Schedule of Investments  (unaudited)  July 31, 2019 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations
Argentina — 4.1%
Argentine Bonos del Tesoro
15.50%, 10/17/26	ARS		734,313	$	11,137,137
16.00%, 10/17/23	ARS		471,138		7,101,570
18.20%, 10/03/21	ARS		466,581		6,856,415
					25,095,122
Brazil — 12.0%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/21(a)	BRL		33,037		7,895,926
0.00%, 01/01/22(a)	BRL		31,524		7,286,058
0.00%, 07/01/22(a)	BRL		29,000		6,473,791
0.00%, 07/01/23(a)	BRL		28,000		5,802,336
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/21	BRL		36,772		10,332,128
Series F, 10.00%, 01/01/23	BRL		45,557		13,390,620
Series F, 10.00%, 01/01/25	BRL		32,399		9,786,297
Series F, 10.00%, 01/01/27	BRL		28,193		8,688,317
Series F, 10.00%, 01/01/29	BRL		9,263		2,903,270
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		140,528
10.25%, 01/10/28	BRL		1,420		439,905
12.50%, 01/05/22	BRL		1,633		494,363
					73,633,539
Chile — 4.4%
Bonos de la Tesoreria de la Republica en pesos
4.00%, 03/01/23(b)	CLP		2,650,000		3,988,079
4.50%, 02/28/21	CLP		890,000		1,317,704
4.50%, 03/01/21	CLP		1,950,000		2,887,871
4.50%, 03/01/26	CLP		2,925,000		4,626,811
4.70%, 09/01/30(b)	CLP		1,190,000		1,986,701
5.00%, 03/01/35	CLP		3,655,000		6,453,339
6.00%, 01/01/43	CLP		2,885,000		6,006,335
					27,266,840
Colombia — 4.2%
Colombia Government International Bond
7.75%, 04/14/21	COP		1,004,000		318,414
9.85%, 06/28/27	COP		745,000		286,477
Colombian TES
6.00%, 04/28/28	COP		11,635,800		3,565,979
6.25%, 11/26/25	COP		6,522,200		2,053,904
7.00%, 05/04/22	COP		13,027,400		4,174,466
7.00%, 06/30/32	COP		7,047,200		2,297,066
7.25%, 10/18/34	COP		2,874,700		950,890
7.50%, 08/26/26	COP		16,239,300		5,469,574
7.75%, 09/18/30	COP		7,263,200		2,512,483
10.00%, 07/24/24	COP		12,055,800		4,420,936
					26,050,189
Czech Republic — 4.4%
Czech Republic Government Bond
0.25%, 02/10/27	CZK		50,980		2,054,406
0.45%, 10/25/23(c)	CZK		32,430		1,366,812
0.95%, 05/15/30(c)	CZK		60,430		2,521,233
1.00%, 06/26/26(c)	CZK		54,400		2,319,924
2.40%, 09/17/25(c)	CZK		93,590		4,328,764
2.50%, 08/25/28(c)	CZK		55,220		2,650,181
2.75%, 07/23/29	CZK		59,400		2,944,659
3.75%, 09/12/20(c)	CZK		20,820		929,081
3.85%, 09/29/21(c)	CZK		54,730		2,513,191

