iShares MSCI Turkey ETF NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-09102

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, 2019

Date of reporting period: April 30, 2019

Item 1.

Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company

Act of 1940 are attached.

Information Classification: Confidential

APRIL 30, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares Emerging Markets High Yield Bond ETF | EMHY | Cboe BZX

▶

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 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		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		50
Statements of Operations		52
Statements of Changes in Net Assets		54
Financial Highlights		57
Notes to Financial Statements		62
Supplemental Information		69
General Information		70
Glossary of Terms Used in this Report		71


Fund Summary as of April 30, 2019		iShares^® Emerging Markets High Yield Bond ETF

Investment Objective

The iShares Emerging Markets High Yield Bond ETF(the “Fund”) 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 Morningstar^® Emerging Markets High Yield Bond Index^SM(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		6.75	%		3.40	%		4.35	%		5.01	%		3.40	%		23.75	%		41.31	%
Fund Market		6.94			3.60			4.25			5.02			3.60			23.14			41.44
Index		6.98			3.78			4.64			5.37			3.78			25.45			44.83

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 10 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,067.50	$	2.56		$	1,000.00	$	1,022.30	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Baa	4.7	%
Ba	45.6
B	34.7
Caa	3.8
C	1.2
Not Rated	10.0

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
Brazil	22.1	%
Turkey	13.2
Argentina	7.2
China	6.6
South Africa	4.5
Ukraine	3.4
Egypt	3.2
Ecuador	3.0
Lebanon	2.9
Dominican Republic	2.7

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.


F U N D S U M M A R Y			5


Fund Summary as of April 30, 2019		iShares^® International High Yield Bond ETF

Investment Objective

TheiShares 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		3.17	%		(4.33	)%		(0.76	)%		3.37	%		(4.33	)%		(3.75	)%		26.48	%
Fund Market		3.52			(4.17	)		(0.81	)		3.42			(4.17	)		(3.98	)		26.84
Index		3.36			(4.01	)		(0.51	)		3.53			(4.01	)		(2.52	)		27.86

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,031.70	$	2.02		$	1,000.00	$	1,022.80	$	2.01		0.40	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Baa	0.8	%
Ba	59.3
B	23.3
Caa	4.2
C	0.1
Not Rated	12.3

TEN LARGEST HOLDINGS


Country	Percent of Total Investments	^(a)
Italy	19.5	%
United States	18.0
France	11.3
Germany	9.0
United Kingdom	7.9
Spain	5.1
Netherlands	4.8
Luxembourg	3.9
Ireland	3.5
Sweden	3.2

^(a)

Excludes money market funds.


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Fund Summary as of April 30, 2019		iShares^® J.P. Morgan EM Corporate Bond ETF

Investment Objective

TheiShares 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		6.77	%		5.81	%		4.02	%		4.13	%		5.81	%		21.78	%		32.97	%
Fund Market		7.32			6.29			4.25			4.20			6.29			23.14			33.55
Index		6.94			6.38			4.63			4.71			6.38			25.40			38.23

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.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,067.70	$	2.56		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aa	2.6	%
A	19.1
Baa	33.2
Ba	20.0
B	10.0
Caa	0.7
Not Rated	14.4

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
China	9.7	%
Brazil	7.4
Mexico	5.8
Russia	5.6
United Arab Emirates	5.5
Hong Kong	5.5
India	5.1
Colombia	5.0
Israel	4.6
South Korea	4.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7


Fund Summary as of April 30, 2019		iShares^® J.P. Morgan EM Local Currency Bond ETF

Investment Objective

TheiShares 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		4.37	%		(7.41	)%		(1.57	)%		0.08	%		(7.41	)%		(7.59	)%		0.63	%
Fund Market		4.75			(6.99	)		(1.60	)		0.13			(6.99	)		(7.77	)		0.98
Index		4.55			(6.74	)		(0.95	)		0.60			(6.74	)		(4.66	)		4.59

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 performancebeginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,043.70	$	1.52		$	1,000.00	$	1,023.30	$	1.51		0.30	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
A	29.9	%
Baa	43.3
Ba	22.1
B	4.6
Not Rated	0.1

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
Brazil	13.2	%
Mexico	8.4
Indonesia	6.4
Philippines	4.6
Peru	4.6
Chile	4.6
Dominican Republic	4.6
Argentina	4.6
South Africa	4.6
Czech Republic	4.6

^(a)

Excludes money market funds.


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Fund Summary as of April 30, 2019		iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

TheiShares US & Intl HighYield 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		5.15	%		4.00	%		2.79	%		4.91	%		4.00	%		14.74	%		40.35	%
Fund Market		5.31			4.01			2.82			4.95			4.01			14.90			40.72
Index		5.27			4.18			2.99			5.08			4.18			15.88			42.02

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,051.50	$	2.03		$	1,000.00	$	1,022.80	$	2.01		0.40	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Baa	1.0	%
Ba	49.3
B	34.3
Caa	10.7
Ca	0.7
C	0.1
Not Rated	3.9

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
United States	67.0	%
Italy	5.3
United Kingdom	3.6
France	3.5
Canada	3.3
Germany	3.1
Luxembourg	3.1
Netherlands	2.4
Ireland	1.7
Israel	1.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y			9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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.


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Schedule of Investments (unaudited)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Argentina — 1.1%
Pampa Energia SA
7.38%, 07/21/23 (Call 07/21/20)^(a)	$	400	$	358,688
7.50%, 01/24/27 (Call 01/24/22)^(a)		350		295,750
YPF SA
6.95%, 07/21/27^(a)		700		593,050
7.00%, 12/15/47 (Call 06/15/47)^(a)		400		309,492
8.50%, 03/23/21^(a)		500		487,213
8.50%, 07/28/25^(a)		900		823,500
8.75%, 04/04/24^(a)		766		732,430

				3,600,123

Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(a)		1,200		1,356,000


Bahrain — 0.4%
Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/27^(a)		600		637,500
7.63%, 11/07/24^(a)		400		434,966
8.38%, 11/07/28^(a)		200		225,451

				1,297,917

Brazil — 15.4%
Banco Bradesco SA/Cayman Islands
5.75%, 03/01/22^(a)		800		837,956
5.90%, 01/16/21^(a)		800		826,772
Banco BTG Pactual SA/Cayman Islands
5.50%, 01/31/23^(a)		200		201,940
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		400		407,456
Banco do Brasil SA/Cayman
3.88%, 10/10/22		1,200		1,195,095
4.63%, 01/15/25^(a)		600		606,768
4.75%, 03/20/24^(a)		200		203,849
4.88%, 04/19/23^(a)		400		410,800
5.38%, 01/15/21^(a)		300		307,229
5.88%, 01/26/22^(a)		900		937,525
5.88%, 01/19/23^(a)		600		631,623
Braskem Finance Ltd.
5.38%, 05/02/22^(a)		400		415,654
5.75%, 04/15/21^(a)		400		414,922
6.45%, 02/03/24		600		654,000
BRF SA
3.95%, 05/22/23^(a)		400		382,000
4.75%, 05/22/24^(a)		400		385,000
Caixa Economica Federal
3.50%, 11/07/22^(a)		450		445,741
7.25%, 07/23/24 (Call 07/23/19)^(a)(b)		200		201,479
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)^(a)		600		660,000
Centrais Eletricas Brasileiras SA, 5.75%, 10/27/21^(a)		1,000		1,035,050
CSN Resources SA
6.50%, 07/21/20^(a)		692		700,650
7.63%, 02/13/23 (Call 02/13/21)^(a)		200		203,000
Embraer Netherlands Finance BV, 5.05%, 06/15/25		600		632,250
Embraer Overseas Ltd., 5.70%, 09/16/23^(a)		450		482,958
Fibria Overseas Finance Ltd., 5.25%, 05/12/24		400		421,620
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)^(a)		400		380,000
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)^(a)		300		323,480


Security	Par (000)		Value

Brazil (continued)
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23^(a)	$	1,120	$	1,165,231
5.50%, 08/06/22^(a)		960		999,878
5.65%, 03/19/22^(a)		800		835,164
5.75%, 01/22/21^(a)		300		309,491
6.20%, 12/21/21^(a)		800		846,004
JBS Investments GmbH
6.25%, 02/05/23 (Call 02/05/20)^(a)		400		406,250
7.25%, 04/03/24 (Call 04/03/20)^(a)		400		414,440
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/21)^(a)		600		623,940
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)^(a)		650		665,044
5.88%, 07/15/24 (Call 07/15/19)^(a)		525		536,025
6.75%, 02/15/28 (Call 02/15/23)^(a)		600		632,271
MARB BondCo PLC
6.88%, 01/19/25 (Call 01/19/21)^(a)		600		598,014
7.00%, 03/15/24 (Call 03/15/20)^(a)		400		407,850
Marfrig Holdings Europe BV, 8.00%, 06/08/23 (Call 06/08/19)^(a)		600		623,400
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)^(a)		700		687,498
Petrobras Global Finance BV
4.38%, 05/20/23		956		963,170
5.30%, 01/27/25		1,800		1,848,600
5.38%, 01/27/21		594		610,632
5.63%, 05/20/43		500		454,625
5.75%, 02/01/29		1,592		1,592,716
6.00%, 01/27/28		3,268		3,353,785
6.13%, 01/17/22		509		539,667
6.25%, 03/17/24		1,361		1,465,457
6.75%, 01/27/41		700		710,630
6.85%, 06/05/15		1,483		1,446,666
6.88%, 01/20/40		600		615,969
7.25%, 03/17/44		1,086		1,147,506
7.38%, 01/17/27		2,201		2,450,373
8.75%, 05/23/26		1,779		2,132,665
Rio Oil Finance Trust, Series 2014-1, 9.25%, 07/06/24^(a)		769		829,008
Rumo Luxembourg Sarl
5.88%, 01/18/25 (Call 01/18/22)^(a)		200		202,661
7.38%, 02/09/24 (Call 02/09/21)^(a)		600		640,470
Vale Overseas Ltd.
4.38%, 01/11/22		600		611,709
6.25%, 08/10/26		1,200		1,312,650
6.88%, 11/21/36		1,000		1,156,690
6.88%, 11/10/39		1,000		1,161,250
8.25%, 01/17/34		500		632,358

				49,934,574

Chile — 0.5%
Latam Finance Ltd.
6.88%, 04/11/24 (Call 04/11/21)^(a)		500		514,240
7.00%, 03/01/26 (Call 03/01/23)^(a)		400		409,000
VTR Finance BV, 6.88%, 01/15/24 (Call 01/15/20)^(a)		600		621,396

				1,544,636

China — 6.4%
Agile Group Holdings Ltd., 8.50%, 07/18/21 (Call 07/18/20)^(a)		400		423,500
CFLD Cayman Investment Ltd.
6.50%, 12/21/20^(a)		600		602,250
9.00%, 07/31/21^(a)		600		619,800


S C H E D U L E O F I N V E S T M E N T S			11

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

China (continued)
China Aoyuan Group Ltd.
7.95%, 09/07/21 (Call 09/07/20)^(a)	$	300	$	310,399
8.50%, 01/23/22 (Call 01/23/21)^(a)		400		420,000
China Evergrande Group
6.25%, 06/28/21^(a)		800		761,932
7.50%, 06/28/23 (Call 06/28/20)^(a)		900		824,531
8.25%, 03/23/22 (Call 03/23/20)^(a)		1,200		1,152,990
8.75%, 06/28/25 (Call 06/28/21)^(a)		2,666		2,442,722
9.50%, 03/29/24 (Call 03/29/21)^(a)		700		669,638
China SCE Group Holdings Ltd.
5.88%, 03/10/22 (Call 03/10/20)^(a)		200		194,646
7.45%, 04/17/21 (Call 04/17/20)^(a)		400		407,500
CIFI Holdings Group Co. Ltd.
5.50%, 01/23/22 (Call 01/23/20)^(a)		400		391,500
6.88%, 04/23/21 (Call 04/23/20)^(a)		200		203,500
Consolidated Energy Finance SA, 6.88%, 06/15/25 (Call 06/15/20)^(a)		300		309,000
Country Garden Holdings Co. Ltd.
4.75%, 07/25/22 (Call 07/25/20)^(a)		400		392,390
4.75%, 09/28/23 (Call 09/28/20)^(a)		400		385,202
7.25%, 04/04/21 (Call 10/04/19)^(a)		400		408,084
Easy Tactic Ltd.
5.75%, 01/13/22 (Call 01/13/20)^(a)		600		586,227
5.88%, 02/13/23 (Call 11/17/20)^(a)		400		382,434	��
7.00%, 04/25/21 (Call 04/25/20)^(a)		200		202,250
Fantasia Holdings Group Co. Ltd.
7.38%, 10/04/21 (Call 10/04/19)^(a)		200		180,771
8.38%, 03/08/21^(a)		400		375,700
Fortune Star BVI Ltd.
5.25%, 03/23/22 (Call 03/23/20)^(a)		1,000		982,815
5.38%, 12/05/20^(a)		200		201,204
Greenland Global Investment Ltd., 5.88%, 07/03/24^(a)		600		562,971
KWG Group Holdings Ltd.
6.00%, 09/15/22 (Call 03/15/20)^(a)		400		393,898
7.88%, 09/01/23 (Call 09/01/21)^(a)		400		404,500
New Metro Global Ltd., 6.50%, 04/23/21 (Call 04/23/20)^(a)		200		200,750
Powerlong Real Estate Holdings Ltd., 5.95%, 07/19/20^(a)		400		396,000
Scenery Journey Ltd.
13.00%, 11/06/22 (Call 11/06/20)^(a)		400		429,700
13.75%, 11/06/23 (Call 11/06/21)^(a)		300		322,275
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)^(a)		800		799,748
Sunac China Holdings Ltd.
7.35%, 07/19/21 (Call 07/19/20)^(a)		600		609,669
7.88%, 02/15/22 (Call 02/15/21)^(a)		400		407,977
7.95%, 08/08/22 (Call 08/08/20)^(a)		400		408,490
8.35%, 04/19/23 (Call 04/19/21)^(a)		200		205,471
Times China Holdings Ltd.
6.25%, 01/17/21 (Call 01/31/20)^(a)		200		200,000
7.63%, 02/21/22 (Call 02/21/21)^(a)		400		411,000
Yuzhou Properties Co. Ltd.
7.90%, 05/11/21 (Call 05/11/20)^(a)		400		411,138
8.50%, 02/04/23 (Call 02/04/22)^(a)		200		206,714
8.50%, 02/26/24 (Call 02/26/22)^(a)		400		407,378
8.63%, 01/23/22^(a)		200		208,708

				20,817,372


Security	Par (000)		Value

Colombia — 1.4%
Banco de Bogota SA
4.38%, 08/03/27^(a)	$	400	$	403,040
5.38%, 02/19/23^(a)		400		417,126
6.25%, 05/12/26^(a)		600		653,556
Bancolombia SA
4.88%, 10/18/27 (Call 10/18/22)^(b)		600		603,402
5.13%, 09/11/22		400		416,000
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 09/27/19)^(a)		345		350,175
Grupo Aval Ltd., 4.75%, 09/26/22^(a)		600		611,073
Millicom International Cellular SA
5.13%, 01/15/28 (Call 09/20/22)^(a)		200		195,801
6.00%, 03/15/25 (Call 03/15/20)^(a)		700		727,125
6.63%, 10/15/26 (Call 10/15/21)^(a)		200		213,780

				4,591,078

Ghana — 0.1%
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)^(a)		400		407,280


India — 1.6%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28^(a)		600		561,000
5.95%, 07/31/24^(a)		625		637,453
Bharti Airtel International Netherlands BV
5.13%, 03/11/23^(a)		400		413,030
5.35%, 05/20/24^(a)		600		622,851
Bharti Airtel Ltd., 4.38%, 06/10/25^(a)		600		591,138
Greenko Dutch BV, 5.25%, 07/24/24 (Call 07/24/20)^(a)		400		389,650
JSW Steel Ltd., 5.25%, 04/13/22^(a)		200		200,451
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)^(a)		600		541,821
6.38%, 07/30/22^(a)		600		585,975
7.13%, 05/31/23^(a)		300		292,520
8.25%, 06/07/21^(a)		400		413,954

				5,249,843

Indonesia — 0.1%
Pelabuhan Indonesia III Persero PT, 4.88%, 10/01/24^(a)		200		208,625


Israel — 2.5%
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		350		328,625
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		1,751		1,678,894
2.80%, 07/21/23		1,875		1,700,025
3.15%, 10/01/26		2,100		1,753,773
4.10%, 10/01/46		1,200		848,712
6.00%, 04/15/24 (Call 01/15/24)		800		813,484
6.75%, 03/01/28 (Call 12/01/27)		800		823,244

				7,946,757

Jamaica — 0.5%
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)^(a)		713		469,511
Digicel Group Two Ltd., 8.25%, 09/30/22 (Call 09/30/20)^(a)		487		188,403
Digicel Ltd.
6.00%, 04/15/21 (Call 05/30/19)^(a)		650		570,700
6.75%, 03/01/23 (Call 03/01/20)^(a)		600		422,280

				1,650,894

Kazakhstan — 1.3%
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22^(a)		750		755,625
Halyk Savings Bank of Kazakhstan JSC
5.50%, 12/21/22 (Call 05/30/19)^(a)		147		146,700
7.25%, 01/28/21^(a)		600		628,839
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42^(a)		600		708,000


12		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Kazakhstan (continued)
KazMunayGas National Co. JSC
3.88%, 04/19/22^(a)	$	200	$	201,980
4.75%, 04/19/27^(a)		600		621,000
5.75%, 04/19/47^(a)		800		840,000
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/19)^(a)		400		283,000

				4,185,144

Mexico — 1.4%
Axtel SAB de CV, 6.38%, 11/14/24 (Call 11/14/20)^(a)		200		200,079
Banco Mercantil del Norte SA/Grand Cayman, 5.75%, 10/04/31 (Call 10/04/26)^(a)(b)		400		391,690
Banco Nacional de Comercio Exterior SNC, 3.80%, 08/11/26 (Call 08/11/21)^(a)(b)		400		394,000
BBVA Bancomer SA/Texas, 5.13%, 01/18/33 (Call 01/18/28)^(a)(b)		600		568,500
Cemex Finance LLC, 6.00%, 04/01/24 (Call 04/01/20)^(a)		650		667,729
Cemex SAB de CV
5.70%, 01/11/25 (Call 01/11/20)^(a)		700		717,500
6.13%, 05/05/25 (Call 05/05/20)^(a)		400		415,824
7.75%, 04/16/26 (Call 04/16/21)^(a)		600		655,500
Credito Real SAB de, 7.25%, 07/20/23 (Call 07/20/20)^(a)		400		413,846

				4,424,668

Oman — 0.7%
Bank Muscat SAOG, 3.75%, 05/03/21^(a)		400		392,510
Lamar Funding Ltd., 3.96%, 05/07/25^(a)		600		525,789
National Bank of Oman SAOG, 5.63%, 09/25/23^(a)		400		399,594
Oztel Holdings SPC Ltd.
5.63%, 10/24/23^(a)		400		401,436
6.63%, 04/24/28^(a)		500		487,402

				2,206,731

Panama — 0.3%
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)^(a)		600		602,250
7.50%, 10/15/26 (Call 10/15/21)^(a)		200		207,000
Sable International Finance Ltd., 6.88%, 08/01/22 (Call 08/01/19)^(a)		250		260,312

				1,069,562

Russia — 2.1%
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/21^(a)		600		641,250
Credit Bank of Moscow Via CBOM Finance PLC, 7.50%, 10/05/27 (Call 10/05/22)^(a)(b)		200		163,750
Evraz PLC
5.38%, 03/20/23^(a)		500		508,750
6.75%, 01/31/22^(a)		400		424,000
8.25%, 01/28/21^(a)		350		374,500
GTLK Europe DAC, 5.13%, 05/31/24^(a)		600		591,750
Metalloinvest Finance DAC, 4.85%, 05/02/24^(a)		600		598,500
Polyus Finance PLC, 5.25%, 02/07/23^(a)		600		605,250
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22^(a)		1,100		1,120,300
VEON Holdings BV
3.95%, 06/16/21 (Call 03/16/21)^(a)		200		198,500
4.95%, 06/16/24 (Call 03/16/24)^(a)		400		403,500
5.95%, 02/13/23^(a)		400		415,000
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22^(a)		800		834,000

				6,879,050

South Africa — 1.7%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22		545		564,122


Security	Par (000)		Value

South Africa (continued)
Eskom Holdings SOC Ltd.
5.75%, 01/26/21^(a)	$	1,000	$	991,250
6.35%, 08/10/28^(a)		800		831,292
6.75%, 08/06/23^(a)		617		620,085
7.13%, 02/11/25^(a)		660		666,600
8.45%, 08/10/28^(a)		200		216,097
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)^(a)(b)		400		409,002
Gold Fields Orogen Holdings BVI Ltd., 4.88%, 10/07/20^(a)		200		202,540
MTN Mauritius Investment Ltd., 4.76%, 11/11/24^(a)		400		385,916
Transnet SOC Ltd., 4.00%, 07/26/22^(a)		671		659,727

				5,546,631

South Korea — 0.1%
Woori Bank, 5.00%, 06/10/45 (Call 06/10/20)^(a)(b)		400		402,198


Turkey — 3.8%
Akbank Turk AS
5.00%, 10/24/22^(a)		300		275,937
5.13%, 03/31/25^(a)		200		171,708
7.20%, 03/16/27 (Call 03/16/22)^(a)(b)		400		324,974
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)^(a)		400		381,500
6.50%, 03/11/25 (Call 12/11/24)^(a)		400		388,298
QNB Finansbank AS
4.88%, 05/19/22^(a)		488		458,720
6.88%, 09/07/24^(a)		200		194,949
TC Ziraat Bankasi AS
4.75%, 04/29/21^(a)		200		188,250
5.13%, 05/03/22^(a)		570		519,470
5.13%, 09/29/23^(a)		200		174,520
Turk Telekomunikasyon AS
4.88%, 06/19/24^(a)		200		178,770
6.88%, 02/28/25^(a)		200		191,520
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25^(a)		400		366,040
5.80%, 04/11/28 (Call 01/11/28)^(a)		200		173,750
Turkiye Garanti Bankasi AS
5.25%, 09/13/22^(a)		600		558,750
5.88%, 03/16/23^(a)		400		372,000
6.13%, 05/24/27 (Call 05/24/22)^(a)(b)		400		316,000
6.25%, 04/20/21^(a)		200		196,000
Turkiye Halk Bankasi AS
4.75%, 02/11/21^(a)		200		179,073
5.00%, 07/13/21^(a)		300		265,092
Turkiye Is Bankasi AS
5.00%, 06/25/21^(a)		200		186,750
5.38%, 10/06/21^(a)		700		654,500
5.50%, 04/21/22^(a)		400		365,500
6.00%, 10/24/22^(a)		650		553,988
6.13%, 04/25/24^(a)		900		777,276
7.00%, 06/29/28 (Call 06/29/23)^(a)(b)		200		150,750
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)^(a)		200		191,500
Turkiye Vakiflar Bankasi TAO
5.50%, 10/27/21^(a)		400		374,500
5.63%, 05/30/22^(a)		400		363,876
5.75%, 01/30/23^(a)		600		530,310
6.00%, 11/01/22^(a)		200		172,770
6.88%, 02/03/25 (Call 02/03/20)^(a)(b)		200		177,000


S C H E D U L E O F I N V E S T M E N T S			13

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Turkey (continued)
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22^(a)	$	600	$	511,500
5.75%, 02/24/22^(a)		400		375,540
5.85%, 06/21/24^(a)		200		173,627
6.10%, 03/16/23^(a)		400		363,956
8.25%, 10/15/24^(a)		200		190,520
8.50%, 03/09/26 (Call 03/09/21)^(a)(b)		400		358,882

				12,348,066

Ukraine — 0.4%
Metinvest BV
7.75%, 04/23/23 (Call 01/23/23)^(a)		600		586,500
8.50%, 04/23/26 (Call 01/23/26)^(a)		400		391,956
MHP SE, 7.75%, 05/10/24^(a)		200		201,728

				1,180,184

United Arab Emirates — 0.5%
DAE Funding LLC
4.50%, 08/01/22 (Call 08/01/19)^(a)		400		406,000
5.00%, 08/01/24 (Call 08/01/20)^(a)		700		713,125
5.75%, 11/15/23 (Call 11/15/20)^(a)		400		418,584

				1,537,709


Total Corporate Bonds & Notes — 42.7% (Cost: $139,323,300)				138,385,042


Foreign Government Obligations^(c)

