Schedule of Investments  (unaudited) January 31, 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 — 10.5%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/21(a)	BRL		29,037	$	6,373,242
0.00%, 01/01/22(a)	BRL		26,524		5,653,063
0.00%, 07/01/22(a)	BRL		25,000		5,167,453
0.00%, 07/01/23(a)	BRL		45,000		8,698,562
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/23	BRL		40,557		10,585,723
Series F, 10.00%, 01/01/25	BRL		32,399		8,763,917
Series F, 10.00%, 01/01/27	BRL		23,193		6,445,492
Series F, 10.00%, 01/01/29	BRL		13,263		3,763,565
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		128,620
10.25%, 01/10/28	BRL		1,420		405,157
12.50%, 01/05/22	BRL		1,633		435,358
					56,420,152
Chile — 4.3%
Bonos de la Tesoreria de la Republica en pesos
4.00%, 03/01/23(b)	CLP		2,310,000		3,026,444
4.50%, 03/01/21	CLP		1,280,000		1,642,608
4.50%, 03/01/26	CLP		3,015,000		4,085,885
4.70%, 09/01/30(b)	CLP		2,705,000		3,748,682
5.00%, 03/01/35	CLP		3,685,000		5,346,624
6.00%, 01/01/43	CLP		3,105,000		5,227,070
					23,077,313
Colombia — 4.3%
Colombia Government International Bond
7.75%, 04/14/21	COP		1,004,000		302,299
9.85%, 06/28/27	COP		745,000		273,020
Colombian TES
6.00%, 04/28/28	COP		12,273,500		3,656,160
6.25%, 11/26/25	COP		6,891,600		2,097,129
7.00%, 05/04/22	COP		12,766,700		3,902,490
7.00%, 06/30/32	COP		7,731,100		2,441,570
7.25%, 10/18/34	COP		3,314,400		1,067,424
7.50%, 08/26/26	COP		10,794,800		3,495,352
7.75%, 09/18/30	COP		6,540,500		2,185,068
10.00%, 07/24/24	COP		10,706,900		3,725,071
					23,145,583
Czech Republic — 4.5%
Czech Republic Government Bond
0.25%, 02/10/27	CZK		50,980		2,058,067
0.45%, 10/25/23(c)	CZK		24,170		1,017,918
0.95%, 05/15/30(c)	CZK		60,430		2,533,490
1.00%, 06/26/26(c)	CZK		62,850		2,684,952
2.00%, 10/13/33	CZK		29,330		1,375,993
2.40%, 09/17/25(c)	CZK		60,160		2,779,868
2.50%, 08/25/28(c)	CZK		54,980		2,621,973
2.75%, 07/23/29	CZK		64,520		3,164,012
3.85%, 09/29/21(c)	CZK		32,750		1,488,030
4.70%, 09/12/22(c)	CZK		44,150		2,092,750
5.70%, 05/25/24(c)	CZK		51,180		2,639,061
					24,456,114
Dominican Republic — 4.4%
Dominican Republic International Bond
8.90%, 02/15/23(c)	DOP		553,800		10,361,374
9.75%, 06/05/26(c)	DOP		702,300		13,350,930
					23,712,304

