DISH DBS Corp. 5.00%, 03/15/23	USD		190		181,190
5.88%, 07/15/22	USD		250		250,562
5.88%, 11/15/24	USD		250		240,460
6.75%, 06/01/21	USD		250		250,025

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
7.75%, 07/01/26(b)	USD		250	$	246,323
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)	USD		65		55,937
Dun & Bradstreet Corp./The 6.88%, 08/15/26 (Call 02/15/22)(a)	USD		90		95,125
10.25%, 02/15/27 (Call 02/15/22)(a)	USD		95		104,025
Edgewell Personal Care Co. 4.70%, 05/19/21	USD		75		75,680
4.70%, 05/24/22	USD		65		65,596
Elanco Animal Health Inc. 4.66%, 08/27/21	USD		65		66,313
5.02%, 08/28/23 (Call 07/28/23)	USD		100		106,682
5.65%, 08/28/28 (Call 05/28/28)	USD		100		111,201
Eldorado Resorts Inc. 6.00%, 04/01/25 (Call 05/29/20)	USD		100		96,250
6.00%, 09/15/26 (Call 09/15/21)	USD		75		75,353
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)(b)	USD		125		124,375
Encompass Health Corp. 4.50%, 02/01/28 (Call 02/01/23)(b)	USD		65		65,284
4.75%, 02/01/30 (Call 02/01/25)	USD		65		64,702
5.75%, 11/01/24 (Call 05/29/20)	USD		87		87,326
Endeavor Energy Resources LP/EER Finance Inc. 5.50%, 01/30/26 (Call 01/30/21)(a)	USD		65		57,519
5.75%, 01/30/28 (Call 01/30/23)(a)	USD		125		111,625
Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 07/15/23 (Call 06/01/20)(a)	USD		200		149,418
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(c)	EUR		100		108,188
Energizer Holdings Inc. 5.50%, 06/15/25 (Call 06/15/20)(a)	USD		75		76,463
6.38%, 07/15/26 (Call 07/15/21)(a)	USD		65		67,594
7.75%, 01/15/27 (Call 01/15/22)(a)	USD		65		68,855
EnLink Midstream Partners LP 4.15%, 06/01/25 (Call 03/01/25)	USD		90		55,044
4.40%, 04/01/24 (Call 01/01/24)	USD		25		15,751
4.85%, 07/15/26 (Call 04/15/26)	USD		65		40,029
ESH Hospitality Inc. 4.63%, 10/01/27 (Call 10/01/22)(a)	USD		95		85,421
5.25%, 05/01/25 (Call 05/29/20)(a)	USD		165		153,501
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a)(b)	USD		125		21,838
Extraction Oil &Gas Inc. 5.63%, 02/01/26 (Call 02/01/21)(a)	USD		90		12,600
7.38%, 05/15/24 (Call 05/29/20)(a)	USD		50		7,483
Ferrellgas LP/Ferrellgas Finance Corp. 6.50%, 05/01/21 (Call 05/29/20)	USD		65		52,406
6.75%, 01/15/22 (Call 05/29/20)	USD		60		47,744
6.75%, 06/15/23 (Call 05/14/20)	USD		60		48,000
10.00%, 04/15/25 (Call 04/15/22)(a)	USD		25		26,423
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(d)(i)	USD		75		65,853
Flex Acquisition Co. Inc. 6.88%, 01/15/25 (Call 05/29/20)(a)	USD		80		77,826
7.88%, 07/15/26 (Call 07/15/21)(a)(b)	USD		65		62,888
Ford Motor Co. 8.50%, 04/21/23	USD		395		395,494
9.00%, 04/22/25 (Call 03/22/25)	USD		380		369,550
9.63%, 04/22/30 (Call 01/22/30)	USD		125		124,611
Fortress Transportation & Infrastructure Investors LLC 6.50%, 10/01/25 (Call 10/01/21)(a)	USD		55		45,375
6.75%, 03/15/22 (Call 05/29/20)(a)	USD		90		81,104

Security		Par (000)		Value
United States (continued)
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., 12.25%, 11/15/26 (Call 11/15/22)(a)	USD		100	$	82,500
Freedom Mortgage Corp. 8.13%, 11/15/24 (Call 11/15/20)(a)	USD		55		45,470
8.25%, 04/15/25 (Call 04/15/21)(a)	USD		90		76,500
Freeport-McMoRan Inc. 3.55%, 03/01/22 (Call 12/01/21)(b)	USD		40		40,408
3.88%, 03/15/23 (Call 12/15/22)	USD		240		240,192
4.13%, 03/01/28 (Call 03/01/23)	USD		75		69,609
4.25%, 03/01/30 (Call 03/01/25)	USD		75		70,024
4.55%, 11/14/24 (Call 08/14/24)	USD		105		105,262
5.00%, 09/01/27 (Call 09/01/22)	USD		80		78,000
5.25%, 09/01/29 (Call 09/01/24)	USD		85		83,197
Frontier Communications Corp. 8.00%, 04/01/27 (Call 04/01/22)(a)(e)	USD		210		214,137
8.50%, 04/01/26 (Call 04/01/21)(a)	USD		200		185,000
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)(a)	USD		65		47,450
Gap Inc. (The) 8.38%, 05/15/23(a)	USD		35		36,451
8.63%, 05/15/25 (Call 05/15/22)(a)	USD		90		92,925
8.88%, 05/15/27 (Call 05/15/23)(a)	USD		50		52,125
Genesis Energy LP/Genesis Energy Finance Corp. 6.00%, 05/15/23 (Call 05/29/20)	USD		50		43,500
6.25%, 05/15/26 (Call 02/15/21)	USD		50		41,719
6.50%, 10/01/25 (Call 10/01/20)	USD		70		58,968
7.75%, 02/01/28 (Call 02/01/23)	USD		95		80,750
Genworth Holdings Inc., 7.63%, 09/24/21	USD		90		85,500
Golden Nugget Inc. 6.75%, 10/15/24 (Call 05/29/20)(a)	USD		165		128,192
8.75%, 10/01/25 (Call 10/01/20)(a)	USD		85		48,769
Goodyear Tire & Rubber Co. (The) 4.88%, 03/15/27 (Call 12/15/26)(b)	USD		90		77,625
5.00%, 05/31/26 (Call 05/31/21)	USD		115		99,808
5.13%, 11/15/23 (Call 05/29/20)	USD		125		117,190
Graphic Packaging International LLC, 3.50%, 03/15/28(a)	USD		75		71,813
Gray Television Inc. 5.13%, 10/15/24 (Call 05/11/20)(a)	USD		75		74,063
5.88%, 07/15/26 (Call 07/15/21)(a)(b)	USD		90		86,593
7.00%, 05/15/27 (Call 05/15/22)(a)	USD		90		90,900
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		120		114,000
Gulfport Energy Corp. 6.00%, 10/15/24 (Call 05/29/20)	USD		80		39,800
6.38%, 05/15/25 (Call 05/29/20)	USD		75		35,160
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(c)	EUR		100		106,881
Hanesbrands Inc. 4.63%, 05/15/24 (Call 02/15/24)(a)	USD		115		115,036
4.88%, 05/15/26 (Call 02/15/26)(a)(b)	USD		115		115,687
5.38%, 05/15/25 (Call 05/15/22)(a)	USD		30		30,000
HCA Inc. 3.50%, 09/01/30 (Call 03/01/30)	USD		340		325,339
5.38%, 02/01/25	USD		325		349,482
5.38%, 09/01/26 (Call 03/01/26)(b)	USD		125		136,677
5.63%, 09/01/28 (Call 03/01/28)	USD		190		211,076
5.88%, 05/01/23	USD		155		165,850
5.88%, 02/15/26 (Call 08/15/25)	USD		190		210,425
5.88%, 02/01/29 (Call 08/01/28)	USD		125		143,700
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a)	USD		150		141,562
Hertz Corp. (The) 5.50%, 10/15/24 (Call 05/11/20)(a)(b)	USD		100		20,900

