Schedule of Investments  (unaudited)  January 31, 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	$	119,062
Canada — 1.7%
Baytex Energy Corp., 6.63%, 07/19/22 (Call 07/19/20)		CAD	50		38,290
Bombardier Inc., 6.13%, 05/15/21(a)		EUR	100		114,748
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 05/15/23 (Call 05/15/20)(a)		CAD	50		38,621
Cott Corp., 5.50%, 07/01/24 (Call 07/01/20)(a)		EUR	100		114,879
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/20)(a)		CAD	50		39,046
Parkland Fuel Corp.
5.63%, 05/09/25 (Call 05/09/20)		CAD	150		117,918
5.75%, 09/16/24 (Call 09/16/20)		CAD	100		78,494
Quebecor Media Inc., 6.63%, 01/15/23(b)		CAD	75		61,931
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)(d)		CAD	50		4
Videotron Ltd.
4.50%, 01/15/30 (Call 10/15/24)		CAD	150		115,048
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		41,078
5.75%, 01/15/26 (Call 09/15/20)(a)		CAD	50		39,448
					799,505
Cayman Islands — 0.2%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)		EUR	100		116,730
Denmark — 1.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(a)		EUR	200		232,175
TDC AS
5.00%, 03/02/22		EUR	100		121,009
6.88%, 02/23/23(a)		GBP	100		149,439
					502,623
Finland — 1.9%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)(a)		EUR	100		111,749
2.00%, 03/15/24 (Call 12/15/23)(a)		EUR	100		116,144
2.00%, 03/11/26 (Call 12/11/25)(a)		EUR	150		172,566
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)		EUR	200		222,055
2.13%, 02/04/25 (Call 11/04/24)(a)		EUR	100		117,750
2.63%, 01/13/23(a)		EUR	100		117,801
					858,065
France — 11.3%
Altice France SA/France
2.50%, 01/15/25 (Call 09/15/21)(a)		EUR	100		110,622
3.38%, 01/15/28 (Call 09/15/22)(a)		EUR	200		224,966
5.88%, 02/01/27 (Call 02/01/22)(a)		EUR	150		183,818
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)		EUR	200		188,492
4.50%, 03/07/24 (Call 12/04/23)(a)		EUR	100		100,927
4.56%, 01/25/23(a)		EUR	300		324,225
5.98%, 05/26/21(a)		EUR	100		116,023
CMA CGM SA, 5.25%, 01/15/25 (Call 10/15/20)(a)		EUR	200		173,550
Elis SA
1.00%, 04/03/25 (Call 01/03/25)(a)		EUR	100		109,547
1.63%, 04/03/28 (Call 01/03/28)(a)		EUR	100		110,968
1.75%, 04/11/24 (Call 01/11/24)(a)		EUR	100		113,469
2.88%, 02/15/26 (Call 11/15/25)(a)		EUR	100		120,351
Europcar Mobility Group, 4.13%, 11/15/24 (Call 11/15/20)(a)		EUR	200		208,699