Argentina — 6.0%
Argentine Republic Government International Bond
4.63%, 01/11/23		1,000		737,665
5.63%, 01/26/22		2,128		1,655,584
5.88%, 01/11/28		2,550		1,767,010
6.63%, 07/06/28		630		444,159
6.88%, 04/22/21		2,575		2,159,138
6.88%, 01/26/27		1,924		1,382,394
6.88%, 01/11/48		1,750		1,158,911
7.13%, 07/06/36		1,070		735,625
7.13%, 06/28/17		1,631		1,086,890
7.50%, 04/22/26		4,055		3,042,690
7.63%, 04/22/46		1,581		1,100,795
8.28%, 12/31/33		883		661,359
Series NY, 3.75%, 12/31/38^(d)		3,151		1,655,482
Series NY, 8.28%, 12/31/33		2,358		1,745,784

				19,333,486

Azerbaijan — 0.4%
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23^(a)		550		562,455
6.95%, 03/18/30^(a)		600		683,160

				1,245,615

Bahrain — 1.9%
Bahrain Government International Bond
5.88%, 01/26/21^(a)		350		355,687
6.00%, 09/19/44^(a)		600		561,000
6.13%, 07/05/22^(a)		1,000		1,032,500
6.13%, 08/01/23^(a)		1,000		1,040,000
6.75%, 09/20/29^(a)		800		846,000
7.00%, 01/26/26^(a)		600		643,500
7.00%, 10/12/28^(a)		1,000		1,079,665
7.50%, 09/20/47^(a)		600		639,000

				6,197,352


Security	Par (000)		Value

Brazil — 6.2%
Banco Nacional de Desenvolvimento Economico e Social
5.50%, 07/12/20^(a)	$	400	$	411,366
5.75%, 09/26/23^(a)		600		646,323
Brazilian Government International Bond
2.63%, 01/05/23		1,500		1,447,500
4.25%, 01/07/25		2,548		2,572,206
4.50%, 05/30/29 (Call 02/28/29)		400		389,500
4.63%, 01/13/28 (Call 10/13/27)		1,900		1,905,177
4.88%, 01/22/21		1,511		1,550,286
5.00%, 01/27/45		2,226		2,030,112
5.63%, 01/07/41		1,567		1,563,607
5.63%, 02/21/47		1,700		1,668,831
6.00%, 04/07/26		1,414		1,555,400
7.13%, 01/20/37		1,160		1,359,340
8.25%, 01/20/34		950		1,206,096
8.75%, 02/04/25		400		497,702
8.88%, 04/15/24		520		645,840
10.13%, 05/15/27		500		687,623

				20,136,909

Costa Rica — 0.7%
Costa Rica Government International Bond
4.25%, 01/26/23^(a)		600		574,557
4.38%, 04/30/25^(a)		400		372,754
5.63%, 04/30/43^(a)		200		168,905
7.00%, 04/04/44^(a)		662		635,305
7.16%, 03/12/45^(a)		600		583,500

				2,335,021

Croatia — 1.2%
Croatia Government International Bond
5.50%, 04/04/23^(a)		800		867,200
6.00%, 01/26/24^(a)		1,100		1,231,774
6.38%, 03/24/21^(a)		1,006		1,067,366
6.63%, 07/14/20^(a)		650		677,300

				3,843,640

Dominican Republic — 2.6%
Dominican Republic International Bond
5.50%, 01/27/25^(a)		800		824,000
5.88%, 04/18/24^(a)		640		668,160
5.95%, 01/25/27^(a)		1,075		1,131,437
6.00%, 07/19/28^(a)		1,250		1,317,406
6.50%, 02/15/48^(a)		750		777,169
6.60%, 01/28/24^(a)		313		337,571
6.85%, 01/27/45^(a)		990		1,057,815
6.88%, 01/29/26^(a)		703		775,057
7.45%, 04/30/44^(a)		850		960,075
7.50%, 05/06/21^(a)		600		621,000

				8,469,690

Ecuador — 3.0%
Ecuador Government International Bond
7.88%, 01/23/28^(a)		1,700		1,638,638
7.95%, 06/20/24^(a)		1,345		1,365,612
8.75%, 06/02/23^(a)		700		741,300
8.88%, 10/23/27^(a)		1,500		1,524,113
9.63%, 06/02/27^(a)		600		635,700
9.65%, 12/13/26^(a)		1,044		1,111,615
10.75%, 03/28/22^(a)		1,762		1,974,612
10.75%, 01/31/29^(a)		600		669,141

				9,660,731


14		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Egypt — 3.1%
Egypt Government International Bond
5.58%, 02/21/23^(a)	$	800	$	792,000
5.88%, 06/11/25^(a)		800		781,000
6.13%, 01/31/22^(a)		1,500		1,515,000
6.20%, 03/01/24^(a)		400		401,500
6.59%, 02/21/28^(a)		814		784,492
6.88%, 04/30/40^(a)		506		467,418
7.50%, 01/31/27^(a)		1,200		1,231,500
7.60%, 03/01/29^(a)		1,000		1,005,000
7.90%, 02/21/48^(a)		800		771,000
8.50%, 01/31/47^(a)		1,500		1,518,750
8.70%, 03/01/49^(a)		800		821,000

				10,088,660

El Salvador — 1.0%
El Salvador Government International Bond
5.88%, 01/30/25^(a)		500		487,313
6.38%, 01/18/27^(a)		500		489,750
7.63%, 02/01/41^(a)		500		511,875
7.65%, 06/15/35^(a)		500		517,750
7.75%, 01/24/23^(a)		600		633,000
8.25%, 04/10/32^(a)		200		215,700
8.63%, 02/28/29^(a)		400		444,400

				3,299,788

Ghana — 1.0%
Ghana Government International Bond
7.63%, 05/16/29^(a)		800		785,000
7.88%, 08/07/23^(a)		400		418,500
8.13%, 01/18/26^(a)		770		796,950
8.63%, 06/16/49^(a)		400		383,000
10.75%, 10/14/30^(a)		700		864,500

				3,247,950

Guatemala — 0.4%
Guatemala Government Bond
4.38%, 06/05/27^(a)		200		196,213
4.50%, 05/03/26^(a)		400		396,800
4.88%, 02/13/28^(a)		400		404,266
5.75%, 06/06/22^(a)		400		419,678

				1,416,957

Ivory Coast — 0.5%
Ivory Coast Government International Bond
5.38%, 07/23/24^(a)		200		195,500
6.13%, 06/15/33^(a)		800		727,484
6.38%, 03/03/28^(a)		700		678,125

				1,601,109

Jamaica — 1.1%
Jamaica Government International Bond
6.75%, 04/28/28		1,100		1,230,152
7.63%, 07/09/25		500		571,603
7.88%, 07/28/45		700		846,996
8.00%, 03/15/39		700		847,731

				3,496,482

Jordan — 0.6%
Jordan Government International Bond
5.75%, 01/31/27^(a)		400		390,500
6.13%, 01/29/26^(a)		800		801,000
7.38%, 10/10/47^(a)		600		583,500

				1,775,000


Security	Par (000)		Value

Lebanon — 2.8%
Lebanon Government International Bond
6.00%, 01/27/23^(a)	$	700	$	604,625
6.10%, 10/04/22^(a)		900		791,473
6.15%, 06/19/20		350		336,807
6.20%, 02/26/25^(a)		550		457,875
6.25%, 05/27/22		300		264,508
6.25%, 11/04/24^(a)		435		362,681
6.40%, 05/26/23		400		345,159
6.60%, 11/27/26^(a)		650		533,582
6.65%, 04/22/24^(a)		520		443,950
6.65%, 11/03/28^(a)		500		402,398
6.65%, 02/26/30^(a)		790		624,072
6.75%, 11/29/27^(a)		600		486,753
6.85%, 03/23/27^(a)		800		656,764
6.85%, 05/25/29		600		482,205
7.00%, 03/23/32^(a)		600		482,787
7.05%, 11/02/35^(a)		300		236,210
7.25%, 03/23/37^(a)		500		396,692
8.25%, 04/12/21^(a)		1,256		1,212,040

				9,120,581

Morocco — 0.4%
Morocco Government International Bond
4.25%, 12/11/22^(a)		890		907,800
5.50%, 12/11/42^(a)		400		428,000

				1,335,800

Nigeria — 2.1%
Nigeria Government International Bond
6.38%, 07/12/23^(a)		200		205,961
6.50%, 11/28/27^(a)		1,000		985,000
6.75%, 01/28/21^(a)		400		412,000
7.14%, 02/23/30^(a)		714		708,645
7.63%, 11/21/25^(a)		700		747,250
7.63%, 11/28/47^(a)		700		672,875
7.70%, 02/23/38^(a)		800		789,236
7.88%, 02/16/32^(a)		800		826,000
8.75%, 01/21/31^(a)		700		770,000
9.25%, 01/21/49^(a)		500		544,375

				6,661,342

Pakistan — 0.6%
Pakistan Government International Bond
6.88%, 12/05/27^(a)		800		791,860
8.25%, 04/15/24^(a)		727		784,815
8.25%, 09/30/25^(a)		400		432,842

				2,009,517

Senegal — 0.5%
Senegal Government International Bond
6.25%, 07/30/24^(a)		400		416,500
6.25%, 05/23/33^(a)		900		867,375
6.75%, 03/13/48^(a)		400		368,554

				1,652,429

Serbia — 0.4%
Serbia International Bond, 7.25%, 09/28/21^(a)		1,286		1,400,133


South Africa — 2.7%
Republic of South Africa Government International Bond
4.30%, 10/12/28		1,000		933,625
4.67%, 01/17/24		900		906,750
4.85%, 09/27/27		800		778,000
4.88%, 04/14/26		700		692,989


S C H E D U L E O F I N V E S T M E N T S			15

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Africa (continued)
5.00%, 10/12/46	$	500	$	440,018
5.38%, 07/24/44		700		643,633
5.65%, 09/27/47		1,100		1,031,552
5.88%, 05/30/22		650		681,688
5.88%, 09/16/25		1,286		1,355,122
5.88%, 06/22/30		800		816,940
6.25%, 03/08/41		400		411,754
6.30%, 06/22/48		200		200,325

				8,892,396

Sri Lanka — 2.3%
Sri Lanka Government International Bond
5.75%, 01/18/22^(a)		200		198,067
5.75%, 04/18/23^(a)		900		879,997
5.88%, 07/25/22^(a)		562		556,074
6.13%, 06/03/25^(a)		500		480,072
6.20%, 05/11/27^(a)		800		752,796
6.25%, 10/04/20^(a)		300		301,433
6.25%, 07/27/21^(a)		778		781,396
6.75%, 04/18/28^(a)		600		578,250
6.83%, 07/18/26^(a)		800		785,996
6.85%, 03/14/24^(a)		500		503,750
6.85%, 11/03/25^(a)		1,000		996,565
7.85%, 03/14/29^(a)		700		717,706

				7,532,102

Trinidad And Tobago — 0.3%
Trinidad & Tobago Government International Bond
4.38%, 01/16/24^(a)		400		404,598
4.50%, 08/04/26^(a)		400		395,000

				799,598

Turkey — 9.1%
Export Credit Bank of Turkey
5.00%, 09/23/21^(a)		450		420,750
5.38%, 02/08/21^(a)		400		382,956
5.38%, 10/24/23^(a)		200		178,500
Turkey Government International Bond
3.25%, 03/23/23		1,000		875,175
4.25%, 04/14/26		1,000		830,635
4.88%, 10/09/26		1,860		1,584,320
4.88%, 04/16/43		1,729		1,271,291
5.13%, 03/25/22		749		714,460
5.13%, 02/17/28		1,300		1,098,598
5.63%, 03/30/21		1,286		1,266,710
5.75%, 03/22/24		1,550		1,450,327
5.75%, 05/11/47		2,176		1,705,821
6.00%, 03/25/27		1,921		1,728,256
6.00%, 01/14/41		1,703		1,381,346
6.13%, 10/24/28		1,300		1,165,613
6.25%, 09/26/22		1,683		1,641,068
6.63%, 02/17/45		1,779		1,514,151
6.75%, 05/30/40		1,175		1,028,084
6.88%, 03/17/36		1,691		1,513,741
7.00%, 06/05/20		600		605,250
7.25%, 12/23/23		1,200		1,195,998
7.25%, 03/05/38		500		462,388
7.38%, 02/05/25		1,870		1,847,700
7.63%, 04/26/29		1,500		1,458,750
8.00%, 02/14/34		863		863,280
11.88%, 01/15/30		950		1,213,221

				29,398,389


Security	Par/ Shares (000)		Value

Ukraine — 3.0%
Ukraine Government International Bond
7.38%, 09/25/32^(a)	$	1,800	$	1,588,500
7.75%, 09/01/20^(a)		500		498,612
7.75%, 09/01/21^(a)		850		843,200
7.75%, 09/01/22^(a)		1,000		982,000
7.75%, 09/01/23^(a)		975		940,875
7.75%, 09/01/24^(a)		918		877,608
7.75%, 09/01/25^(a)		836		788,348
7.75%, 09/01/26^(a)		900		838,800
7.75%, 09/01/27^(a)		848		781,856
8.99%, 02/01/24^(a)		500		499,500
9.75%, 11/01/28^(a)		500		510,697
Ukreximbank Via Biz Finance PLC, 9.75%, 01/22/25^(a)		450		451,688

				9,601,684

Venezuela — 1.1%
Venezuela Government International Bond
6.00%, 12/09/20^(a)(b)(e)		640		177,600
7.00%, 03/31/38^(a)(b)(e)		600		162,000
7.65%, 04/21/25^(a)(b)(e)		658		182,595
8.25%, 10/13/24^(a)(b)(e)		1,230		347,475
9.00%, 05/07/23^(a)(b)(e)		1,037		294,249
9.25%, 09/15/27^(b)(e)		1,962		593,505
9.25%, 05/07/28^(a)(b)(e)		892		251,990
9.38%, 01/13/34^(b)(e)		730		231,775
11.75%, 10/21/26^(a)(b)(e)		1,435		430,500
11.95%, 08/05/31^(a)(b)(e)		2,030		588,700
12.75%, 08/23/22^(a)(b)(e)		1,430		429,000

				3,689,389

Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24^(a)		600		628,881


Total Foreign Government Obligations — 55.2% (Cost: $195,558,353)				178,870,631


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%^(f)(g)		2,494		2,493,613


Total Short-Term Investments — 0.8% (Cost: $2,493,613)				2,493,613


Total Investments in Securities — 98.7% (Cost: $337,375,266)				319,749,286

Other Assets, Less Liabilities — 1.3%				4,277,701


Net Assets — 100.0%			$	324,026,987

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

^(d)	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.

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

^(f)	Affiliate of the Fund.

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


16		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® Emerging Markets High Yield Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)		Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,376	(882	)	2,494	$	2,493,613	$	26,720	$	—		$	—

^(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, 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
Corporate Bonds & Notes	$	—	$	138,385,042	$	—	$	138,385,042
Foreign Government Obligations		—		178,870,631		—		178,870,631
Money Market Funds		2,493,613		—		—		2,493,613

	$	2,493,613	$	317,255,673	$	—	$	319,749,286

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S			17

Schedule of Investments (unaudited)

April 30, 2019

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Corporate Bonds & Notes

Austria — 0.2%
Raiffeisenlandesbank Niederoesterreich-Wien AG, 5.88%, 11/27/23^(a)	EUR		100	$	124,589


Belgium — 0.5%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)^(a)	EUR		200		227,386


Canada — 1.7%
Baytex Energy Corp., 6.63%, 07/19/22 (Call 05/30/19)	CAD		75		55,963
Bombardier Inc., 6.13%, 05/15/21^(a)	EUR		100		120,820
Brookfield Residential Properties Inc., 6.13%, 05/15/23 (Call 05/30/19)^(a)	CAD		50		37,848
Cott Corp., 5.50%, 07/01/24 (Call 07/01/19)^(a)	EUR		100		117,193
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/19)^(a)	CAD		50		37,971
Mattamy Group Corp., 6.50%, 10/01/25 (Call 10/01/20)^(b)	CAD		50		37,857
Parkland Fuel Corp.
5.63%, 05/09/25 (Call 05/09/20)	CAD		150		113,110
5.75%, 09/16/24 (Call 09/16/19)	CAD		100		75,825
Postmedia Network Inc., 8.25%, 07/15/21 (Call 05/30/19)^(b)	CAD		3		1,892
Quebecor Media Inc., 6.63%, 01/15/23^(b)	CAD		100		80,137
Southern Pacific Resource Corp., 8.75%, 01/25/18^(b)(c)(d)	CAD		50		4
Videotron Ltd.
5.63%, 06/15/25 (Call 03/15/25)	CAD		100		79,062
5.75%, 01/15/26 (Call 09/15/20)^(a)	CAD		100		78,613

					836,295

Denmark — 1.0%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)^(a)	EUR		200		243,074
TDC AS
5.00%, 03/02/22	EUR		100		125,072
6.88%, 02/23/23^(a)	GBP		100		147,987

					516,133

Finland — 2.0%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)^(a)	EUR		100		113,466
2.00%, 03/15/24 (Call 12/15/23)^(a)	EUR		200		231,314
2.00%, 03/11/26 (Call 12/11/25)^(a)	EUR		150		168,679
Teollisuuden Voima OYJ
2.13%, 02/04/25 (Call 11/04/24)^(a)	EUR		100		114,640
2.50%, 03/17/21^(a)	EUR		100		116,385
2.63%, 01/13/23^(a)	EUR		200		236,112

					980,596

France — 11.0%
Altice France SA/France
5.63%, 05/15/24 (Call 05/30/19)^(a)	EUR		200		231,116
5.88%, 02/01/27 (Call 02/01/22)^(a)	EUR		250		296,637
Casino Guichard Perrachon SA
1.87%, 06/13/22 (Call 03/13/22)^(a)	EUR		200		208,752
3.58%, 02/07/25 (Call 11/07/24)^(a)	EUR		200		201,810
4.05%, 08/05/26 (Call 05/05/26)^(a)	EUR		100		100,103
4.50%, 03/07/24 (Call 12/07/23)^(a)	EUR		100		109,538
4.56%, 01/25/23^(a)	EUR		100		110,748
5.24%, 03/09/20	EUR		100		114,976
5.98%, 05/26/21^(a)	EUR		100		119,243
CMA CGM SA
5.25%, 01/15/25 (Call 10/15/20)^(a)	EUR		200		186,718
7.75%, 01/15/21 (Call 05/10/19)^(a)	EUR		200		225,943


Security		Par (000)		Value

France (continued)
Elis SA
1.75%, 04/11/24 (Call 01/11/24)^(a)	EUR		100	$	112,605
1.88%, 02/15/23 (Call 11/15/22)^(a)	EUR		100		114,600
2.88%, 02/15/26 (Call 11/15/25)^(a)	EUR		100		117,328
Europcar Mobility Group
4.13%, 11/15/24 (Call 11/15/20)^(a)	EUR		200		230,951
5.75%, 06/15/22 (Call 05/10/19)^(a)	EUR		200		228,433
Faurecia SA
2.63%, 06/15/25 (Call 06/15/21)^(a)	EUR		150		171,592
3.13%, 06/15/26 (Call 06/15/22)^(a)	EUR		100		114,309
3.63%, 06/15/23 (Call 06/15/19)^(a)	EUR		100		114,468
La Financiere Atalian SASU
4.00%, 05/15/24 (Call 05/15/20)^(a)	EUR		100		84,053
5.13%, 05/15/25 (Call 05/15/21)^(a)	EUR		100		84,236
Loxam SAS
3.50%, 05/03/23 (Call 05/10/19)^(a)	EUR		100		113,970
6.00%, 04/15/25 (Call 04/15/20)^(a)	EUR		100		118,581
Orano SA
3.13%, 03/20/23 (Call 12/20/22)^(a)	EUR		100		117,129
3.25%, 09/04/20^(a)	EUR		100		115,861
3.38%, 04/23/26 (Call 01/23/26)^(a)	EUR		100		113,064
3.50%, 03/22/21^(a)	EUR		200		235,108
4.88%, 09/23/24	EUR		200		249,365
Rexel SA
2.13%, 06/15/25 (Call 12/15/20)^(a)	EUR		150		169,399
2.75%, 06/15/26 (Call 03/15/22)^(a)	EUR		100		113,661
SPCM SA, 2.88%, 06/15/23 (Call 05/10/19)^(a)	EUR		200		226,149
Synlab Bondco PLC, 6.25%, 07/01/22 (Call 05/10/19)^(a)	EUR		200		229,462
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23 (Call 05/10/19)^(a)	EUR		150		176,955
Vallourec SA
2.25%, 09/30/24^(a)	EUR		100		78,805
6.38%, 10/15/23 (Call 10/15/20)^(a)	EUR		100		95,498
6.63%, 10/15/22 (Call 10/15/20)^(a)	EUR		100		99,872

					5,531,038

Germany — 8.8%
ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)^(a)	EUR		100		113,334
1.50%, 04/17/22 (Call 03/17/22)^(a)	EUR		100		112,787
1.88%, 04/27/23 (Call 03/27/23)^(a)	EUR		200		226,411
3.00%, 04/27/26 (Call 02/27/26)^(a)	EUR		100		115,462
Deutsche Bank AG
2.75%, 02/17/25^(a)	EUR		225		252,663
4.50%, 05/19/26^(a)	EUR		200		233,987
Deutsche Lufthansa AG, 5.13%, 08/12/75 (Call 02/12/21)^(a)(e)	EUR		150		179,551
K+S AG
2.63%, 04/06/23 (Call 01/06/23)^(a)	EUR		100		117,494
3.25%, 07/18/24 (Call 04/18/24)^(a)	EUR		100		118,595
4.13%, 12/06/21^(a)	EUR		200		243,251
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)^(a)(e)	EUR		75		91,809
METRO AG
1.38%, 10/28/21^(a)	EUR		100		113,817
1.50%, 03/19/25^(a)	EUR		100		110,838
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)^(a)	EUR		100		110,092
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)^(a)	EUR		200		229,351
Norddeutsche Landesbank Girozentrale, 6.00%, 06/29/20	EUR		100		115,954
RWE AG
2.75%, 04/21/75 (Call 10/21/20)^(a)(e)	EUR		125		143,068
3.50%, 04/21/75 (Call 04/21/25)^(a)(e)	EUR		50		58,392


18		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)^(a)	EUR		350	$	393,629
1.75%, 11/25/20 (Call 08/25/20)^(a)	EUR		250		284,321
2.50%, 02/25/25^(a)	EUR		100		115,659
2.88%, 02/22/24 (Call 11/22/23)^(a)	EUR		300		347,162
Unitymedia GmbH, 3.75%, 01/15/27 (Call 01/15/21)^(a)	EUR		200		237,104
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)^(a)	EUR		100		118,246
4.00%, 01/15/25 (Call 01/15/20)^(a)	EUR		100		116,524
4.63%, 02/15/26 (Call 02/15/21)^(a)	EUR		90		109,394

					4,408,895

Greece — 0.6%
OTE PLC
2.38%, 07/18/22^(a)	EUR		100		117,254
3.50%, 07/09/20^(a)	EUR		175		202,896

					320,150

Ireland — 3.5%
Allied Irish Banks PLC, 4.13%, 11/26/25 (Call 11/26/20)^(a)(e)	EUR		100		117,150
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 05/15/23 (Call 05/15/19)^(a)	EUR		200		229,329
4.75%, 07/15/27 (Call 07/15/22)^(a)	GBP		100		127,057
6.75%, 05/15/24 (Call 05/15/19)^(a)	EUR		150		177,380
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)^(a)(e)	GBP		100		128,972
James Hardie International Finance DAC, 3.63%, 10/01/26 (Call 10/01/21)^(a)	EUR		100		116,897
Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)^(a)	EUR		100		118,171
2.88%, 01/15/26^(a)	EUR		125		147,956
3.25%, 06/01/21 (Call 03/10/21)^(a)	EUR		200		236,310
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24^(a)	EUR		200		201,782
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/19)^(a)	GBP		100		134,656

					1,735,660

Israel — 2.6%
Teva Pharmaceutical Finance Netherlands II BV
0.38%, 07/25/20^(a)	EUR		350		389,140
1.25%, 03/31/23 (Call 12/31/22)^(a)	EUR		300		319,347
1.63%, 10/15/28^(a)	EUR		150		136,045
1.88%, 03/31/27 (Call 12/31/26)^(a)	EUR		100		96,670
4.50%, 03/01/25 (Call 12/01/24)	EUR		300		354,080