42 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.00%, 01/15/28 (Call 01/15/23)(a)	USD		115	$	19,838
6.25%, 10/15/22 (Call 05/29/20)	USD		65		15,438
7.13%, 08/01/26 (Call 08/01/22)(a)	USD		60		12,600
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 05/28/20)(c)	EUR		100		69,187
Hess Midstream Operations LP 5.13%, 06/15/28 (Call 06/15/23)(a)	USD		70		61,600
5.63%, 02/15/26 (Call 02/15/21)(a)	USD		100		93,000
Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24 (Call 05/29/20)(a)	USD		65		36,416
5.75%, 10/01/25 (Call 05/29/20)(a)	USD		65		35,913
6.25%, 11/01/28 (Call 11/01/23)(a)	USD		75		37,891
Hilton Domestic Operating Co. Inc. 4.25%, 09/01/24 (Call 05/20/20)	USD		125		121,250
4.88%, 01/15/30 (Call 01/15/25)	USD		130		123,837
5.13%, 05/01/26 (Call 05/01/21)	USD		190		187,587
5.38%, 05/01/25 (Call 05/01/22)(a)	USD		10		10,003
5.75%, 05/01/28 (Call 05/01/23)(a)	USD		65		65,494
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.63%, 04/01/25 (Call 05/14/20)	USD		100		97,938
4.88%, 04/01/27 (Call 04/01/22)	USD		75		72,767
Hologic Inc. 4.38%, 10/15/25 (Call 10/15/20)(a)	USD		100		101,000
4.63%, 02/01/28 (Call 02/01/23)(a)	USD		50		50,750
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 05/29/20)(a)	USD		125		121,167
Howmet Aerospace Inc. 5.13%, 10/01/24 (Call 07/01/24)	USD		155		149,381
5.87%, 02/23/22	USD		100		101,750
6.88%, 05/01/25 (Call 04/01/25)	USD		130		132,600
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)(b)	USD		175		176,365
Hughes Satellite Systems Corp. 5.25%, 08/01/26	USD		95		100,225
6.63%, 08/01/26	USD		100		106,537
7.63%, 06/15/21	USD		100		103,736
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.75%, 09/15/24 (Call 06/15/24)	USD		125		117,500
5.25%, 05/15/27 (Call 11/15/26)	USD		122		115,900
6.25%, 02/01/22 (Call 05/29/20)	USD		150		152,296
6.25%, 05/15/26 (Call 05/15/22)	USD		155		152,143
6.38%, 12/15/25 (Call 12/15/20)	USD		95		93,181
6.75%, 02/01/24 (Call 05/29/20)(b)	USD		65		65,114
iHeartCommunications Inc. 4.75%, 01/15/28 (Call 01/15/23)(a)	USD		65		56,431
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		95		86,380
6.38%, 05/01/26 (Call 05/01/22)	USD		100		94,750
8.38%, 05/01/27 (Call 05/01/22)	USD		180		149,400
International Game Technology PLC 3.50%, 07/15/24 (Call 01/15/24)(c)	EUR		100		98,187
6.50%, 02/15/25 (Call 08/15/24)(a)(b)	USD		200		195,998
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)(a)	USD		145		101,340
IQVIA Inc. 2.25%, 01/15/28 (Call 07/15/22)(c)	EUR		100		106,321
3.25%, 03/15/25 (Call 05/28/20)(c)	EUR		300		330,470
5.00%, 05/15/27 (Call 05/15/22)(a)	USD		200		206,000
Iron Mountain Inc. 4.88%, 09/15/27 (Call 09/15/22)(a)	USD		125		122,500
4.88%, 09/15/29 (Call 09/15/24)(a)	USD		125		120,065

Security		Par (000)		Value
United States (continued)
5.25%, 03/15/28 (Call 12/27/22)(a)	USD		105	$	100,709
5.75%, 08/15/24 (Call 05/11/20)	USD		125		122,811
6.00%, 08/15/23 (Call 05/11/20)	USD		75		75,938
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(c)	GBP		100		116,653
iStar Inc. 4.25%, 08/01/25 (Call 05/01/25)	USD		70		55,864
4.75%, 10/01/24 (Call 07/01/24)	USD		100		83,000
5.25%, 09/15/22 (Call 05/29/20)	USD		50		44,995
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/29/20)(a)	USD		150		153,000
JC Penney Corp. Inc. 5.88%, 07/01/23 (Call 05/29/20)(a)	USD		65		29,790
8.63%, 03/15/25 (Call 03/15/21)(a)(b)	USD		50		3,946
KB Home, 7.00%, 12/15/21 (Call 09/15/21)	USD		55		56,925
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/29/20)	USD		150		143,505
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/27 (Call 06/01/22)(a)	USD		100		102,906
5.00%, 06/01/24 (Call 05/29/20)(a)	USD		130		133,887
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		130		132,762
L Brands Inc. 5.25%, 02/01/28	USD		65		46,234
5.63%, 02/15/22	USD		110		96,800
5.63%, 10/15/23	USD		65		52,975
7.50%, 06/15/29 (Call 06/15/24)	USD		65		47,928
LABL Escrow Issuer LLC 6.75%, 07/15/26 (Call 07/15/22)(a)	USD		90		90,618
10.50%, 07/15/27 (Call 07/15/22)(a)(b)	USD		85		84,436
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25%, 02/01/27 (Call 02/01/23)(a)	USD		80		56,797
5.25%, 03/15/22 (Call 09/15/21)(a)	USD		65		53,758
5.25%, 10/01/25 (Call 10/01/20)(a)	USD		60		43,650
Lamar Media Corp. 3.75%, 02/15/28 (Call 02/15/23)(a)	USD		75		69,000
4.00%, 02/15/30 (Call 02/15/25)(a)	USD		50		45,901
5.00%, 05/01/23 (Call 05/29/20)	USD		50		50,000
5.75%, 02/01/26 (Call 02/01/21)	USD		80		81,568
Lamb Weston Holdings Inc. 4.63%, 11/01/24 (Call 11/01/21)(a)	USD		100		102,012
4.88%, 11/01/26 (Call 11/01/21)(a)	USD		105		105,525
Laredo Petroleum Inc. 9.50%, 01/15/25 (Call 01/15/22)	USD		75		31,875
10.13%, 01/15/28 (Call 01/15/23)	USD		50		21,150
Lennar Corp. 4.13%, 01/15/22 (Call 10/15/21)	USD		75		75,297
4.50%, 04/30/24 (Call 01/31/24)	USD		80		81,417
4.75%, 11/15/22 (Call 08/15/22)	USD		75		76,146
4.75%, 05/30/25 (Call 02/28/25)	USD		65		66,786
4.75%, 11/29/27 (Call 05/29/27)	USD		115		118,515
4.88%, 12/15/23 (Call 09/15/23)	USD		55		56,275
5.88%, 11/15/24 (Call 05/15/24)	USD		55		58,438
Level 3 Financing Inc. 4.63%, 09/15/27 (Call 09/15/22)(a)	USD		125		124,492
5.13%, 05/01/23 (Call 05/29/20)	USD		90		89,789
5.25%, 03/15/26 (Call 03/15/21)	USD		100		102,364
5.38%, 08/15/22 (Call 05/29/20)	USD		104		103,967
5.38%, 01/15/24 (Call 05/29/20)(b)	USD		115		115,862
5.38%, 05/01/25 (Call 05/29/20)	USD		100		101,500
5.63%, 02/01/23 (Call 05/29/20)	USD		65		64,936

SCHEDULE OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Levi Strauss &Co. 3.38%, 03/15/27 (Call 03/15/22)	EUR		100	$	109,735
5.00%, 05/01/25 (Call 05/29/20)(a)	USD		45		45,412
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(c)(d)	EUR		100		102,470
LifePoint Health Inc. 4.38%, 02/15/27 (Call 02/15/22)(a)	USD		85		79,926
6.75%, 04/15/25 (Call 04/15/22)(a)	USD		35		36,050
Lions Gate Capital Holdings LLC 5.88%, 11/01/24 (Call 05/29/20)(a)	USD		85		77,350
6.38%, 02/01/24 (Call 02/01/21)(a)	USD		40		37,214
Live Nation Entertainment Inc., 4.75%, 10/15/27 (Call 10/15/22)(a)	USD		150		126,442
LKQ European Holdings BV, 4.13%, 04/01/28 (Call 04/01/23)(c)	EUR		100		106,669
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(c) .	EUR		100		112,208
LPL Holdings Inc. 4.63%, 11/15/27 (Call 11/15/22)(a)	USD		50		47,438
5.75%, 09/15/25 (Call 05/11/20)(a)	USD		115		113,562
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.63%, 10/15/23 (Call 05/29/20)(a)(b)	USD		65		17,577
5.75%, 08/01/22 (Call 05/29/20)(a)(b)	USD		75		31,416
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)	USD		100		94,521
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)	USD		130		65,000
Match Group Inc. 4.13%, 08/01/30 (Call 05/01/25)(a)	USD		65		62,827
5.00%, 12/15/27 (Call 12/15/22)(a)	USD		75		78,353
Mattel Inc. 5.88%, 12/15/27 (Call 12/15/22)(a)	USD		60		58,575
6.75%, 12/31/25 (Call 12/31/20)(a)(b)	USD		190		192,907
Mauser Packaging Solutions Holding Co. 4.75%, 04/15/24 (Call 05/28/20)(c)	EUR		100		101,521
5.50%, 04/15/24 (Call 05/29/20)(a)	USD		185		171,069
7.25%, 04/15/25 (Call 05/29/20)(a)(b)	USD		170		133,025
MEDNAX Inc. 5.25%, 12/01/23 (Call 05/29/20)(a)	USD		100		94,500
6.25%, 01/15/27 (Call 01/15/22)(a)	USD		125		113,180
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(b)	USD		160		135,766
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)	USD		50		51,375
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. 4.50%, 09/01/26 (Call 06/01/26)	USD		65		62,888
5.63%, 05/01/24 (Call 02/01/24)	USD		130		131,977
5.75%, 02/01/27 (Call 11/01/26)	USD		95		95,538
MGM Resorts International 4.63%, 09/01/26 (Call 06/01/26)	USD		62		55,943
5.50%, 04/15/27 (Call 01/15/27)	USD		111		101,981
5.75%, 06/15/25 (Call 03/15/25)	USD		165		158,402
6.00%, 03/15/23	USD		155		150,228
6.75%, 05/01/25 (Call 05/01/22)	USD		50		49,006
7.75%, 03/15/22	USD		125		127,149
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)	USD		90		93,037
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 05/15/22)(a)	USD		65		23,969
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 05/29/20)(a)	USD		195		174,029
MPT Operating Partnership LP/MPT Finance Corp. 3.33%, 03/24/25 (Call 12/24/24)	EUR		100		110,713
3.69%, 06/05/28 (Call 04/06/28)	GBP		100		121,619