Security	Par (000)			Value
France (continued)
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)		EUR	100	$	112,637
2.63%, 06/15/25 (Call 06/15/21)(a)		EUR	150		171,346
3.13%, 06/15/26 (Call 06/15/22)(a)		EUR	200		231,519
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/20)(a)		EUR	100		92,671
Loxam SAS
3.25%, 01/14/25 (Call 07/15/21)(a)		EUR	300		338,710
3.50%, 05/03/23 (Call 02/10/20)(a)		EUR	100		111,946
5.75%, 07/15/27 (Call 07/15/22)(a)		EUR	100		114,266
Orano SA
3.13%, 03/20/23 (Call 12/20/22)(a)		EUR	100		117,063
3.38%, 04/23/26 (Call 01/23/26)(a)		EUR	100		119,660
3.50%, 03/22/21(a)		EUR	100		114,396
4.88%, 09/23/24		EUR	200		256,322
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(a)		EUR	100		115,563
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(e)		EUR	200		223,249
Rexel SA
2.13%, 06/15/25 (Call 12/15/20)(a)		EUR	150		168,255
2.75%, 06/15/26 (Call 06/15/22)(a)		EUR	100		114,813
SPCM SA, 2.88%, 06/15/23 (Call 06/15/20)(a)		EUR	100		111,437
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)(a)		EUR	100		114,232
3.13%, 03/22/24 (Call 09/22/23)(a)		EUR	100		117,897
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23 (Call 07/01/20)(a)		EUR	150		173,939
Vallourec SA
2.25%, 09/30/24(a)		EUR	100		80,398
6.63%, 10/15/22 (Call 10/15/20)(a)		EUR	100		99,842
					5,185,818
Germany — 7.9%
ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)(a)		EUR	100		112,785
1.50%, 04/17/22 (Call 03/17/22)(a)		EUR	100		112,672
3.00%, 04/27/26 (Call 02/27/26)(a)		EUR	200		236,514
Deutsche Bank AG
2.75%, 02/17/25(a)		EUR	325		379,632
4.50%, 05/19/26(a)		EUR	100		125,948
Deutsche Lufthansa AG, 5.13%, 08/12/75 (Call 02/12/21)(a)(e)		EUR	100		115,634
K+S AG
2.63%, 04/06/23 (Call 01/06/23)(a)		EUR	100		110,206
3.25%, 07/18/24 (Call 04/18/24)(a)		EUR	100		110,966
4.13%, 12/06/21(a)		EUR	200		229,516
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(e)		EUR	75		90,876
METRO AG
1.38%, 10/28/21(a)		EUR	100		112,934
1.50%, 03/19/25(a)		EUR	100		115,393
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)(a)		EUR	100		111,927
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)(a)		EUR	200		223,860
ProGroup AG, 3.00%, 03/31/26 (Call 03/31/21)(a)		EUR	100		109,527
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(e)		EUR	50		60,773
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a)		EUR	250		276,353
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)(a)		EUR	150		166,531
1.88%, 03/06/23 (Call 02/06/23)(a)		EUR	150		166,146
2.75%, 03/08/21 (Call 12/08/20)(a)		EUR	175		196,479

1

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Germany (continued)
2.88%, 02/22/24 (Call 11/22/23)(a)		EUR	400	$	454,469
					3,619,141
Greece — 0.5%
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(a)		EUR	100		113,531
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(e)		EUR	100		122,899
					236,430
Ireland — 3.8%
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(a)(e)		EUR	100		113,101
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(a)		EUR	100		113,414
2.75%, 03/15/24 (Call 03/15/20)(a)		EUR	100		112,365
4.75%, 07/15/27 (Call 07/15/22)(a)		GBP	100		136,916
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(a)(e)		GBP	100		135,121
eircom Finance DAC
1.75%, 11/01/24 (Call 11/01/21)(a)		EUR	100		108,854
3.50%, 05/15/26 (Call 05/15/22)(a)		EUR	200		229,752
James Hardie International Finance DAC, 3.63%, 10/01/26 (Call 10/01/21)(a)		EUR	100		117,484
Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)(a)		EUR	100		117,662
2.88%, 01/15/26 (Call 10/15/25)(a)		EUR	225		271,790
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/14/27)(a)		EUR	125		138,870
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/20)(a)		GBP	100		135,204
					1,730,533
Israel — 2.8%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)		EUR	300		295,147
1.25%, 03/31/23 (Call 12/31/22)(a)		EUR	300		313,037
1.63%, 10/15/28(a)		EUR	150		134,322
1.88%, 03/31/27 (Call 12/31/26)(a)		EUR	100		94,751
3.25%, 04/15/22 (Call 01/15/22)		EUR	100		111,501
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		111,899
6.00%, 01/31/25 (Call 10/31/24)(a)		EUR	200		237,150
					1,297,807
Italy — 15.3%
Banca IFIS SpA, 2.00%, 04/24/23(a)		EUR	100		112,058
Banca Monte dei Paschi di Siena SpA
3.63%, 09/24/24(a)		EUR	300		349,406
4.00%, 07/10/22(a)		EUR	100		117,130
5.38%, 01/18/28 (Call 01/18/23)(a)(e)		EUR	100		102,608
10.50%, 07/23/29(a)		EUR	100		135,040
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)		EUR	100		113,209
Banco BPM SpA
1.75%, 04/24/23(a)		EUR	309		348,867
2.50%, 06/21/24(a)		EUR	100		116,313
4.25%, 10/01/29 (Call 10/01/24)(a)(e)		EUR	100		114,416
4.38%, 09/21/27 (Call 09/21/22)(a)(e)		EUR	100		115,516
6.38%, 05/31/21(a)		EUR	100		118,162
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(a)(e)		EUR	100		117,655
Fiat Chrysler Finance Europe SA
4.75%, 03/22/21(a)		EUR	150		174,829
4.75%, 07/15/22(a)		EUR	300		368,101
Iccrea Banca SpA
1.50%, 10/11/22(a)		EUR	100		113,210
4.13%, 11/28/29 (Call 11/28/24)(a)(e)		EUR	100		111,733