Security		Par (000)		Value
Czech Republic (continued)
4.70%, 09/12/22(c)	CZK		44,150	$	2,124,009
5.70%, 05/25/24(c)	CZK		57,450		3,029,139
					26,781,399
Dominican Republic — 4.4%
Dominican Republic International Bond
8.90%, 02/15/23(c)	DOP		750,850		14,780,295
9.75%, 06/05/26(c)	DOP		606,550		12,302,945
					27,083,240
Hungary — 4.3%
Hungary Government Bond
0.50%, 04/21/21	HUF		443,240		1,521,057
1.75%, 10/26/22	HUF		703,090		2,475,085
2.50%, 10/27/21	HUF		404,000		1,449,181
2.50%, 10/24/24	HUF		132,880		482,254
2.75%, 12/22/26	HUF		536,180		1,959,995
3.00%, 06/26/24	HUF		504,000		1,872,872
3.00%, 10/27/27	HUF		1,163,240		4,316,030
5.50%, 06/24/25	HUF		835,010		3,500,796
6.00%, 11/24/23	HUF		667,380		2,759,102
6.75%, 10/22/28	HUF		407,110		1,941,655
7.00%, 06/24/22	HUF		786,630		3,169,772
7.50%, 11/12/20	HUF		332,320		1,242,967
					26,690,766
Indonesia — 7.4%
Indonesia Treasury Bond
5.63%, 05/15/23	IDR		24,670,000		1,691,365
6.13%, 05/15/28	IDR		40,356,000		2,632,914
6.63%, 05/15/33	IDR		34,624,000		2,241,655
7.00%, 05/15/22	IDR		34,074,000		2,449,137
7.00%, 05/15/27	IDR		44,629,000		3,117,057
7.50%, 08/15/32	IDR		14,867,000		1,036,776
7.50%, 05/15/38	IDR		26,056,000		1,794,754
8.13%, 05/15/24	IDR		20,400,000		1,524,506
8.25%, 07/15/21	IDR		40,243,000		2,957,144
8.25%, 05/15/29	IDR		36,075,000		2,723,657
8.25%, 06/15/32	IDR		13,183,000		975,770
8.25%, 05/15/36	IDR		23,110,000		1,718,783
8.38%, 03/15/24	IDR		56,896,000		4,284,350
8.38%, 09/15/26	IDR		39,283,000		2,969,801
8.38%, 03/15/34	IDR		57,652,000		4,345,390
8.38%, 04/15/39	IDR		7,959,000		592,510
8.75%, 05/15/31	IDR		17,870,000		1,376,871
9.00%, 03/15/29	IDR		30,798,000		2,405,922
9.50%, 07/15/31	IDR		11,572,000		937,021
10.50%, 08/15/30	IDR		6,985,000		601,726
11.00%, 11/15/20	IDR		3,648,000		274,700
11.00%, 09/15/25	IDR		10,435,000		881,358
12.80%, 06/15/21	IDR		8,190,000		647,102
Perusahaan Penerbit SBSN Indonesia, 8.88%, 11/15/31	IDR		13,500,000		1,025,719
					45,205,988
Malaysia — 4.4%
Malaysia Government Bond
3.48%, 03/15/23	MYR		3,549		861,655
3.49%, 03/31/20	MYR		892		216,624
3.62%, 11/30/21	MYR		2,340		571,355
3.73%, 06/15/28	MYR		4,708		1,147,050
3.76%, 04/20/23	MYR		1,442		353,619
3.80%, 08/17/23	MYR		5,637		1,383,723

1

Schedule of Investments  (unaudited) (continued) July 31, 2019 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Malaysia (continued)
3.89%, 08/15/29	MYR		2,004	$	496,935
3.90%, 11/30/26	MYR		6,640		1,638,941
3.90%, 11/16/27	MYR		9,000		2,217,119
3.96%, 09/15/25	MYR		4,449		1,100,534
4.06%, 09/30/24	MYR		3,201		795,962
4.16%, 07/15/21	MYR		4,008		987,605
4.18%, 07/15/24	MYR		6,391		1,596,983
4.23%, 06/30/31	MYR		4,362		1,096,849
4.76%, 04/07/37	MYR		5,364		1,420,149
4.94%, 09/30/43	MYR		532		143,696
Malaysia Government Investment Issue
3.23%, 04/15/20	MYR		1,500		363,562
3.95%, 04/14/22	MYR		19,405		4,771,547
4.07%, 09/30/26	MYR		2,523		627,347
4.09%, 11/30/23	MYR		4,191		1,040,410
4.13%, 08/15/25	MYR		5,450		1,360,161
4.26%, 07/26/27	MYR		5,000		1,259,729
4.37%, 10/31/28	MYR		7,065		1,802,074
					27,253,629
Mexico — 7.9%
Mexican Bonos
5.75%, 03/05/26	MXN		46,262		2,230,191
6.50%, 06/10/21	MXN		80,448		4,175,622
6.50%, 06/09/22	MXN		81,623		4,215,512
7.25%, 12/09/21	MXN		64,100		3,369,115
7.50%, 06/03/27	MXN		88,885		4,691,578
7.75%, 05/29/31	MXN		43,707		2,328,140
7.75%, 11/23/34	MXN		30,900		1,634,896
7.75%, 11/13/42	MXN		63,840		3,309,023
8.00%, 12/07/23	MXN		70,615		3,816,946
8.00%, 09/05/24	MXN		23,900		1,296,296
8.00%, 11/07/47	MXN		61,550		3,271,239
8.50%, 05/31/29	MXN		65,900		3,703,050
8.50%, 11/18/38	MXN		43,525		2,434,430
10.00%, 12/05/24	MXN		114,923		6,774,279
10.00%, 11/20/36	MXN		22,923		1,459,709
					48,710,026
Peru — 4.4%
Peru Government Bond
5.70%, 08/12/24	PEN		8,940		2,986,769
5.94%, 02/12/29(b)	PEN		14,385		4,858,826
6.15%, 08/12/32(b)	PEN		11,209		3,847,930
6.35%, 08/12/28	PEN		9,547		3,312,109
6.90%, 08/12/37	PEN		9,535		3,512,084
6.95%, 08/12/31	PEN		12,511		4,568,656
8.20%, 08/12/26	PEN		10,483		3,986,055
					27,072,429
Philippines — 4.5%
Philippine Government International Bond
3.90%, 11/26/22	PHP		350,000		6,804,358
4.95%, 01/15/21	PHP		415,000		8,221,424
6.25%, 01/14/36	PHP		540,000		12,412,227
					27,438,009
Poland — 4.5%
Republic of Poland Government Bond
1.75%, 07/25/21	PLN		10,723		2,796,713
2.00%, 04/25/21	PLN		6,468		1,694,677
2.25%, 04/25/22	PLN		6,101		1,609,298
2.50%, 01/25/23	PLN		7,867		2,095,094