Security		Par (000)		Value
United States (continued)
4.00%, 08/19/22 (Call 05/19/22)	EUR		100	$	111,986
4.63%, 08/01/29 (Call 08/01/24)	USD		115		114,673
5.00%, 10/15/27 (Call 10/15/22)	USD		175		178,500
5.25%, 08/01/26 (Call 08/01/21)	USD		65		65,488
6.38%, 03/01/24 (Call 05/29/20)	USD		65		67,148
MSCI Inc. 3.63%, 09/01/30 (Call 03/01/25)(a)	USD		40		40,379
4.00%, 11/15/29 (Call 11/15/24)(a)	USD		125		130,546
4.75%, 08/01/26 (Call 08/01/21)(a)	USD		65		67,943
5.38%, 05/15/27 (Call 05/15/22)(a)(b)	USD		65		70,152
5.75%, 08/15/25 (Call 08/15/20)(a)	USD		100		104,460
Murphy Oil Corp. 5.75%, 08/15/25 (Call 08/15/20)	USD		75		51,225
5.88%, 12/01/27 (Call 12/01/22)	USD		80		54,600
6.88%, 08/15/24 (Call 05/29/20)	USD		50		35,500
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)	USD		100		22,750
Nabors Industries Ltd. 7.25%, 01/15/26 (Call 07/15/22)(a)	USD		50		19,667
7.50%, 01/15/28 (Call 01/15/23)(a)	USD		50		19,700
Nationstar Mortgage Holdings Inc. 6.00%, 01/15/27 (Call 01/15/23)(a)	USD		35		30,100
8.13%, 07/15/23 (Call 07/15/20)(a)	USD		125		120,000
9.13%, 07/15/26 (Call 07/15/21)(a)	USD		120		114,780
Navient Corp. 5.00%, 03/15/27 (Call 09/15/26)(b)	USD		90		76,005
5.50%, 01/25/23	USD		125		115,312
5.88%, 10/25/24	USD		65		58,648
6.13%, 03/25/24	USD		105		96,349
6.50%, 06/15/22	USD		125		120,242
6.63%, 07/26/21	USD		100		99,500
6.75%, 06/25/25(b)	USD		65		60,125
6.75%, 06/15/26	USD		65		59,105
7.25%, 01/25/22	USD		95		93,100
7.25%, 09/25/23	USD		65		62,238
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 06/01/20)(a)	USD		75		29,523
Navistar International Corp. 6.63%, 11/01/25 (Call 11/01/20)(a)	USD		140		119,903
9.50%, 05/01/25 (Call 05/01/22)(a)	USD		30		31,500
NCR Corp. 5.00%, 07/15/22 (Call 05/29/20)	USD		75		74,813
5.75%, 09/01/27 (Call 09/01/22)(a)	USD		65		65,163
6.13%, 09/01/29 (Call 09/01/24)(a)(b)	USD		65		64,987
6.38%, 12/15/23 (Call 05/29/20)	USD		90		91,237
8.13%, 04/15/25 (Call 04/15/22)(a)	USD		25		26,500
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG, 8.00%, 10/25/24 (Call 05/29/20)(a)(e)	USD		83		7,055
Netflix Inc. 3.63%, 06/15/25 (Call 03/15/25)(a)	USD		25		25,344
3.63%, 05/15/27	EUR		200		227,024
3.63%, 06/15/30 (Call 03/15/30)(c)	EUR		200		220,830
3.88%, 11/15/29(c)	EUR		100		112,235
4.38%, 11/15/26(b)	USD		125		132,175
4.63%, 05/15/29	EUR		100		117,809
4.88%, 04/15/28	USD		200		213,418
4.88%, 06/15/30 (Call 03/15/30)(a)	USD		125		133,560
5.38%, 11/15/29(a)	USD		115		126,740
5.50%, 02/15/22	USD		75		78,000
5.75%, 03/01/24	USD		50		54,495

44 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.88%, 02/15/25(b)	USD		100	$	109,766
5.88%, 11/15/28	USD		240		270,637
6.38%, 05/15/29	USD		100		116,552
Newell Brands Inc. 4.35%, 04/01/23 (Call 02/01/23)	USD		150		152,625
4.70%, 04/01/26 (Call 01/01/26)	USD		250		251,457
Nexstar Broadcasting Inc. 5.63%, 08/01/24 (Call 05/11/20)(a)	USD		115		112,125
5.63%, 07/15/27 (Call 07/15/22)(a)	USD		225		214,346
NextEra Energy Operating Partners LP 3.88%, 10/15/26 (Call 07/15/26)(a)	USD		65		64,207
4.25%, 07/15/24 (Call 04/15/24)(a)	USD		95		95,712
4.25%, 09/15/24 (Call 07/15/24)(a)	USD		70		71,036
4.50%, 09/15/27 (Call 06/15/27)(a)	USD		65		66,706
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23 (Call 05/29/20)	USD		80		53,955
7.50%, 04/15/26 (Call 04/15/22)	USD		70		45,500
Nielsen Co Luxembourg Sarl/The, 5.00%, 02/01/25 (Call 05/29/20)(a)(b)	USD		65		62,501
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 05/29/20)(a)	USD		290		285,308
Noble Holding International Ltd. 7.88%, 02/01/26 (Call 02/01/21)(a)	USD		95		22,088
7.95%, 04/01/25 (Call 01/01/25)(b)	USD		50		500
NortonLifeLock Inc. 3.95%, 06/15/22 (Call 03/15/22)	USD		50		50,768
5.00%, 04/15/25 (Call 05/11/20)(a)	USD		140		141,022
Novelis Corp. 4.75%, 01/30/30 (Call 01/30/25)(a)	USD		195		171,600
5.88%, 09/30/26 (Call 09/30/21)(a)	USD		190		183,825
NRG Energy Inc. 5.25%, 06/15/29 (Call 06/15/24)(a)	USD		90		97,050
5.75%, 01/15/28 (Call 01/15/23)(b)	USD		105		112,935
6.63%, 01/15/27 (Call 07/15/21)(b)	USD		155		165,133
7.25%, 05/15/26 (Call 05/15/21)	USD		125		134,375
NuStar Logistics LP 5.63%, 04/28/27 (Call 01/28/27)	USD		65		58,500
6.00%, 06/01/26 (Call 03/01/26)	USD		65		59,150
Oasis Petroleum Inc. 6.25%, 05/01/26 (Call 05/01/21)(a)(b)	USD		50		6,500
6.88%, 03/15/22 (Call 05/29/20)	USD		115		16,963
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(c)	EUR		100		105,034
Olin Corp. 5.00%, 02/01/30 (Call 02/01/24)	USD		65		57,444
5.13%, 09/15/27 (Call 03/15/22)	USD		65		59,800
5.63%, 08/01/29 (Call 08/01/24)	USD		95		86,065
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.63%, 03/15/30 (Call 03/15/25)(a)	USD		65		59,518
5.00%, 08/15/27 (Call 08/15/22)(a)	USD		80		75,200
5.63%, 02/15/24 (Call 05/29/20)	USD		50		49,870
Owens-Brockway Glass Container Inc. 5.00%, 01/15/22(a)	USD		65		65,670
5.88%, 08/15/23(a)	USD		90		92,277
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)(a)	USD		100		22,000
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. 4.38%, 05/15/26 (Call 05/15/22)(c)	EUR		100		101,079
6.25%, 05/15/26 (Call 05/15/22)(a)	USD		125		125,812
8.50%, 05/15/27 (Call 05/15/22)(a)	USD		245		207,637
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a)	USD		190		193,087

Security		Par (000)		Value
United States (continued)
Parsley Energy LLC/Parsley Finance Corp. 4.13%, 02/15/28 (Call 02/15/23)(a)	USD		50	$	41,417
5.25%, 08/15/25 (Call 08/15/20)(a)	USD		55		48,171
5.38%, 01/15/25 (Call 05/29/20)(a)	USD		85		76,738
5.63%, 10/15/27 (Call 10/15/22)(a)	USD		90		77,020
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28 (Call 02/15/23)(a)	USD		110		78,238
7.25%, 06/15/25 (Call 06/15/20)	USD		100		75,693
PDC Energy Inc. 5.75%, 05/15/26 (Call 05/15/21)	USD		75		57,960
6.13%, 09/15/24 (Call 05/29/20)	USD		50		39,335
Penske Automotive Group Inc. 5.50%, 05/15/26 (Call 05/15/21)	USD		60		55,326
5.75%, 10/01/22 (Call 05/29/20)	USD		75		71,406
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)(a)(b)	USD		135		129,034
PetSmart Inc. 5.88%, 06/01/25 (Call 06/01/20)(a)	USD		142		144,174
7.13%, 03/15/23 (Call 05/29/20)(a)	USD		240		229,800
8.88%, 06/01/25 (Call 06/01/20)(a)	USD		80		77,243
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)	USD		100		87,275
Pilgrim’s Pride Corp. 5.75%, 03/15/25 (Call 05/29/20)(a)	USD		125		126,266
5.88%, 09/30/27 (Call 09/30/22)(a)	USD		105		106,706
PolyOne Corp., 5.75%, 05/15/25 (Call 05/15/22)(a)	USD		20		20,250
Post Holdings Inc. 4.63%, 04/15/30 (Call 04/15/25)(a)	USD		155		151,968
5.00%, 08/15/26 (Call 08/15/21)(a)	USD		215		215,044
5.50%, 12/15/29 (Call 12/15/24)(a)	USD		95		95,414
5.63%, 01/15/28 (Call 12/01/22)(a)(b)	USD		120		122,100
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		165		168,985
Prestige Brands Inc. 5.13%, 01/15/28 (Call 01/15/23)(a)	USD		50		50,950
6.38%, 03/01/24 (Call 05/29/20)(a)(b)	USD		75		77,156
Prime Security Services Borrower LLC/Prime Finance Inc. 5.25%, 04/15/24(a)	USD		95		93,129
5.75%, 04/15/26(a)(b)	USD		170		167,076
6.25%, 01/15/28 (Call 01/15/23)(a)	USD		160		143,568
PTC Inc. 3.63%, 02/15/25 (Call 02/15/22)(a)	USD		65		63,952
4.00%, 02/15/28 (Call 02/15/23)(a)	USD		65		63,700
PulteGroup Inc. 5.00%, 01/15/27 (Call 10/15/26)	USD		75		77,624
5.50%, 03/01/26 (Call 12/01/25)	USD		90		95,829
QEP Resources Inc. 5.25%, 05/01/23 (Call 02/01/23)(b)	USD		75		25,125
5.38%, 10/01/22 (Call 07/01/22)	USD		65		22,295
5.63%, 03/01/26 (Call 12/01/25)	USD		65		20,394
Qorvo Inc. 4.38%, 10/15/29 (Call 10/15/24)(a)(b)	USD		65		64,919
5.50%, 07/15/26 (Call 07/15/21)	USD		115		120,750
Quicken Loans Inc. 5.25%, 01/15/28 (Call 01/15/23)(a)	USD		125		122,487
5.75%, 05/01/25 (Call 05/29/20)(a)	USD		155		151,900
QVC Inc. 4.38%, 03/15/23(b)	USD		95		90,359
4.45%, 02/15/25 (Call 11/15/24)	USD		75		68,520
4.75%, 02/15/27 (Call 11/15/26)	USD		70		63,000
4.85%, 04/01/24	USD		75		71,243

