Schedule of Investments (unaudited)	iShares® J.P. Morgan EM Local Currency Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Foreign Government Obligations
Brazil — 5.1%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/25(a)	BRL	12	$	2,125,131
0.00%, 01/01/26(a)	BRL	20		3,326,319
0.00%, 07/01/26(a)	BRL	22		3,646,303
0.00%, 07/01/27(a)	BRL	10		2,029,792
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/25	BRL	15		2,951,588
Series F, 10.00%, 01/01/29	BRL	15		3,822,106
Series F, 10.00%, 01/01/31	BRL	6		1,179,928
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/33	BRL	7		1,827,168
10.00%, 01/01/35	BRL	2		310,455
Series F, 10.00%, 01/01/27	BRL	14		3,203,747
				24,422,537
Chile — 4.3%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28(b)(c)	CLP	780,000		739,931
2.50%, 03/01/25	CLP	4,000,000		4,163,715
4.50%, 03/01/26	CLP	2,520,000		2,675,787
4.70%, 09/01/30(b)(c)	CLP	2,715,000		2,825,996
5.00%, 10/01/28(b)(c)	CLP	1,050,000		1,121,131
5.00%, 03/01/35.	CLP	2,795,000		2,895,176
6.00%, 04/01/33(b)	CLP	2,005,000		2,241,285
6.00%, 01/01/43	CLP	2,600,000		3,033,986
7.00%, 05/01/34(b)	CLP	595,000		715,913
				20,412,920
China — 14.9%
China Government Bond
1.99%, 04/09/25	CNY	12,110		1,684,276
2.18%, 08/25/25	CNY	6,740		938,849
2.18%, 08/15/26	CNY	5,490		764,295
2.24%, 05/25/25	CNY	7,980		1,113,410
2.26%, 02/24/25	CNY	5,720		798,817
2.28%, 11/25/25	CNY	8,480		1,183,651
2.37%, 01/20/27	CNY	9,340		1,307,074
2.40%, 07/15/28	CNY	7,010		980,315
2.44%, 10/15/27	CNY	6,570		919,373
2.46%, 02/15/26	CNY	9,540		1,336,162
2.47%, 09/02/24	CNY	9,360		1,307,758
2.48%, 04/15/27.	CNY	5,530		775,053
2.50%, 07/25/27	CNY	11,240		1,576,006
2.52%, 08/25/33	CNY	7,450		1,040,875
2.55%, 10/15/28	CNY	1,430		201,298
2.60%, 09/15/30	CNY	9,970		1,402,574
2.60%, 09/01/32	CNY	7,800		1,095,330
2.62%, 09/25/29	CNY	7,600		1,072,238
2.62%, 06/25/30	CNY	8,600		1,210,791
2.64%, 01/15/28	CNY	9,170		1,293,965
2.67%, 11/25/33	CNY	2,750		390,581
2.68%, 05/21/30	CNY	14,310		2,021,470
2.69%, 08/12/26	CNY	9,590		1,351,580
2.69%, 08/15/32	CNY	8,490		1,200,251
2.75%, 06/15/29	CNY	8,960		1,272,094
2.75%, 02/17/32	CNY	10,000		1,420,689
2.76%, 05/15/32	CNY	8,580		1,219,122
2.79%, 12/15/29	CNY	8,850		1,259,409
2.80%, 03/24/29	CNY	7,960		1,133,078
2.80%, 03/25/30	CNY	10,880		1,548,859
2.80%, 11/15/32	CNY	6,650		950,338