Security		Par (000)		Value
Hungary — 4.4%
Hungary Government Bond
1.75%, 10/26/22	HUF		703,090	$	2,382,113
2.50%, 10/27/21	HUF		404,000		1,380,529
2.50%, 10/24/24	HUF		759,280		2,662,029
2.75%, 12/22/26	HUF		533,800		1,893,976
3.00%, 06/26/24	HUF		613,570		2,193,951
3.00%, 10/27/27	HUF		751,540		2,704,191
3.00%, 08/21/30	HUF		477,020		1,705,147
5.50%, 06/24/25	HUF		706,310		2,840,135
6.00%, 11/24/23	HUF		574,020		2,256,464
6.75%, 10/22/28	HUF		407,110		1,864,895
7.00%, 06/24/22	HUF		505,610		1,928,055
					23,811,485
Indonesia — 8.9%
Indonesia Treasury Bond
5.63%, 05/15/23	IDR		24,670,000		1,801,244
6.13%, 05/15/28	IDR		32,071,000		2,247,671
6.50%, 06/15/25	IDR		22,599,000		1,685,616
6.63%, 05/15/33	IDR		24,438,000		1,688,557
7.00%, 05/15/22	IDR		30,585,000		2,304,794
7.00%, 05/15/27	IDR		35,328,000		2,627,286
7.00%, 09/15/30	IDR		20,867,000		1,558,721
7.50%, 08/15/32	IDR		14,867,000		1,105,634
7.50%, 06/15/35	IDR		11,967,000		897,726
7.50%, 05/15/38	IDR		22,947,000		1,675,442
8.13%, 05/15/24	IDR		28,059,000		2,213,075
8.25%, 07/15/21	IDR		29,754,000		2,260,694
8.25%, 05/15/29	IDR		32,328,000		2,594,763
8.25%, 06/15/32	IDR		13,183,000		1,038,324
8.25%, 05/15/36	IDR		27,573,000		2,154,551
8.38%, 03/15/24	IDR		40,031,000		3,179,320
8.38%, 09/15/26	IDR		39,322,000		3,161,886
8.38%, 03/15/34	IDR		41,133,000		3,293,954
8.38%, 04/15/39	IDR		18,099,000		1,434,798
8.75%, 05/15/31	IDR		24,404,000		2,023,092
9.00%, 03/15/29	IDR		28,088,000		2,338,781
9.50%, 07/15/31	IDR		5,720,000		490,630
10.50%, 08/15/30	IDR		6,985,000		641,720
11.00%, 09/15/25	IDR		10,435,000		925,051
12.80%, 06/15/21	IDR		5,677,000		456,642
Perusahaan Penerbit SBSN Indonesia
8.25%, 09/15/23	IDR		17,485,000		1,359,215
8.88%, 11/15/31	IDR		13,500,000		1,090,604
					48,249,791
Malaysia — 4.5%
Malaysia Government Bond
3.48%, 06/14/24	MYR		4,106		1,022,116
3.62%, 11/30/21	MYR		2,340		578,829
3.73%, 06/15/28	MYR		4,708		1,197,462
3.76%, 04/20/23	MYR		3,464		865,954
3.80%, 08/17/23	MYR		5,637		1,413,290
3.89%, 08/15/29	MYR		3,605		933,311
3.90%, 11/30/26	MYR		5,260		1,342,956
3.90%, 11/16/27	MYR		6,852		1,757,899
3.91%, 07/15/26	MYR		2,014		515,423
3.96%, 09/15/25	MYR		4,449		1,136,242
4.06%, 09/30/24	MYR		3,201		815,832
4.16%, 07/15/21	MYR		4,008		996,330
4.18%, 07/15/24	MYR		6,391		1,633,966