SCHEDULE OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.13%, 07/02/22(b)	USD		65	$	63,050
Qwest Corp., 6.75%, 12/01/21	USD		120		125,100
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/29/20)(a)(b)	USD		150		148,030
Range Resources Corp. 4.88%, 05/15/25 (Call 02/15/25)	USD		95		73,625
5.00%, 08/15/22 (Call 05/15/22)	USD		65		59,313
5.00%, 03/15/23 (Call 12/15/22)(b)	USD		90		78,075
9.25%, 02/01/26 (Call 02/01/22)(a)	USD		70		56,029
Realogy Group LLC/Realogy Co-Issuer Corp. 4.88%, 06/01/23 (Call 03/01/23)(a)	USD		50		38,019
5.25%, 12/01/21 (Call 05/29/20)(a)	USD		75		62,961
9.38%, 04/01/27 (Call 04/01/22)(a)	USD		65		45,175
Refinitiv U.S. Holdings Inc. 4.50%, 05/15/26 (Call 11/15/21)(c)	EUR		100		114,023
6.25%, 05/15/26 (Call 11/15/21)(a)	USD		155		165,303
8.25%, 11/15/26 (Call 11/15/21)(a)	USD		200		217,250
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)	USD		180		192,600
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.13%, 07/15/23 (Call 05/29/20)(a)	USD		200		200,500
7.00%, 07/15/24 (Call 05/29/20)(a)	USD		100		100,370
Rite Aid Corp. 6.13%, 04/01/23 (Call 05/29/20)(a)	USD		143		130,502
7.50%, 07/01/25 (Call 07/01/22)(a)	USD		77		75,845
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/22)(a)	USD		105		91,350
Sabre GLBL Inc. 5.25%, 11/15/23 (Call 05/29/20)(a)(b)	USD		100		93,000
9.25%, 04/15/25 (Call 03/16/25)(a)	USD		90		95,062
SBA Communications Corp. 3.88%, 02/15/27 (Call 02/15/23)(a)	USD		125		127,656
4.00%, 10/01/22 (Call 05/29/20)	USD		95		95,503
4.88%, 09/01/24 (Call 05/29/20)	USD		140		144,322
Scientific Games International Inc. 3.38%, 02/15/26 (Call 02/15/21)(c)	EUR		100		89,893
5.00%, 10/15/25 (Call 10/15/20)(a)	USD		155		134,830
7.00%, 05/15/28 (Call 05/15/23)(a)	USD		85		61,306
7.25%, 11/15/29 (Call 11/15/24)(a)	USD		65		46,204
8.25%, 03/15/26 (Call 03/15/22)(a)	USD		135		101,700
Sealed Air Corp. 4.00%, 12/01/27 (Call 09/01/27)(a)	USD		55		54,333
4.88%, 12/01/22 (Call 09/01/22)(a)	USD		55		56,969
5.13%, 12/01/24 (Call 09/01/24)(a)	USD		55		57,888
5.25%, 04/01/23 (Call 01/01/23)(a)	USD		50		51,750
5.50%, 09/15/25 (Call 06/15/25)(a)	USD		50		52,944
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)	USD		155		149,280
Sensata Technologies BV, 4.38%, 02/15/30 (Call 11/15/29)(a)	USD		55		54,175
Service Corp. International/U.S. 4.63%, 12/15/27 (Call 12/15/22)	USD		75		76,702
5.13%, 06/01/29 (Call 06/01/24)	USD		100		104,750
5.38%, 05/15/24 (Call 05/29/20)	USD		105		106,881
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/11/20)(a)	USD		43		43,645
SESI LLC 7.13%, 12/15/21 (Call 05/29/20)(a)	USD		80		36,577
7.75%, 09/15/24 (Call 09/15/20)	USD		65		11,697

Security		Par (000)		Value
United States (continued)
Signature Aviation U.S. Holdings Inc. 4.00%, 03/01/28 (Call 03/01/23)(a)	USD		80	$	68,800
5.38%, 05/01/26 (Call 05/01/21)(a)	USD		65		59,963
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 05/28/20)	EUR		100		110,146
Sinclair Television Group Inc. 5.13%, 02/15/27 (Call 08/15/21)(a)(b)	USD		50		42,091
5.50%, 03/01/30 (Call 12/01/24)(a)	USD		65		53,950
5.63%, 08/01/24 (Call 05/14/20)(a)	USD		70		63,883
Sirius XM Radio Inc. 3.88%, 08/01/22 (Call 08/01/20)(a)	USD		125		125,771
4.63%, 05/15/23 (Call 05/29/20)(a)	USD		65		65,406
4.63%, 07/15/24 (Call 07/15/21)(a)	USD		190		194,199
5.00%, 08/01/27 (Call 08/01/22)(a)	USD		190		194,779
5.38%, 04/15/25 (Call 05/29/20)(a)	USD		125		128,906
5.38%, 07/15/26 (Call 07/15/21)(a)	USD		125		129,715
5.50%, 07/01/29 (Call 07/01/24)(a)	USD		155		163,463
Six Flags Entertainment Corp. 4.88%, 07/31/24 (Call 05/29/20)(a)	USD		125		110,025
5.50%, 04/15/27 (Call 04/15/22)(a)	USD		65		56,480
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)	USD		35		36,481
SM Energy Co. 5.00%, 01/15/24 (Call 05/29/20)	USD		65		20,053
5.63%, 06/01/25 (Call 06/01/20)	USD		60		17,100
6.13%, 11/15/22 (Call 05/29/20)(b)	USD		60		24,000
6.63%, 01/15/27 (Call 01/15/22)	USD		65		16,656
6.75%, 09/15/26 (Call 09/15/21)(b)	USD		60		16,755
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/29/20)(a)	USD		255		253,725
Southwestern Energy Co. 6.20%, 01/23/25 (Call 10/23/24)	USD		115		100,984
7.50%, 04/01/26 (Call 04/01/21)(b)	USD		80		71,800
7.75%, 10/01/27 (Call 10/01/22)(b)	USD		65		56,563
Spectrum Brands Inc. 4.00%, 10/01/26 (Call 10/01/21)(c)	EUR		100		102,129
5.75%, 07/15/25 (Call 07/15/20)	USD		125		124,687
Spirit AeroSystems Inc. 4.60%, 06/15/28 (Call 03/15/28)(b)	USD		52		41,860
7.50%, 04/15/25 (Call 04/15/22)(a)	USD		95		93,575
Springleaf Finance Corp. 5.38%, 11/15/29 (Call 05/15/29)	USD		100		83,699
5.63%, 03/15/23	USD		100		94,067
6.13%, 05/15/22	USD		125		123,437
6.13%, 03/15/24 (Call 09/15/23)	USD		165		154,564
6.63%, 01/15/28 (Call 07/15/27)	USD		100		88,250
6.88%, 03/15/25	USD		155		145,905
7.13%, 03/15/26	USD		200		186,250
7.75%, 10/01/21(b)	USD		80		79,154
Sprint Communications Inc. 6.00%, 11/15/22	USD		285		300,883
11.50%, 11/15/21	USD		125		139,687
Sprint Corp. 7.13%, 06/15/24	USD		315		353,587
7.25%, 09/15/21	USD		285		298,894
7.63%, 02/15/25 (Call 11/15/24)	USD		190		218,500
7.63%, 03/01/26 (Call 11/01/25)	USD		190		223,529
7.88%, 09/15/23	USD		535		601,260
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)	USD		250		256,937
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a)	USD		125		132,750