Security	Par (000)			Value
Italy (continued)
International Game Technology PLC, 3.50%, 06/15/26 (Call 06/15/22)(a)		EUR	150	$	174,930
Intesa Sanpaolo SpA
2.86%, 04/23/25(a)		EUR	100		118,906
3.93%, 09/15/26(a)		EUR	175		221,739
6.63%, 09/13/23(a)		EUR	200		264,250
Leonardo SpA
1.50%, 06/07/24 (Call 03/07/24)(a)		EUR	125		142,369
5.25%, 01/21/22		EUR	100		121,642
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26		EUR	75		91,969
5.75%, 04/18/23		EUR	50		63,005
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a)		EUR	100		121,848
Saipem Finance International BV
3.00%, 03/08/21(a)		EUR	100		114,038
3.75%, 09/08/23(a)		EUR	200		243,254
Salini Impregilo SpA, 1.75%, 10/26/24(a)		EUR	150		155,429
Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	200		227,797
2.50%, 07/19/23(a)		EUR	100		117,171
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	100		117,223
3.25%, 01/16/23(a)		EUR	150		178,611
3.63%, 01/19/24(a)		EUR	207		251,909
3.63%, 05/25/26(a)		EUR	100		123,360
4.00%, 04/11/24 (Call 01/11/24)(a)		EUR	125		153,246
5.25%, 02/10/22(a)		EUR	100		122,159
UniCredit SpA, 2.73%, 01/15/32 (Call 01/15/27)(a)(e)		EUR	200		227,107
Unione di Banche Italiane SpA
4.25%, 05/05/26 (Call 05/05/21)(a)(e)		EUR	200		228,671
4.38%, 07/12/29 (Call 07/12/24)(a)(e)		EUR	150		174,809
5.88%, 03/04/29 (Call 03/04/24)(a)(e)		EUR	150		184,631
Unipol Gruppo SpA
3.00%, 03/18/25(a)		EUR	175		209,111
3.50%, 11/29/27 (Call 08/29/27)(a)		EUR	100		122,232
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a)		EUR	100		115,757
					7,015,426
Japan — 2.4%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)(a)		EUR	250		284,260
4.00%, 07/30/22 (Call 04/30/22)(a)		EUR	200		235,947
4.00%, 09/19/29 (Call 06/21/29)(a)		EUR	100		117,303
4.50%, 04/20/25 (Call 01/20/25)(a)		EUR	100		120,852
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	300		367,661
					1,126,023
Luxembourg — 4.3%
Altice Financing SA
3.00%, 01/15/28 (Call 01/15/23)(a)		EUR	200		216,824
5.25%, 02/15/23 (Call 02/15/20)(a)		EUR	100		112,508
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)		EUR	100		111,857
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)(a)		EUR	100		114,474
8.00%, 05/15/27 (Call 05/15/22)(a)		EUR	250		313,131
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 11/01/20)(a)		GBP	100		130,981
INEOS Finance PLC, 2.13%, 11/15/25 (Call 11/15/20)(a)		EUR	100		110,162
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/20)(a)		EUR	100		113,277
Matterhorn Telecom SA
3.13%, 09/15/26 (Call 09/15/22)(a)		EUR	100		113,462
4.00%, 11/15/27 (Call 11/15/22)(a)		EUR	100		116,690
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)		EUR	100		114,528