					1,295,282

Italy — 19.1%
Banca IFIS SpA, 2.00%, 04/24/23^(a)	EUR		100		106,421
Banca Monte dei Paschi di Siena SpA, 5.38%, 01/18/28 (Call 01/18/23)^(a)(e)	EUR		100		69,564
Banco BPM SpA
1.75%, 04/24/23^(a)	EUR		100		111,636
2.00%, 03/08/22^(a)	EUR		150		169,404
2.75%, 07/27/20^(a)	EUR		275		316,774
4.38%, 09/21/27 (Call 09/21/22)^(a)(e)	EUR		100		111,090
6.00%, 11/05/20^(a)	EUR		150		177,550
6.38%, 05/31/21^(a)	EUR		100		120,584
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)^(a)(e)	EUR		100		115,126
Fiat Chrysler Finance Europe SA
4.75%, 03/22/21^(a)	EUR		150		181,560
4.75%, 07/15/22^(a)	EUR		400		501,616
Iccrea Banca SpA, 1.50%, 10/11/22^(a)	EUR		200		223,486


Security	Par (000)			Value

Italy (continued)
International Game Technology PLC, 4.75%, 02/15/23 (Call 08/15/22)^(a)		EUR	100	$	122,066
Intesa Sanpaolo SpA
2.86%, 04/23/25^(a)		EUR	175		198,788
3.93%, 09/15/26^(a)		EUR	175		206,401
5.15%, 07/16/20		EUR	150		177,450
6.63%, 09/13/23^(a)		EUR	300		398,999
Leonardo SpA
1.50%, 06/07/24 (Call 03/07/24)^(a)		EUR	125		140,184
4.50%, 01/19/21		EUR	200		239,952
5.25%, 01/21/22		EUR	100		125,807
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26		EUR	75		88,196
5.00%, 11/15/20		EUR	100		119,014
5.75%, 04/18/23		EUR	125		158,483
Nexi Capital SpA, 4.13%, 11/01/23 (Call 11/30/19)^(a)		EUR	150		174,636
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)^(a)		EUR	200		241,617
Saipem Finance International BV
2.75%, 04/05/22^(a)		EUR	100		117,323
3.00%, 03/08/21^(a)		EUR	100		116,776
3.75%, 09/08/23^(a)		EUR	100		120,777
Salini Impregilo SpA
1.75%, 10/26/24^(a)		EUR	150		132,341
3.75%, 06/24/21^(a)		EUR	100		107,799
Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)^(a)		EUR	200		207,755
2.50%, 07/19/23^(a)		EUR	100		113,809
2.88%, 01/28/26 (Call 10/28/25)^(a)		EUR	100		109,373
3.00%, 09/30/25^(a)		EUR	100		112,089
3.25%, 01/16/23^(a)		EUR	150		176,159
3.63%, 01/19/24^(a)		EUR	100		117,001
3.63%, 05/25/26^(a)		EUR	100		114,675
4.00%, 04/11/24 (Call 01/11/24)^(a)		EUR	125		146,777
4.88%, 09/25/20^(a)		EUR	100		119,022
5.25%, 02/10/22^(a)		EUR	200		250,337
UniCredit SpA
4.38%, 01/03/27 (Call 01/03/22)^(a)(e)		EUR	100		116,488
4.88%, 02/20/29 (Call 02/20/24)^(a)(e)		EUR	200		233,130
5.75%, 10/28/25 (Call 10/28/20)^(a)(e)		EUR	200		235,615
6.13%, 04/19/21^(a)		EUR	100		122,471
6.95%, 10/31/22^(a)		EUR	386		501,216
Unione di Banche Italiane SpA
4.25%, 05/05/26 (Call 05/05/21)^(a)(e)		EUR	200		225,741
4.45%, 09/15/27 (Call 09/15/22)^(a)(e)		EUR	100		112,687
5.88%, 03/04/29 (Call 03/04/24)^(a)(e)		EUR	150		171,959
Unipol Gruppo SpA
3.00%, 03/18/25^(a)		EUR	175		197,823
3.50%, 11/29/27 (Call 08/29/27)^(a)		EUR	100		111,564
4.38%, 03/05/21^(a)		EUR	100		119,230
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28^(a)		EUR	100		106,757
Wind Tre SpA
2.63%, 01/20/23 (Call 11/03/19)^(a)		EUR	200		218,846
3.13%, 01/20/25 (Call 11/03/20)^(a)		EUR	425		454,557

					9,586,501

Japan — 2.4%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)^(a)		EUR	250		281,810
4.00%, 07/30/22 (Call 04/30/22)^(a)		EUR	200		241,339
4.00%, 09/19/29 (Call 06/21/29)^(a)		EUR	200		223,268


S C H E D U L E O F I N V E S T M E N T S			19

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
4.50%, 04/20/25 (Call 01/20/25)^(a)	EUR		100	$	122,017
5.00%, 04/15/28 (Call 01/16/28)^(a)	EUR		300		360,940

					1,229,374

Luxembourg — 3.8%
Altice Financing SA, 5.25%, 02/15/23 (Call 05/30/19)^(a)	EUR		200		230,285
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)^(a)	EUR		100		97,221
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)^(a)	EUR		200		221,457
7.25%, 05/15/22 (Call 05/30/19)^(a)	EUR		400		457,458
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 05/10/19)^(a)	GBP		200		241,039
INEOS Finance PLC, 2.13%, 11/15/25 (Call 11/15/20)^(a)	EUR		100		108,875
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/19)^(a)	EUR		100		115,001
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 05/10/19)^(a)	EUR		300		338,482
4.00%, 11/15/27 (Call 11/15/22)^(a)	EUR		100		110,151

					1,919,969

Netherlands — 4.7%
Axalta Coating Systems LLC, 4.25%, 08/15/24 (Call 08/15/19)^(a)	EUR		100		115,749
Constellium NV
4.25%, 02/15/26 (Call 11/15/20)^(a)	EUR		100		115,560
4.63%, 05/15/21 (Call 05/30/19)^(a)	EUR		100		112,266
InterXion Holding NV, 4.75%, 06/15/25 (Call 06/15/21)^(a)	EUR		250		299,087
Lincoln Financing SARL, 3.63%, 04/01/24 (Call 10/01/20)^(a)	EUR		100		114,770
OCI NV, 5.00%, 04/15/23 (Call 04/15/20)^(a)	EUR		100		118,335
Saipem Finance International BV, 2.63%, 01/07/25^(a)	EUR		100		114,000
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/20)^(a)	EUR		100		115,558
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)^(a)	EUR		100		107,750
SNS Bank NV, 6.25%, 10/26/20^(d)	EUR		50		—
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)^(a)	EUR		100		115,100
United Group BV, 4.88%, 07/01/24 (Call 07/01/20)^(a)	EUR		100		115,453
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)^(a)	EUR		200		230,341
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)^(a)	EUR		100		117,566
Ziggo Bond Co. BV, 7.13%, 05/15/24 (Call 05/30/19)^(a)	EUR		200		232,741
Ziggo BV
3.75%, 01/15/25 (Call 01/15/20)^(a)	EUR		100		115,432
4.25%, 01/15/27 (Call 01/15/22)^(a)	EUR		200		233,377

					2,373,085

Portugal — 1.7%
Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)^(a)(e)	EUR		100		110,856
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)^(a)(e)	EUR		100		121,596
EDP — Energias de Portugal SA
4.50%, 04/30/79 (Call 01/30/24)^(a)(e)	EUR		200		240,042
5.38%, 09/16/75 (Call 03/16/21)^(a)(e)	EUR		200		241,249
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)^(a)(e)	EUR		100		115,633

					829,376

Spain — 5.0%
Banco de Sabadell SA
5.38%, 12/12/28 (Call 12/12/23)^(a)(e)	EUR		100		120,310
5.63%, 05/06/26^(a)	EUR		100		124,526
Bankia SA
3.38%, 03/15/27 (Call 03/15/22)^(a)(e)	EUR		100		116,404
3.75%, 02/15/29 (Call 02/15/24)^(a)(e)	EUR		200		231,825
Bankinter SA, 2.50%, 04/06/27 (Call 04/06/22)^(a)(e)	EUR		100		115,129


Security		Par (000)		Value

Spain (continued)
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)^(a)	EUR		200	$	229,248
2.88%, 04/18/25 (Call 01/18/25)^(a)	EUR		100		116,951
3.13%, 07/27/22^(a)	EUR		100		118,980
Distribuidora Internacional de Alimentacion SA, 0.88%, 04/06/23 (Call 01/06/23)^(a)	EUR		100		71,725
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)^(a)	EUR		100		116,255
Gestamp Automocion SA, 3.25%, 04/30/26 (Call 04/30/21)^(a)	EUR		200		220,137
Grifols SA, 3.20%, 05/01/25 (Call 05/01/20)^(a)	EUR		200		228,368
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 05/30/19)^(c)	EUR		141		79
Ibercaja Banco SA, 5.00%, 07/28/25 (Call 07/28/20)^(a)(e)	EUR		100		115,612
LHMC Finco Sarl, 6.25%, 12/20/23 (Call 06/20/20)^(a)	EUR		200		237,636
Liberbank SA, 6.88%, 03/14/27 (Call 03/14/22)^(a)(e)	EUR		100		121,463
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)^(a)(e)	EUR		175		219,624

					2,504,272

Sweden — 3.1%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)^(a)(e)	EUR		100		115,697
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)^(a)(e)	EUR		100		110,969
Intrum AB
2.75%, 07/15/22 (Call 07/15/19)^(a)	EUR		300		333,218
3.13%, 07/15/24 (Call 07/15/20)^(a)	EUR		200		220,926
Telefonaktiebolaget LM Ericsson
0.88%, 03/01/21^(a)	EUR		100		113,273
Series 7Y, 1.88%, 03/01/24^(a)	EUR		100		115,129
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/19)^(a)	EUR		200		230,184
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)^(a)	EUR		200		223,864
3.25%, 05/18/21^(a)	EUR		100		118,331

					1,581,591

Switzerland — 0.7%
Dufry Finance SCA, 4.50%, 08/01/23 (Call 05/30/19)^(a)	EUR		100		115,851
Dufry One BV, 2.50%, 10/15/24 (Call 10/15/20)^(a)	EUR		200		229,132

					344,983

United Kingdom — 7.7%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/20)^(a)	EUR		100		117,481
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)^(a)	GBP		100		108,227
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)^(a)	GBP		150		210,132
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/19)^(a)	GBP		100		132,185
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24^(a)	EUR		200		247,632
Heathrow Finance PLC, 3.88%, 03/01/27^(a)	GBP		100		125,841
INEOS Finance PLC
2.88%, 05/01/26 (Call 05/01/22)^(a)	EUR		100		111,333
4.00%, 05/01/23 (Call 05/10/19)^(a)	EUR		200		226,299
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24^(a)	EUR		150		145,771
2.75%, 01/24/21^(a)	GBP		200		249,524
4.50%, 01/15/26 (Call 10/15/25)^(a)	EUR		150		152,559
Merlin Entertainments PLC, 2.75%, 03/15/22 (Call 12/15/21)^(a)	EUR		150		175,608
New Look Secured Issuer PLC, 6.50%, 07/01/22 (Call 05/10/19)^(a)	GBP		100		37,806
Tesco Corporate Treasury Services PLC
1.38%, 10/24/23 (Call 07/24/23)^(a)	EUR		200		229,460
2.50%, 07/01/24^(a)	EUR		200		242,025


20		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
Tesco PLC, 6.13%, 02/24/22	GBP		100	$	145,530
Thomas Cook Finance 2 PLC, 3.88%, 07/15/23 (Call 01/15/20)^(a)	EUR		100		74,711
Thomas Cook Group PLC, 6.25%, 06/15/22 (Call 06/15/19)^(a)	EUR		100		85,515
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)^(a)	EUR		100		116,158
6.38%, 10/15/24 (Call 10/15/19)^(a)	GBP		100		136,925
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/19)^(a)	GBP		100		134,362
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)^(a)	GBP		100		131,738
5.00%, 04/15/27 (Call 04/15/22)^(a)	GBP		200		264,582
5.13%, 01/15/25 (Call 01/15/20)^(a)	GBP		100		134,144
6.25%, 03/28/29 (Call 01/15/21)^(a)	GBP		100		137,937

					3,873,485

United States — 17.6%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)^(a)	EUR		175		169,156
AMC Entertainment Holdings Inc., 6.38%, 11/15/24 (Call 11/15/19)	GBP		100		130,188
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/20)^(a)	EUR		100		116,643
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/20)^(a)	EUR		100		118,653
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)^(a)	EUR		100		116,440
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/20)^(a)	EUR		100		115,345
Ball Corp.
3.50%, 12/15/20	EUR		100		117,724
4.38%, 12/15/23	EUR		200		256,369
Banff Merger Sub Inc., 8.38%, 09/01/26 (Call 09/01/21)^(a)	EUR		100		113,926
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 05/30/19)^(a)	EUR		300		339,090
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)^(a)	EUR		150		173,789
BWAY Holding Co., 4.75%, 04/15/24 (Call 04/15/20)^(a)	EUR		100		114,820
Ceva Logistics Finance BV, 5.25%, 08/01/25 (Call 08/01/21)^(a)	EUR		100		113,013
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)	EUR		100		116,535
Coty Inc.
4.00%, 04/15/23 (Call 04/15/20)^(a)	EUR		100		112,702
4.75%, 04/15/26 (Call 04/15/21)^(a)	EUR		100		112,287
Crown European Holdings SA
2.25%, 02/01/23 (Call 11/01/22)^(a)	EUR		100		116,901
2.63%, 09/30/24 (Call 03/31/24)^(a)	EUR		125		147,896
2.88%, 02/01/26 (Call 08/01/25)^(a)	EUR		100		117,263
3.38%, 05/15/25 (Call 11/15/24)^(a)	EUR		100		121,430
4.00%, 07/15/22 (Call 04/15/22)^(a)	EUR		100		122,756
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)^(a)	EUR		100		117,430
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)^(a)	EUR		100		115,364
Equinix Inc.
2.88%, 03/15/24 (Call 09/15/20)	EUR		200		231,989
2.88%, 10/01/25 (Call 10/01/20)	EUR		150		172,726
2.88%, 02/01/26 (Call 02/01/21)	EUR		300		345,854
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)^(a)	EUR		100		120,869
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/20)^(a)	EUR		100		117,415
Infor U.S. Inc., 5.75%, 05/15/22 (Call 05/15/19)	EUR		100		113,709
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)^(a)	EUR		125		145,935
4.75%, 03/05/20^(a)	EUR		100		116,137


Security		Par/ Shares (000)			Value

United States (continued)
IQVIA Inc.
2.88%, 09/15/25 (Call 09/15/20)^(a)	EUR		100		$	113,794
3.25%, 03/15/25 (Call 03/15/20)^(a)	EUR		350			399,351
3.50%, 10/15/24 (Call 10/15/19)^(a)	EUR		100			114,677
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)^(a)	GBP		100			125,630
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100			117,704
LKQ European Holdings BV
3.63%, 04/01/26 (Call 04/01/21)^(a)	EUR		100			116,952
4.13%, 04/01/28 (Call 04/01/23)^(a)	EUR		100			117,482
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)^(a)	EUR		100			122,231
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)	EUR		100			118,188
4.00%, 08/19/22 (Call 05/19/22)	EUR		100			122,259
Netflix Inc.
3.63%, 05/15/27	EUR		350			410,096
3.88%, 11/15/29^(a)	EUR		200			229,356
4.63%, 05/15/29^(a)	EUR		200			243,733
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)^(a)	EUR		100			119,209
4.88%, 03/31/21^(a)	EUR		100			121,391
6.75%, 09/15/20^(a)	EUR		100			121,863
Panther BF Aggregator 2 LP/Panther Finance Co. Inc., 4.38%, 05/15/26 (Call 05/15/22)^(a)	EUR		125			143,502
PVH Corp., 3.13%, 12/15/27 (Call 09/15/27)^(a)	EUR		150			178,402
Refinitiv U.S. Holdings Inc.
4.50%, 05/15/26 (Call 11/15/21)^(a)	EUR		150			169,400
6.88%, 11/15/26 (Call 11/15/21)^(a)	EUR		100			112,423
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)^(a)	EUR		100			108,240
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)^(a)	EUR		100			125,806
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/15/20)	EUR		200			230,517
Tenneco Inc.
4.88%, 04/15/22 (Call 05/30/19)^(a)	EUR		125			143,560
5.00%, 07/15/24 (Call 07/15/20)^(a)	EUR		100			117,836
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25 (Call 11/15/20)^(a)	GBP		100			135,749
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)^(a)	EUR		100			116,445

						8,856,150


Total Corporate Bonds & Notes — 97.7% (Cost: $52,490,184)						49,074,810


Common Stocks

South Africa — 0.0%
Sentry Holdings Ltd. Class A^(d)			0	^(f)		—


Total Common Stocks — 0.0% (Cost: $159,438)						—


S C H E D U L E O F I N V E S T M E N T S			21

Schedule of Investments (unaudited) (continued)

April 30, 2019

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, 2.37%^(g)(h)		5	$	4,688


Total Short-Term Investments — 0.0% (Cost: $4,688)				4,688


Total Investments in Securities — 97.7% (Cost: $52,654,310)				49,079,498

Other Assets, Less Liabilities — 2.3%				1,154,814


Net Assets — 100.0%			$	50,234,312

^(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 1,000.

^(g)	Affiliate of the Fund.

^(h)	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, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)		Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	13	(8	)	5	$	4,688	$	561	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	49,074,806	$	4	$	49,074,810
Common Stocks		—		—		—		—
Money Market Funds		4,688		—		—		4,688

	$	4,688	$	49,074,806	$	4	$	49,079,498

See notes to financial statements.


22		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Argentina — 2.2%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)^(a)	$	150	$	139,125
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)^(a)		224		209,475
Genneia SA, 8.75%, 01/20/22 (Call 01/20/20)^(a)(b)		100		78,704
Pampa Energia SA
7.38%, 07/21/23 (Call 07/21/20)^(a)		100		89,672
7.50%, 01/24/27 (Call 01/24/22)^(a)		150		126,750
Rio Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)^(a)		150		97,275
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)^(a)		139		118,696
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)^(a)		100		89,651
Telecom Argentina SA, 6.50%, 06/15/21 (Call 06/15/19)^(a)		150		141,452
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)^(a)(b)		150		135,691
YPF SA
6.95%, 07/21/27^(a)(b)		225		190,623
7.00%, 12/15/47 (Call 06/15/47)^(a)		200		154,746
8.50%, 07/28/25^(a)		450		411,750
8.75%, 04/04/24^(a)		330		315,538

				2,299,148

Brazil — 7.3%
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23^(a)		200		201,940
Banco do Brasil SA/Cayman
4.63%, 01/15/25^(a)		200		202,256
5.88%, 01/19/23^(a)		200		210,541
9.00%, (Call 06/18/24)^(a)(b)(c)(d)		200		213,000
9.25%, (Call 04/15/23)^(a)(c)(d)		200		218,037
Braskem Netherlands Finance BV
3.50%, 01/10/23^(a)(b)		200		197,095
4.50%, 01/10/28^(a)		200		196,000
BRF SA, 3.95%, 05/22/23^(a)		200		191,000
CSN Islands XII Corp., 7.00%, (Call 06/23/19)^(a)(c)		100		87,000
Embraer Netherlands Finance BV
5.05%, 06/15/25		157		165,439
5.40%, 02/01/27		50		53,688
Fibria Overseas Finance Ltd., 5.25%, 05/12/24		50		52,703
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)^(a)		50		47,500
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)^(a)		150		161,740
Itau Unibanco Holding SA/Cayman Islands
5.13%, 05/13/23^(a)(b)		200		208,077
5.65%, 03/19/22^(a)(b)		200		208,791
6.50%, (Call 03/19/23)^(a)(c)(d)		200		199,321
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)^(a)(b)		200		207,980
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 07/15/19)^(a)		75		76,575
Klabin Austria GmbH, 5.75%, 04/03/29 (Call 01/03/29)^(e)		200		199,960
Marfrig Holdings Europe BV, 8.00%, 06/08/23 (Call 06/08/19)^(a)		200		207,800
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)^(a)		200		196,428
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)^(a)(b)(f)		152		37,825
Oi SA, 10.00%, (10.00% PIK), 07/27/25^(f)		100		105,000
Petrobras Global Finance BV
4.38%, 05/20/23^(b)		100		100,750
5.30%, 01/27/25^(b)		158		162,266
5.63%, 05/20/43		100		90,925
5.75%, 02/01/29^(b)		100		100,045


Security	Par (000)		Value

Brazil (continued)
6.00%, 01/27/28^(b)	$	325	$	333,531
6.13%, 01/17/22		134		142,073
6.25%, 03/17/24		225		242,269
6.75%, 01/27/41		100		101,519
6.85%, 06/05/15		100		97,550
6.88%, 01/20/40		98		100,608
6.90%, 03/19/49		200		199,940
7.25%, 03/17/44^(b)		150		158,495
7.38%, 01/17/27		250		278,325
8.75%, 05/23/26^(b)		200		239,760
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)^(a)		200		202,661
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)^(a)		200		212,500
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)^(a)		400		427,792
Vale Overseas Ltd.
6.25%, 08/10/26^(b)		200		218,775
6.88%, 11/10/39		200		232,250
8.25%, 01/17/34		100		126,471

				7,614,201

Chile — 4.0%
Banco de Credito e Inversiones SA, 3.50%, 10/12/27^(a)(b)		200		196,300
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)		200		205,480
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)^(a)		200		190,750
5.15%, 02/12/25 (Call 11/12/24)^(a)(b)		200		206,200
Colbun SA, 4.50%, 07/10/24 (Call 04/11/24)^(a)		400		410,634
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)^(a)		200		189,221
Empresa Nacional de Telecomunicaciones SA
4.75%, 08/01/26 (Call 05/03/26)^(a)		200		201,291
4.88%, 10/30/24^(a)		200		203,255
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		200		198,050
Enel Chile SA, 4.88%, 06/12/28		300		317,666
GNL Quintero SA, 4.63%, 07/31/29^(a)		200		206,163
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)^(a)		600		610,500
Latam Finance Ltd.
6.88%, 04/11/24 (Call 04/11/21)^(a)		200		205,696
7.00%, 03/01/26 (Call 03/01/23)^(a)		200		204,500
SACI Falabella, 3.75%, 04/30/23^(a)		200		200,550
VTR Finance BV, 6.88%, 01/15/24 (Call 05/10/19)^(a)		400		414,264

				4,160,520

China — 9.5%
Alibaba Group Holding Ltd.
3.40%, 12/06/27 (Call 09/06/27)		500		490,325
4.00%, 12/06/37 (Call 06/06/37)		200		193,356
Azure Nova International Finance Ltd., 3.50%, 03/21/22^(a)		200		198,789
Baidu Inc., 4.13%, 06/30/25		200		204,739
Bank of China Ltd./Hong Kong
3.44%, 03/08/23, (3 mo. LIBOR US + 0.850%)^(a)(g)		200		200,383
3.88%, 06/30/25^(a)		200		204,545
Bank of China Ltd./Macau, 2.88%, 04/20/22^(a)		200		198,423
Bank of Communications Co. Ltd., 4.50%, 10/03/24 (Call 10/03/19)^(a)(d)		200		200,509
BOC Aviation Ltd., 3.73%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)^(a)(g)		200		200,000
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25^(a)		200		203,245
China Cinda Finance 2017 I Ltd., 3.88%, 02/08/23^(a)		200		202,371