Security	Par (000)		Value
China (continued)
2.85%, 06/04/27	CNY	12,260	$	1,741,460
2.88%, 02/25/33	CNY	8,910		1,282,763
2.89%, 11/18/31	CNY	8,850		1,267,698
2.94%, 10/17/24	CNY	7,990		1,120,915
3.01%, 05/13/28	CNY	12,150		1,742,288
3.02%, 10/22/25	CNY	11,050		1,563,517
3.02%, 05/27/31	CNY	13,400		1,939,817
3.03%, 03/11/26	CNY	10,120		1,436,319
3.12%, 12/05/26	CNY	8,810		1,260,449
3.12%, 10/25/52	CNY	6,080		917,464
3.13%, 11/21/29	CNY	10,100		1,466,161
3.19%, 04/15/53	CNY	4,010		617,378
3.22%, 12/06/25	CNY	7,660		1,090,144
3.25%, 06/06/26	CNY	8,250		1,180,205
3.27%, 11/19/30	CNY	10,570		1,556,056
3.28%, 12/03/27	CNY	12,750		1,848,201
3.29%, 05/23/29	CNY	11,740		1,718,172
3.32%, 04/15/52	CNY	4,550		708,630
3.53%, 10/18/51	CNY	7,420		1,194,110
3.72%, 04/12/51	CNY	5,820		964,545
3.81%, 09/14/50	CNY	10,140		1,700,446
China Government Bonds
2.30%, 05/15/26	CNY	8,450		1,179,672
2.62%, 04/15/28	CNY	10,670		1,506,370
2.67%, 05/25/33	CNY	10,260		1,451,110
2.91%, 10/14/28	CNY	9,570		1,368,607
3.25%, 11/22/28	CNY	7,240		1,055,292
				70,647,370
Colombia — 4.3%
Colombia TES, 13.25%, 02/09/33	COP	6,524,300		2,035,715
Colombian TES
9.25%, 05/28/42	COP	9,958,400		2,381,566
Series B, 5.75%, 11/03/27	COP	6,430,600		1,491,442
Series B, 6.00%, 04/28/28	COP	9,734,700		2,250,726
Series B, 6.25%, 11/26/25	COP	3,921,700		970,297
Series B, 6.25%, 07/09/36	COP	3,942,400		762,491
Series B, 7.00%, 03/26/31	COP	8,872,600		2,021,497
Series B, 7.00%, 06/30/32	COP	8,325,600		1,844,756
Series B, 7.25%, 10/18/34	COP	8,720,300		1,893,022
Series B, 7.25%, 10/26/50	COP	8,267,700		1,581,786
Series B, 7.50%, 08/26/26	COP	7,746,600		1,925,348
Series B, 7.75%, 09/18/30	COP	6,129,600		1,471,314
				20,629,960
Czech Republic — 4.5%
Czech Republic Government Bond
0.00%, 12/12/24(a)	CZK	6,760		282,489
0.05%, 11/29/29	CZK	24,040		851,043
0.25%, 02/10/27	CZK	27,500		1,076,686
0.95%, 05/15/30(c)	CZK	35,490		1,311,789
1.00%, 06/26/26(c)	CZK	34,340		1,397,318
1.20%, 03/13/31	CZK	34,630		1,274,953
1.25%, 02/14/25	CZK	27,820		1,171,849
1.50%, 04/24/40	CZK	17,060		525,664
1.75%, 06/23/32	CZK	34,990		1,307,927
1.95%, 07/30/37	CZK	11,830		408,822
2.00%, 10/13/33	CZK	31,240		1,159,716
2.40%, 09/17/25(c)	CZK	33,080		1,402,167
2.50%, 08/25/28(c)	CZK	35,270		1,455,346
2.75%, 07/23/29	CZK	33,580		1,395,987
3.50%, 05/30/35	CZK	15,750		660,722