46 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Standard Industries Inc./NJ 2.25%, 11/21/26 (Call 08/21/26)(c)	EUR		100	$	93,100
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		125		123,100
5.00%, 02/15/27 (Call 02/15/22)(a)	USD		65		65,203
5.38%, 11/15/24 (Call 05/29/20)(a)	USD		140		140,912
6.00%, 10/15/25 (Call 10/15/20)(a)	USD		125		129,062
Staples Inc. 7.50%, 04/15/26 (Call 04/15/22)(a)	USD		250		197,915
10.75%, 04/15/27 (Call 04/15/22)(a)(b)	USD		125		70,000
Starwood Property Trust Inc. 4.75%, 03/15/25 (Call 09/15/24)	USD		65		55,387
5.00%, 12/15/21 (Call 09/15/21)	USD		90		84,888
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)(a)	USD		125		100,000
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 05/29/20)	USD		75		73,344
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/14/20)	USD		80		80,076
Sunoco LP/Sunoco Finance Corp. 4.88%, 01/15/23 (Call 05/29/20)	USD		125		122,265
5.50%, 02/15/26 (Call 02/15/21)	USD		100		96,284
5.88%, 03/15/28 (Call 03/15/23)	USD		50		47,284
6.00%, 04/15/27 (Call 04/15/22)	USD		75		72,891
Talen Energy Supply LLC 6.50%, 06/01/25 (Call 06/01/20)	USD		70		48,300
6.63%, 01/15/28 (Call 01/15/23)(a)	USD		60		56,850
7.25%, 05/15/27 (Call 05/15/22)(a)(b)	USD		95		95,000
10.50%, 01/15/26 (Call 01/15/22)(a)	USD		75		61,332
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.75%, 10/01/23 (Call 10/01/20)(a)	USD		65		49,901
5.50%, 09/15/24 (Call 05/29/20)(a)	USD		90		68,112
5.50%, 01/15/28 (Call 01/15/23)(a)	USD		95		64,138
6.00%, 03/01/27 (Call 03/01/23)(a)	USD		55		36,703
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23 (Call 05/29/20)	USD		75		68,058
5.00%, 01/15/28 (Call 01/15/23)	USD		90		75,930
5.13%, 02/01/25 (Call 05/29/20)	USD		50		44,456
5.25%, 05/01/23 (Call 05/29/20)	USD		25		23,656
5.38%, 02/01/27 (Call 02/01/22)	USD		65		55,315
5.50%, 03/01/30 (Call 03/01/25)(a)	USD		125		106,562
5.88%, 04/15/26 (Call 04/15/21)	USD		125		112,062
6.50%, 07/15/27 (Call 07/15/22)	USD		95		85,106
6.75%, 03/15/24 (Call 05/29/20)	USD		75		70,918
6.88%, 01/15/29 (Call 01/15/24)	USD		100		91,585
Taylor Morrison Communities Inc. 5.75%, 01/15/28 (Call 10/15/27)(a)	USD		55		49,775
5.88%, 01/31/25 (Call 05/11/20)(a)	USD		100		93,576
5.88%, 06/15/27 (Call 03/15/27)(a)(b)	USD		65		59,800
TEGNA Inc. 4.63%, 03/15/28 (Call 03/15/23)(a)	USD		125		111,454
5.00%, 09/15/29 (Call 09/15/24)(a)	USD		145		128,922
Tempur Sealy International Inc. 5.50%, 06/15/26 (Call 06/15/21)	USD		75		71,988
5.63%, 10/15/23 (Call 05/29/20)(b)	USD		55		54,287
Tenet Healthcare Corp. 4.63%, 07/15/24 (Call 07/15/20)	USD		235		230,840
4.63%, 09/01/24 (Call 09/01/21)(a)	USD		75		73,521
4.88%, 01/01/26 (Call 03/01/22)(a)	USD		265		259,700
5.13%, 05/01/25 (Call 05/29/20)(b)	USD		175		163,607

Security		Par (000)		Value
United States (continued)
5.13%, 11/01/27 (Call 11/01/22)(a)	USD		185	$	182,690
6.25%, 02/01/27 (Call 02/01/22)(a)	USD		185		181,688
6.75%, 06/15/23(b)	USD		235		234,765
7.00%, 08/01/25 (Call 08/01/20)(b)	USD		60		55,800
7.50%, 04/01/25 (Call 04/01/22)(a)	USD		25		26,783
8.13%, 04/01/22	USD		350		350,892
Tenneco Inc., 4.88%, 04/15/22 (Call 05/28/20)(c)	EUR		175		143,838
TerraForm Power Operating LLC 4.25%, 01/31/23 (Call 10/31/22)(a)	USD		65		66,593
4.75%, 01/15/30 (Call 01/15/25)(a)	USD		110		112,818
5.00%, 01/31/28 (Call 07/31/27)(a)	USD		75		78,374
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)	USD		130		107,250
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)	USD		225		219,375
T-Mobile USA Inc. 4.00%, 04/15/22 (Call 03/16/22)	USD		65		66,463
4.50%, 02/01/26 (Call 02/01/21)	USD		125		128,787
4.75%, 02/01/28 (Call 02/01/23)	USD		190		199,504
5.13%, 04/15/25 (Call 05/11/20)	USD		65		66,288
5.38%, 04/15/27 (Call 04/15/22)	USD		65		68,816
6.00%, 03/01/23 (Call 05/11/20)	USD		165		165,000
6.00%, 04/15/24 (Call 05/11/20)	USD		125		127,323
6.38%, 03/01/25 (Call 05/11/20)	USD		215		221,405
6.50%, 01/15/24 (Call 05/11/20)	USD		125		127,956
6.50%, 01/15/26 (Call 01/15/21)	USD		250		264,062
Toll Brothers Finance Corp. 3.80%, 11/01/29 (Call 08/01/29)	USD		50		46,750
4.35%, 02/15/28 (Call 11/15/27)	USD		50		49,250
4.38%, 04/15/23 (Call 01/15/23)	USD		50		50,125
4.88%, 03/15/27 (Call 12/15/26)	USD		55		55,688
5.88%, 02/15/22 (Call 11/15/21)	USD		50		51,438
TransDigm Inc. 5.50%, 11/15/27 (Call 11/15/22)(a)	USD		335		283,075
6.25%, 03/15/26 (Call 03/15/22)(a)	USD		555		542,579
6.38%, 06/15/26 (Call 06/15/21)	USD		120		102,674
6.50%, 07/15/24 (Call 05/29/20)	USD		150		137,038
6.50%, 05/15/25 (Call 05/29/20)	USD		95		85,025
7.50%, 03/15/27 (Call 03/15/22)	USD		75		67,031
8.00%, 12/15/25 (Call 04/08/22)(a)	USD		130		135,200
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)(b)	USD		42		32,017
Transocean Inc. 7.25%, 11/01/25 (Call 11/01/21)(a)	USD		100		38,102
8.00%, 02/01/27 (Call 02/01/23)(a)	USD		65		24,872
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a)	USD		63		50,726
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)	USD		70		55,300
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)	USD		52		44,389
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		50		49,063
Triumph Group Inc. 6.25%, 09/15/24 (Call 09/15/20)(a)	USD		50		39,637
7.75%, 08/15/25 (Call 08/15/20)	USD		67		44,115
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b)	USD		55		49,991
Tronox Inc. 6.50%, 05/01/25 (Call 05/01/22)(a)	USD		10		10,063
6.50%, 04/15/26 (Call 04/15/21)(a)	USD		75		67,781
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)(a)	USD		110		112,475

SCHEDULE OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
U.S. Steel Corp. 6.25%, 03/15/26 (Call 03/15/21)(b)	USD		80	$	50,764
6.88%, 08/15/25 (Call 08/15/20)	USD		95		64,784
Uber Technologies Inc. 7.50%, 11/01/23 (Call 11/01/20)(a)	USD		65		65,155
7.50%, 09/15/27 (Call 09/15/22)(a)	USD		150		152,494
8.00%, 11/01/26 (Call 11/01/21)(a)	USD		190		194,647
United Airlines Holdings Inc., 4.25%, 10/01/22	USD		50		41,000
United Rentals North America Inc. 3.88%, 11/15/27 (Call 11/15/22)	USD		93		91,372
4.00%, 07/15/30 (Call 07/15/25)	USD		95		89,368
4.63%, 10/15/25 (Call 10/15/20)	USD		95		93,046
4.88%, 01/15/28 (Call 01/15/23)	USD		210		209,257
5.25%, 01/15/30 (Call 01/15/25)	USD		100		99,821
5.50%, 07/15/25 (Call 07/15/20)	USD		100		101,250
5.50%, 05/15/27 (Call 05/15/22)(b)	USD		125		125,785
5.88%, 09/15/26 (Call 09/15/21)	USD		125		128,340
6.50%, 12/15/26 (Call 12/15/21)	USD		140		145,644
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC 7.13%, 12/15/24 (Call 05/29/20)(a)	USD		75		58,130
7.88%, 02/15/25 (Call 02/15/22)(a)	USD		285		274,489
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.00%, 04/15/23 (Call 05/29/20)(a)	USD		70		65,646
8.25%, 10/15/23 (Call 05/29/20)	USD		140		116,158
Univision Communications Inc. 5.13%, 05/15/23 (Call 05/29/20)(a)	USD		150		142,968
5.13%, 02/15/25 (Call 05/11/20)(a)	USD		185		163,865
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 04/01/21)	USD		90		73,631
6.88%, 09/01/27 (Call 09/01/22)	USD		95		76,374
Valaris PLC 4.88%, 06/01/22 (Call 03/01/22)	USD		75		9,000
7.75%, 02/01/26 (Call 11/01/25)	USD		125		10,000
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a)	USD		85		82,663
Vector Group Ltd. 6.13%, 02/01/25 (Call 05/29/20)(a)	USD		105		101,850
10.50%, 11/01/26 (Call 11/01/21)(a)	USD		70		65,022
Vericast Corp. 8.38%, 08/15/22 (Call 05/29/20)(a)	USD		100		72,500
9.25%, 03/01/21 (Call 05/29/20)(a)(b)	USD		52		52,014
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 05/29/20)(a)(b)	USD		73		75,007
VeriSign Inc. 4.63%, 05/01/23 (Call 05/29/20)	USD		100		100,610
4.75%, 07/15/27 (Call 07/15/22)	USD		70		74,565
5.25%, 04/01/25 (Call 01/01/25)	USD		65		71,076
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)	USD		140		145,717
ViacomCBS Inc. 5.88%, 02/28/57 (Call 02/28/22)(d)	USD		80		73,680
6.25%, 02/28/57 (Call 02/28/27)(b)(d)	USD		80		79,400
ViaSat Inc. 5.63%, 09/15/25 (Call 09/15/20)(a)	USD		90		84,943
5.63%, 04/15/27 (Call 04/15/22)(a)	USD		75		74,059
VICI Properties LP/VICI Note Co. Inc. 3.50%, 02/15/25 (Call 02/15/22)(a)	USD		50		46,969
3.75%, 02/15/27 (Call 02/15/23)(a)	USD		95		88,350
4.13%, 08/15/30 (Call 02/15/25)(a)	USD		125		113,543
4.25%, 12/01/26 (Call 12/01/22)(a)	USD		175		163,334