S C H E D U L E O F I N V E S T M E N T S			23

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

China (continued)
China Construction Bank Corp., 3.88%, 05/13/25 (Call 05/13/20)^(a)(d)	$	200	$	200,361
China Evergrande Group
8.25%, 03/23/22 (Call 03/23/20)^(a)		200		192,165
8.75%, 06/28/25 (Call 06/28/21)^(a)		200		183,250
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24^(a)		200		221,205
CITIC Ltd., 3.88%, 02/28/27^(a)		200		197,245
CMBLEMTN 1 Ltd., 3.25%, 11/29/21^(a)		200		197,409
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23^(a)		200		205,387
CNOOC Finance 2012 Ltd., 3.88%, 05/02/22^(a)		200		204,075
CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/24		200		208,065
CNPC General Capital Ltd., 3.40%, 04/16/23^(a)		200		200,591
Country Garden Holdings Co. Ltd., 4.75%, 07/25/22 (Call 07/25/20)^(a)		200		196,195
Easy Tactic Ltd., 5.75%, 01/13/22 (Call 01/13/20)^(a)		200		195,409
Fortune Star BVI Ltd., 5.25%, 03/23/22 (Call 03/23/20)^(a)		200		196,563
Franshion Brilliant Ltd., 4.00%, (Call 01/03/23)^(a)(c)(d)		200		191,850
Huarong Finance 2017 Co. Ltd.
4.50%, (Call 01/24/22)^(a)(c)(d)		400		399,886
4.75%, 04/27/27^(a)		200		204,070
Huarong Finance II Co. Ltd., 5.50%, 01/16/25^(a)		200		212,491
ICBCIL Finance Co. Ltd., 2.50%, 09/29/21^(a)		200		195,557
Industrial & Commercial Bank of China Ltd./London, 3.43%, 10/25/23, (3 mo. LIBOR US + 0.850%)^(a)(g)		400		400,683
Industrial & Commercial Bank of China Ltd./Singapore, 3.53%, 04/24/22, (3 mo. LIBOR US + 0.950%)^(a)(g)		200		201,439
JD.com Inc., 3.88%, 04/29/26		200		195,461
Kaisa Group Holdings Ltd., 8.50%, 06/30/22 (Call 06/30/20)^(a)		200		183,519
Lenovo Group Ltd., 4.75%, 03/29/23^(a)		200		200,730
Nexen Inc.
6.40%, 05/15/37		200		253,735
7.50%, 07/30/39		100		143,369
Proven Honour Capital Ltd., 4.13%, 05/19/25^(a)		200		198,551
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)^(a)		200		199,937
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27^(a)		200		207,095
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23^(a)(b)		200		198,417
Sunac China Holdings Ltd., 7.95%, 08/08/22 (Call 08/08/20)^(a)		200		204,245
Tencent Holdings Ltd.
3.60%, 01/19/28 (Call 10/19/27)^(a)		300		294,278
3.93%, 01/19/38 (Call 07/19/37)^(a)		200		191,243
Tsinghua Unic Ltd., 5.38%, 01/31/23^(a)		200		193,250
Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 04/18/23^(a)		200		201,853
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)^(a)		200		201,059

				9,967,323

Colombia — 4.9%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)^(a)		250		263,750
Banco de Bogota SA
4.38%, 08/03/27^(a)		200		201,520
5.38%, 02/19/23^(a)		200		208,563
6.25%, 05/12/26^(a)		200		217,852
Bancolombia SA
4.88%, 10/18/27 (Call 10/18/22)^(d)		200		201,134
5.13%, 09/11/22		193		200,720
5.95%, 06/03/21		300		315,630
Colombia Telecomunicaciones SA ESP
5.38%, 09/27/22 (Call 05/30/19)^(a)(b)		200		203,000
8.50%, (Call 03/30/20)^(a)(c)(d)		100		103,385


Security	Par (000)		Value

Colombia (continued)
Ecopetrol SA
4.13%, 01/16/25	$	200	$	201,200
5.38%, 06/26/26 (Call 03/26/26)		325		347,766
5.88%, 09/18/23		550		596,530
5.88%, 05/28/45		600		618,030
7.38%, 09/18/43		100		121,013
Grupo Aval Ltd., 4.75%, 09/26/22^(a)		200		203,691
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)^(a)		200		213,480
Millicom International Cellular SA
6.00%, 03/15/25 (Call 03/15/20)^(a)		200		207,750
6.25%, 03/25/29 (Call 03/25/24)^(e)		200		206,750
6.63%, 10/15/26 (Call 10/15/21)^(a)		200		213,780
SURAAsset Management SA, 4.88%, 04/17/24^(a)(b)		100		104,300
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28^(a)		200		218,039

				5,167,883

Ghana — 0.6%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)^(e)		200		200,500
Tullow Oil PLC
6.25%, 04/15/22 (Call 05/10/19)^(a)		200		201,281
7.00%, 03/01/25 (Call 03/01/21)^(a)(b)		200		203,640

				605,421

Guatemala — 0.4%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 06/14/19)^(a)		200		206,935
Industrial Senior Trust, 5.50%, 11/01/22^(a)		200		202,339

				409,274

Hong Kong — 5.4%
AIA Group Ltd.
3.90%, 04/06/28 (Call 01/06/28)^(a)		200		204,988
4.50%, 03/16/46 (Call 09/16/45)^(a)		200		211,407
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)^(a)(c)(d)		400		419,360
Bank of East Asia Ltd. (The), 4.00%, 11/03/26 (Call 11/03/21)^(a)(d)		200		199,965
Celestial Miles Ltd., 5.75%, (Call 01/31/24)^(a)(c)(d)		200		206,625
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)^(a)(c)(d)		200		209,463
CK Hutchison International 16 Ltd., 2.75%, 10/03/26^(a)(b)		800		756,108
HKT Capital No. 4 Ltd., 3.00%, 07/14/26^(a)		200		189,525
HLP Finance Ltd., 4.75%, 06/25/22^(a)		200		207,067
Hongkong Electric Finance Ltd., 2.88%, 05/03/26^(a)		200		191,569
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/22^(a)		200		207,857
Hutchison Whampoa International 11 Ltd., 4.63%, 01/13/22^(a)(b)		600		623,380
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)^(a)(c)(d)		200		197,839
Nan Fung Treasury II Ltd., 5.50%, (Call 05/29/20)^(a)(c)		200		189,551
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)^(a)(c)(d)		200		193,611
NWD Finance BVI Ltd., 5.75%, (Call 10/05/21)^(a)(c)		200		190,819
OVPH Ltd., 5.88%, (Call 03/01/21)^(a)(c)		200		201,925
PCPD Capital Ltd., 4.75%, 03/09/22^(a)		200		199,851
Radiant Access Ltd., 4.60%, (Call 05/18/20)^(a)(c)		200		180,225
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22^(a)		200		207,363
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23^(a)		200		210,257
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26^(a)		200		200,031

				5,598,786


24		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

India — 5.0%
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28^(a)	$	200	$	187,000
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27 (Call 06/30/27)^(a)		200		191,951
Axis Bank Ltd./Dubai, 3.00%, 08/08/22^(a)		200		196,375
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25^(a)		200		200,237
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24^(a)		200		207,617
Bharti Airtel Ltd., 4.38%, 06/10/25^(a)(b)		200		197,046
Canara Bank/London, 3.25%, 08/10/22^(a)		200		197,175
Delhi International Airport Ltd., 6.13%, 10/31/26^(a)		200		206,453
Greenko Dutch BV, 5.25%, 07/24/24 (Call 07/24/20)^(a)		200		194,825
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26^(a)		250		249,519
Indian Oil Corp. Ltd.
4.75%, 01/16/24^(a)		200		207,049
5.75%, 08/01/23^(a)		200		215,059
JSW Steel Ltd., 5.25%, 04/13/22^(a)		200		200,451
NTPC Ltd., 4.38%, 11/26/24^(a)		200		205,113
Oil India Ltd., 5.38%, 04/17/24^(a)		200		212,827
ONGC Videsh Ltd., 4.63%, 07/15/24^(a)		200		207,277
REC Ltd., 5.25%, 11/13/23^(a)		200		209,377
Reliance Holdings USA Inc.,
5.40%, 02/14/22^(a)		250		262,639
Reliance Industries Ltd.
4.13%, 01/28/25^(a)		250		255,259
4.88%, 02/10/45^(a)		250		258,599
State Bank of India/London
4.38%, 01/24/24^(a)		200		204,973
4.88%, 04/17/24^(a)		200		209,547
Vedanta Resources Ltd.
7.13%, 05/31/23^(a)(b)		400		390,026
8.25%, 06/07/21^(a)		200		206,977

				5,273,371

Indonesia — 2.0%
Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 05/30/19)^(f)		102		91,756
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)^(a)		250		235,681
Listrindo Capital BV, 4.95%, 09/14/26 (Call 09/14/21)^(a)		200		193,001
LLPL Capital Pte Ltd., 6.88%, 02/04/39^(a)		200		215,916
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)^(a)		200		194,500
Minejesa Capital BV
4.63%, 08/10/30^(a)		400		387,487
5.63%, 08/10/37^(a)		200		197,975
Perusahaan Gas Negara Persero Tbk, 5.13%, 05/16/24^(a)		400		419,326
Saka Energi Indonesia PT, 4.45%, 05/05/24^(a)		200		198,000

				2,133,642

Israel — 4.6%
Altice Financing SA
6.63%, 02/15/23 (Call 05/30/19)^(a)		400		410,500
7.50%, 05/15/26 (Call 05/15/21)^(a)		600		607,500
Israel Chemicals Ltd., 6.38%, 05/31/38 (Call 11/30/37)^(e)		150		164,063
Israel Electric Corp. Ltd.
6.88%, 06/21/23^(a)		200		224,750
Series 6, 5.00%, 11/12/24^(e)		400		426,010
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		200		187,786
Series 2, 3.65%, 11/10/21^(b)		300		295,319
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		300		292,875


Security	Par (000)		Value

Israel (continued)
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21	$	450	$	431,469
2.80%, 07/21/23		600		544,008
3.15%, 10/01/26		800		668,104
4.10%, 10/01/46		290		205,105
6.75%, 03/01/28 (Call 12/01/27)		300		308,716

				4,766,205

Jamaica — 0.6%
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)^(a)		400		263,400
Digicel Group Two Ltd.
9.13%, (9.13% PIK), 04/01/24 (Call 05/31/19)^(e)(f)		1		265
9.13%, (9.13% PIK), 04/01/24 (Call 05/30/19)^(a)(f)		200		62,000
Digicel Ltd., 6.75%, 03/01/23 (Call 05/15/19)^(a)(b)		400		281,520

				607,185

Kazakhstan — 0.5%
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/30/19)^(a)		147		146,700
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/19)^(a)		200		141,500
Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26^(a)		200		199,750

				487,950

Kuwait — 1.8%
Burgan Senior SPC Ltd., 3.13%, 09/14/21^(a)		200		198,170
Equate Petrochemical BV
3.00%, 03/03/22^(a)		450		446,063
4.25%, 11/03/26^(a)		200		204,500
Equate Sukuk Spc Ltd., 3.94%, 02/21/24^(a)		200		202,500
Kuwait Projects Co. SPC Ltd.
4.50%, 02/23/27^(a)		200		194,500
5.00%, 03/15/23^(a)		200		207,000
NBK SPC Ltd., 2.75%, 05/30/22^(a)		400		394,000

				1,846,733

Macau — 2.2%
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 06/06/20)^(a)		200		199,267
Sands China Ltd.
4.60%, 08/08/23 (Call 07/08/23)		200		206,195
5.13%, 08/08/25 (Call 06/08/25)		600		633,297
5.40%, 08/08/28 (Call 05/08/28)		600		633,915
Studio City Co. Ltd., 7.25%, 11/30/21 (Call 05/30/19)^(a)		200		206,559
Studio City Finance Ltd., 7.25%, 02/11/24 (Call 02/11/21)^(a)		200		208,250
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 10/01/20)^(a)		200		196,737

				2,284,220

Malaysia — 1.3%
Gohl Capital Ltd., 4.25%, 01/24/27^(a)		400		397,894
IOI Investment L Bhd, 4.38%, 06/27/22^(a)		200		202,907
Malayan Banking Bhd, 3.91%, 10/29/26 (Call 10/29/21)^(a)(d)		200		200,351
RHB Bank Bhd, 2.50%, 10/06/21^(a)		200		197,131
TNB Global Ventures Capital Bhd
3.24%, 10/19/26^(a)		200		191,629
4.85%, 11/01/28^(a)		200		213,760

				1,403,672

Mexico — 5.6%
Alfa SAB de CV, 5.25%, 03/25/24 (Call 12/25/23)^(a)		200		208,799
America Movil SAB de CV
3.13%, 07/16/22		200		200,974
6.13%, 03/30/40		400		496,440


S C H E D U L E O F I N V E S T M E N T S			25

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mexico (continued)
6.38%, 03/01/35	$	200	$	246,033
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24^(a)		150		149,698
Banco Mercantil del Norte SA/Grand Cayman, 5.75%, 10/04/31 (Call 10/04/26)^(a)(d)		200		195,845
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
4.13%, 11/09/22^(a)(b)		300		304,621
5.95%, 10/01/28 (Call 10/01/23)^(a)(d)		200		209,910
BBVA Bancomer SA/Texas
4.38%, 04/10/24^(a)		150		154,097
5.13%, 01/18/33 (Call 01/17/28)^(a)(d)		200		189,500
6.75%, 09/30/22^(a)		150		162,902
Cemex SAB de CV
6.13%, 05/05/25 (Call 05/05/20)^(a)(b)		200		207,912
7.75%, 04/16/26 (Call 04/16/21)^(a)		200		218,500
Coca-Cola FEMSA SAB de CV, 3.88%, 11/26/23		150		154,709
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)^(a)		195		195,101
El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26^(a)		200		194,936
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		150		150,136
Grupo Bimbo SAB de CV
3.88%, 06/27/24^(a)		200		202,503
4.50%, 01/25/22^(a)		100		102,625
4.88%, 06/27/44^(a)		200		195,000
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		200		197,575
6.63%, 01/15/40		100		116,147
Mexichem SAB de CV, 5.50%, 01/15/48 (Call 07/15/47)^(a)		200		190,500
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)^(a)		200		196,993
Southern Copper Corp.
3.88%, 04/23/25		100		101,000
5.25%, 11/08/42		200		208,500
5.88%, 04/23/45^(b)		150		167,625
6.75%, 04/16/40		100		120,125
7.50%, 07/27/35		200		253,250
Trust F/1401, 5.25%, 01/30/26 (Call 10/30/25)^(a)		200		204,737

				5,896,693

Morocco — 0.6%
OCP SA
4.50%, 10/22/25^(a)		200		198,250
5.63%, 04/25/24^(a)		200		210,250
6.88%, 04/25/44^(a)		200		217,000

				625,500

Nigeria — 0.4%
IHS Netherlands Holdco BV, 9.50%, 10/27/21 (Call 05/30/19)^(a)		200		207,028
Zenith Bank PLC, 7.38%, 05/30/22^(a)		200		208,500

				415,528

Oman — 0.5%
National Bank of Oman SAOG, 5.63%, 09/25/23^(a)		200		199,797
Oztel Holdings SPC Ltd., 6.63%, 04/24/28^(a)		300		292,442

				492,239

Panama — 0.6%
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)^(a)		200		195,976
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)^(a)(b)		200		200,750
Global Bank Corp., 4.50%, 10/20/21^(a)(b)		200		203,000

				599,726


Security	Par (000)		Value

Peru — 2.0%
Banco de Credito del Peru, 4.25%, 04/01/23^(a)	$	300	$	310,088
BBVA Banco Continental SA, 5.00%, 08/26/22^(a)		150		157,875
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28^(a)		200		218,231
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)^(a)		200		200,113
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)^(a)		200		196,841
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(a)		200		212,500
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)^(a)		200		207,730
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27 (Call 04/28/22)^(a)		200		198,000
Peru LNG Srl, 5.38%, 03/22/30^(a)(b)		200		211,129
Transportadora de Gas del Peru SA, 4.25%, 04/30/28^(a)		200		204,250

				2,116,757

Philippines — 0.8%
Bank of the Philippine Islands, 4.25%, 09/04/23^(a)		200		206,749
BDO Unibank Inc., 2.95%, 03/06/23^(a)		200		196,491
JGSH Philippines Ltd., 4.38%, 01/23/23^(a)		200		201,999
Petron Corp., 4.60%, (Call 07/19/23)^(a)(c)(d)		200		195,800

				801,039

Poland — 0.2%
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB, 4.63%, 09/26/22^(a)		200		207,529


Qatar — 2.6%
ABQ Finance Ltd., 3.50%, 02/22/22^(a)		200		198,213
AKCB Finance Ltd., 4.75%, 10/09/23^(a)		200		206,301
CBQ Finance Ltd., 3.25%, 06/13/21^(a)		200		198,750
Nakilat Inc., 6.07%, 12/31/33^(a)		350		395,500
Ooredoo International Finance Ltd.
3.25%, 02/21/23^(a)		350		349,563
3.88%, 01/31/28^(a)		200		201,500
5.00%, 10/19/25^(a)		200		215,500
QIB Sukuk Ltd., 3.25%, 05/23/22^(a)		200		196,000
QNB Finance Ltd., 2.13%, 09/07/21^(a)		200		195,300
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27^(a)		250		275,769
6.33%, 09/30/27^(a)		250		281,616

				2,714,012

Russia — 5.5%
Alfa Bank AO Via Alfa Bond Issuance PLC, 8.00%, (Call 02/03/22)^(a)(c)(d)		200		195,987
Credit Bank of Moscow Via CBOM Finance PLC, 7.50%, 10/05/27 (Call 10/05/22)^(a)(d)		200		163,750
Eurochem Finance DAC, 5.50%, 03/13/24^(a)		200		202,626
Evraz PLC, 5.38%, 03/20/23^(a)		200		203,500
Gazprom Neft OAO Via GPN Capital SA
4.38%, 09/19/22^(a)		200		202,250
6.00%, 11/27/23^(a)		200		215,000
Gazprom OAO Via Gaz Capital SA
4.95%, 07/19/22^(a)		400		414,500
4.95%, 02/06/28^(a)		200		203,250
6.51%, 03/07/22^(a)		100		107,500
7.29%, 08/16/37^(a)		100		119,950
8.63%, 04/28/34^(a)		250		328,611
Lukoil International Finance BV
4.56%, 04/24/23^(a)		400		410,000
6.66%, 06/07/22^(a)		100		108,250
Metalloinvest Finance DAC, 4.85%, 05/02/24^(a)		200		199,500


26		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Russia (continued)
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23^(a)	$	200	$	199,000
Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22^(a)		200		202,500
Novolipetsk Steel via Steel Funding DAC, 4.50%, 06/15/23^(a)		200		200,750
Polyus Finance PLC, 5.25%, 02/07/23^(a)		200		201,750
Rosneft Oil Co. Via Rosneft International Finance DAC, 4.20%, 03/06/22^(a)		200		200,500
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22^(a)		400		407,382
6.13%, 02/07/22^(a)		200		211,900
VEON Holdings BV
4.95%, 06/16/24 (Call 03/16/24)^(a)		200		201,750
5.95%, 02/13/23^(a)		200		207,500
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22^(a)		400		417,000
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)^(a)(c)(d)		200		206,850

				5,731,556

Saudi Arabia — 3.0%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39^(a)		200		207,000
Almarai Sukuk Ltd., 4.31%, 03/05/24^(a)		200		203,710
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23^(a)		200		190,283
SABIC Capital II BV
4.00%, 10/10/23^(a)		400		410,400
4.50%, 10/10/28^(a)		200		210,800
Saudi Electricity Global Sukuk Co., 4.21%, 04/03/22^(a)		200		206,000
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43^(a)		200		206,690
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24^(a)		600		615,600
5.50%, 04/08/44^(a)		200		216,500
Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24^(a)		200		206,500
4.72%, 09/27/28^(a)		400		424,000

				3,097,483

Singapore — 2.9%
DBS Group Holdings Ltd.
3.20%, 07/25/22, (3 mo. LIBOR US + 0.620%)^(a)(g)		200		200,613
3.60%, (Call 09/07/21)^(a)(c)(d)		200		196,927
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)		310		318,913
GLP Pte Ltd., 3.88%, 06/04/25^(a)		425		409,753
Oversea-Chinese Banking Corp. Ltd.
4.00%, 10/15/24 (Call 10/15/19)^(a)(d)		400		400,992
4.25%, 06/19/24^(a)(b)		200		206,425
SingTel Group Treasury Pte Ltd.
3.25%, 06/30/25^(a)		500		501,622
3.88%, 08/28/28 (Call 05/28/28)^(a)		200		206,191
United Overseas Bank Ltd.
3.50%, 09/16/26 (Call 09/16/21)^(a)(d)		400		400,042
3.88%, (Call 10/19/23)^(a)(c)(d)		200		193,581

				3,035,059

South Africa — 2.5%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22^(b)		157		162,508
Liquid Telecommunications Financing PLC, 8.50%, 07/13/22 (Call 07/13/20)^(a)		200		202,250
MTN Mauritius Investment Ltd.
4.76%, 11/11/24^(a)		200		192,958
5.37%, 02/13/22^(a)		200		201,438
6.50%, 10/13/26^(a)		200		205,500


Security	Par (000)		Value

South Africa (continued)
Myriad International Holdings BV
4.85%, 07/06/27 (Call 04/06/27)^(a)	$	200	$	207,905
5.50%, 07/21/25 (Call 04/21/25)^(a)		400		432,000
Petra Diamonds U.S. Treasury PLC, 7.25%, 05/01/22 (Call 05/30/19)^(a)		200		188,750
Sasol Financing International Ltd., 4.50%, 11/14/22^(b)		400		405,000
SASOL Financing USA LLC
5.88%, 03/27/24 (Call 02/27/24)		200		212,300
6.50%, 09/27/28 (Call 06/27/28)		200		218,352

				2,628,961

South Korea — 4.0%
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)^(a)(c)(d)		200		195,000
Heungkuk Life Insurance Co. Ltd., 4.48%, 11/09/47 (Call 11/09/22)^(a)(d)		200		188,000
Hyundai Capital Services Inc., 3.00%, 03/06/22^(a)		400		395,769
Kia Motors Corp., 3.00%, 04/25/23^(a)		200		196,519
Kookmin Bank, 2.88%, 03/25/23^(a)		200		197,976
Korea East-West Power Company Ltd., 2.63%, 06/19/22^(a)		200		198,145
Korea Gas Corp.
3.50%, 07/21/25^(a)		200		203,663
3.88%, 02/12/24^(a)		200		206,565
Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/22^(a)		200		200,367
Kyobo Life Insurance Co. Ltd., 3.95%, 07/24/47 (Call 07/24/22)^(a)(d)		200		196,575
NongHyup Bank
1.88%, 09/12/21^(a)		200		195,151
2.88%, 07/17/22^(a)		200		198,963
Shinhan Bank Co. Ltd., 2.88%, 03/28/22^(a)		400		398,962
SK Innovation Co. Ltd., 4.13%, 07/13/23^(a)		200		206,530
SK Telecom Co. Ltd., 3.75%, 04/16/23^(a)		200		204,298
Woori Bank
2.63%, 07/20/21^(a)(b)		200		198,503
4.75%, 04/30/24^(a)		400		418,598
5.25%, (Call 05/16/22)^(a)(c)(d)		200		202,485

				4,202,069

Taiwan — 0.2%
Formosa Group Cayman Ltd., 3.38%, 04/22/25^(a)		200		198,561


Thailand — 1.6%
Bangkok Bank PCL/Hong Kong
4.05%, 03/19/24^(a)		200		205,953
4.45%, 09/19/28^(a)(b)		200		209,357
5.00%, 10/03/23^(a)		200		213,567
PTT Global Chemical PCL, 4.25%, 09/19/22^(a)		200		204,947
PTTEP Treasury Center Co. Ltd., 4.60%, (Call 07/17/22)^(a)(c)(d)		200		199,291
Siam Commercial Bank PCL/Cayman Islands
2.75%, 05/16/23^(a)		200		195,168
4.40%, 02/11/29^(a)		200		207,963
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48^(a)		200		225,679

				1,661,925

Turkey — 4.4%
Akbank Turk AS, 5.13%, 03/31/25^(a)		200		171,708
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 11/01/22^(a)		200		188,020
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)^(a)		200		190,708
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)^(a)		200		190,750
6.50%, 03/11/25 (Call 12/11/24)^(a)		200		194,149
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)^(a)		200		184,500


S C H E D U L E O F I N V E S T M E N T S			27

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Turkey (continued)
QNB Finansbank AS, 4.88%, 05/19/22^(a)	$	200	$	188,000
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)^(a)		200		175,438
Turk Telekomunikasyon AS, 4.88%, 06/19/24^(a)		200		178,770
Turkcell Iletisim Hizmetleri AS, 5.75%, 10/15/25^(a)		200		183,020
Turkiye Garanti Bankasi AS, 5.88%, 03/16/23^(a)		400		372,000
Turkiye Is Bankasi AS
5.00%, 06/25/21^(a)		200		186,750
5.38%, 10/06/21^(a)		200		187,000
5.50%, 04/21/22^(a)		200		182,750
6.13%, 04/25/24^(a)		200		172,728
7.00%, 06/29/28 (Call 06/29/23)^(a)(d)		200		150,750
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)^(e)		200		191,500
Turkiye Vakiflar Bankasi TAO
5.63%, 05/30/22^(a)		200		181,938
5.75%, 01/30/23^(a)		200		176,770
6.00%, 11/01/22^(a)		200		172,770
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24^(a)		200		173,627
6.10%, 03/16/23^(a)		200		181,978
8.25%, 10/15/24^(e)		200		190,520
8.50%, 03/09/26 (Call 03/09/21)^(a)(d)		300		269,162