 1

Schedule of Investments (unaudited) (continued)	iShares® J.P. Morgan EM Local Currency Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Czech Republic (continued)
4.20%, 12/04/36(c)	CZK	19,910	$	890,702
4.50%, 11/11/32	CZK	6,720		307,633
4.90%, 04/14/34	CZK	10,440		493,288
5.00%, 09/30/30	CZK	29,560		1,384,520
5.50%, 12/12/28	CZK	25,910		1,218,852
6.00%, 02/26/26	CZK	23,010		1,043,285
6.20%, 06/16/31	CZK	4,840		243,720
				21,264,478
Dominican Republic — 4.3%
Dominican Republic International Bond
11.25%, 09/15/35 (Call 06/15/35)(c)	DOP	557,300		10,281,984
13.63%, 02/03/33 (Call 11/03/32)(c)	DOP	496,200		10,230,366
				20,512,350
Hungary — 4.5%
Hungary Government Bond
1.00%, 11/26/25	HUF	701,820		1,818,221
1.50%, 04/22/26	HUF	544,340		1,394,214
1.50%, 08/26/26	HUF	386,310		973,742
2.00%, 05/23/29	HUF	504,710		1,182,861
2.25%, 04/20/33	HUF	639,010		1,350,022
2.25%, 06/22/34	HUF	219,350		449,331
2.50%, 10/24/24	HUF	530,780		1,451,027
2.75%, 12/22/26	HUF	424,340		1,092,212
3.00%, 10/27/27	HUF	554,520		1,419,116
3.00%, 08/21/30	HUF	526,740		1,264,235
3.00%, 10/27/38	HUF	450,030		888,980
3.00%, 04/25/41	HUF	314,930		593,955
3.25%, 10/22/31	HUF	705,730		1,677,831
4.50%, 03/23/28	HUF	311,760		836,808
4.75%, 11/24/32	HUF	552,590		1,436,152
5.50%, 06/24/25	HUF	491,780		1,377,748
6.75%, 10/22/28	HUF	596,750		1,745,003
9.50%, 10/21/26	HUF	77,980		237,734
				21,189,192
Indonesia — 6.4%
Indonesia Treasury Bond
5.13%, 04/15/27	IDR	15,259,000		931,689
5.50%, 04/15/26	IDR	16,341,000		1,018,465
6.13%, 05/15/28	IDR	15,475,000		972,336
6.25%, 06/15/36	IDR	7,546,000		458,833
6.38%, 08/15/28	IDR	13,732,000		868,910
6.38%, 04/15/32	IDR	26,597,000		1,667,516
6.38%, 07/15/37	IDR	2,511,000		153,795
6.50%, 06/15/25	IDR	17,125,000		1,086,771
6.50%, 02/15/31	IDR	26,553,000		1,674,286
6.63%, 05/15/33	IDR	12,050,000		763,625
6.63%, 02/15/34	IDR	11,669,000		738,144
7.00%, 05/15/27	IDR	15,446,000		997,921
7.00%, 09/15/30	IDR	19,133,000		1,240,371
7.00%, 02/15/33	IDR	22,646,000		1,479,596
7.13%, 06/15/38	IDR	9,768,000		638,531
7.13%, 06/15/42	IDR	17,037,000		1,109,435
7.13%, 06/15/43	IDR	11,404,000		743,109
7.50%, 08/15/32	IDR	8,559,000		571,739
7.50%, 06/15/35	IDR	14,948,000		1,005,532
7.50%, 05/15/38	IDR	9,483,000		638,690
7.50%, 04/15/40	IDR	19,064,000		1,282,410
8.25%, 05/15/29	IDR	14,522,000		992,149
8.25%, 06/15/32	IDR	6,046,000		422,224
8.25%, 05/15/36	IDR	13,435,000		959,048