Security		Par/ Shares (000)			Value
United States (continued)
4.63%, 12/01/29 (Call 12/01/24)(a)	USD		125		$	116,250
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(a)	USD		105			70,422
Vistra Energy Corp., 5.88%, 06/01/23 (Call 05/29/20)(b)	USD		65			65,357
Vistra Operations Co. LLC 5.00%, 07/31/27 (Call 07/31/22)(a)	USD		155			158,278
5.50%, 09/01/26 (Call 09/01/21)(a)	USD		125			128,642
5.63%, 02/15/27 (Call 02/15/22)(a)	USD		165			172,837
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)	USD		85			64,600
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)	USD		290			296,432
Whiting Petroleum Corp. 5.75%, 03/15/21 (Call 12/15/20)(e)	USD		50			5,000
6.25%, 04/01/23 (Call 01/01/23)(e)	USD		50			4,662
6.63%, 01/15/26 (Call 10/15/25)(e)	USD		50			4,875
WMG Acquisition Corp., 4.13%, 11/01/24 (Call 05/08/20)(c)	EUR		90			99,729
Wolverine Escrow LLC 8.50%, 11/15/24 (Call 11/15/21)(a)	USD		75			51,375
9.00%, 11/15/26 (Call 11/15/22)(a)	USD		115			80,012
13.13%, 11/15/27 (Call 11/15/22)(a)	USD		65			38,285
WPX Energy Inc. 4.50%, 01/15/30 (Call 01/15/25)	USD		100			81,281
5.25%, 09/15/24 (Call 06/15/24)	USD		80			70,600
5.25%, 10/15/27 (Call 10/15/22)	USD		90			78,300
5.75%, 06/01/26 (Call 06/01/21)	USD		65			56,225
8.25%, 08/01/23 (Call 06/01/23)	USD		43			40,480
WR Grace &Co.-Conn, 5.13%, 10/01/21(a)	USD		90			90,562
Wyndham Destinations Inc. 3.90%, 03/01/23 (Call 12/01/22)	USD		38			33,108
4.25%, 03/01/22 (Call 12/01/21)	USD		81			77,254
5.75%, 04/01/27 (Call 01/01/27)	USD		50			43,563
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/23 (Call 02/28/23)(a)	USD		65			60,613
5.25%, 05/15/27 (Call 02/15/27)(a)	USD		115			98,032
5.50%, 03/01/25 (Call 12/01/24)(a)(b)	USD		225			199,242
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 04/15/22)(a)	USD		100			102,026
Xerox Corp. 4.13%, 03/15/23 (Call 02/15/23)	USD		125			124,375
4.50%, 05/15/21	USD		135			135,097
XPO Logistics Inc. 6.13%, 09/01/23 (Call 05/29/20)(a)	USD		65			65,813
6.25%, 05/01/25 (Call 05/01/22)(a)	USD		35			35,438
6.50%, 06/15/22 (Call 05/29/20)(a)	USD		150			150,600
6.75%, 08/15/24 (Call 08/15/21)(a)	USD		125			128,700
Yum! Brands Inc. 4.75%, 01/15/30 (Call 10/15/29)(a)	USD		100			102,000
7.75%, 04/01/25 (Call 04/01/22)(a)	USD		60			65,633
Zayo Group Holdings Inc. 4.00%, 03/01/27 (Call 03/01/21)(a)	USD		255			246,669
6.13%, 03/01/28 (Call 03/01/23)(a)	USD		90			84,848
						91,954,112
Total Corporate Bonds & Notes — 97.3% (Cost: $148,803,008)						133,875,911
Warrants
United States — 0.0%
Sable Permian Resources Land LLC(j)(k)			0	(f)		0	(g)
Total Warrants — 0.0% (Cost: $0)						0	(g)

48 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%(l)(m)(n)		9,406	$	9,416,426
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(l)(m)		230		230,000
				9,646,426
Total Short-Term Investments — 7.0% (Cost: $9,635,485)				9,646,426
Total Investments in Securities — 104.3% (Cost: $158,438,493)				143,522,337
Other Assets, Less Liabilities — (4.3)%				(5,887,665	)
Net Assets — 100.0%			$	137,634,672

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

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

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

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

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

^(f)  Rounds to less than 1,000.

^(g)  Rounds to less than $1.

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

⁽ⁱ⁾  Perpetual security with no stated maturity date.

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

^(k)  Non-income producing security.

^(l)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)		Net Activity (000)			Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized      Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		20,898		(11,492	)		9,406	$	9,416,426	$	57,379	(b)	$	51	$	1,065
BlackRock Cash Funds: Treasury, SL Agency Shares		2,846		(2,616	)		230		230,000		6,601			—		—
								$	9,646,426	$	63,980		$	51	$	1,065

^(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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) April 30, 2020 iShares^® US & Intl High Yield Corp Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 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	$	—	$	133,875,911	$	—		$	133,875,911
Warrants		—		—		0	(a)		0	(a)
Money Market Funds		9,646,426		—		—			9,646,426
	$	9,646,426	$	133,875,911	$	0	(a)	$	143,522,337

^(a)  Rounds to less than $1.

See notes to financial statements.

50 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) 

April 30, 2020

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	40,160,004		$	155,072,068		$	272,460,904		$	340,543,645
Affiliated(c)		22,000			15,546,517			6,179,000			—
Cash		659			—			23,105			—
Foreign currency, at value(d)		637,736			—			—			2,548,105
Receivables:
Investments sold		1,070,758			5,249,284			4,303,349			14,126,687
Securities lending income — Affiliated		—			12,469			—			—
Dividends		—			352			1,502			5,795
Interest		524,340			1,891,741			4,930,152			6,842,931
Total assets		42,415,497			177,772,431			287,898,012			364,067,163
LIABILITIES
Bank overdraft		—			2,472			—			169,279
Collateral on securities loaned, at value		—			13,593,073			—			—
Deferred foreign capital gain tax		—			—			—			162,793
Payables:
Investments purchased		1,053,484			4,332,640			4,974,631			12,062,361
Capital shares redeemed		—			450,022			—			2,739,291
Investment advisory fees		13,187			63,939			117,878			87,042
Total liabilities		1,066,671			18,442,146			5,092,509			15,220,766
NET ASSETS	$	41,348,826		$	159,330,285		$	282,805,503		$	348,846,397
NET ASSETS CONSIST OF:
Paid-in capital	$	52,183,798		$	173,517,316		$	404,926,635		$	465,114,945
Accumulated loss		(10,834,972	)		(14,187,031	)		(122,121,132	)		(116,268,548	)
NET ASSETS	$	41,348,826		$	159,330,285		$	282,805,503		$	348,846,397
Shares outstanding		900,000			3,350,000			7,250,000			9,000,000
Net asset value	$	45.94		$	47.56		$	39.01		$	38.76
Shares authorized		500 million			500 million			500 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	12,694,491		$	—		$	—
(b) Investments, at cost — Unaffiliated	$	46,674,952		$	165,314,746		$	341,522,741		$	385,667,614
(c)  Investments, at cost — Affiliated	$	22,000		$	15,531,683		$	6,179,000		$	—
(d) Foreign currency, at cost	$	641,753		$	—		$	—		$	2,529,449

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Assets and Liabilities  (unaudited) (continued) 

April 30, 2020

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	133,875,911
Affiliated(c)		9,646,426
Cash		4,602
Foreign currency, at value(d)		472,837
Receivables:
Investments sold		3,542,210
Securities lending income — Affiliated		11,353
Dividends		233
Interest		2,182,906
Total assets		149,736,478
LIABILITIES
Collateral on securities loaned, at value		9,405,010
Payables:
Investments purchased		2,639,977
Capital shares redeemed		6,854
Investment advisory fees		49,965
Total liabilities		12,101,806
NET ASSETS	$	137,634,672
NET ASSETS CONSIST OF:
Paid-in capital	$	160,991,087
Accumulated loss		(23,356,415	)
NET ASSETS	$	137,634,672
Shares outstanding		3,100,000
Net asset value	$	44.40
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	9,035,863
(b) Investments, at cost — Unaffiliated	$	148,803,008
(c)  Investments, at cost — Affiliated	$	9,635,485
(d) Foreign currency, at cost	$	475,772

See notes to financial statements.