Security		Par (000)		Value
Poland (continued)
2.50%, 04/25/24	PLN		14,708	$	3,934,832
2.50%, 07/25/26	PLN		10,403		2,784,790
2.50%, 07/25/27	PLN		8,946		2,394,881
2.75%, 04/25/28	PLN		7,508		2,048,406
2.75%, 10/25/29	PLN		3,529		964,054
3.25%, 07/25/25	PLN		6,287		1,752,112
4.00%, 10/25/23	PLN		5,421		1,532,667
5.25%, 10/25/20	PLN		3,950		1,075,451
5.75%, 10/25/21	PLN		4,071		1,154,475
5.75%, 09/23/22	PLN		5,742		1,674,813
					27,512,263
Romania — 4.3%
Romania Government Bond
3.25%, 03/22/21	RON		10,625		2,493,577
3.25%, 04/29/24	RON		9,115		2,079,629
3.40%, 03/08/22	RON		10,000		2,341,789
3.50%, 12/19/22	RON		11,495		2,683,150
4.00%, 10/27/21	RON		8,720		2,073,765
4.25%, 06/28/23	RON		19,020		4,533,755
4.75%, 02/24/25	RON		10,715		2,597,935
5.80%, 07/26/27	RON		10,390		2,701,439
5.85%, 04/26/23	RON		9,500		2,391,454
5.95%, 06/11/21	RON		10,960		2,691,821
					26,588,314
Russia — 4.4%
Russian Federal Bond — OFZ
6.50%, 02/28/24	RUB		86,135		1,332,965
6.90%, 05/23/29	RUB		195,134		3,019,789
7.00%, 12/15/21	RUB		90,356		1,429,100
7.00%, 01/25/23	RUB		128,592		2,031,238
7.00%, 08/16/23	RUB		62,473		987,364
7.05%, 01/19/28	RUB		186,136		2,933,247
7.10%, 10/16/24	RUB		143,808		2,277,666
7.25%, 05/10/34	RUB		54,707		853,715
7.40%, 12/07/22	RUB		147,696		2,363,322
7.50%, 08/18/21	RUB		65,550		1,047,002
7.60%, 04/14/21	RUB		46,910		748,681
7.70%, 03/23/33	RUB		140,231		2,276,727
7.75%, 09/16/26	RUB		140,486		2,298,032
8.15%, 02/03/27	RUB		126,370		2,117,772
8.50%, 09/17/31	RUB		71,080		1,231,807
					26,948,427
South Africa — 4.7%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		29,716		1,511,996
6.50%, 02/28/41	ZAR		49,833		2,457,706
6.75%, 03/31/21	ZAR		17,000		1,197,795
7.00%, 02/28/31	ZAR		26,800		1,597,834
7.75%, 02/28/23	ZAR		21,912		1,560,717
8.00%, 01/31/30	ZAR		42,717		2,813,965
8.25%, 03/31/32	ZAR		27,921		1,811,349
8.50%, 01/31/37	ZAR		25,760		1,627,219
8.75%, 01/31/44	ZAR		37,191		2,338,040
8.75%, 02/28/48	ZAR		81,568		5,114,325
8.88%, 02/28/35	ZAR		19,385		1,282,131
9.00%, 01/31/40	ZAR		21,273		1,385,795
10.50%, 12/21/26	ZAR		54,508		4,300,639
					28,999,511