Security	Par (000)		Value
Indonesia (continued)
8.38%, 09/15/26	IDR	16,750,000	$	1,113,482
8.38%, 03/15/34	IDR	22,403,000		1,595,752
8.38%, 04/15/39	IDR	10,474,000		759,603
8.75%, 05/15/31	IDR	8,461,000		601,546
9.00%, 03/15/29	IDR	12,524,000		878,982
9.50%, 07/15/31	IDR	4,603,000		340,218
10.50%, 08/15/30	IDR	4,112,000		314,263
11.00%, 09/15/25	IDR	3,897,000		264,245
Perusahaan Penerbit SBSN Indonesia
4.88%, 07/15/26	IDR	4,867,000		296,038
6.38%, 03/15/34	IDR	9,639,000		595,205
6.50%, 06/15/39	IDR	2,829,000		175,513
6.63%, 10/15/24	IDR	6,528,000		412,974
6.88%, 03/15/36	IDR	3,722,000		238,380
8.88%, 11/15/31	IDR	8,937,000		640,407
				30,641,733
Malaysia — 5.1%
Malaysia Government Bond
2.63%, 04/15/31	MYR	3,143		619,045
3.50%, 05/31/27	MYR	2,414		510,773
3.52%, 04/20/28	MYR	3,016		636,370
3.58%, 07/15/32	MYR	3,464		720,571
3.73%, 06/15/28	MYR	3,408		725,637
3.76%, 05/22/40	MYR	3,655		745,875
3.83%, 07/05/34	MYR	2,773		587,507
3.88%, 03/14/25	MYR	1,682		358,060
3.89%, 08/15/29	MYR	2,753		589,456
3.90%, 11/30/26	MYR	3,239		694,036
3.90%, 11/16/27	MYR	2,845		609,768
3.91%, 07/15/26	MYR	2,683		574,224
3.96%, 09/15/25	MYR	3,066		654,218
4.06%, 09/30/24	MYR	1,634		347,078
4.07%, 06/15/50	MYR	4,102		840,832
4.25%, 05/31/35	MYR	2,642		576,179
4.46%, 03/31/53	MYR	3,149		692,760
4.50%, 04/30/29	MYR	1,473		324,708
4.64%, 11/07/33	MYR	2,622		591,147
4.70%, 10/15/42	MYR	3,466		792,410
4.76%, 04/07/37	MYR	4,650		1,062,550
4.89%, 06/08/38	MYR	3,789		881,507
4.92%, 07/06/48	MYR	2,595		609,880
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR	3,256		686,272
3.45%, 07/15/36	MYR	3,020		608,412
3.47%, 10/15/30	MYR	3,398		705,089
3.60%, 07/31/28	MYR	3,798		803,610
3.66%, 10/15/24	MYR	2,377		503,577
3.73%, 03/31/26	MYR	2,800		596,299
3.99%, 10/15/25	MYR	3,713		793,766
4.07%, 09/30/26	MYR	1,977		424,909
4.13%, 08/15/25	MYR	1,483		317,406
4.13%, 07/09/29	MYR	3,004		650,414
4.19%, 10/07/32	MYR	2,892		628,243
4.25%, 09/30/30	MYR	2,414		525,354
4.26%, 07/26/27	MYR	1,715		371,234
4.29%, 08/14/43	MYR	2,080		450,423
4.37%, 10/31/28	MYR	2,650		579,274
4.42%, 09/30/41	MYR	3,700		816,542
4.66%, 03/31/38	MYR	1,239		281,722
				24,487,137

2

Schedule of Investments (unaudited) (continued)	iShares® J.P. Morgan EM Local Currency Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico — 6.7%
Mexican Bonos
5.00%, 03/06/25	MXN	175	$	961,599
5.50%, 03/04/27	MXN	502		2,613,348
7.50%, 05/26/33	MXN	306		2,304,675
8.00%, 07/31/53	MXN	269		1,745,338
8.50%, 03/01/29	MXN	59		795,108
Series M, 5.75%, 03/05/26	MXN	642		3,445,885
Series M, 7.75%, 05/29/31	MXN	566		3,043,689
Series M, 7.75%, 11/23/34	MXN	132		689,477
Series M, 7.75%, 11/13/42	MXN	413		2,536,598
Series M, 8.00%, 09/05/24	MXN	342		1,947,175
Series M, 8.00%, 11/07/47	MXN	343		1,751,021
Series M 20, 7.50%, 06/03/27	MXN	499		2,743,584
Series M 20, 8.50%, 05/31/29	MXN	376		2,128,625
Series M 20, 10.00%, 12/05/24	MXN	326		1,881,395
Series M 30, 8.50%, 11/18/38	MXN	294		1,597,840
Series M 30, 10.00%, 11/20/36	MXN	117		723,678
Mexico Bonos
7.00%, 09/03/26	MXN	132		720,194
8.00%,05/24/35	MXN	48		254,491
				31,883,720
Peru — 4.3%
Peru Government Bond
5.35%, 08/12/40	PEN	6		1,265,864
5.40%, 08/12/34	PEN	8		1,863,787
5.94%,02/12/29	PEN	10		2,779,779
6.15%, 08/12/32	PEN	11		2,948,455
6.35%, 08/12/28	PEN	7		1,773,761
6.90%, 08/12/37	PEN	11		2,776,961
6.95%, 08/12/31	PEN	11		3,074,681
7.30%, 08/12/33(b)(c)	PEN	10		2,688,548
8.20%, 08/12/26	PEN	4		1,250,099
				20,421,935
Poland — 4.5%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN	6,775		1,497,754
0.75%, 04/25/25	PLN	5,713		1,357,486
1.25%, 10/25/30	PLN	7,894		1,558,671
1.75%, 04/25/32	PLN	6,500		1,262,177
2.25%, 10/25/24	PLN	6,676		1,637,176
2.50%,07/25/26	PLN	7,814		1,844,632
2.50%, 07/25/27	PLN	6,013		1,390,492
2.75%, 04/25/28	PLN	7,536		1,731,672
2.75%, 10/25/29	PLN	9,182		2,051,701
3.25%, 07/25/25	PLN	7,174		1,749,484
3.75%, 05/25/27	PLN	5,481		1,322,700
7.50%, 07/25/28	PLN	8,006		2,198,988
Republic of Poland Government Bonds 0.00%, 10/25/25(a)	PLN	2,225		512,136
6.00%, 10/25/33	PLN	4,872		1,288,464
				21,403,533
Romania — 4.4%
Romania Government Bond
2.50%, 10/25/27	RON	3,420		656,025
3.25%, 06/24/26	RON	4,675		955,623
3.50%, 11/25/25	RON	3,540		738,364
3.65%, 07/28/25	RON	3,295		693,582
3.65%, 09/24/31	RON	5,070		929,900
3.70%, 11/25/24	RON	4,770		1,018,039
4.15%, 01/26/28	RON	5,710		1,155,109