2

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Luxembourg (continued)
Summer BC Holdco B SARL, 5.75%, 10/31/26 (Call 10/31/22)(a)	EUR		150	$	173,274
Vivion Investments Sarl
3.00%, 08/08/24(a)	EUR		100		115,057
3.50%, 11/01/25(a)	EUR		100		116,793
					1,973,018
Netherlands — 6.5%
Axalta Coating Systems LLC, 4.25%, 08/15/24 (Call 08/15/20)(a)	EUR		100		113,632
Constellium SE, 4.25%, 02/15/26 (Call 11/15/20)(a)	EUR		100		113,676
Dufry One BV, 2.00%, 02/15/27 (Call 02/15/22)(a)	EUR		100		109,684
InterXion Holding NV, 4.75%, 06/15/25 (Call 06/15/21)(a)	EUR		250		297,127
Lincoln Financing SARL, 3.63%, 04/01/24 (Call 10/01/20)(a)	EUR		200		225,808
OCI NV
3.13%, 11/01/24 (Call 11/01/21)(a)	EUR		100		112,748
5.00%, 04/15/23 (Call 04/15/20)(a)	EUR		100		114,161
PPF Arena 1 BV
2.13%, 01/31/25 (Call 10/31/24)(a)	EUR		100		113,171
3.13%, 03/27/26 (Call 12/27/25)(a)	EUR		100		116,817
Saipem Finance International BV, 2.63%, 01/07/25(a)	EUR		100		116,644
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/20)(a)	EUR		200		223,736
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a)	EUR		100		112,064
SNS Bank NV, 6.25%, 10/26/20(d)	EUR		50		0	(f)
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(a)	EUR		100		116,098
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)	EUR		100		115,932
United Group BV
4.38%, 07/01/22 (Call 07/01/20)(a)	EUR		100		113,025
4.88%, 07/01/24 (Call 07/01/20)(a)	EUR		100		114,268
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)	EUR		200		232,369
Ziggo Bond Co. BV, 4.63%, 01/15/25 (Call 01/15/21)(a)	EUR		150		169,344
Ziggo BV
2.88%, 01/15/30 (Call 10/15/24)(a)	EUR		100		114,454
4.25%, 01/15/27 (Call 01/15/22)(a)	EUR		200		236,558
					2,981,316
Portugal — 1.5%
Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)(a)(e)	EUR		100		117,091
Caixa Geral de Depositos SA
1.25%, 11/25/24(a)	EUR		100		113,356
5.75%, 06/28/28 (Call 06/28/23)(a)(e)	EUR		100		126,885
EDP — Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)(a)(e)	EUR		100		110,147
4.50%, 04/30/79 (Call 01/30/24)(a)(e)	EUR		200		247,323
					714,802
Spain — 6.7%
ABANCA Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(e)	EUR		100		120,428
Arena Luxembourg Finance Sarl, 1.88%, 02/01/28 (Call 02/01/23)(a)	EUR		100		110,668
Banco de Sabadell SA
1.13%, 03/27/25(a)	EUR		200		223,360
5.38%, 12/12/28 (Call 12/12/23)(a)(e)	EUR		100		125,169
5.63%, 05/06/26(a)	EUR		100		133,138
Bankia SA
1.00%, 06/25/24(a)	EUR		100		113,396
1.13%, 11/12/26(a)	EUR		100		112,924
3.38%, 03/15/27 (Call 03/15/22)(a)(e)	EUR		100		116,814