				4,635,306

Ukraine — 1.1%
DTEK Finance PLC, 10.75%, (10.75% PIK), 12/31/24 (Call 05/31/19)^(f)		360		350,085
Kernel Holding SA, 8.75%, 01/31/22^(a)		200		203,938
Metinvest BV
7.75%, 04/23/23 (Call 01/23/23)^(a)		200		195,500
8.50%, 04/23/26 (Call 01/23/26)^(a)		200		195,978
MHP SE, 7.75%, 05/10/24^(a)		200		201,728

				1,147,229

United Arab Emirates — 5.4%
Abu Dhabi National Energy Co. PJSC
3.63%, 06/22/21^(a)		200		201,250
3.63%, 01/12/23^(a)		200		202,520
4.38%, 04/23/25^(a)		200		206,049
4.38%, 06/22/26^(a)		200		205,500
4.88%, 04/23/30^(a)		200		213,500
6.50%, 10/27/36^(a)		100		126,125
ADCB Finance Cayman Ltd., 4.50%, 03/06/23^(a)		200		205,250
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)^(a)(c)(d)		200		212,250
BOS Funding Ltd., 4.23%, 03/07/22^(a)		200		200,500
DAE Funding LLC, 5.00%, 08/01/24 (Call 08/01/20)^(a)		400		407,500
DIB Sukuk Ltd., 3.66%, 02/14/22^(a)		200		200,250
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)^(a)(c)(d)		200		207,500
Dolphin Energy Ltd. LLC, 5.50%, 12/15/21^(a)		200		211,100
DP World Crescent Ltd.
3.91%, 05/31/23^(a)		200		203,000
4.85%, 09/26/28^(a)		200		208,851
DP World PLC, 6.85%, 07/02/37^(a)		300		365,164
Emaar Sukuk Ltd., 3.64%, 09/15/26^(a)		200		191,068
EMG SUKUK Ltd., 4.56%, 06/18/24^(a)		200		203,000
Emirates NBD Tier 1 Ltd., 5.75%, (Call 05/30/19)^(a)(c)(d)		200		199,250
Fab Sukuk Co. Ltd., 3.63%, 03/05/23^(a)		200		201,071
First Abu Dhabi Bank PJSC, 3.00%, 03/30/22^(a)		200		198,000
MAF Global Securities Ltd., 4.75%, 05/07/24^(a)		200		204,533
Ruwais Power Co. PJSC, 6.00%, 08/31/36^(a)		200		233,500


Security	Par/ Shares (000)		Value

United Arab Emirates (continued)
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)^(a)	$	200	$	194,750
SIB Sukuk Co. III Ltd., 4.23%, 04/18/23^(a)		200		202,000
Union National Bank PJSC, 4.00%, 03/13/23^(a)		200		201,614

				5,605,095

Zambia — 1.1%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 09/01/20)^(a)		200		188,295
7.25%, 04/01/23 (Call 10/01/19)^(a)		600		592,500
7.50%, 04/01/25 (Call 04/01/20)^(a)		400		387,054

				1,167,849


Total Corporate Bonds & Notes — 97.3% (Cost: $101,761,626)				101,605,650


Foreign Government Obligations^(h)

Nigeria — 0.2%
Africa Finance Corp., 3.88%, 04/13/24^(a)		200		199,250


South Korea — 0.5%
Korea Gas Corp., 6.25%, 01/20/42^(a)(b)		200		271,925
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23^(a)		200		204,832

				476,757

Supranational — 0.2%
African Export-Import Bank (The), 5.25%, 10/11/23^(a)		200		209,250


Total Foreign Government Obligations — 0.9% (Cost: $887,372)				885,257


Short-Term Investments

Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%^(i)(j)(k)		7,886		7,889,628
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%^(i)(j)		903		903,351

				8,792,979


Total Short-Term Investments — 8.4% (Cost: $8,791,188)				8,792,979


Total Investments in Securities — 106.6% (Cost: $111,440,186)				111,283,886

Other Assets, Less Liabilities — (6.6)%				(6,905,119	)


Net Assets — 100.0%			$	104,378,767

^(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)	Perpetual security with no stated maturity date.

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

^(e)	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.

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

⁽ⁱ⁾	Affiliate of the Fund.

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


28		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Corporate Bond ETF

^(k)	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, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)	Shares Held at 04/30/19 (000)		Value at 04/30/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,764	3,122	7,886	$	7,889,628	$	20,963	^(b)	$	15		$	1,277
BlackRock Cash Funds: Treasury, SL Agency Shares	336	567	903		903,351		8,297			—			—


				$8,792,979		$29,260			$ 15			$ 1,277

^(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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	101,605,650	$	—	$	101,605,650
Foreign Government Obligations		—		885,257		—		885,257
Money Market Funds		8,792,979		—		—		8,792,979


	$ 8,792,979		$102,490,907		$ —		$111,283,886

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S			29

Schedule of Investments (unaudited)

April 30, 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 — 4.5%
Argentine Bonos del Tesoro
15.50%, 10/17/26	ARS		783,640	$	12,818,922
16.00%, 10/17/23	ARS		553,441		9,239,703
18.20%, 10/03/21	ARS		454,348		7,480,317

					29,538,942

Brazil — 12.9%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/20^(a)	BRL		51,500		12,085,022
0.00%, 07/01/21^(a)	BRL		37,037		7,997,754
0.00%, 01/01/22^(a)	BRL		39,524		8,164,823
0.00%, 07/01/22^(a)	BRL		44,000		8,693,683
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/21	BRL		51,772		13,661,140
Series F, 10.00%, 01/01/23	BRL		52,557		14,041,780
Series F, 10.00%, 01/01/25	BRL		37,399		10,025,824
Series F, 10.00%, 01/01/27	BRL		32,193		8,628,442
Series F, 10.00%, 01/01/29	BRL		5,263		1,414,985
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		130,251
10.25%, 01/10/28	BRL		1,420		403,950
12.50%, 01/05/22	BRL		1,633		465,835

					85,713,489

Chile — 4.5%
Bonos de la Tesoreria de la Republica en pesos
4.00%, 03/01/23^(b)	CLP		1,610,000		2,401,317
4.50%, 02/28/21	CLP		1,425,000		2,140,623
4.50%, 03/01/21	CLP		2,905,000		4,363,817
4.50%, 03/01/26	CLP		3,450,000		5,245,910
4.70%, 09/01/30^(b)	CLP		1,190,000		1,835,231
5.00%, 03/01/35	CLP		4,015,000		6,421,419
6.00%, 01/01/43	CLP		3,705,000		6,812,437
Chile Government International Bond, 5.50%, 08/05/20	CLP		390,000		586,724

					29,807,478

Colombia — 4.2%
Colombia Government International Bond
7.75%, 04/14/21	COP		5,918,000		1,907,783
9.85%, 06/28/27	COP		745,000		286,205
Colombian TES
6.00%, 04/28/28	COP		10,213,300		3,023,902
6.25%, 11/26/25	COP		9,058,000		2,791,726
7.00%, 05/04/22	COP		14,339,200		4,628,819
7.00%, 06/30/32	COP		10,094,900		3,103,130
7.50%, 08/26/26	COP		13,353,000		4,383,718
7.75%, 09/18/30	COP		6,683,600		2,201,440
10.00%, 07/24/24	COP		12,055,800		4,385,933
11.00%, 07/24/20	COP		2,417,900		802,923

					27,515,579

Czech Republic — 4.4%
Czech Republic Government Bond
0.25%, 02/10/27	CZK		49,300		1,901,853
0.45%, 10/25/23^(c)	CZK		62,700		2,585,970
0.95%, 05/15/30^(c)	CZK		60,430		2,357,596
1.00%, 06/26/26^(c)	CZK		79,660		3,280,517
2.40%, 09/17/25^(c)	CZK		59,750		2,701,136
2.50%, 08/25/28^(c)	CZK		76,580		3,517,022
2.75%, 07/23/29	CZK		59,400		2,775,277


Security		Par (000)		Value

Czech Republic (continued)
3.75%, 09/12/20^(c)	CZK		20,820	$	935,157
3.85%, 09/29/21^(c)	CZK		76,740		3,526,952
4.70%, 09/12/22^(c)	CZK		59,850		2,870,968
5.70%, 05/25/24^(c)	CZK		57,450		3,001,936

					29,454,384

Dominican Republic — 4.5%
Dominican Republic International Bond, 8.90%, 02/15/23^(c)	DOP		1,530,350		29,658,739


Hungary — 4.3%
Hungary Government Bond
0.50%, 04/21/21	HUF		443,240		1,526,097
1.75%, 10/26/22	HUF		703,090		2,455,963
2.50%, 10/27/21	HUF		404,000		1,453,453
2.75%, 12/22/26	HUF		950,650		3,300,716
3.00%, 06/26/24	HUF		504,000		1,824,224
3.00%, 10/27/27	HUF		725,680		2,540,912
3.50%, 06/24/20	HUF		841,710		3,023,555
5.50%, 06/24/25	HUF		835,010		3,406,201
6.00%, 11/24/23	HUF		667,380		2,731,489
6.75%, 10/22/28	HUF		406,390		1,831,182
7.00%, 06/24/22	HUF		786,630		3,198,642
7.50%, 11/12/20	HUF		332,320		1,277,911

					28,570,345

Indonesia — 6.3%
Indonesia Treasury Bond
5.63%, 05/15/23	IDR		37,962,000		2,514,816
6.13%, 05/15/28	IDR		27,992,000		1,752,692
6.63%, 05/15/33	IDR		16,216,000		981,495
7.00%, 05/15/22	IDR		34,074,000		2,381,593
7.00%, 05/15/27	IDR		40,550,000		2,710,447
7.50%, 08/15/32	IDR		21,966,000		1,447,444
7.50%, 05/15/38	IDR		26,056,000		1,679,469
8.13%, 05/15/24	IDR		20,400,000		1,478,105
8.25%, 07/15/21	IDR		41,215,000		2,967,480
8.25%, 05/15/29	IDR		31,102,000		2,247,387
8.25%, 06/15/32	IDR		13,183,000		922,810
8.25%, 05/15/36	IDR		23,110,000		1,607,970
8.38%, 03/15/24	IDR		47,242,000		3,454,955
8.38%, 09/15/26	IDR		39,283,000		2,844,144
8.38%, 03/15/34	IDR		47,766,000		3,385,704
8.38%, 04/15/39	IDR		19,505,000		1,363,981
8.75%, 05/15/31	IDR		27,159,000		1,991,660
9.00%, 03/15/29	IDR		30,798,000		2,317,955
9.50%, 07/15/31	IDR		4,008,000		309,389
10.50%, 08/15/30	IDR		6,985,000		575,956
11.00%, 11/15/20	IDR		3,648,000		271,872
11.00%, 09/15/25	IDR		10,435,000		850,544
12.80%, 06/15/21	IDR		8,190,000		639,970
Perusahaan Penerbit SBSN Indonesia, 8.88%, 11/15/31	IDR		13,500,000		963,711

					41,661,549

Malaysia — 4.4%
Malaysia Government Bond
3.48%, 03/15/23	MYR		9,261		2,228,329
3.49%, 03/31/20	MYR		10,443		2,528,537
3.62%, 11/30/21	MYR		2,340		568,374
3.73%, 06/15/28	MYR		4,708		1,124,636
3.76%, 04/20/23	MYR		1,442		350,752


30		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

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		804	$	195,583
3.90%, 11/30/26	MYR		6,640		1,612,843
3.90%, 11/16/27	MYR		9,000		2,179,931
3.96%, 09/15/25	MYR		4,449		1,086,075
4.06%, 09/30/24	MYR		1,200		294,984
4.16%, 07/15/21	MYR		2,406		590,946
4.18%, 07/15/24	MYR		6,391		1,580,349
4.23%, 06/30/31	MYR		4,362		1,067,500
4.76%, 04/07/37	MYR		3,117		793,050
4.94%, 09/30/43	MYR		3,695		939,771
Malaysia Government Investment Issue
3.23%, 04/15/20	MYR		1,500		362,092
3.95%, 04/14/22	MYR		19,405		4,743,601
4.07%, 09/30/26	MYR		6,898		1,691,856
4.09%, 11/30/23	MYR		4,191		1,030,055
4.13%, 08/15/25	MYR		5,450		1,340,918
4.26%, 07/26/27	MYR		5,000		1,242,379
4.37%, 10/31/28	MYR		7,065		1,771,243

					29,323,804

Mexico — 8.2%
Mexican Bonos
5.00%, 12/11/19	MXN		10,623		547,772
5.75%, 03/05/26	MXN		68,562		3,164,875
6.50%, 06/10/21	MXN		103,448		5,284,805
6.50%, 06/09/22	MXN		161,923		8,168,079
7.25%, 12/09/21	MXN		55,900		2,881,550
7.50%, 06/03/27	MXN		125,285		6,342,164
7.75%, 05/29/31	MXN		43,707		2,204,833
7.75%, 11/23/34	MXN		39,700		1,968,721
7.75%, 11/13/42	MXN		66,840		3,242,624
8.00%, 06/11/20	MXN		20,929		1,100,755
8.00%, 12/07/23	MXN		100,915		5,309,491
8.00%, 09/05/24	MXN		23,900		1,254,068
8.00%, 11/07/47	MXN		23,251		1,151,278
8.50%, 05/31/29	MXN		42,300		2,270,877
8.50%, 11/18/38	MXN		54,525		2,868,855
10.00%, 12/05/24	MXN		90,723		5,202,235
10.00%, 11/20/36	MXN		22,923		1,377,135

					54,340,117

Peru — 4.5%
Peru Government Bond
5.70%, 08/12/24	PEN		8,940		2,869,455
5.94%, 02/12/29^(b)	PEN		9,573		3,055,084
6.15%, 08/12/32^(b)	PEN		14,317		4,554,973
6.35%, 08/12/28	PEN		21,864		7,179,429
6.90%, 08/12/37	PEN		9,535		3,207,294
6.95%, 08/12/31	PEN		12,511		4,259,129
8.20%, 08/12/26	PEN		13,056		4,745,364

					29,870,728

Philippines — 4.5%
Philippine Government International Bond
3.90%, 11/26/22	PHP		372,000		6,869,035
4.95%, 01/15/21	PHP		536,000		10,209,791
6.25%, 01/14/36	PHP		614,000		12,985,871

					30,064,697

Poland — 4.4%
Republic of Poland Government Bond
1.50%, 04/25/20	PLN		1,756		458,213
1.75%, 07/25/21	PLN		10,723		2,802,417


Security		Par (000)		Value

Poland (continued)
2.00%, 04/25/21	PLN		6,468	$	1,698,836
2.25%, 04/25/22	PLN		10,284		2,710,010
2.50%, 01/25/23	PLN		7,867		2,082,707
2.50%, 04/25/24	PLN		6,326		1,664,994
2.50%, 07/25/26	PLN		10,403		2,676,664
2.50%, 07/25/27	PLN		11,588		2,949,626
2.75%, 04/25/28	PLN		7,508		1,932,455
3.25%, 07/25/25	PLN		9,867		2,677,553
4.00%, 10/25/23	PLN		5,421		1,521,267
5.25%, 10/25/20	PLN		3,950		1,086,026
5.75%, 10/25/21	PLN		7,803		2,234,458
5.75%, 09/23/22	PLN		8,789		2,572,942

					29,068,168

Romania — 4.3%
Romania Government Bond
3.25%, 03/22/21	RON		14,370		3,363,274
3.25%, 04/29/24	RON		12,685		2,841,261
3.40%, 03/08/22	RON		10,000		2,323,555
3.50%, 12/19/22	RON		17,125		3,946,431
4.00%, 10/27/21	RON		8,720		2,061,451
4.25%, 06/28/23	RON		9,095		2,137,405
4.75%, 02/24/25	RON		10,715		2,544,355
5.80%, 07/26/27	RON		13,810		3,457,231
5.85%, 04/26/23	RON		13,630		3,398,723
5.95%, 06/11/21	RON		10,960		2,700,766

					28,774,452

Russia — 4.4%
Russian Federal Bond — OFZ
6.50%, 02/28/24	RUB		86,135		1,266,812
6.90%, 05/23/29	RUB		73,010		1,047,324
7.00%, 12/15/21	RUB		90,356		1,380,522
7.00%, 01/25/23	RUB		401,004		6,069,317
7.00%, 08/16/23	RUB		62,473		943,700
7.05%, 01/19/28	RUB		186,136		2,729,313
7.10%, 10/16/24	RUB		272,990		4,102,998
7.25%, 05/10/34	RUB		22,872		324,796
7.40%, 12/07/22	RUB		147,696		2,265,179
7.50%, 08/18/21	RUB		65,550		1,013,638
7.60%, 04/14/21	RUB		46,910		726,632
7.70%, 03/23/33	RUB		140,231		2,088,997
7.75%, 09/16/26	RUB		140,486		2,159,779
8.15%, 02/03/27	RUB		126,370		1,989,005
8.50%, 09/17/31	RUB		71,080		1,134,804

					29,242,816

South Africa — 4.5%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		29,716		1,505,914
6.50%, 02/28/41	ZAR		18,685		923,168
6.75%, 03/31/21	ZAR		17,000		1,181,519
7.00%, 02/28/31	ZAR		26,800		1,571,146
7.75%, 02/28/23	ZAR		21,912		1,530,534
8.00%, 01/31/30	ZAR		38,063		2,453,432
8.25%, 03/31/32	ZAR		27,921		1,786,834
8.50%, 01/31/37	ZAR		43,662		2,743,996
8.75%, 01/31/44	ZAR		37,191		2,343,667
8.75%, 02/28/48	ZAR		76,577		4,832,563
8.88%, 02/28/35	ZAR		28,000		1,840,139


S C H E D U L E O F I N V E S T M E N T S			31

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

South Africa (continued)
9.00%, 01/31/40		ZAR	21,273	$	1,383,229
10.50%, 12/21/26		ZAR	69,704		5,388,343

					29,484,484

Thailand — 4.4%
Thailand Government Bond
1.88%, 06/17/22		THB	62,213		1,937,908
2.00%, 12/17/22		THB	89,013		2,777,699
2.13%, 12/17/26		THB	97,746		2,998,560
2.40%, 12/17/23		THB	42,075		1,329,287
2.55%, 06/26/20		THB	24,775		779,198
2.88%, 12/17/28		THB	28,385		917,168
2.88%, 06/17/46		THB	40,854		1,197,974
3.40%, 06/17/36		THB	106,370		3,526,026
3.63%, 06/16/23		THB	78,428		2,607,259
3.65%, 12/17/21		THB	99,272		3,250,773
3.65%, 06/20/31		THB	46,584		1,594,653
3.78%, 06/25/32		THB	37,303		1,288,435
3.85%, 12/12/25		THB	52,949		1,816,857
4.26%, 12/12/37^(c)		THB	470		16,489
4.88%, 06/22/29		THB	84,799		3,193,610

					29,231,896

Turkey — 4.2%
Turkey Government Bond
7.10%, 03/08/23		TRY	20,730		2,130,472
7.40%, 02/05/20		TRY	2,042		302,905
8.00%, 03/12/25		TRY	9,008		900,125
8.50%, 09/14/22		TRY	8,799		1,003,052
8.80%, 09/27/23		TRY	16,464		1,755,483
9.00%, 07/24/24		TRY	17,668		1,863,139
9.20%, 09/22/21		TRY	20,670		2,647,159
9.40%, 07/08/20		TRY	7,700		1,104,791
9.50%, 01/12/22		TRY	5,614		682,720
10.40%, 03/20/24		TRY	9,000		1,009,381
10.50%, 08/11/27		TRY	12,774		1,381,291
10.60%, 02/11/26		TRY	16,322		1,844,240
10.70%, 02/17/21		TRY	18,533		2,530,261
10.70%, 08/17/22		TRY	10,980		1,336,288


Security	Par/ Shares (000)			Value

Turkey (continued)
11.00%, 03/02/22		TRY	16,565	$	2,088,142
11.00%, 02/24/27		TRY	9,586		1,062,256
12.20%, 01/18/23		TRY	16,799		2,109,197
12.40%, 03/08/28		TRY	7,939		959,542
16.20%, 06/14/23		TRY	7,662		1,078,161

					27,788,605

Uruguay — 4.3%
Uruguay Government International Bond
8.50%, 03/15/28^(c)		UYU	530,905		12,960,125
9.88%, 06/20/22^(c)		UYU	545,682		15,512,093

					28,472,218


Total Foreign Government Obligations — 97.7% (Cost: $687,818,352)					647,582,490


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%^(d)(e)			2,319		2,318,672


Total Short-Term Investments — 0.4% (Cost: $2,318,672)					2,318,672


Total Investments in Securities — 98.1% (Cost: $690,137,024)					649,901,162

Other Assets, Less Liabilities — 1.9%					12,736,976


Net Assets — 100.0%				$	662,638,138

^(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 six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)	Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	35	2,284	2,319	$	2,318,672	$	37,062	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


32		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® J.P. Morgan EM Local Currency Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	647,582,490	$	—	$	647,582,490
Money Market Funds		2,318,672		—		—		2,318,672

	$	2,318,672	$	647,582,490	$	—	$	649,901,162

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S			33

Schedule of Investments (unaudited)

April 30, 2019

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.
4.75%, 05/15/22 (Call 02/15/22)^(a)		USD	100	$	101,053
5.13%, 03/15/23 (Call 12/15/22)^(a)		USD	50		51,022
5.13%, 05/15/24 (Call 02/15/24)^(a)		USD	100		101,344

					253,419

Austria — 0.1%
Raiffeisenlandesbank Niederoesterreich-Wien AG, 5.88%, 11/27/23^(b)		EUR	100		124,589
Wienerberger AG, 2.00%, 05/02/24^(b)		EUR	50		57,756

					182,345

Belgium — 0.2%
Telenet Finance Luxembourg Note, 5.50%, 03/01/28 (Call 12/01/22)^(a)		USD	200		198,550
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)^(b)		EUR	100		113,693

					312,243

Bermuda — 0.1%
Weatherford International Ltd., 9.88%, 02/15/24 (Call 11/15/23)^(c)		USD	125		87,924


Brazil — 0.6%
JBS Investments GmbH, 6.25%, 02/05/23 (Call 05/31/19)^(a)		USD	200		203,000
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)^(a)		USD	200		208,100
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)^(a)(c)		USD	175		179,337
5.88%, 07/15/24 (Call 07/15/19)^(a)		USD	110		113,163
6.75%, 02/15/28 (Call 02/15/23)^(a)		USD	175		185,212
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 6.50%, 04/15/29 (Call 04/15/24)^(a)(c)		USD	215		227,423

					1,116,235

Canada — 3.2%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)^(a)(c)		USD	300		295,748
4.63%, 01/15/22 (Call 05/31/19)^(a)		USD	225		226,055
5.00%, 10/15/25 (Call 10/15/20)^(a)(c)		USD	400		396,813
Air Canada
4.75%, 10/06/23 (Call 10/06/19)^(a)		CAD	25		19,249
7.75%, 04/15/21^(a)		USD	50		53,556
Bausch Health Companies Inc., 5.75%, 08/15/27 (Call 08/15/22)^(a)		USD	65		67,811
Baytex Energy Corp., 6.63%, 07/19/22 (Call 05/30/19)		CAD	50		37,309
Bombardier Inc.
5.75%, 03/15/22^(a)(c)		USD	75		76,027
6.00%, 10/15/22 (Call 05/31/19)^(a)(c)		USD	250		250,625
6.13%, 01/15/23^(a)		USD	175		175,261
7.50%, 12/01/24 (Call 12/01/20)^(a)		USD	225		228,686
7.50%, 03/15/25 (Call 03/15/20)^(a)(c)		USD	225		226,069
7.88%, 04/15/27 ( 04/15/22)^(a)(c)		USD	290		292,156
8.75%, 12/01/21^(a)		USD	175		193,594
Brookfield Residential Properties Inc.
6.13%, 05/15/23 (Call 05/30/19)^(a)		CAD	50		37,848
6.50%, 12/15/20 (Call 05/31/19)^(a)		USD	50		50,203
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (Call 05/31/19)^(a)		USD	75		76,263
Cascades Inc., 5.50%, 07/15/21 (Call 05/30/19)^(a)		CAD	25		18,826