Security	Par (000)		Value
Romania (continued)
4.15%, 10/24/30	RON	4,915	$	950,386
4.25%, 04/28/36	RON	4,630		827,567
4.75%, 02/24/25	RON	4,070		874,086
4.75%, 10/11/34	RON	5,440		1,041,812
4.85%, 04/22/26	RON	5,290		1,123,734
4.85%, 07/25/29	RON	4,810		979,395
5.00%, 02/12/29	RON	5,400		1,113,369
5.80%, 07/26/27	RON	6,060		1,303,835
6.70%, 02/25/32	RON	4,480		996,061
7.20%, 10/28/26	RON	1,060		235,787
7.20%, 05/31/27	RON	1,890		422,256
7.20%, 10/30/33	RON	2,005		463,454
7.35%, 04/28/31	RON	2,690		617,111
7.90%, 02/24/38	RON	3,395		838,979
8.00%, 04/29/30	RON	1,885		443,384
8.25%, 09/29/32	RON	5,320		1,304,209
Romania Government Bonds
8.00%, 04/29/30	RON	1,005		236,393
8.75%, 10/30/28	RON	3,510		839,305
				20,757,765
Serbia — 4.3%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	682,310		6,215,232
4.50%, 08/20/32	RSD	910,780		7,545,035
5.88%, 02/08/28	RSD	719,760		6,811,719
				20,571,986
South Africa — 4.4%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	19,815		696,077
6.50%, 02/28/41	ZAR	16,942		545,776
7.00%, 02/28/31	ZAR	29,067		1,303,158
8.00%, 01/31/30	ZAR	60,912		2,999,124
8.25%, 03/31/32	ZAR	47,687		2,222,561
8.50%, 01/31/37	ZAR	45,636		1,901,659
8.75%, 01/31/44	ZAR	38,790		1,530,137
8.75%, 02/28/48	ZAR	59,917		2,347,406
8.88%, 02/28/35	ZAR	45,076		2,028,641
9.00%, 01/31/40	ZAR	38,839		1,613,509
10.50%, 12/21/26	ZAR	63,394		3,541,281
11.63%, 03/31/53	ZAR	4,036		205,118
				20,934,447
Thailand — 4.6%
Thailand Government Bond
0.75%, 09/17/24	THB	41,822		1,166,808
0.95%, 06/17/25	THB	28,793		795,410
1.00%, 06/17/27	THB	46,205		1,244,836
1.45%, 12/17/24	THB	36,365		1,016,518
1.59%, 12/17/35	THB	31,118		773,382
1.60%, 12/17/29	THB	34,642		929,180
1.60%, 06/17/35	THB	21,752		545,843
2.00%, 12/17/31	THB	47,308		1,276,939
2.00%, 06/17/42	THB	29,745		714,962
2.13%, 12/17/26	THB	37,421		1,048,020
2.35%, 06/17/26	THB	29,374		828,872
2.65%, 06/17/28	THB	41,698		1,187,478
2.88%, 12/17/28	THB	31,240		899,569
2.88%, 06/17/46	THB	32,950		861,804
3.30%, 06/17/38	THB	39,366		1,157,817
3.35%, 06/17/33	THB	44,357		1,319,576
3.39%, 06/17/37	THB	32,358		962,563