1

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Malaysia (continued)
4.76%, 04/07/37	MYR		5,364	$	1,532,946
Malaysia Government Investment Issue
3.73%, 03/31/26	MYR		4,318		1,089,012
3.95%, 04/14/22	MYR		5,960		1,485,230
4.09%, 11/30/23	MYR		4,191		1,063,137
4.13%, 08/15/25	MYR		5,450		1,395,482
4.13%, 07/09/29	MYR		3,126		819,105
4.26%, 07/26/27	MYR		5,000		1,300,750
4.37%, 10/31/28	MYR		6,004		1,589,207
					24,484,479
Mexico — 10.1%
Mexican Bonos
6.75%, 03/09/23	MXN		11,500		611,306
7.25%, 12/09/21	MXN		74,580		3,993,199
7.50%, 06/03/27	MXN		98,885		5,495,987
8.50%, 05/31/29	MXN		79,400		4,734,824
8.50%, 11/18/38	MXN		52,405		3,225,917
10.00%, 12/05/24	MXN		86,823		5,243,427
10.00%, 11/20/36	MXN		28,423		1,975,495
Series M, 5.75%, 03/05/26	MXN		54,462		2,759,092
Series M, 6.50%, 06/10/21	MXN		69,248		3,655,283
Series M, 6.50%, 06/09/22	MXN		91,523		4,832,064
Series M, 7.75%, 05/29/31	MXN		43,707		2,502,083
Series M, 7.75%, 11/23/34	MXN		30,900		1,784,160
Series M, 7.75%, 11/13/42	MXN		61,040		3,516,907
Series M, 8.00%, 12/07/23	MXN		84,915		4,705,229
Series M, 8.00%, 09/05/24	MXN		54,400		3,039,055
Series M, 8.00%, 11/07/47	MXN		44,250		2,634,141
					54,708,169
Peru — 4.4%
Peru Government Bond
5.40%, 08/12/34(b)	PEN		4,854		1,543,684
5.70%, 08/12/24	PEN		4,122		1,373,558
5.94%, 02/12/29(b)	PEN		9,673		3,288,505
6.15%, 08/12/32(b)	PEN		9,377		3,210,088
6.35%, 08/12/28	PEN		10,693		3,718,713
6.90%, 08/12/37	PEN		10,496		3,834,247
6.95%, 08/12/31	PEN		9,481		3,447,633
8.20%, 08/12/26	PEN		8,877		3,369,591
					23,786,019
Philippines — 4.6%
Philippine Government International Bond
3.90%, 11/26/22	PHP		348,000		6,828,069
4.95%, 01/15/21	PHP		48,000		951,901
6.25%, 01/14/36	PHP		699,000		16,947,209
					24,727,179
Poland — 4.7%
Republic of Poland Government Bond
1.75%, 07/25/21	PLN		6,811		1,763,508
2.00%, 04/25/21	PLN		6,468		1,679,634
2.25%, 04/25/22	PLN		6,576		1,720,462
2.25%, 10/25/24	PLN		5,604		1,474,569
2.50%, 01/25/23	PLN		7,867		2,078,505
2.50%, 04/25/24	PLN		7,682		2,040,381
2.50%, 07/25/26	PLN		9,933		2,637,362
2.50%, 07/25/27	PLN		8,008		2,124,160
2.75%, 04/25/28	PLN		7,508		2,026,005
2.75%, 10/25/29	PLN		5,221		1,418,693
3.25%, 07/25/25	PLN		6,532		1,802,293

Security		Par (000)		Value
Poland (continued)
4.00%, 10/25/23	PLN		7,185	$	2,003,750
5.75%, 10/25/21	PLN		4,071		1,124,908
5.75%, 09/23/22	PLN		5,742		1,637,283
					25,531,513
Romania — 4.3%
Romania Government Bond
3.25%, 03/22/21	RON		9,060		2,096,419
3.25%, 04/29/24	RON		9,115		2,065,155
3.40%, 03/08/22	RON		6,525		1,508,371
3.50%, 12/19/22	RON		9,250		2,133,929
4.00%, 10/27/21	RON		9,465		2,212,687
4.25%, 06/28/23	RON		8,890		2,092,258
4.75%, 02/24/25	RON		9,015		2,166,333
4.85%, 04/22/26	RON		1,610		388,945
5.00%, 02/12/29	RON		8,605		2,099,524
5.80%, 07/26/27	RON		10,390		2,661,100
5.85%, 04/26/23	RON		9,500		2,342,844
5.95%, 06/11/21	RON		6,130		1,467,346
					23,234,911
Russia — 4.4%
Russian Federal Bond - OFZ
6.50%, 02/28/24	RUB		86,135		1,385,477
6.90%, 05/23/29	RUB		90,538		1,496,134
7.00%, 12/15/21	RUB		90,356		1,451,322
7.00%, 01/25/23	RUB		33,312		541,951
7.00%, 08/16/23	RUB		62,473		1,019,997
7.05%, 01/19/28	RUB		118,567		1,968,588
7.10%, 10/16/24	RUB		82,686		1,361,024
7.25%, 05/10/34	RUB		81,694		1,391,032
7.40%, 12/07/22	RUB		78,230		1,283,235
7.40%, 07/17/24	RUB		74,013		1,229,255
7.50%, 08/18/21	RUB		65,550		1,056,174
7.60%, 04/14/21	RUB		46,910		753,253
7.60%, 07/20/22	RUB		46,729		765,825
7.65%, 04/10/30	RUB		29,192		506,787
7.70%, 03/23/33	RUB		115,676		2,040,352
7.75%, 09/16/26	RUB		82,744		1,418,427
7.95%, 10/07/26	RUB		56,927		984,868
8.15%, 02/03/27	RUB		104,828		1,838,955
8.50%, 09/17/31	RUB		71,080		1,321,354
					23,814,010
South Africa — 5.5%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		27,686		1,321,815
6.50%, 02/28/41	ZAR		24,838		1,154,743
6.75%, 03/31/21	ZAR		8,279		552,447
7.00%, 02/28/31	ZAR		26,800		1,517,815
7.75%, 02/28/23	ZAR		35,285		2,422,389
8.00%, 01/31/30	ZAR		44,150		2,755,911
8.25%, 03/31/32	ZAR		35,720		2,186,605
8.50%, 01/31/37	ZAR		40,015		2,361,731
8.75%, 01/31/44	ZAR		37,191		2,175,399
8.75%, 02/28/48	ZAR		72,664		4,235,015
8.88%, 02/28/35	ZAR		29,729		1,851,487
9.00%, 01/31/40	ZAR		32,301		1,967,152
10.50%, 12/21/26	ZAR		66,808		5,027,367
					29,529,876