52 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited) 

Six Months Ended April 30, 2020

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	89		$	7,806		$	33,580		$	21,564
Interest — Unaffiliated		672,893			4,409,106			11,654,064			15,097,343
Securities lending income — Affiliated — net		—			63,260			—			—
Other income — Unaffiliated		1,571			1,582			5,610			—
Foreign taxes withheld		—			—			—			(271,862	)
Total investment income		674,553			4,481,754			11,693,254			14,847,045
EXPENSES
Investment advisory fees		84,714			466,241			930,336			730,008
Total expenses		84,714			466,241			930,336			730,008
Less:
Investment advisory fees waived		—			—			(18,205	)		—
Total expenses after fees waived		84,714			466,241			912,131			730,008
Net investment income		589,839			4,015,513			10,781,123			14,117,037
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(459,976	)		(634,660	)		(8,464,509	)		(45,021,241	)
Investments — Affiliated		—			(9,262	)		—			—
In-kind redemptions — Unaffiliated		—			(3,303,904	)		(15,384,205	)		(3,093,372	)
Foreign currency transactions		(252	)		—			—			(911,164	)
Net realized loss		(460,228	)		(3,947,826	)		(23,848,714	)		(49,025,777	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(4,201,393	)		(13,698,673	)		(53,239,533	)		(18,244,998	)
Investments — Affiliated		—			12,074			—			—
Foreign currency translations		(19,707	)		—			—			(509,691	)
Net change in unrealized appreciation (depreciation)		(4,221,100	)		(13,686,599	)		(53,239,533	)		(18,754,689	)
Net realized and unrealized loss		(4,681,328	)		(17,634,425	)		(77,088,247	)		(67,780,466	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,091,489	)	$	(13,618,912	)	$	(66,307,124	)	$	(53,663,429	)
(a) Net of foreign capital gain tax of	$	—		$	—		$	—		$	151,885
(b) Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	(238,334	)

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Operations  (unaudited) (continued)

Six Months Ended April 30, 2020

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	6,601
Interest — Unaffiliated		4,460,661
Securities lending income — Affiliated — net		57,379
Other income — Unaffiliated		22,394
Total investment income		4,547,035
EXPENSES
Investment advisory fees		351,432
Total expenses		351,432
Net investment income		4,195,603
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,616,074	)
Investments — Affiliated		51
In-kind redemptions — Unaffiliated		(2,661,099	)
Foreign currency transactions		(3,887	)
Net realized loss		(4,281,009	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(13,565,385	)
Investments — Affiliated		1,065
Foreign currency translations		(17,525	)
Net change in unrealized appreciation (depreciation)		(13,581,845	)
Net realized and unrealized loss		(17,862,854	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,667,251	)

See notes to financial statements.

54 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets   

	iShares International High Yield Bond ETF						iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	589,839		$	1,452,281		$	4,015,513		$	4,814,973
Net realized loss		(460,228	)		(3,415,656	)		(3,947,826	)		(93,270	)
Net change in unrealized appreciation (depreciation)		(4,221,100	)		3,647,392			(13,686,599	)		7,349,578
Net increase (decrease) in net assets resulting from operations		(4,091,489	)		1,684,017			(13,618,912	)		12,071,281
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(495,119	)		(1,938,517	)		(3,952,061	)		(4,625,003	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		5,097,119			(24,764,950	)		10,216,449			87,723,168
NET ASSETS
Total increase (decrease) in net assets		510,511			(25,019,450	)		(7,354,524	)		95,169,446
Beginning of period		40,838,315			65,857,765			166,684,809			71,515,363
End of period	$	41,348,826		$	40,838,315		$	159,330,285		$	166,684,809

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

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets  (continued)

	iShares J.P. Morgan EM High Yield Bond ETF						iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,781,123		$	18,676,790		$	14,117,037		$	36,964,541
Net realized loss		(23,848,714	)		(16,048,982	)		(49,025,777	)		(24,363,579	)
Net change in unrealized appreciation (depreciation)		(53,239,533	)		26,046,919			(18,754,689	)		19,622,567
Net increase (decrease) in net assets resulting from operations		(66,307,124	)		28,674,727			(53,663,429	)		32,223,529
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,976,838	)		(22,615,509	)		(24,281,359	)		(14,295,840	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		27,711,311			(71,222,529	)		(109,286,786	)		94,418,220
NET ASSETS
Total increase (decrease) in net assets		(50,572,651	)		(65,163,311	)		(187,231,574	)		112,345,909
Beginning of period		333,378,154			398,541,465			536,077,971			423,732,062
End of period	$	282,805,503		$	333,378,154		$	348,846,397		$	536,077,971

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

See notes to financial statements.

56 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,195,603		$	8,719,180
Net realized loss		(4,281,009	)		(5,246,295	)
Net change in unrealized appreciation (depreciation)		(13,581,845	)		7,466,935
Net increase (decrease) in net assets resulting from operations		(13,667,251	)		10,939,820
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,771,711	)		(9,914,724	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions .		(21,226,667	)		(36,077,886	)
NET ASSETS
Total decrease in net assets		(38,665,629	)		(35,052,790	)
Beginning of period		176,300,301			211,353,091
End of period	$	137,634,672		$	176,300,301

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

See notes to financial statements.

FINANCIAL STATEMENTS 57

Financial Highlights  

(For a share outstanding throughout each period)

	iShares International High Yield Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15
Net asset value, beginning of period	$	51.05		$	50.66		$	53.04		$	46.91		$	46.44		$	52.90
Net investment income(a)		0.68			1.51			1.54			1.77			1.82			1.84
Net realized and unrealized gain (loss)(b)		(5.17	)		0.82			(3.92	)		4.85			(0.47	)		(6.57	)
Net increase (decrease) from investment operations		(4.49	)		2.33			(2.38	)		6.62			1.35			(4.73	)
Distributions(c)
From net investment income		(0.62	)		(1.94	)		—			(0.40	)		(0.26	)		(0.05	)
From net realized gain		—			—			—			—			—			(0.02	)
Return of capital		—			—			—			(0.09	)		(0.62	)		(1.66	)
Total distributions		(0.62	)		(1.94	)		—			(0.49	)		(0.88	)		(1.73	)
Net asset value, end of period	$	45.94		$	51.05		$	50.66		$	53.04		$	46.91		$	46.44
Total Return
Based on net asset value		(8.88	)%(d)		4.85	%		(4.49	)%		14.21	%		2.95	%		(9.02	)%
Ratios to Average Net Assets
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.51	%		0.55	%
Total expenses after fees waived		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		2.79	%(e)		3.03	%		2.87	%		3.62	%		3.93	%		3.85	%
Supplemental Data
Net assets, end of period (000)	$	41,349		$	40,838		$	65,858		$	90,160		$	154,796		$	185,756
Portfolio turnover rate(f)		17	%(d)		34	%		31	%		49	%		24	%		28	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

58 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15
Net asset value, beginning of period	$	51.29		$	47.68		$	51.33		$	50.40		$	48.21		$	51.18
Net investment income(a)		1.08			2.25			2.16			2.10			2.19			2.19
Net realized and unrealized gain (loss)(b)		(3.73	)		3.61			(3.70	)		0.90			2.18			(3.02	)
Net increase (decrease) from investment operations		(2.65	)		5.86			(1.54	)		3.00			4.37			(0.83	)
Distributions(c)
From net investment income		(1.08	)		(2.25	)		(2.11	)		(2.07	)		(2.18	)		(2.14	)
Total distributions		(1.08	)		(2.25	)		(2.11	)		(2.07	)		(2.18	)		(2.14	)
Net asset value, end of period	$	47.56		$	51.29		$	47.68		$	51.33		$	50.40		$	48.21
Total Return
Based on net asset value		(5.23	)%(d)		12.57	%		(3.09	)%		6.14	%		9.33	%		(1.62	)%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.53	%
Net investment income		4.31	%(e)		4.51	%		4.37	%		4.16	%		4.51	%		4.47	%
Supplemental Data
Net assets, end of period (000)	$	159,330		$	166,685		$	71,515		$	87,269		$	32,758		$	28,929
Portfolio turnover rate(f)		11	%(d)		21	%		16	%		62	%		22	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM High Yield Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15
Net asset value, beginning of period	$	46.63		$	45.29		$	50.60		$	49.97		$	46.82		$	51.03
Net investment income(a)		1.28			2.66			2.44			2.87			3.03			2.99
Net realized and unrealized gain (loss)(b)		(7.47	)		1.93			(5.40	)		0.77			3.25			(4.11	)
Net increase (decrease) from investment operations		(6.19	)		4.59			(2.96	)		3.64			6.28			(1.12	)
Distributions(c)
From net investment income		(1.43	)		(3.25	)		(2.35	)		(3.01	)		(3.13	)		(3.09	)
Total distributions		(1.43	)		(3.25	)		(2.35	)		(3.01	)		(3.13	)		(3.09	)
Net asset value, end of period	$	39.01		$	46.63		$	45.29		$	50.60		$	49.97		$	46.82
Total Return
Based on net asset value		(13.65	)%(d)		10.51	%		(5.96	)%(e)		7.60	%		14.02	%		(2.13	)%
Ratios to Average Net Assets
Total expenses		0.50	%(f)		0.50	%		0.50	%		0.50	%		0.50	%		0.55	%
Total expenses after fees waived		0.49	%(f)		0.50	%		0.50	%		0.50	%		0.50	%		0.55	%
Net investment income		5.79	%(f)		5.75	%		5.11	%		5.73	%		6.35	%		6.29	%
Supplemental Data
Net assets, end of period (000)	$	282,806		$	333,378		$	398,541		$	624,867		$	107,431		$	159,199
Portfolio turnover rate(g)		43	%(d)		32	%		19	%		25	%		29	%		39	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Not annualized.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

60 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15
Net asset value, beginning of period	$	45.43		$	43.24		$	46.85		$	45.14		$	41.31		$	48.74
Net investment income(a)		1.23			3.09			2.87			2.29			1.94			2.03
Net realized and unrealized gain (loss)(b)		(5.97	)		0.59			(6.48	)		(0.58	)		1.89			(8.87	)
Net increase (decrease) from investment operations		(4.74	)		3.68			(3.61	)		1.71			3.83			(6.84	)
Distributions(c)
From net investment income		(1.93	)		(1.49	)		—			—			—			—
Return of capital		—			—			—			—			—			(0.59	)
Total distributions		(1.93	)		(1.49	)		—			—			—			(0.59	)
Net asset value, end of period	$	38.76		$	45.43		$	43.24		$	46.85		$	45.14		$	41.31
Total Return
Based on net asset value		(10.87	)%(d)		8.75	%		(7.71	)%		3.79	%		9.06	%(e)		(13.99	)%(e)
Ratios to Average Net Assets
Total expenses		0.30	%(f)		0.30	%		0.42	%		0.50	%		0.50	%		0.53	%
Total expenses after fees waived		0.30	%(f)		0.30	%		0.41	%		0.50	%		0.50	%		0.50	%
Net investment income		5.80	%(f)		6.95	%		6.19	%		5.04	%		4.56	%		4.63	%
Supplemental Data
Net assets, end of period (000)	$	348,846		$	536,078		$	423,732		$	309,217		$	451,410		$	520,532
Portfolio turnover rate(g)		19	%(d)		44	%		51	%		97	%		59	%		46	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Not annualized.