2

Schedule of Investments  (unaudited) (continued) July 31, 2019 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thailand — 4.4%
Thailand Government Bond
1.88%, 06/17/22	THB		40,106	$	1,303,588
2.00%, 12/17/22	THB		64,909		2,119,480
2.13%, 12/17/26	THB		71,817		2,377,022
2.40%, 12/17/23	THB		42,075		1,399,929
2.88%, 12/17/28	THB		28,385		998,350
2.88%, 06/17/46	THB		40,854		1,444,626
3.40%, 06/17/36	THB		106,370		4,122,127
3.63%, 06/16/23	THB		57,878		2,013,032
3.65%, 12/17/21	THB		66,264		2,242,162
3.65%, 06/20/31	THB		46,584		1,794,442
3.78%, 06/25/32	THB		81,895		3,197,343
3.85%, 12/12/25	THB		52,949		1,935,682
4.26%, 12/12/37(c)	THB		470		17,930
4.88%, 06/22/29	THB		57,983		2,384,884
					27,350,597
Turkey — 4.5%
Turkey Government Bond
7.10%, 03/08/23	TRY		14,078		1,957,897
8.00%, 03/12/25	TRY		16,444		2,186,429
8.50%, 09/14/22	TRY		8,799		1,324,181
9.00%, 07/24/24	TRY		8,098		1,157,533
9.20%, 09/22/21	TRY		12,163		1,940,875
9.50%, 01/12/22	TRY		10,477		1,656,708
10.40%, 03/20/24	TRY		9,000		1,363,330
10.50%, 08/11/27	TRY		12,774		1,815,588
10.60%, 02/11/26	TRY		16,322		2,399,107
10.70%, 02/17/21	TRY		11,691		1,953,843
10.70%, 08/17/22	TRY		10,980		1,753,089
11.00%, 03/02/22	TRY		10,153		1,653,907
11.00%, 02/24/27	TRY		14,828		2,176,844
12.20%, 01/18/23	TRY		9,328		1,538,803
12.40%, 03/08/28	TRY		7,939		1,251,141
16.20%, 06/14/23	TRY		7,662		1,407,243
					27,536,518

Security		Par/ Shares (000)		Value
Uruguay — 4.5%
Uruguay Government International Bond
8.50%, 03/15/28(c)	UYU		449,019	$	11,856,237
9.88%, 06/20/22(c)	UYU		532,838		15,707,789
					27,564,026
Total Foreign Government Obligations — 97.7% (Cost: $605,853,516)					600,780,832
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,     2.25%(d)(e)			725		725,000
Total Short-Term Investments — 0.1% (Cost: $725,000)					725,000
Total Investments in Securities — 97.8% (Cost: $606,578,516)					601,505,832
Other Assets, Less Liabilities — 2.2%					13,702,520
Net Assets — 100.0%				$	615,208,352

^(a)  Zero-coupon bond.

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

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

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the nine months ended July 31, 2019, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/18 (000)		Net Activity (000)		Shares Held at 07/31/19 (000)		Value at 07/31/19		Income		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		35		690		725	$	725,000	$	44,470	$	—	$	—

Fair Value Measurements

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

3

Schedule of Investments  (unaudited) (continued) July 31, 2019 iShares^® J.P. Morgan EM Local Currency 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 July 31, 2019. 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	$	—	$	600,780,832	$	—	$	600,780,832
Money Market Funds		725,000		—		—		725,000
	$	725,000	$	600,780,832	$	—	$	601,505,832

Currency Abbreviations
ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
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

4