2

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thailand — 5.2%
Thailand Government Bond
1.45%, 12/17/24	THB		24,070	$	779,885
1.88%, 06/17/22	THB		40,106		1,303,467
2.00%, 12/17/22	THB		54,106		1,770,552
2.13%, 12/17/26	THB		56,370		1,909,134
2.40%, 12/17/23	THB		59,803		2,001,146
2.88%, 12/17/28	THB		52,006		1,880,593
2.88%, 06/17/46	THB		40,854		1,547,642
3.30%, 06/17/38	THB		41,555		1,670,806
3.40%, 06/17/36	THB		60,254		2,416,703
3.63%, 06/16/23	THB		49,488		1,717,413
3.65%, 12/17/21	THB		66,264		2,226,484
3.65%, 06/20/31	THB		46,584		1,831,788
3.78%, 06/25/32	THB		62,138		2,504,807
3.85%, 12/12/25	THB		52,949		1,952,900
4.26%, 12/12/37(c)	THB		470		19,913
4.88%, 06/22/29	THB		57,983		2,443,413
					27,976,646
Turkey — 4.4%
Turkey Government Bond
7.10%, 03/08/23	TRY		11,030		1,701,993
8.00%, 03/12/25	TRY		8,298		1,285,247
8.50%, 09/14/22	TRY		5,834		943,587
9.00%, 07/24/24	TRY		8,098		1,309,765
9.20%, 09/22/21	TRY		6,779		1,118,507
9.50%, 01/12/22	TRY		7,608		1,258,405
10.40%, 03/20/24	TRY		4,792		811,862
10.50%, 08/11/27	TRY		12,774		2,204,790
10.60%, 02/11/26	TRY		14,603		2,524,086
10.70%, 02/17/21	TRY		5,744		965,510
10.70%, 08/17/22	TRY		9,875		1,675,549
11.00%, 03/02/22	TRY		11,626		1,977,508
11.00%, 02/24/27	TRY		9,352		1,645,405
12.20%, 01/18/23	TRY		9,328		1,645,874

Security		Par/ Shares (000)		Value
Turkey (continued)
12.40%, 03/08/28	TRY		7,090	$	1,343,345
16.20%, 06/14/23	TRY		7,552		1,480,129
					23,891,562
Uruguay — 4.5%
Uruguay Government International Bond
8.50%, 03/15/28(c)	UYU		452,856		10,736,745
9.88%, 06/20/22(c)	UYU		509,923		13,499,025
					24,235,770
Total Foreign Government Obligations — 97.9% (Cost: $528,452,171)					528,792,876
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(d)(e)			2,444		2,444,000
Total Short-Term Investments — 0.5% (Cost: $2,444,000)					2,444,000
Total Investments in Securities — 98.4% (Cost: $530,896,171)					531,236,876
Other Assets, Less Liabilities — 1.6%					8,639,186
Net Assets — 100.0%				$	539,876,062

^(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 three months ended January 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 01/31/20 (000)		Value at 01/31/20		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	6,933	(4,489	)	2,444	$	2,444,000	$	19,932	$	—		$	—

^(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 a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

3

Schedule of Investments  (unaudited) (continued) January 31, 2020 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 January 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	528,792,876	$	—	$	528,792,876
Money Market Funds		2,444,000		—		—		2,444,000
	$	2,444,000	$	528,792,876	$	—	$	531,236,876

Currency Abbreviations
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