Security	Par (000)			Value
Spain (continued)
3.75%, 02/15/29 (Call 02/15/24)(a)(e)		EUR	200	$	242,597
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100		110,725
2.38%, 01/16/24 (Call 10/16/23)(a)		EUR	100		118,672
2.88%, 04/18/25 (Call 01/18/25)(a)		EUR	100		123,076
3.13%, 07/27/22(a)		EUR	100		119,035
Cirsa Finance International Sarl
4.75%, 05/22/25 (Call 05/07/21)(a)		EUR	100		114,633
6.25%, 12/20/23 (Call 06/20/20)(a)		EUR	100		116,035
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(a)		EUR	100		114,177
Grifols SA
1.63%, 02/15/25 (Call 02/15/22)(a)		EUR	250		280,035
2.25%, 11/15/27 (Call 11/15/22)(a)		EUR	100		113,242
3.20%, 05/01/25 (Call 05/01/20)(a)		EUR	100		112,701
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 03/02/20)(c)		EUR	141		78
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(e)		EUR	100		110,773
Liberbank SA, 6.88%, 03/14/27 (Call 03/14/22)(a)(e)		EUR	100		122,539
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(e)		EUR	175		221,214
					3,075,429
Sweden — 3.6%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 10/05/23)(a)(e)		EUR	100		117,765
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(e)		EUR	100		113,379
Intrum AB
2.75%, 07/15/22 (Call 07/15/20)(a)		EUR	100		112,035
3.00%, 09/15/27 (Call 09/15/22)(a)		EUR	100		108,800
3.13%, 07/15/24 (Call 07/15/20)(a)		EUR	200		225,143
3.50%, 07/15/26 (Call 07/15/22)(a)		EUR	175		197,123
Telefonaktiebolaget LM Ericsson
0.88%, 03/01/21(a)		EUR	100		111,690
1.88%, 03/01/24(a)		EUR	100		117,378
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/20)(a)		EUR	200		227,077
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)(a)		EUR	200		227,250
3.25%, 05/18/21(a)		EUR	100		114,598
					1,672,238
Switzerland — 0.5%
Dufry One BV, 2.50%, 10/15/24 (Call 10/15/20)(a)		EUR	200		224,287
United Kingdom — 8.5%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/20)(a)		EUR	100		110,129
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(a)		GBP	100		133,815
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)(a)		GBP	150		209,965
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/20)(a)		GBP	100		136,645
Centrica PLC, 3.00%, 04/10/76 (Call 04/10/21)(a)(e)		EUR	150		170,518
EC Finance PLC, 2.38%, 11/15/22 (Call 11/15/20)(a)		EUR	100		111,176
eG Global Finance PLC
4.38%, 02/07/25 (Call 05/15/21)(a)		EUR	125		137,068
6.25%, 10/30/25 (Call 10/25/21)(a)		EUR	150		172,047
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24(a)		EUR	200		248,365
Heathrow Finance PLC, 3.88%, 03/01/27(a)		GBP	100		134,377
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(a)		EUR	200		225,292
International Game Technology PLC, 2.38%, 04/15/28 (Call 04/15/23)(a)		EUR	100		108,626

3

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United Kingdom (continued)
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)		EUR	100	$	105,579
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		163,265
5.00%, 02/15/22(a)		GBP	100		134,659
5.88%, 11/15/24 (Call 08/15/24)(a)		EUR	100		116,598
Motion Bondco DAC, 4.50%, 11/15/27 (Call 11/15/22)(a)		EUR	100		116,228
Top Gun Realisations 74 PLC, 6.50%, 07/01/22 (Call 06/24/20)(a)(c)		GBP	25		5,891
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 01/15/21)(a)		EUR	100		113,252
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/20)(a)		GBP	100		135,073
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)(a)		GBP	100		136,425
5.25%, 05/15/29 (Call 05/15/24)(a)		GBP	100		142,115
6.00%, 01/15/25 (Call 01/15/21)(a)(g)		GBP	100		144,343
6.25%, 03/28/29 (Call 01/15/21)(a)		GBP	90		126,218
Vodafone Group PLC
3.10%, 01/03/79 (Call 01/03/24)(a)(e)		EUR	400		464,742
4.20%, 10/03/78 (Call 10/03/28)(a)(e)		EUR	100		125,123
					3,927,534
United States — 17.7%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)		EUR	175		185,679
AMC Entertainment Holdings Inc., 6.38%, 11/15/24 (Call 11/15/20)		GBP	100		124,784
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/20)(a)		EUR	100		112,984
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		110,679
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/20)(a)		EUR	100		116,451
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(a)		EUR	100		116,420
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/21)(a)		EUR	100		112,639
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		110,681
1.50%, 03/15/27 (Call 12/15/26)		EUR	100		110,683
4.38%, 12/15/23		EUR	100		125,717
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 05/15/20)(a)		EUR	300		333,861
Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a)		EUR	150		176,251
Berry Global Inc.
1.00%, 01/15/25 (Call 10/15/24)(a)		EUR	100		109,658
1.50%, 01/15/27 (Call 10/15/26)(a)		EUR	100		110,220
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)		EUR	100		100,274
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(a)		EUR	100		116,199
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/16/23)(a)		EUR	200		220,356
2.25%, 02/01/23 (Call 11/01/22)(a)		EUR	100		115,185
2.63%, 09/30/24 (Call 03/30/24)(a)		EUR	125		145,938
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		119,021
3.38%, 05/15/25 (Call 11/15/24)(a)		EUR	100		120,704
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a)		EUR	100		115,293
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a)		EUR	100		115,669
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)		EUR	100		119,688
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/20)(a)		EUR	100		113,590
Infor U.S. Inc., 5.75%, 05/15/22 (Call 05/15/20)		EUR	100		112,043