^(e)  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the years ended October 31, 2016 and October 31, 2015 were 9.27% and (14.16)%, respectively.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15
Net asset value, beginning of period	$	48.97		$	48.03		$	50.98		$	48.77		$	47.57		$	52.00
Net investment income(a)		1.13			2.42			2.46			2.45			2.55			2.56
Net realized and unrealized gain (loss)(b)		(4.69	)		1.17			(2.80	)		2.08			0.57			(4.76	)
Net increase (decrease) from investment operations		(3.56	)		3.59			(0.34	)		4.53			3.12			(2.20	)
Distributions(c)
From net investment income		(1.01	)		(2.65	)		(2.61	)		(2.32	)		(1.92	)		(2.23	)
Total distributions		(1.01	)		(2.65	)		(2.61	)		(2.32	)		(1.92	)		(2.23	)
Net asset value, end of period	$	44.40		$	48.97		$	48.03		$	50.98		$	48.77		$	47.57
Total Return
Based on net asset value		(7.43	)%(d)		7.74	%		(0.71	)%		9.58	%		6.82	%		(4.32	)%
Ratios to Average Net Assets
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.51	%		0.55	%
Total expenses after fees waived		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.78	%(e)		5.02	%		4.95	%		4.93	%		5.44	%		5.18	%
Supplemental Data
Net assets, end of period (000)	$	137,635		$	176,300		$	211,353		$	214,103		$	97,547		$	118,931
Portfolio turnover rate(f)		14	%(d)		24	%		20	%		22	%		24	%		21	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

62 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
International High Yield Bond		Diversified
J.P. Morgan EM Corporate Bond		Diversified
J.P. Morgan EM High Yield Bond(a)		Non-diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

^(a)  Formerly the iShares Emerging Markets High Yield Bond ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment- in-kind interest income, if any, are recognized daily on the accrual basis.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) 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 statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 are as follows:

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

iShares ETF
International High Yield Bond	$	42,987,808
J.P. Morgan EM Corporate Bond		178,658,233
J.P. Morgan EM High Yield Bond		346,208,998
US & Intl High Yield Corp Bond		197,472,449

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an 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 Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

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

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

64 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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

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 April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules 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 for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund 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 fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender 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 fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Bank PLC	$	663,872	$	663,872		$	—	$	—
Barclays Capital Inc.		2,446,462		2,446,462			—		—
BNP Paribas Prime Brokerage International Ltd.		630,630		630,630			—		—
BofA Securities, Inc.		1,267,288		1,267,288			—		—
Citadel Clearing LLC		224,578		224,578			—		—
Citigroup Global Markets Inc.		1,105,000		1,105,000			—		—
HSBC Securities (USA) Inc.		447,524		248,093			—		(199,431	)(b)
Jefferies LLC		1,430,152		1,430,152			—		—
JPMorgan Securities LLC		807,527		807,527			—		—
Morgan Stanley & Co. LLC		794,788		794,788			—		—
UBS AG		697,086		697,086			—		—
Wells Fargo Securities LLC		2,179,584		2,179,584			—		—
	$	12,694,491	$	12,495,060		$	—	$	(199,431	)

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	349,020	$	349,020		$	—	$	—
Barclays Capital Inc.		543,569		543,569			—		—
BMO Capital Markets		54,250		54,250			—		—
BNP Paribas Prime Brokerage International Ltd.		773,036		773,036			—		—
BNP Paribas Securities Corp.		128,253		128,253			—		—
Citadel Clearing LLC		288,381		288,381			—		—
Citigroup Global Markets Inc.		369,277		369,277			—		—
Credit Suisse Securities (USA) LLC		132,575		132,575			—		—
Goldman Sachs & Co.		2,560,680		2,560,680			—		—
JPMorgan Securities LLC		1,436,053		1,436,053			—		—
Morgan Stanley & Co. LLC		119,908		119,908			—		—
RBC Capital Markets LLC		2,122,711		2,122,711			—		—
Scotia Capital (USA) Inc.		65,650		65,650			—		—
State Street Bank & Trust Company		92,500		92,500			—		—
	$	9,035,863	$	9,035,863		$	—	$	—

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, 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 Fee
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 Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF and effective February 28, 2020, to the iShares J.P. Morgan EM Corporate Bond ETF and the iShares J.P. Morgan EM High Yield Bond ETF. Effective February 28, 2020, BFA has entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”, together with BlackRock International Limited, the “Sub-Advisers”), both affiliates of BFA, under which BFA pays BRS for services it provides to the iShares J.P. Morgan EM Local Currency Bond ETF.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the

66 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
J.P. Morgan EM Corporate Bond	$	17,513
US & Intl High Yield Corp Bond		15,832

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
J.P. Morgan EM Corporate Bond	$	159,967	$	211,573	$	(904	)
J.P. Morgan EM High Yield Bond		2,966,047		4,511,280		(202,746	)
US & Intl High Yield Corp Bond		120,067		—		—

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 statement 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, 2020, purchases and sales of investments, including TBA rolls and excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	7,288,394	$	7,916,844
J.P. Morgan EM Corporate Bond		19,702,408		22,698,804
J.P. Morgan EM High Yield Bond		243,700,727		152,062,940
J.P. Morgan EM Local Currency Bond		86,613,725		127,435,446
US & Intl High Yield Corp Bond		26,258,526		24,341,780

For the six months ended April 30, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
International High Yield Bond	$	4,906,344	$	—
J.P. Morgan EM Corporate Bond		52,404,033		39,587,897
J.P. Morgan EM High Yield Bond		52,466,889		120,759,685
J.P. Morgan EM Local Currency Bond		12,349,376		85,787,881
US & Intl High Yield Corp Bond		12,071,035		34,243,031

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

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 the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
International High Yield Bond	$	4,190,278
J.P. Morgan EM Corporate Bond		469,018
J.P. Morgan EM High Yield Bond		27,756,911
J.P. Morgan EM Local Currency Bond		9,018,049
US & Intl High Yield Corp Bond		4,742,455

As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International High Yield Bond	$	46,759,808	$	35,213	$	(6,613,017	)	$	(6,577,804	)
J.P. Morgan EM Corporate Bond		181,009,933		1,700,527		(12,091,875	)		(10,391,348	)
J.P. Morgan EM High Yield Bond		350,377,142		289,425		(72,026,663	)		(71,737,238	)
J.P. Morgan EM Local Currency Bond		407,055,524		3,104,738		(69,616,617	)		(66,511,879	)
US & Intl High Yield Corp Bond		158,710,971		1,007,329		(16,195,963	)		(15,188,634	)

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income 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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

68 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

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.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		100,000		$	5,097,119			—		$	—
Shares redeemed		—			—			(500,000	)		(24,764,950	)
Net increase (decrease)		100,000		$	5,097,119			(500,000	)	$	(24,764,950	)
J.P. Morgan EM Corporate Bond
Shares sold		1,050,000		$	54,240,827			1,800,000		$	90,269,497
Shares redeemed		(950,000	)		(44,024,378	)		(50,000	)		(2,546,329	)
Net increase		100,000		$	10,216,449			1,750,000		$	87,723,168
J.P. Morgan EM High Yield Bond
Shares sold		3,250,000		$	154,618,816			1,800,000		$	83,994,813
Shares redeemed		(3,150,000	)		(126,907,505	)		(3,450,000	)		(155,217,342	)
Net increase (decrease)		100,000		$	27,711,311			(1,650,000	)	$	(71,222,529	)
J.P. Morgan EM Local Currency Bond
Shares sold		1,200,000		$	54,117,693			8,400,000		$	376,361,928
Shares redeemed		(4,000,000	)		(163,404,479	)		(6,400,000	)		(281,943,708	)
Net increase (decrease)		(2,800,000	)	$	(109,286,786	)		2,000,000		$	94,418,220
US & Intl High Yield Corp Bond
Shares sold		300,000		$	14,834,926			600,000		$	29,090,655
Shares redeemed		(800,000	)		(36,061,593	)		(1,400,000	)		(65,168,541	)
Net decrease		(500,000	)	$	(21,226,667	)		(800,000	)	$	(36,077,886	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued)

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 statement of assets and liabilities.

10. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.

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.

70 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program  (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Directors (the “Board”) of iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF (formerly the iShares Emerging Markets High Yield Bond ETF), iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 71

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International High Yield Bond(a)	$	0.609723	$	—	$	0.009175	$	0.618898		99	%		—	%		1	%		100	%
J.P. Morgan EM Corporate Bond		1.078856		—		—		1.078856		100			—			—			100
J.P. Morgan EM High Yield Bond(a)		1.433680		—		0.000551		1.434231		100			—			0	(b)		100
J.P. Morgan EM Local Currency Bond(a)		1.778911		—		0.148181		1.927092		92			—			8			100
US & Intl High Yield Corp Bond		1.010502		—		—		1.010502		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

72 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 73

Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
Currency Abbreviations
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	ChineseYuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peru Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	New Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

74 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., Markit Indices Limited or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

^©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1002-0420

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

  By: /s/ Armando Senra                                                             

  Armando Senra, President (Principal Executive Officer)

Date:        July 02, 2020

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/ Armando Senra                                                             

  Armando Senra, President (Principal Executive Officer)

Date:        July 02, 2020

  By: /s/ Trent Walker                                                                                              

  Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:        July 02, 2020