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Schedule of Investments (unaudited) (continued)	iShares® J.P. Morgan EM Local Currency Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Thailand (continued)
3.40%, 06/17/36	THB	26,549	$	789,671
3.45%, 06/17/43	THB	23,430		692,706
3.65%, 06/20/31	THB	31,281		946,758
3.78%, 06/25/32	THB	31,983		979,355
3.85%, 12/12/25	THB	29,920		866,628
4.88%, 06/22/29	THB	28,369		897,525
				21,902,220
Turkey — 4.1%
Turkey Government Bond
8.00%, 03/12/25	TRY	32,538		791,859
10.50%, 08/11/27	TRY	143,508		2,977,049
10.60%, 02/11/26	TRY	49,445		1,070,539
11.00%, 02/24/27	TRY	36,838		761,757
11.70%, 11/13/30	TRY	93,010		1,923,348
12.40%, 03/08/28	TRY	184,522		4,004,209
12.60%, 10/01/25	TRY	95,703		2,165,736
16.90%, 09/02/26	TRY	102,930		2,481,242
Turkiye Government Bond
17.30%, 07/19/28	TRY	43,619		1,105,388
17.80%, 07/13/33	TRY	86,192		2,093,376
				19,374,503
Uruguay — 4.4%
Uruguay Government International Bond
8.25%, 05/21/31	UYU	468,710		11,333,901
8.50%, 03/15/28(c)	UYU	171,807		4,254,773
Uruguay Government International Bonds, 9.75%, 07/20/33(Call 04/20/33)	UYU	206,291		5,432,078
				21,020,752
Total Long-Term Investments — 95.1%
(Cost: $472,227,429)				452,478,538

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency  Shares, 5.32%(d)(e)		4,970,000	$	4,970,000
Total Short-Term Securities — 1.0%
(Cost: $4,970,000)				4,970,000
Total Investments — 96.1%
(Cost: $477,197,429)				457,448,538
Other Assets Less Liabilities — 3.9%				18,372,977
Net Assets — 100.0%			$	475,821,515

(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 affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	21,570,000	$	—	$	(16,600,000	)(a)	$	—	$	—	$	4,970,000		4,970,000	$	30,713	$	—

^(a)  Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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/exchanges for identical assets or liabilities that each Fund has the ability to access;

● Level 2 – Other observable inputs (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 active, inputs other than quoted prices that are observable for the assets or liabilities (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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

4

Schedule of Investments (unaudited) (continued)	iShares® J.P. Morgan EM Local Currency Bond ETF
January 31, 2024

Fair Value Hierarchy as of Period End (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 judgment 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. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Foreign Government Obligations	$	—	$	452,478,538	$	—	$	452,478,538
Short-Term Securities
Money Market Funds		4,970,000		—		—		4,970,000
	$	4,970,000	$	452,478,538	$	—	$	457,448,538

Currency Abbreviation
BRL	Brazilian Real	PEN	Peru Nuevo Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan	RON	Romanian Leu
COP	Colombian Peso	RSD	Serbian Dinar
CZK	Czech Koruna	THB	Thai Baht
DOP	Dominican Peso	TRY	Turkish Lira
HUF	Hungarian Forint	UYU	Uruguayan Peso
IDR	Indonesian Rupiah	ZAR	South African Rand
MXN	Mexican Peso
MYR	Malaysian Ringgit

 5