Security	Par/ Shares (000)				Value
United States (continued)
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)(a)		EUR	125		$	146,358
4.75%, 03/05/20(a)		EUR	100			111,006
IQVIA Inc.
2.25%, 01/15/28 (Call 07/15/22)(a)		EUR	150			168,627
2.88%, 09/15/25 (Call 09/15/20)(a)		EUR	100			112,939
3.25%, 03/15/25 (Call 03/15/20)(a)		EUR	250			281,266
3.50%, 10/15/24 (Call 10/15/20)(a)		EUR	100			112,506
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(a)		GBP	100			133,987
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)		EUR	100			117,139
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(e)		EUR	100			115,409
LKQ European Holdings BV
3.63%, 04/01/26 (Call 04/01/21)(a)		EUR	100			114,665
4.13%, 04/01/28 (Call 04/01/23)(a)		EUR	100			121,341
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a)		EUR	100			122,777
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 04/15/20)(a)		EUR	100			112,956
MPT Operating Partnership LP/MPT Finance Corp.
2.55%, 12/05/23 (Call 11/05/23)		GBP	100			135,507
3.33%, 03/24/25 (Call 12/24/24)		EUR	100			122,829
3.69%, 06/05/28 (Call 04/05/28)		GBP	100			140,182
4.00%, 08/19/22 (Call 05/19/22)		EUR	100			120,290
Netflix Inc.
3.63%, 05/15/27		EUR	150			177,145
3.63%, 06/15/30 (Call 03/15/30)(a)		EUR	150			172,216
3.88%, 11/15/29(a)		EUR	200			233,664
4.63%, 05/15/29		EUR	300			370,362
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	100			116,513
4.88%, 03/31/21(a)		EUR	36			41,506
Panther BF Aggregator 2 LP/Panther Finance Co. Inc., 4.38%, 05/15/26 (Call 05/15/22)(a)		EUR	125			142,619
Refinitiv U.S. Holdings Inc., 4.50%, 05/15/26 (Call 11/15/21)(a)		EUR	250			300,588
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)(a)		EUR	100			113,989
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)		EUR	100			124,013
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/15/20)		EUR	100			112,263
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/21)(a)		EUR	100			116,552
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)		EUR	100			112,419
Tenneco Inc., 5.00%, 07/15/24 (Call 07/15/20)(a)		EUR	100			111,593
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a)		EUR	100			116,351
						8,122,244
Total Corporate Bonds & Notes — 98.5% (Cost: $46,890,616)						45,298,031
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd. Class A(d)(h)			0	(i)		0	(f)
Total Common Stocks — 0.0% (Cost: $159,437)						0	(f)

4

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(j)(k)		1	$	1,000
Total Short-Term Investments — 0.0% (Cost: $1,000)				1,000
Total Investments in Securities — 98.5% (Cost: $47,051,053)				45,299,031
Other Assets, Less Liabilities — 1.5%				675,869
Net Assets — 100.0%			$	45,974,900

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

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

^(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 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	14	(13	)	1	$	1,000	$	81	$	—		$	—

^(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.

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

	Level 1		Level 2		Level 3			Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	45,298,027	$	4		$	45,298,031
Common Stocks		—		—		0	(a)		0	(a)
Money Market Funds		1,000		—		—			1,000
	$	1,000	$	45,298,027	$	4		$	45,299,031

^(a)  Rounds to less than $1.

Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound

5