Security	Par (000)			Value

Canada (continued)
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 10/21/20)		CAD	50	$	36,635
Cott Corp., 5.50%, 07/01/24 (Call 07/01/19)^(b)		EUR	100		117,193
Crew Energy Inc., 6.50%, 03/14/24 (Call 03/14/20)^(a)		CAD	50		33,208
GFL Environmental Inc.
5.38%, 03/01/23 (Call 03/01/20)^(a)(c)		USD	75		73,033
7.00%, 06/01/26 (Call 06/01/21)^(a)(c)		USD	50		48,750
8.50%, 05/01/27 (Call 05/01/22)^(a)		USD	68		70,840
Gibson Energy Inc.
5.25%, 07/15/24 (Call 07/15/20)^(b)		CAD	100		77,064
5.38%, 07/15/22 (Call 05/30/19)^(a)		CAD	50		37,796
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/19)^(a)		CAD	25		18,985
MEG Energy Corp.
6.38%, 01/30/23 (Call 05/31/19)^(a)		USD	100		94,250
6.50%, 01/15/25 (Call 01/15/20)^(a)		USD	100		100,807
7.00%, 03/31/24 (Call 05/31/19)^(a)(c)		USD	150		142,546
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)^(a)		USD	140		137,708
5.00%, 05/01/25 (Call 01/31/25)^(a)		USD	75		73,332
5.25%, 08/01/23 (Call 05/31/19)^(a)(c)		USD	75		75,623
5.25%, 06/01/27 (Call 03/03/27)^(a)		USD	175		171,302
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 03/02/20)		CAD	50		36,821
Open Text Corp.
5.63%, 01/15/23 (Call 05/31/19)^(a)		USD	125		128,180
5.88%, 06/01/26 (Call 06/01/21)^(a)		USD	100		104,904
Parkland Fuel Corp.
5.63%, 05/09/25 (Call 05/09/20)		CAD	100		75,407
5.75%, 09/16/24 (Call 09/16/19)^(a)		CAD	25		18,956
5.75%, 09/16/24 (Call 09/16/19)		CAD	50		37,913
6.00%, 11/21/22 (Call 05/30/19)		CAD	50		38,029
Postmedia Network Inc., 8.25%, 07/15/21 (Call 05/30/19)^(a)		CAD	1		438
Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/15/20)^(a)		USD	80		80,700
Quebecor Media Inc.
5.75%, 01/15/23		USD	125		130,829
6.63%, 01/15/23^(a)		CAD	75		60,103
Russel Metals Inc., 6.00%, 04/19/22 (Call 05/30/19)^(a)		CAD	25		18,816
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)^(a)		USD	150		146,437
6.75%, 05/01/23 (Call 05/31/19)^(a)		USD	50		51,373
6.88%, 06/30/23 (Call 05/31/19)^(a)		USD	50		51,354
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)^(a)		USD	175		183,378
Superior Plus LP
5.13%, 08/27/25 (Call 02/27/21)		CAD	50		36,135
5.25%, 02/27/24 (Call 02/27/20)		CAD	50		36,751
Videotron Ltd.
5.00%, 07/15/22		USD	100		103,685
5.13%, 04/15/27 (Call 04/15/22)^(a)		USD	75		76,517
5.38%, 06/15/24 (Call 03/15/24)^(a)		USD	150		157,637
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		39,531
5.75%, 01/15/26 (Call 09/15/20)^(b)		CAD	75		58,960

					5,704,025

Denmark — 0.2%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)^(b)		EUR	200		243,074
TDC AS, 6.88%, 02/23/23^(b)		GBP	100		147,986

					391,060


34		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Finland — 0.5%
Nokia OYJ
1.00%, 03/15/21 (Call 02/15/21)^(b)		EUR	100	$	113,466
2.00%, 03/11/26 (Call 12/11/25)^(b)		EUR	200		224,906
3.38%, 06/12/22		USD	100		99,846
4.38%, 06/12/27		USD	80		80,428
Teollisuuden Voima OYJ
2.00%, 05/08/24 (Call 02/08/24)^(b)		EUR	100		114,679
2.13%, 02/04/25 (Call 11/04/24)^(b)		EUR	100		114,640
2.50%, 03/17/21^(b)		EUR	100		116,385

					864,350

France — 3.4%
Altice France SA/France
5.63%, 05/15/24 (Call 05/30/19)^(b)		EUR	100		115,558
5.88%, 02/01/27 (Call 02/01/22)^(b)		EUR	200		237,310
6.25%, 05/15/24 (Call 06/13/19)^(a)		USD	200		205,094
7.38%, 05/01/26 (Call 05/01/21)^(a)		USD	800		813,000
8.13%, 02/01/27 (Call 02/01/22)^(a)		USD	200		208,875
Banijay Group SAS, 4.00%, 07/01/22 (Call 07/01/19)^(b)		EUR	100		114,865
Burger King France SAS, 6.00%, 05/01/24 (Call 05/01/20)^(b)		EUR	100		119,355
Casino Guichard Perrachon SA
1.87%, 06/13/22 (Call 03/13/22)^(b)		EUR	100		104,376
4.05%, 08/05/26 (Call 05/05/26)^(b)		EUR	100		100,103
4.50%, 03/07/24 (Call 12/07/23)^(b)		EUR	200		219,076
4.56%, 01/25/23^(b)		EUR	100		110,748
5.98%, 05/26/21^(b)		EUR	100		119,243
CMA CGM SA
5.25%, 01/15/25 (Call 10/15/20)^(b)		EUR	100		93,359
6.50%, 07/15/22 (Call 07/15/19)^(b)		EUR	100		106,176
Elis SA
1.75%, 04/11/24 (Call 01/11/24)^(b)		EUR	100		112,605
1.88%, 02/15/23 (Call 11/15/22)^(b)		EUR	100		114,600
Europcar Mobility Group
4.13%, 11/15/24 (Call 11/15/20)^(b)		EUR	100		115,475
5.75%, 06/15/22 (Call 05/10/19)^(b)		EUR	100		114,216
Faurecia SA
2.63%, 06/15/25 (Call 06/15/21)^(b)		EUR	100		114,395
3.13%, 06/15/26 (Call 06/15/22)^(b)		EUR	100		114,309
3.63%, 06/15/23 (Call 06/15/19)^(b)		EUR	100		114,468
Fnac Darty SA, 3.25%, 09/30/23 (Call 05/15/19)^(b)		EUR	100		114,928
Getlink SE, 3.63%, 10/01/23^(b)		EUR	100		117,189
La Financiere Atalian SASU
4.00%, 05/15/24 (Call 05/15/20)^(b)		EUR	100		84,053
5.13%, 05/15/25 (Call 05/15/21)^(b)		EUR	100		84,236
Loxam SAS
2.88%, 04/15/26 (Call 04/15/22)^(b)		EUR	125		139,780
6.00%, 04/15/25 (Call 04/15/20)^(b)		EUR	100		118,581
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 11/15/19)^(b)		EUR	100		113,243
Nexans SA, 3.25%, 05/26/21 (Call 02/26/21)^(b)		EUR	100		117,549
Orano SA
3.13%, 03/20/23 (Call 12/20/22)^(b)		EUR	100		117,129
3.38%, 04/23/26 (Call 01/23/26)^(b)		EUR	100		113,064
3.50%, 03/22/21^(b)		EUR	200		235,108
4.88%, 09/23/24		EUR	150		187,024
Paprec Holding SA, 4.00%, 03/31/25 (Call 03/31/21)^(b)		EUR	100		107,831
Rexel SA
2.63%, 06/15/24 (Call 03/15/20)^(b)		EUR	100		115,239
2.75%, 06/15/26 (Call 03/15/22)^(b)		EUR	125		142,076
SPCM SA, 2.88%, 06/15/23 (Call 05/10/19)^(b)		EUR	100		113,075
SPIE SA, 3.13%, 03/22/24 (Call 09/22/23)^(b)		EUR	100		116,907


Security	Par (000)			Value

France (continued)
Synlab Bondco PLC, 6.25%, 07/01/22 (Call 05/10/19)^(b)		EUR	150	$	172,096
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)^(b)		EUR	100		95,213
Vallourec SA
2.25%, 09/30/24^(b)		EUR	100		78,805
6.63%, 10/15/22 (Call 10/15/20)^(b)		EUR	100		99,872

					6,050,204

Germany — 3.0%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 04/01/20)^(b)		EUR	100		110,847
ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)^(b)		EUR	100		113,334
1.50%, 04/17/22 (Call 03/17/22)^(b)		EUR	100		112,787
3.00%, 04/27/26 (Call 02/27/26)^(b)		EUR	100		115,462
BMBG Bond Finance SCA, 3.00%, 06/15/21 (Call 05/30/19)^(b)		EUR	100		113,071
CBR Fashion Finance BV, 5.13%, 10/01/22 (Call 10/01/19)^(b)		EUR	100		108,019
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 12/15/20)^(b)		EUR	100		113,126
Deutsche Bank AG
2.75%, 02/17/25^(b)		EUR	225		252,664
4.30%, 05/24/28 (Call 05/24/23)^(d)		USD	200		181,256
4.50%, 05/19/26^(b)		EUR	100		116,994
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)^(d)		USD	200		170,404
Deutsche Lufthansa AG, 5.13%, 08/12/75 (Call 02/12/21)^(b)(d)		EUR	100		119,701
Douglas GmbH, 6.25%, 07/15/22 (Call 05/10/19)^(b)		EUR	100		109,146
Hapag-Lloyd AG, 5.13%, 07/15/24 (Call 07/15/20)^(b)		EUR	100		115,254
K+S AG
2.63%, 04/06/23 (Call 01/06/23)^(b)		EUR	100		117,494
3.25%, 07/18/24 (Call 04/18/24)^(b)		EUR	100		118,595
4.13%, 12/06/21^(b)		EUR	100		121,625
KME AG, 6.75%, 02/01/23 (Call 02/01/20)^(b)		EUR	100		107,626
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)^(b)(d)		EUR	100		122,412
METRO AG, 1.50%, 03/19/25^(b)		EUR	200		221,676
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)^(b)		EUR	100		110,092
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)^(b)		EUR	100		114,676
Norddeutsche Landesbank Girozentrale, 6.00%, 06/29/20		EUR	50		57,977
Platin 1426 GmbH, 5.38%, 06/15/23 (Call 12/15/19)^(b)		EUR	100		111,435
RWE AG
2.75%, 04/21/75 (Call 10/21/20)^(b)(d)		EUR	100		114,454
3.50%, 04/21/75 (Call 04/21/25)^(b)(d)		EUR	50		58,392
Senvion Holding GmbH, 3.88%, 10/25/22 (Call 05/10/19)^(b)(e)		EUR	100		42,587
Summit Properties Ltd., 2.00%, 01/31/25 (Call 01/31/21)^(b)		EUR	100		106,002
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)^(b)		EUR	100		116,621
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/21)^(b)		EUR	100		107,337
thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)^(b)		EUR	100		112,465
1.75%, 11/25/20 (Call 08/25/20)^(b)		EUR	100		113,728
2.50%, 02/25/25^(b)		EUR	100		115,659
2.75%, 03/08/21 (Call 12/08/20)^(b)		EUR	75		86,901
2.88%, 02/22/24 (Call 11/22/23)^(b)		EUR	325		376,092
TUI AG, 2.13%, 10/26/21 (Call 07/26/21)^(b)		EUR	100		114,706


S C H E D U L E O F I N V E S T M E N T S			35

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Germany (continued)
Unitymedia GmbH
3.75%, 01/15/27 (Call 01/15/21)^(b)		EUR	200	$	237,104
6.13%, 01/15/25 (Call 01/15/20)^(a)		USD	200		207,575
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
4.00%, 01/15/25 (Call 01/15/20)^(b)		EUR	100		116,524
4.63%, 02/15/26 (Call 02/15/21)^(b)		EUR	90		109,394
WEPA Hygieneprodukte GmbH, 3.75%, 05/15/24 (Call 05/15/19)^(b)		EUR	100		113,654

					5,304,868

Greece — 0.2%
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 09/15/20)^(b)		EUR	100		56,112
OTE PLC, 3.50%, 07/09/20^(b)		EUR	100		115,941
Titan Global Finance PLC
2.38%, 11/16/24 (Call 05/16/24)^(b)		EUR	100		111,892
3.50%, 06/17/21^(b)		EUR	100		117,717

					401,662

Ireland — 1.6%
Allied Irish Banks PLC, 4.13%, 11/26/25 (Call 11/26/20)^(b)(d)		EUR	100		117,150
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 05/15/23 (Call 05/15/19)^(b)		EUR	100		114,665
4.25%, 09/15/22 (Call 05/13/19)^(a)(c)		USD	200		200,750
4.63%, 05/15/23 (Call 05/31/19)^(a)(c)		USD	200		201,508
4.75%, 07/15/27 (Call 07/15/22)^(b)		GBP	100		127,057
6.00%, 02/15/25 (Call 02/15/20)^(a)		USD	200		201,717
6.75%, 05/15/24 (Call 05/15/19)^(b)		EUR	100		118,253
7.25%, 05/15/24 (Call 05/31/19)^(a)		USD	400		422,420
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)^(b)(d)		GBP	100		128,972
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)^(a)		USD	200		200,448
eircom Finance DAC, 4.50%, 05/31/22 (Call 05/10/19)^(b)		EUR	100		113,490
James Hardie International Finance DAC, 3.63%, 10/01/26 (Call 10/01/21)^(b)		EUR	100		116,897
Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)^(b)		EUR	100		118,171
2.88%, 01/15/26^(b)		EUR	200		236,729
3.25%, 06/01/21 (Call 03/10/21)^(b)		EUR	100		118,155
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24^(b)		EUR	200		201,782
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/19)^(b)		GBP	100		134,656

					2,872,820

Israel — 1.5%
Teva Pharmaceutical Finance Netherlands II BV
0.38%, 07/25/20^(b)		EUR	150		166,775
1.25%, 03/31/23 (Call 12/31/22)^(b)		EUR	200		212,898
1.63%, 10/15/28^(b)		EUR	100		90,697
1.88%, 03/31/27 (Call 12/31/26)^(b)		EUR	100		96,670
3.25%, 04/15/22 (Call 01/15/22)		EUR	100		116,363
4.50%, 03/01/25 (Call 12/01/24)		EUR	200		236,053
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		USD	400		383,820
2.80%, 07/21/23		USD	400		363,130
3.15%, 10/01/26^(c)		USD	625		525,781


Security	Par (000)			Value

Israel (continued)
6.00%, 04/15/24 (Call 01/15/24)		USD	200	$	204,500
6.75%, 03/01/28 (Call 12/01/27)		USD	200		206,250

					2,602,937

Italy — 5.2%
Banca IFIS SpA, 4.50%, 10/17/27 (Call 10/17/22)^(b)(d)		EUR	100		93,582
Banca Monte dei Paschi di Siena SpA, 5.38%, 01/18/28 (Call 01/18/23)^(b)(d)		EUR	100		69,564
Banco BPM SpA
1.75%, 04/24/23^(b)		EUR	150		167,454
2.00%, 03/08/22^(b)		EUR	100		112,936
2.75%, 07/27/20^(b)		EUR	100		115,190
4.38%, 09/21/27 (Call 09/21/22)^(b)(d)		EUR	100		111,090
6.00%, 11/05/20^(b)		EUR	100		118,366
7.13%, 03/01/21^(b)		EUR	100		121,547
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)^(b)(d)		EUR	100		115,126
EVOCA SpA, 7.00%, 10/15/23 (Call 10/15/19)^(b)		EUR	100		118,207
Fiat Chrysler Finance Europe SA
4.75%, 03/22/21^(b)		EUR	200		242,080
4.75%, 07/15/22^(b)		EUR	150		188,106
Iccrea Banca SpA, 1.50%, 10/11/22^(b)		EUR	150		167,615
Inter Media and Communication SpA, 4.88%, 12/31/22 (Call 12/31/19)^(b)		EUR	99		113,833
Intesa Sanpaolo SpA
2.86%, 04/23/25^(b)		EUR	100		113,593
3.93%, 09/15/26^(b)		EUR	200		235,887
5.02%, 06/26/24^(a)(c)		USD	200		192,785
5.15%, 07/16/20		EUR	100		118,300
6.63%, 09/13/23^(b)		EUR	300		398,999
Leonardo SpA
1.50%, 06/07/24 (Call 03/07/24)^(b)		EUR	100		112,148
4.50%, 01/19/21		EUR	100		119,976
5.25%, 01/21/22		EUR	100		125,807
Mediobanca Banca di Credito Finanziario SpA
5.00%, 11/15/20		EUR	100		119,014
5.75%, 04/18/23		EUR	100		126,786
Nexi Capital SpA, 4.13%, 11/01/23 (Call 11/30/19)^(b)		EUR	100		116,424
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)^(b)		EUR	100		120,808
Saipem Finance International BV
2.75%, 04/05/22^(b)		EUR	100		117,323
3.00%, 03/08/21^(b)		EUR	100		116,776
Salini Impregilo SpA, 1.75%, 10/26/24^(b)		EUR	100		88,227
Sisal Group SpA, 7.00%, 07/31/23 (Call 07/31/19)^(b)		EUR	100		113,915
Societa Cattolica di Assicurazioni SC, 4.25%, 12/14/47 (Call 12/14/27)^(b)(d)		EUR	100		109,133
Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)^(b)		EUR	100		103,878
2.50%, 07/19/23^(b)		EUR	200		227,618
2.75%, 04/15/25 (Call 01/15/25)^(b)		EUR	150		164,227
2.88%, 01/28/26 (Call 10/28/25)^(b)		EUR	100		109,373
3.00%, 09/30/25^(b)		EUR	200		224,179
3.25%, 01/16/23^(b)		EUR	200		234,879
3.63%, 01/19/24^(b)		EUR	100		117,001
3.63%, 05/25/26^(b)		EUR	200		229,350
4.00%, 04/11/24 (Call 01/11/24)^(b)		EUR	200		234,844
4.50%, 01/25/21^(b)		EUR	100		119,379
4.88%, 09/25/20^(b)		EUR	100		119,022
5.30%, 05/30/24^(a)(c)		USD	200		199,883
UniCredit SpA
4.38%, 01/03/27 (Call 01/03/22)^(b)(d)		EUR	100		116,488
4.88%, 02/20/29 (Call 02/20/24)^(b)(d)		EUR	200		233,130


36		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Italy (continued)
5.75%, 10/28/25 (Call 10/28/20)^(b)(d)		EUR	300	$	353,422
5.86%, 06/19/32 (Call 06/19/27)^(a)(d)		USD	200		187,048
6.95%, 10/31/22^(b)		EUR	200		259,697
Unione di Banche Italiane SpA
4.25%, 05/05/26 (Call 05/05/21)^(b)(d)		EUR	100		112,870
4.45%, 09/15/27 (Call 09/15/22)^(b)(d)		EUR	100		112,686
5.88%, 03/04/29 (Call 03/04/24)^(b)(d)		EUR	150		171,959
Unipol Gruppo SpA
3.00%, 03/18/25^(b)		EUR	100		113,042
3.50%, 11/29/27 (Call 08/29/27)^(b)		EUR	100		111,564
4.38%, 03/05/21^(b)		EUR	100		119,230
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28^(b)		EUR	100		106,757
Wind Tre SpA
2.63%, 01/20/23 (Call 11/03/19)^(b)		EUR	200		218,846
3.13%, 01/20/25 (Call 11/03/20)^(b)		EUR	300		320,864
5.00%, 01/20/26 (Call 11/03/20)^(a)		USD	250		229,208

					9,151,041

Japan — 0.6%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)^(b)		EUR	250		281,810
4.00%, 07/30/22 (Call 04/30/22)^(b)		EUR	100		120,670
4.00%, 04/20/23 (Call 01/20/23)^(b)		EUR	100		120,310
4.00%, 09/19/29 (Call 06/21/29)^(b)		EUR	125		139,543
4.50%, 04/20/25 (Call 01/20/25)^(b)		EUR	100		122,017
4.75%, 07/30/25 (Call 04/30/25)^(b)		EUR	100		123,560
5.00%, 04/15/28 (Call 01/16/28)^(b)		EUR	100		120,313

					1,028,223

Luxembourg — 3.0%
Altice Financing SA
5.25%, 02/15/23 (Call 05/30/19)^(b)		EUR	100		115,142
6.63%, 02/15/23 (Call 05/31/19)^(a)(c)		USD	400		410,000
7.50%, 05/15/26 (Call 05/15/21)^(a)		USD	600		609,000
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)^(b)		EUR	100		97,221
Altice Luxembourg SA
6.25%, 02/15/25 (Call 02/15/20)^(b)		EUR	100		110,729
7.25%, 05/15/22 (Call 05/30/19)^(b)		EUR	400		457,458
7.63%, 02/15/25 (Call 02/15/20)^(a)		USD	200		187,500
7.75%, 05/15/22 (Call 05/31/19)^(a)(c)		USD	400		407,500
Arena Luxembourg Finance Sarl, 2.88%, 11/01/24 (Call 11/01/20)^(b)		EUR	100		115,292
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 08/01/20)^(b)		EUR	100		116,518
Crystal Almond SARL, 10.00%, 11/01/21 (Call 05/30/19)^(b)		EUR	79		94,670
DEA Finance SA, 7.50%, 10/15/22 (Call 05/01/19)^(b)		EUR	100		115,959
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 05/10/19)^(b)		GBP	100		120,520
INEOS Finance PLC, 2.13%, 11/15/25 (Call 11/15/20)^(b)		EUR	100		108,874
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/19)^(b)		EUR	100		115,001
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)^(a)		USD	200		185,722
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 05/31/19)		USD	300		271,500
8.00%, 02/15/24 (Call 05/31/19)^(a)		USD	175		182,656
8.50%, 10/15/24 (Call 10/15/20)^(a)		USD	450		445,500
9.50%, 09/30/22^(a)		USD	75		86,766
9.75%, 07/15/25 (Call 07/15/21)^(a)		USD	250		256,562
Intelsat Luxembourg SA, 8.13%, 06/01/23 (Call 06/17/19)		USD	125		95,469


Security	Par (000)			Value

Luxembourg (continued)
Matterhorn Telecom Holding SA, 4.88%, 05/01/23 (Call 05/10/19)^(b)		EUR	100	$	112,860
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)^(b)		EUR	100		110,151
Samsonite Finco Sarl, 3.50%, 05/15/26 (Call 05/15/21)^(b)		EUR	100		113,761
Swissport Investments SA, 6.75%, 12/15/21 (Call 05/10/19)^(b)		EUR	100		115,410
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27 (Call 07/15/21)^(b)		EUR	90		108,804

					5,266,545

Netherlands — 2.3%
Constellium NV
4.63%, 05/15/21 (Call 05/30/19)^(b)		EUR	100		112,266
6.63%, 03/01/25 (Call 03/01/20)^(a)(c)		USD	250		260,379
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)^(b)		EUR	100		117,250
InterXion Holding NV, 4.75%, 06/15/25 (Call 06/15/21)^(b)		EUR	200		239,270
IPD 3 BV, 4.50%, 07/15/22 (Call 07/15/19)^(b)		EUR	100		114,863
JBS Investments GmbH, 7.25%, 04/03/24 (Call 05/31/19)^(a)		USD	200		207,220
Lincoln Financing SARL, 3.63%, 04/01/24 (Call 10/01/20)^(b)		EUR	100		114,770
Maxeda DIY Holding BV, 6.13%, 07/15/22 (Call 07/15/19)^(b)		EUR	100		111,588
Nielsen Co Luxembourg SARL/The, 5.50%, 10/01/21 (Call 05/31/19)^(a)		USD	75		75,405
PPF Arena 1 BV, 3.13%, 03/27/26 (Call 12/27/25)^(b)		EUR	100		112,458
Promontoria Holding 264 BV, 6.75%, 08/15/23 (Call 08/15/20)^(b)		EUR	100		115,982
Saipem Finance International BV, 2.63%, 01/07/25^(b)		EUR	100		114,000
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/20)^(b)		EUR	100		115,558
Sensata Technologies BV
4.88%, 10/15/23^(a)		USD	75		77,909
5.00%, 10/01/25^(a)		USD	150		154,109
5.63%, 11/01/24^(a)		USD	50		53,198
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)^(b)		EUR	100		107,750
SRLEV NV, 9.00%, 04/15/41 (Call 04/15/21)^(d)		EUR	100		127,431
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)^(b)		EUR	100		115,100
Sunshine Mid BV, 6.50%, 05/15/26 (Call 05/15/21)^(b)		EUR	100		115,279
United Group BV, 4.38%, 07/01/22 (Call 07/01/19)^(b)		EUR	100		114,688
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)^(b)		EUR	100		115,170
UPCB Finance IV Ltd., 5.38%, 01/15/25 (Call 01/15/20)^(a)		USD	200		204,440
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)^(b)		EUR	150		176,349
Ziggo Bond Co. BV
6.00%, 01/15/27 (Call 01/15/22)^(a)		USD	150		147,429
7.13%, 05/15/24 (Call 05/30/19)^(b)		EUR	100		116,371
Ziggo BV
3.75%, 01/15/25 (Call 01/15/20)^(b)		EUR	100		115,432
4.25%, 01/15/27 (Call 01/15/22)^(b)		EUR	200		233,377
5.50%, 01/15/27 (Call 01/15/22)^(a)		USD	250		249,375

					4,034,416

Portugal — 0.3%
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)^(b)(d)		EUR	100		121,596
EDP - Energias de Portugal SA
4.50%, 04/30/79 (Call 01/30/24)^(b)(d)		EUR	200		240,042
5.38%, 09/16/75 (Call 03/16/21)^(b)(d)		EUR	100		120,624


S C H E D U L E O F I N V E S T M E N T S			37

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)				Value

Portugal (continued)
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)^(b)(d)		EUR		100	$	115,633

						597,895

Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 10/06/20)^(a)		USD		200		181,346


Spain — 1.3%
Banco de Sabadell SA
5.38%, 12/12/28 (Call 12/12/23)^(b)(d)		EUR		100		120,310
5.63%, 05/06/26^(b)		EUR		100		124,526
Bankia SA
3.38%, 03/15/27 (Call 03/15/22)^(b)(d)		EUR		100		116,404
3.75%, 02/15/29 (Call 02/15/24)^(b)(d)		EUR	��	100		115,912
Bankinter SA, 2.50%, 04/06/27 (Call 04/06/22)^(b)(d)		EUR		100		115,129
Cellnex Telecom SA
2.38%, 01/16/24 (Call 10/16/23)^(b)		EUR		100		114,624
3.13%, 07/27/22^(b)		EUR		100		118,980
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21 (Call 05/30/19)^(b)		EUR		100		107,130
Distribuidora Internacional de Alimentacion SA, 0.88%, 04/06/23 (Call 01/06/23)^(b)		EUR		100		71,725
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)^(b)		EUR		100		116,255
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/15/19)^(b)		EUR		100		113,505
Grifols SA, 3.20%, 05/01/25 (Call 05/01/20)^(b)		EUR		200		228,368
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 05/30/19)^(e)(f)		EUR		28		16
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 (Call 04/30/20)^(b)		EUR		100		105,010
Ibercaja Banco SA, 5.00%, 07/28/25 (Call 07/28/20)^(b)(d)		EUR		100		115,612
LHMC Finco Sarl, 6.25%, 12/20/23 (Call 06/20/20)^(b)		EUR		100		118,818
NH Hotel Group SA, 3.75%, 10/01/23 (Call 10/01/19)^(b)		EUR		90		103,783
Obrascon Huarte Lain SA, 4.75%, 03/15/22 (Call 05/30/19)^(b)		EUR		100		74,737
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)^(b)(d)		EUR		200		250,999

						2,231,843

Sweden — 0.7%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)^(b)(d)		EUR		100		115,697
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)^(b)(d)		EUR		100		110,969
Intrum AB
2.75%, 07/15/22 (Call 07/15/19)^(b)		EUR		100		111,073
3.13%, 07/15/24 (Call 07/15/20)^(b)		EUR		200		220,926
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22		USD		125		127,188
Series 7Y, 1.88%, 03/01/24^(b)		EUR		100		115,129
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/19)^(b)		EUR		200		230,184
Volvo Car AB
2.13%, 04/02/24 (Call 01/02/24)^(b)		EUR		100		113,097
3.25%, 05/18/21^(b)		EUR		100		118,331

						1,262,594

Switzerland — 0.3%
Dufry Finance SCA, 4.50%, 08/01/23 (Call 05/30/19)^(b)		EUR		100		115,851
Dufry One BV, 2.50%, 10/15/24 (Call 10/15/20)^(b)		EUR		100		114,566
Garrett LX I Sarl/Garrett Borrowing LLC, 5.13%, 10/15/26 (Call 10/15/21)^(b)		EUR		100		109,649


Security	Par (000)			Value

Switzerland (continued)
Transocean Inc., 7.50%, 01/15/26 (Call 01/15/21)^(a)		USD	150	$	147,750

					487,816

United Kingdom — 3.5%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/20)^(b)		EUR	100		117,481
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)^(b)		GBP	100		108,227
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)^(b)		GBP	100		140,088
Boparan Finance PLC, 4.38%, 07/15/21 (Call 05/10/19)^(b)		EUR	100		76,785
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/19)^(b)		GBP	100		132,185
Drax Finco PLC, 4.25%, 05/01/22 (Call 05/10/19)^(b)		GBP	100		132,333
Fiat Chrysler Automobiles NV
3.75%, 03/29/24^(b)		EUR	200		247,632
5.25%, 04/15/23		USD	200		208,697
Heathrow Finance PLC, 3.88%, 03/01/27^(b)		GBP	100		125,841
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 09/15/20)^(b)		GBP	100		119,625
IDH Finance PLC, 6.25%, 08/15/22 (Call 05/30/19)^(b)		GBP	100		113,764
INEOS Finance PLC
2.88%, 05/01/26 (Call 05/01/22)^(b)		EUR	100		111,333
4.00%, 05/01/23 (Call 05/10/19)^(b)		EUR	100		113,149
Inmarsat Finance PLC, 4.88%, 05/15/22 (Call 05/31/19)^(a)		USD	200		202,089
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)^(a)(c)		USD	200		210,138
International Personal Finance PLC, 5.75%, 04/07/21^(b)		EUR	100		109,548
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24^(b)		EUR	100		97,181
3.88%, 03/01/23^(b)		GBP	100		116,496
4.50%, 01/15/26^(b)		EUR	100		101,706
5.63%, 02/01/23 (Call 05/31/19)^(a)(c)		USD	150		149,719
Jerrold Finco PLC, 6.25%, 09/15/21 (Call 09/15/19)^(b)		GBP	100		132,257
KCA Deutag UK Finance PLC, 9.88%, 04/01/22 (Call 04/01/20)^(a)(c)		USD	200		174,000
Lecta SA, 6.50%, 08/01/23 (Call 08/01/19)^(b)		EUR	100		99,965
Mclaren Finance PLC, 5.00%, 08/01/22 (Call 08/01/19)^(b)		GBP	100		129,015
Merlin Entertainments PLC, 2.75%, 03/15/22 (Call 12/15/21)^(b)		EUR	100		117,072
New Look Secured Issuer PLC, 6.50%, 07/01/22 (Call 05/10/19)^(b)		GBP	100		37,806
Nomad Foods Bondco PLC, 3.25%, 05/15/24 (Call 05/15/20)^(b)		EUR	100		114,624
Pinnacle Bidco PLC, 6.38%, 02/15/25 (Call 02/15/21)^(b)		GBP	100		137,529
Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21 (Call 05/10/19)^(b)		GBP	100		113,084
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)^(b)		EUR	100		116,572
Shop Direct Funding PLC, 7.75%, 11/15/22 (Call 11/15/19)^(b)		GBP	100		121,849
Stonegate Pub Co. Financing PLC, 4.88%, 03/15/22 (Call 05/10/19)^(b)		GBP	100		132,167
Tesco Corporate Treasury Services PLC
1.38%, 10/24/23 (Call 07/24/23)^(b)		EUR	200		229,460
2.50%, 07/01/24^(b)		EUR	100		121,013
Tesco PLC, 6.13%, 02/24/22		GBP	100		145,530
Thomas Cook Group PLC, 6.25%, 06/15/22 (Call 06/15/19)^(b)		EUR	100		85,515
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 01/15/20)^(b)		EUR	100		116,158
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/19)^(b)		GBP	200		268,724


38		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United Kingdom (continued)
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)^(b)		GBP	100	$	131,738
5.00%, 04/15/27 (Call 04/15/22)^(b)		GBP	100		132,291
5.25%, 01/15/26 (Call 01/15/20)^(a)(c)		USD	200		203,550
5.50%, 01/15/25 (Call 05/15/19)^(b)		GBP	90		120,395
5.50%, 08/15/26 (Call 08/15/21)^(a)		USD	200		205,006
6.00%, 01/15/25 (Call 01/15/21)^(b)(f)		GBP	100		145,994
Worldpay Finance PLC, 3.75%, 11/15/22 (Call 08/15/22)^(b)		EUR	100		124,338

					6,189,669

United States — 65.2%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/31/19)^(c)		USD	100		101,000
Acrisure LLC/Acrisure Finance Inc.
7.00%, 11/15/25 (Call 11/15/20)^(a)		USD	150		136,031
8.13%, 02/15/24 (Call 02/15/21)^(a)		USD	90		93,938
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)^(b)		EUR	100		96,660
Adient U.S. LLC, 7.00%, 05/15/26 (Call 05/15/22)^(a)		USD	10		10,238
ADT Security Corp. (The)
3.50%, 07/15/22		USD	125		121,168
4.13%, 06/15/23		USD	100		97,812
6.25%, 10/15/21		USD	125		131,369
AECOM
5.13%, 03/15/27 (Call 12/15/26)		USD	150		150,564
5.88%, 10/15/24 (Call 07/15/24)		USD	125		132,858
AES Corp./VA
4.00%, 03/15/21		USD	50		50,517
4.50%, 03/15/23 (Call 03/15/20)		USD	100		101,309
4.88%, 05/15/23 (Call 05/31/19)		USD	100		101,322
5.13%, 09/01/27 (Call 09/01/22)		USD	70		73,014
5.50%, 04/15/25 (Call 04/15/20)		USD	125		129,495
6.00%, 05/15/26 (Call 05/15/21)^(c)		USD	75		79,441
AK Steel Corp., 7.63%, 10/01/21 (Call 05/31/19)^(c)		USD	75		74,817
Albertsons Companies LLC/Safeway Inc./New Albertson’s LP/Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)		USD	150		149,190
6.63%, 06/15/24 (Call 06/15/19)		USD	200		206,576
7.50%, 03/15/26 (Call 03/15/22)^(a)		USD	105		111,448
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)^(a)		USD	200		211,279
7.00%, 09/30/26 (Call 09/30/21)^(a)(c)		USD	200		215,643
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)		USD	50		51,279
7.88%, 08/15/23 (Call 05/15/23)		USD	75		81,166
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)^(a)(c)		USD	50		48,890
5.00%, 10/01/24 (Call 10/01/19)^(a)		USD	225		227,569
5.88%, 06/01/29 (Call 06/01/24)^(a)		USD	44		45,312
Ally Financial Inc.
4.13%, 02/13/22		USD	200		202,572
4.25%, 04/15/21		USD	100		101,357
4.63%, 05/19/22		USD	50		51,231
4.63%, 03/30/25		USD	100		103,153
5.13%, 09/30/24		USD	150		158,361
5.75%, 11/20/25 (Call 10/21/25)		USD	150		162,594
7.50%, 09/15/20		USD	25		26,378
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)^(c)		USD	75		72,166
5.88%, 11/15/26 (Call 11/15/21)^(c)		USD	75		70,014


Security	Par (000)			Value

United States (continued)
6.13%, 05/15/27 (Call 05/15/22)^(c)		USD	75	$	70,082
6.38%, 11/15/24 (Call 11/15/19)		GBP	100		130,188
AMC Networks Inc.
4.75%, 12/15/22 (Call 05/31/19)		USD	125		126,442
4.75%, 08/01/25 (Call 08/01/21)^(c)		USD	100		99,459
5.00%, 04/01/24 (Call 04/01/20)		USD	125		126,719
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)		USD	110		110,547
6.25%, 03/15/26 (Call 03/15/21)		USD	70		70,000
6.50%, 04/01/27 (Call 04/01/22)^(c)		USD	75		75,548
6.63%, 10/15/22 (Call 05/31/19)^(c)		USD	50		51,181
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		USD	125		128,252
5.63%, 05/20/24 (Call 03/20/24)		USD	100		104,375
5.75%, 05/20/27 (Call 02/20/27)		USD	75		77,531
5.88%, 08/20/26 (Call 05/20/26)		USD	75		78,288
Amkor Technology Inc., 6.63%, 09/15/27 (Call 03/15/22)^(a)		USD	75		76,594
Anixter Inc., 5.13%, 10/01/21		USD	75		77,438
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24 (Call 09/15/19)		USD	125		127,477
5.75%, 03/01/27 (Call 03/01/22)^(a)		USD	110		112,288
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)^(c)		USD	75		74,054
5.13%, 12/01/22 (Call 05/31/19)^(c)		USD	150		150,545
5.38%, 11/01/21 (Call 05/31/19)		USD	125		125,938
5.63%, 06/01/23 (Call 05/31/19)^(c)		USD	125		126,403
APX Group Inc.
7.63%, 09/01/23 (Call 09/01/19)^(c)		USD	50		43,960
7.88%, 12/01/22 (Call 05/31/19)		USD	125		125,010
8.75%, 12/01/20 (Call 05/31/19)		USD	100		98,500
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/20)^(b)		EUR	100		116,643
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)^(c)		USD	50		50,755
5.00%, 04/01/25 (Call 04/01/20)^(a)		USD	75		77,160
5.00%, 02/01/28 (Call 02/01/23)^(a)(c)		USD	200		203,145
5.13%, 01/15/24 (Call 05/31/19)		USD	125		129,081
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)		USD	150		154,750
5.40%, 04/15/21 (Call 01/15/21)		USD	175		180,469
5.87%, 02/23/22		USD	100		104,969
6.15%, 08/15/20		USD	200		206,550
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (Call 11/01/21)^(a)		USD	100		97,723
10.00%, 04/01/22 (Call 04/01/20)^(a)		USD	150		164,249
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)		USD	125		127,969
Avantor Inc.
4.75%, 10/01/24 (Call 10/01/20)^(b)		EUR	100		118,653
6.00%, 10/01/24 (Call 10/01/20)^(a)		USD	250		261,172
9.00%, 10/01/25 (Call 10/01/20)^(a)		USD	275		299,406
Avis Budget Car Rental LLC/Avis Budget Finance Inc.,
5.50%, 04/01/23 (Call 05/31/19)^(c)		USD	100		101,857
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)^(b)		EUR	100		116,440
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/19)^(a)		USD	100		103,744
Avon Products Inc., 7.00%, 03/15/23		USD	50		50,156


S C H E D U L E O F I N V E S T M E N T S			39

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/20)^(b)		EUR	125	$	144,182
B&G Foods Inc.
4.63%, 06/01/21 (Call 05/31/19)		USD	75		74,987
5.25%, 04/01/25 (Call 04/01/20)^(c)		USD	125		122,876
Ball Corp.
3.50%, 12/15/20		EUR	100		117,724
4.00%, 11/15/23		USD	125		125,938
4.38%, 12/15/20		USD	125		127,344
4.38%, 12/15/23		EUR	100		128,185
4.88%, 03/15/26 (Call 12/15/25)^(c)		USD	150		155,332
5.00%, 03/15/22		USD	100		104,096
5.25%, 07/01/25		USD	175		186,013
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)^(a)		USD	200		200,500
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)		USD	240		261,887
9.25%, 04/01/26 (Call 04/01/22)^(a)		USD	200		222,250
Bausch Health Companies Inc.
4.50%, 05/15/23 (Call 05/30/19)^(b)		EUR	325		367,348
5.50%, 03/01/23 (Call 05/31/19)^(a)		USD	125		125,699
5.50%, 11/01/25 (Call 11/01/20)^(a)		USD	225		231,187
5.88%, 05/15/23 (Call 05/31/19)^(a)		USD	500		503,850
6.13%, 04/15/25 (Call 04/15/20)^(a)(c)		USD	500		505,911
6.50%, 03/15/22 (Call 05/31/19)^(a)		USD	150		155,250
7.00%, 03/15/24 (Call 03/15/20)^(a)(c)		USD	350		368,812
9.00%, 12/15/25 (Call 12/15/21)^(a)		USD	300		332,212
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)^(a)(c)		USD	175		168,385
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)		USD	50		45,188
8.75%, 03/15/22 (Call 05/16/19)		USD	85		88,814
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)^(b)		EUR	150		173,789
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)^(a)(c)		USD	65		63,050
5.13%, 07/15/23 (Call 05/31/19)^(c)		USD	100		101,638
5.50%, 05/15/22 (Call 05/31/19)		USD	50		50,674
6.00%, 10/15/22 (Call 05/31/19)		USD	65		67,033
Blue Cube Spinco LLC
9.75%, 10/15/23 (Call 10/15/20)		USD	100		111,727
10.00%, 10/15/25 (Call 10/15/20)		USD	100		114,139
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/31/19)^(a)		USD	125		126,875
Boyd Gaming Corp.
6.00%, 08/15/26 (Call 08/15/21)		USD	100		103,913
6.38%, 04/01/26 (Call 04/01/21)^(c)		USD	100		105,293
6.88%, 05/15/23 (Call 05/16/19)		USD	100		103,654
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(a)(c)		USD	150		140,625
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)^(a)		USD	70		70,963
Buckeye Partners LP, 6.38%, 01/22/78 (Call 01/22/23)^(d)		USD	50		45,696
BWAY Holding Co.
4.75%, 04/15/24 (Call 04/15/20)^(b)		EUR	100		114,820
5.50%, 04/15/24 (Call 04/15/20)^(a)		USD	200		198,630
7.25%, 04/15/25 (Call 04/15/20)^(a)(c)		USD	225		219,251
Cablevision Systems Corp., 5.88%, 09/15/22		USD	100		104,268
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(a)		USD	225		220,142


Security	Par (000)			Value

United States (continued)
California Resources Corp., 8.00%, 12/15/22 (Call 05/31/19)^(a)(c)		USD	325	$	247,000
Callon Petroleum Co.
6.13%, 10/01/24 (Call 10/01/19)		USD	75		77,010
6.38%, 07/01/26 (Call 07/01/21)^(c)		USD	50		51,211
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)^(a)		USD	200		200,250
5.38%, 01/15/23 (Call 05/31/19)^(c)		USD	200		201,250
5.50%, 02/01/24 (Call 05/31/19)^(c)		USD	100		99,385
5.75%, 01/15/25 (Call 10/15/19)		USD	225		222,750
5.88%, 01/15/24 (Call 05/31/19)^(a)(c)		USD	75		76,745
6.00%, 01/15/22 (Call 05/31/19)^(a)		USD	100		101,208
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21 (Call 05/31/19)		USD	125		120,938
Catalent Pharma Solutions Inc., 4.75%, 12/15/24 (Call 12/15/19)^(b)		EUR	100		116,526
CBL & Associates LP
5.25%, 12/01/23 (Call 09/01/23)^(c)		USD	75		53,663
5.95%, 12/15/26 (Call 09/15/26)^(c)		USD	100		69,675
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/19)^(a)		USD	100		100,187
5.00%, 02/01/28 (Call 08/01/22)^(a)		USD	375		375,000
5.13%, 02/15/23 (Call 05/31/19)		USD	200		203,369
5.13%, 05/01/23 (Call 05/31/19)^(a)		USD	150		153,750
5.13%, 05/01/27 (Call 05/01/22)^(a)		USD	525		532,875
5.25%, 03/15/21 (Call 05/31/19)		USD	75		75,316
5.25%, 09/30/22 (Call 05/31/19)		USD	150		152,369
5.38%, 05/01/25 (Call 05/01/20)^(a)		USD	150		155,250
5.50%, 05/01/26 (Call 05/01/21)^(a)		USD	250		258,625
5.75%, 09/01/23 (Call 05/31/19)		USD	75		76,625
5.75%, 01/15/24 (Call 05/31/19)		USD	125		128,203
5.75%, 02/15/26 (Call 02/15/21)^(a)		USD	375		391,687
5.88%, 04/01/24 (Call 05/31/19)^(a)		USD	325		339,280
5.88%, 05/01/27 (Call 05/01/21)^(a)		USD	100		104,135
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		USD	75		75,752
5.00%, 10/15/24 (Call 07/15/24)		USD	75		77,687
5.88%, 06/15/26 (Call 06/15/21)		USD	100		105,648
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 05/31/19)		USD	125		127,682
5.00%, 09/01/25 (Call 03/01/20)		USD	75		77,025
5.50%, 12/01/24 (Call 06/01/24)		USD	100		105,800
Centene Corp.
4.75%, 05/15/22 (Call 05/31/19)		USD	125		127,395
4.75%, 01/15/25 (Call 01/15/20)		USD	250		253,554
5.38%, 06/01/26 (Call 06/01/21)^(a)		USD	275		286,677
6.13%, 02/15/24 (Call 05/31/19)		USD	150		156,978
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)		USD	75		73,875
Series S, 6.45%, 06/15/21		USD	200		208,705
Series T, 5.80%, 03/15/22		USD	175		179,937
Series W, 6.75%, 12/01/23		USD	100		106,305
Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(c)		USD	150		161,031
CF Industries Inc.
3.45%, 06/01/23		USD	150		146,463
7.13%, 05/01/20		USD	99		102,805
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)^(a)		USD	190		188,575


40		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
Chemours Co. (The)
4.00%, 05/15/26 (Call 05/15/21)		EUR	100	$	116,535
5.38%, 05/15/27 (Call 02/15/27)		USD	75		75,586
6.63%, 05/15/23 (Call 05/31/19)		USD	125		129,494
7.00%, 05/15/25 (Call 05/15/20)		USD	125		131,875
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)		USD	250		260,625
5.88%, 03/31/25 (Call 10/02/24)^(c)		USD	200		216,009
7.00%, 06/30/24 (Call 01/01/24)		USD	200		224,250
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)		USD	261		266,872
5.63%, 10/01/26 (Call 10/01/21)^(a)		USD	155		160,109
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/31/19)^(c)		USD	100		98,772
7.00%, 10/01/24 (Call 04/01/21)^(c)		USD	135		133,878
7.50%, 10/01/26 (Call 10/01/21)^(c)		USD	50		48,910
8.00%, 01/15/25 (Call 01/15/20)		USD	175		177,187
8.00%, 03/15/26 (Call 03/15/22)^(a)(c)		USD	156		157,755
8.00%, 06/15/27 (Call 06/15/22)^(c)		USD	175		171,549
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 05/31/19)^(c)		USD	125		123,623
6.25%, 03/31/23 (Call 03/31/20)		USD	475		463,125
6.88%, 02/01/22 (Call 05/31/19)		USD	325		212,062
8.00%, 03/15/26 ( 03/15/22)^(a)		USD	275		267,514
8.13%, 06/30/24 (Call 06/30/21)^(a)		USD	225		167,016
8.63%, 01/15/24 (Call 01/15/21)^(a)		USD	150		152,482
11.00%, 06/30/23 (Call 06/30/20)^(a)(f)		USD	250		203,297
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)		USD	50		48,896
5.50%, 04/01/27 (Call 04/01/22)^(a)		USD	100		102,813
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/19)^(a)(c)		USD	100		92,253
Cinemark USA Inc.
4.88%, 06/01/23 (Call 05/31/19)		USD	125		126,292
5.13%, 12/15/22 (Call 05/31/19)		USD	50		50,781
CIT Group Inc.
4.13%, 03/09/21 (Call 02/09/21)		USD	75		76,096
4.75%, 02/16/24 (Call 11/16/23)		USD	100		103,415
5.00%, 08/15/22		USD	150		156,469
5.00%, 08/01/23		USD	100		104,475
5.25%, 03/07/25 (Call 12/07/24)^(c)		USD	75		79,734
6.13%, 03/09/28		USD	50		55,688
Clear Channel Worldwide Holdings Inc.
9.25%, 02/15/24 (Call 02/15/21)^(a)		USD	345		371,306
Series A, 6.50%, 11/15/22 (Call 05/31/19)		USD	100		102,000
Series B, 6.50%, 11/15/22 (Call 05/31/19)		USD	250		255,937
Clearway Energy Operating LLC
5.38%, 08/15/24 (Call 08/15/19)		USD	75		76,228
5.75%, 10/15/25 (Call 10/15/21)^(a)		USD	60		61,219
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)^(a)		USD	50		50,458
5.75%, 03/01/25 (Call 03/01/20)^(c)		USD	200		199,040
5.88%, 06/01/27^(a)		USD	125		120,469
CNX Resources Corp.
5.88%, 04/15/22 (Call 05/31/19)		USD	115		114,713
7.25%, 03/14/27 (Call 03/14/22)^(a)		USD	75		72,173
Colfax Corp.
3.25%, 05/15/25 (Call 05/15/20)^(b)		EUR	100		114,152
6.00%, 02/15/24 (Call 02/15/21)^(a)		USD	80		83,200
6.38%, 02/15/26 (Call 02/15/22)^(a)		USD	65		68,903


Security	Par (000)			Value

United States (continued)
CommScope Inc.
5.00%, 06/15/21 (Call 05/13/19)^(a)		USD	100	$	100,185
5.50%, 03/01/24 (Call 03/01/21)^(a)		USD	160		166,900
5.50%, 06/15/24 (Call 06/15/19)^(a)		USD	85		85,823
6.00%, 03/01/26 (Call 03/01/22)^(a)		USD	255		269,845
8.25%, 03/01/27 (Call 03/01/22)^(a)		USD	155		167,884
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(c)		USD	100		93,930
6.00%, 06/15/25 (Call 06/15/20)^(a)(c)		USD	250		253,377
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)^(b)		EUR	100		112,287
Covanta Holding Corp.
5.88%, 03/01/24 (Call 05/31/19)		USD	50		51,526
5.88%, 07/01/25 (Call 07/01/20)		USD	50		51,063
6.00%, 01/01/27 (Call 01/01/22)		USD	50		51,125
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)^(a)		USD	110		109,588
5.75%, 04/01/25 (Call 04/01/20)		USD	75		76,797
6.25%, 04/01/23 (Call 05/16/19)		USD	100		102,750
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		USD	175		178,720
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		USD	50		48,797
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)		USD	100		101,570
Crown European Holdings SA
2.25%, 02/01/23 (Call 11/01/22)^(b)		EUR	100		116,901
2.88%, 02/01/26 (Call 08/01/25)^(b)		EUR	100		117,263
3.38%, 05/15/25 (Call 11/15/24)^(b)		EUR	100		121,430
4.00%, 07/15/22 (Call 04/15/22)^(b)		EUR	100		122,756
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)^(a)		USD	150		148,209
CSC Holdings LLC
5.13%, 12/15/21 (Call 05/13/19)^(a)		USD	200		200,369
5.25%, 06/01/24		USD	125		127,714
5.38%, 07/15/23 (Call 05/13/19)^(a)		USD	200		204,587
5.38%, 02/01/28 (Call 02/01/23)^(a)		USD	200		203,641
5.50%, 05/15/26 (Call 05/15/21)^(a)(c)		USD	200		206,000
5.50%, 04/15/27 (Call 04/15/22)^(a)(c)		USD	200		205,843
6.50%, 02/01/29 (Call 02/01/24)^(a)		USD	200		214,250
6.63%, 10/15/25 (Call 10/15/20)^(a)		USD	200		212,500
6.75%, 11/15/21		USD	150		160,500
7.50%, 04/01/28 (Call 04/01/23)^(a)		USD	200		218,109
10.88%, 10/15/25 (Call 10/15/20)^(a)		USD	225		259,031
CyrusOne LP/CyrusOne Finance Corp.
5.00%, 03/15/24 (Call 03/15/20)		USD	75		76,956
5.38%, 03/15/27 (Call 03/15/22)		USD	75		77,829
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)^(a)(c)		USD	75		76,287
Dana Inc., 5.50%, 12/15/24 (Call 12/15/19)		USD	75		75,825
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)^(b)		EUR	100		117,430
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)^(c)		USD	200		195,540
5.13%, 07/15/24 (Call 07/15/19)		USD	275		275,049
5.75%, 08/15/22 (Call 05/31/19)		USD	150		152,446
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		USD	75		75,109
4.75%, 09/30/21 (Call 06/30/21)^(a)		USD	75		76,561
5.38%, 07/15/25 (Call 04/15/25)^(c)		USD	150		157,498


S C H E D U L E O F I N V E S T M E N T S			41

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
5.85%, 05/21/43 (Call 05/21/23)^(a)(d)		USD	75	$	69,881
Dell Inc., 4.63%, 04/01/21		USD	50		50,922
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 05/16/19)^(a)		USD	200		203,334
7.13%, 06/15/24 (Call 06/15/19)^(a)(c)		USD	225		238,127
Denbury Resources Inc.
7.50%, 02/15/24 (Call 08/15/20)^(a)		USD	50		46,275
9.00%, 05/15/21 (Call 05/31/19)^(a)		USD	75		76,125
9.25%, 03/31/22 (Call 05/31/19)^(a)		USD	75		76,085
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25)		USD	75		73,289
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)^(a)		USD	75		74,719
10.75%, 09/01/24 (Call 09/01/19)^(a)(c)		USD	100		95,250
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)		USD	100		102,375
5.38%, 05/31/25 (Call 05/31/20)		USD	160		167,212
DISH DBS Corp.
5.00%, 03/15/23^(c)		USD	250		229,183
5.13%, 05/01/20		USD	150		151,121
5.88%, 07/15/22		USD	325		316,491
5.88%, 11/15/24^(c)		USD	300		258,961
6.75%, 06/01/21		USD	250		258,109
7.75%, 07/01/26		USD	300		268,500
Edgewell Personal Care Co.
4.70%, 05/19/21		USD	75		76,634
4.70%, 05/24/22		USD	75		77,438
Elanco Animal Health Inc.
3.91%, 08/27/21^(a)		USD	50		50,897
4.27%, 08/28/23 (Call 07/28/23)^(a)		USD	100		103,889
4.90%, 08/28/28 (Call 05/28/28)^(a)		USD	100		106,356
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)^(c)		USD	100		103,316
6.00%, 09/15/26 (Call 09/15/21)^(c)		USD	90		93,622
EMC Corp.
2.65%, 06/01/20		USD	250		248,347
3.38%, 06/01/23 (Call 03/01/23)		USD	175		171,305
Encompass Health Corp., 5.75%, 11/01/24 (Call 05/31/19)		USD	150		152,217
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)^(a)		USD	50		52,434
5.75%, 01/30/28 (Call 01/30/23)^(a)		USD	75		80,244
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 05/31/19)^(a)(c)		USD	200		162,708
6.00%, 02/01/25 (Call 02/01/20)^(a)(c)		USD	200		152,250
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)^(b)		EUR	100		115,364
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)^(a)		USD	75		75,825
6.38%, 07/15/26 (Call 07/15/21)^(a)(c)		USD	115		118,702
7.75%, 01/15/27 (Call 01/15/22)^(a)		USD	65		70,444
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29)		USD	45		45,171
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		USD	100		96,548
4.40%, 04/01/24 (Call 01/01/24)		USD	75		74,625
4.85%, 07/15/26 (Call 04/15/26)		USD	100		99,196
Ensco Rowan PLC
4.50%, 10/01/24 (Call 07/01/24)		USD	75		60,094
5.20%, 03/15/25 (Call 12/15/24)		USD	100		80,564
7.75%, 02/01/26 (Call 11/01/25)		USD	150		129,750


Security	Par (000)			Value

United States (continued)
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)^(a)(c)		USD	175	$	164,937
EP Energy LLC/Everest Acquisition Finance Inc.
7.75%, 05/15/26 (Call 05/15/21)^(a)(c)		USD	150		133,687
8.00%, 11/29/24 (Call 11/30/19)^(a)(c)		USD	75		50,449
8.00%, 02/15/25 (Call 02/15/20)^(a)(c)		USD	125		44,375
9.38%, 05/01/24 (Call 05/01/20)^(a)(c)		USD	125		45,188
Equinix Inc.
2.88%, 03/15/24 (Call 09/15/20)		EUR	100		115,994
2.88%, 10/01/25 (Call 10/01/20)		EUR	150		172,726
2.88%, 02/01/26 (Call 02/01/21)		EUR	200		230,569
5.38%, 01/01/22 (Call 05/31/19)		USD	100		102,656
5.38%, 04/01/23 (Call 05/31/19)		USD	125		127,619
5.38%, 05/15/27 (Call 05/15/22)		USD	200		211,720
5.75%, 01/01/25 (Call 01/01/20)		USD	75		77,892
5.88%, 01/15/26 (Call 01/15/21)		USD	150		158,484
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/01/20)^(a)		USD	175		175,973
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)^(a)		USD	150		151,440
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)^(a)		USD	100		82,000
7.38%, 05/15/24 (Call 05/15/20)^(a)(c)		USD	100		90,792
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/31/19)^(c)		USD	75		66,938
6.75%, 01/15/22 (Call 05/31/19)^(c)		USD	100		88,583
6.75%, 06/15/23 (Call 06/15/19)^(c)		USD	75		66,375
Fifth Third Bancorp., 5.10%, (Call 06/30/23)^(d)(g)		USD	75		73,766
First Data Corp.
5.00%, 01/15/24 (Call 05/13/19)^(a)		USD	250		256,277
5.38%, 08/15/23 (Call 05/13/19)^(a)		USD	175		178,920
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 05/31/19)^(a)		USD	75		74,990
5.00%, 07/01/25 (Call 07/01/20)^(a)		USD	70		69,464
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 01/15/20)^(a)(c)		USD	75		70,453
7.88%, 07/15/26 (Call 07/15/21)^(a)		USD	75		70,186
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)^(a)		USD	75		66,324
8.25%, 04/15/25 (Call 04/15/21)^(a)		USD	100		88,569
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)		USD	250		247,727
3.88%, 03/15/23 (Call 12/15/22)		USD	250		247,500
4.00%, 11/14/21		USD	125		126,250
4.55%, 11/14/24 (Call 08/14/24)		USD	125		124,219
6.88%, 02/15/23 (Call 02/15/20)		USD	100		105,701
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)		USD	100		53,361
7.13%, 01/15/23		USD	125		77,813
7.63%, 04/15/24		USD	100		55,250
8.00%, 04/01/27 (Call 04/01/22)^(a)		USD	285		295,331
8.50%, 04/01/26 (Call 04/01/21)^(a)(c)		USD	275		259,456
8.75%, 04/15/22		USD	75		52,460
10.50%, 09/15/22 (Call 06/15/22)		USD	350		255,500
11.00%, 09/15/25 (Call 06/15/25)		USD	525		339,937
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/31/19)		USD	50		50,609
6.25%, 05/15/26 (Call 02/15/21)^(c)		USD	50		49,500
6.50%, 10/01/25 (Call 10/01/20)		USD	100		100,470
6.75%, 08/01/22 (Call 05/31/19)		USD	150		152,426
Genworth Holdings Inc., 7.63%, 09/24/21		USD	100		97,615


42		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)^(a)	USD		175	$	178,974
8.75%, 10/01/25 (Call 10/01/20)^(a)	USD		125		130,717
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)	USD		100		94,873
5.00%, 05/31/26 (Call 05/31/21)^(c)	USD		125		121,610
5.13%, 11/15/23 (Call 05/31/19)^(c)	USD		125		126,681
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)^(a)	USD		75		76,313
5.88%, 07/15/26 (Call 07/15/21)^(a)(c)	USD		150		154,594
7.00%, 05/15/27 (Call 05/15/22)^(a)	USD		100		108,031
Griffon Corp., 5.25%, 03/01/22 (Call 05/31/19)	USD		125		124,668
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)	USD		125		109,935
6.38%, 05/15/25 (Call 05/15/20)	USD		75		66,166
6.38%, 01/15/26 (Call 01/15/21)	USD		75		64,863
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)^(b)	EUR		100		120,869
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)(c)	USD		175		176,514
4.88%, 05/15/26 (Call 02/15/26)^(a)(c)	USD		175		175,010
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 05/31/19)^(a)	USD		125		110,547
9.25%, 03/01/21 (Call 05/31/19)^(a)(c)	USD		125		127,187
HCA Healthcare Inc., 6.25%, 02/15/21	USD		125		131,103
HCA Inc.
4.50%, 02/15/27 (Call 08/15/26)	USD		100		102,641
5.38%, 02/01/25	USD		425		447,675
5.38%, 09/01/26 (Call 03/01/26)	USD		170		178,960
5.63%, 09/01/28 (Call 03/01/28)	USD		225		239,625
5.88%, 05/01/23	USD		200		214,399
5.88%, 02/15/26 (Call 08/15/25)	USD		200		215,500
5.88%, 02/01/29 (Call 08/01/28)	USD		120		129,150
7.50%, 02/15/22	USD		350		384,601
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)^(a)	USD		125		106,743
5.88%, 10/15/20 (Call 05/31/19)	USD		100		99,875
6.25%, 10/15/22 (Call 05/31/19)^(c)	USD		75		73,031
7.38%, 01/15/21 (Call 05/31/19)	USD		50		50,003
7.63%, 06/01/22 (Call 06/01/19)^(a)(c)	USD		250		257,969
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/20)^(b)	EUR		100		117,415
Hexion Inc./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 (Call 05/31/19)^(e)	USD		75		14,417
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)^(a)	USD		75		74,273
5.75%, 10/01/25 (Call 04/01/20)^(a)	USD		75		75,500
6.25%, 11/01/28 (Call 11/01/23)^(a)	USD		75		76,322
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)	USD		175		175,346
5.13%, 05/01/26 (Call 05/01/21)^(a)	USD		250		255,964
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)	USD		100		101,031
4.88%, 04/01/27 (Call 04/01/22)	USD		100		101,606
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)^(a)(c)	USD		100		99,313
4.63%, 02/01/28 (Call 02/01/23)^(a)	USD		125		123,166
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)^(a)	USD		225		226,953


Security		Par (000)		Value

United States (continued)
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)^(a)	USD		175	$	176,750
Hughes Satellite Systems Corp.
5.25%, 08/01/26	USD		150		150,931
6.63%, 08/01/26^(c)	USD		100		101,000
7.63%, 06/15/21	USD		100		107,162
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 05/31/19)	USD		200		202,781
6.00%, 08/01/20 (Call 05/31/19)	USD		225		226,547
6.25%, 02/01/22 (Call 05/31/19)	USD		250		257,345
6.38%, 12/15/25 (Call 12/15/20)	USD		150		156,375
6.75%, 02/01/24 (Call 02/01/20)^(c)	USD		75		78,618
Infor U.S. Inc.
5.75%, 05/15/22 (Call 05/15/19)	EUR		100		113,709
6.50%, 05/15/22 (Call 05/16/19)	USD		225		229,007
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)^(b)	EUR		100		116,748
4.75%, 03/05/20^(b)	EUR		100		116,137
6.50%, 02/15/25 (Call 08/15/24)^(a)(c)	USD		200		212,996
IQVIA Inc.
2.88%, 09/15/25 (Call 09/15/20)^(b)	EUR		100		113,794
3.25%, 03/15/25 (Call 03/15/20)^(b)	EUR		300		342,301
4.88%, 05/15/23 (Call 05/31/19)^(a)	USD		100		101,438
5.00%, 10/15/26 (Call 10/15/21)^(a)	USD		200		204,126
Iron Mountain Inc.
4.88%, 09/15/27 (Call 09/15/22)^(a)(c)	USD		125		121,219
5.25%, 03/15/28 (Call 12/27/22)^(a)	USD		150		147,750
5.75%, 08/15/24 (Call 05/13/19)	USD		175		175,875
6.00%, 08/15/23 (Call 05/13/19)	USD		75		77,156
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)^(b)	GBP		100		125,630
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)	USD		75		75,750
5.25%, 09/15/22 (Call 09/15/19)	USD		50		50,381
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
6.75%, 11/15/21 (Call 05/31/19)^(a)	USD		125		129,039
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/31/19)^(a)(c)	USD		250		254,583
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/19)^(a)	USD		75		63,875
8.63%, 03/15/25 (Call 03/15/21)^(a)	USD		75		46,373
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.88%, 04/15/22 (Call 05/31/19)^(a)	USD		200		202,979
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)^(a)	USD		50		43,813
10.50%, 07/15/24 (Call 07/15/20)^(a)	USD		75		60,750
KB Home, 7.00%, 12/15/21 (Call 09/15/21)	USD		75		80,577
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/31/19)	USD		150		151,500
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)^(a)(c)	USD		100		99,288
5.00%, 06/01/24 (Call 06/01/19)^(a)	USD		150		153,388
5.25%, 06/01/26 (Call 06/01/21)^(a)	USD		175		180,152
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 05/16/19)^(a)	USD		66		67,485
12.50%, 11/01/21 (Call 05/31/19)^(a)	USD		75		81,132
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 05/31/19)^(a)	USD		115		102,638
L Brands Inc.
5.25%, 02/01/28	USD		75		66,947
5.63%, 02/15/22	USD		125		129,625


S C H E D U L E O F I N V E S T M E N T S			43

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
5.63%, 10/15/23	USD		75	$	77,455
6.63%, 04/01/21	USD		100		105,078
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)^(a)	USD		50		51,250
5.25%, 10/01/25 (Call 10/01/20)^(a)	USD		60		59,775
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/31/19)	USD		50		50,791
5.38%, 01/15/24 (Call 05/31/19)^(c)	USD		75		76,924
5.75%, 02/01/26 (Call 02/01/21)^(c)	USD		50		52,623
5.75%, 02/01/26 (Call 02/01/21)^(a)	USD		20		21,002
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)^(a)	USD		100		101,488
4.88%, 11/01/26 (Call 11/01/21)^(a)	USD		125		127,109
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20)	USD		50		50,745
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)	USD		75		75,860
4.50%, 04/30/24 (Call 01/31/24)	USD		100		102,000
4.75%, 04/01/21 (Call 02/01/21)	USD		75		76,527
4.75%, 11/15/22 (Call 08/15/22)	USD		75		77,034
4.75%, 05/30/25 (Call 02/28/25)	USD		100		102,755
4.75%, 11/29/27 (Call 05/29/27)	USD		125		127,344
4.88%, 12/15/23 (Call 09/15/23)	USD		55		57,003
5.88%, 11/15/24 (Call 05/15/24)	USD		50		53,813
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/31/19)	USD		275		277,282
5.25%, 03/15/26 (Call 03/15/21)	USD		100		101,657
5.38%, 08/15/22 (Call 05/31/19)	USD		225		225,844
5.38%, 01/15/24 (Call 05/31/19)	USD		125		126,695
5.38%, 05/01/25 (Call 05/01/20)	USD		125		127,169
5.63%, 02/01/23 (Call 05/31/19)	USD		75		75,848
6.13%, 01/15/21 (Call 05/31/19)	USD		100		100,406
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		117,704
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 11/01/19)^(a)(c)	USD		100		102,203
6.38%, 02/01/24 (Call 02/01/21)^(a)	USD		40		41,819
LKQ European Holdings BV, 4.13%, 04/01/28 (Call 04/01/23)^(b)	EUR		100		117,482
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)^(b)	EUR		100		122,231
Mallinckrodt International Finance SA, 4.75%, 04/15/23^(c)	. USD		100		71,100
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 04/15/25 (Call 04/15/20)^(a)	USD		100		71,937
5.63%, 10/15/23 (Call 05/31/19)^(a)(c)	USD		100		78,750
5.75%, 08/01/22 (Call 05/31/19)^(a)(c)	USD		100		92,813
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)	. USD		175		176,378
Match Group Inc., 5.00%, 12/15/27 (Call 12/15/22)^(a)	USD		75		75,416
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)^(a)(c)	USD		250		250,312
MEDNAX Inc.
5.25%, 12/01/23 (Call 05/31/19)^(a)	USD		100		101,875
6.25%, 01/15/27 (Call 01/15/22)^(a)(c)	USD		165		168,300
Meredith Corp., 6.88%, 02/01/26 ( 02/01/21)^(c)	USD		200		208,482
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)	USD		50		53,169
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)	USD		75		74,063
5.63%, 05/01/24 (Call 02/01/24)	USD		150		157,422
5.75%, 02/01/27 (Call 11/01/26)^(a)	USD		130		136,530


Security		Par (000)		Value

United States (continued)
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)^(c)	USD		50	$	49,425
5.50%, 04/15/27 (Call 01/15/27)	USD		170		175,006
5.75%, 06/15/25 (Call 03/15/25)^(c)	USD		125		132,187
6.00%, 03/15/23	USD		200		213,487
6.63%, 12/15/21^(c)	USD		175		187,713
7.75%, 03/15/22	USD		150		166,346
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)	USD		150		156,375
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/19)^(a)(c)	USD		200		201,131
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)	EUR		100		118,188
4.00%, 08/19/22 (Call 05/19/22)	EUR		100		122,259
5.00%, 10/15/27 (Call 10/15/22)	USD		275		275,550
5.25%, 08/01/26 (Call 08/01/21)	USD		75		76,313
6.38%, 03/01/24 (Call 05/31/19)	USD		75		78,771
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)^(a)	USD		100		102,418
5.25%, 11/15/24 (Call 11/15/19)^(a)	USD		300		309,946
5.38%, 05/15/27 (Call 05/15/22)^(a)	USD		75		79,137
5.75%, 08/15/25 (Call 08/15/20)^(a)	USD		100		104,913
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)	USD		75		74,924
4.45%, 12/01/22 (Call 09/01/22)	USD		100		99,397
5.75%, 08/15/25 (Call 08/15/20)^(c)	USD		75		77,017
6.88%, 08/15/24 (Call 08/15/19)	USD		50		52,446
Nabors Industries Inc.
4.63%, 09/15/21	USD		125		124,531
5.00%, 09/15/20	USD		125		126,722
5.50%, 01/15/23 (Call 11/15/22)^(c)	USD		75		71,782
5.75%, 02/01/25 (Call 11/01/24)^(c)	USD		150		136,500
Nationstar Mortgage Holdings Inc.
8.13%, 07/15/23 (Call 07/15/20)^(a)	USD		125		125,938
9.13%, 07/15/26 (Call 07/15/21)^(a)	USD		150		150,375
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/21 (Call 05/31/19)	USD		100		100,204
Navient Corp.
5.00%, 10/26/20	USD		75		76,198
5.50%, 01/25/23	USD		175		178,464
5.88%, 03/25/21	USD		100		103,427
5.88%, 10/25/24^(c)	USD		75		75,430
6.13%, 03/25/24	USD		150		153,644
6.50%, 06/15/22	USD		125		131,875
6.63%, 07/26/21	USD		100		105,031
6.75%, 06/25/25	USD		75		76,781
6.75%, 06/15/26^(c)	USD		75		75,382
7.25%, 01/25/22	USD		75		80,344
7.25%, 09/25/23^(c)	USD		75		81,188
8.00%, 03/25/20	USD		100		103,687
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 05/31/19)^(a)	USD		75		49,008
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)^(a)	USD		150		153,200
NCR Corp.
4.63%, 02/15/21 (Call 05/31/19)^(c)	USD		75		74,923
5.00%, 07/15/22 (Call 05/31/19)	USD		100		100,349
5.88%, 12/15/21 (Call 05/31/19)	USD		50		50,593
6.38%, 12/15/23 (Call 05/31/19)^(c)	USD		100		102,722
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (Call 05/31/19)^(a)	USD		100		56,750


44		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Netflix Inc.
3.63%, 05/15/27	EUR		200	$	234,340
3.88%, 11/15/29^(b)	EUR		100		114,678
4.38%, 11/15/26^(c)	USD		175		173,347
4.63%, 05/15/29^(b)	EUR		200		243,733
4.88%, 04/15/28	USD		225		223,610
5.38%, 02/01/21	USD		75		77,954
5.38%, 11/15/29^(a)	USD		110		111,375
5.50%, 02/15/22	USD		75		78,942
5.75%, 03/01/24	USD		50		53,674
5.88%, 02/15/25	USD		100		108,083
5.88%, 11/15/28	USD		300		316,052
6.38%, 05/15/29^(a)	USD		150		164,097
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)^(a)	USD		125		126,900
5.88%, 11/15/22 (Call 05/13/19)	USD		50		51,255
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)^(a)	USD		75		75,244
4.50%, 09/15/27 (Call 06/15/27)^(a)	USD		75		73,892
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/01/19)	USD		100		104,037
7.50%, 04/15/26 (Call 04/15/22)^(a)	USD		70		72,406
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)^(a)	USD		90		92,250
4.88%, 08/15/27 (Call 02/15/27)^(a)	USD		100		103,250
Nielsen Co Luxembourg SARL/The, 5.00%, 02/01/25 (Call 02/01/20)^(a)	USD		75		74,060
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/31/19)	USD		175		175,145
5.00%, 04/15/22 (Call 05/31/19)^(a)	USD		325		322,969
Noble Holding International Ltd.
7.88%, 02/01/26 (Call 02/01/21)^(a)	USD		110		105,786
7.95%, 04/01/25 (Call 01/01/25)^(c)	USD		50		44,000
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)^(a)	USD		250		254,062
6.25%, 08/15/24 (Call 08/15/19)^(a)(c)	USD		150		156,510
NRG Energy Inc.
5.75%, 01/15/28 (Call 01/15/23)	USD		150		158,845
6.25%, 05/01/24 (Call 05/31/19)	USD		100		103,220
6.63%, 01/15/27 (Call 07/15/21)^(c)	USD		150		160,875
7.25%, 05/15/26 (Call 05/15/21)	USD		125		136,250
NuStar Logistics LP
4.80%, 09/01/20	USD		50		50,628
5.63%, 04/28/27 (Call 01/28/27)	USD		75		75,000
Oasis Petroleum Inc.
6.25%, 05/01/26 (Call 05/01/21)^(a)(c)	USD		50		48,681
6.88%, 03/15/22 (Call 05/31/19)	USD		125		125,469
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)^(b)	EUR		100		119,209
6.75%, 09/15/20^(b)	EUR		100		121,863
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)	USD		75		74,269
5.13%, 09/15/27 (Call 03/15/22)	USD		100		102,014
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/31/19)^(a)	USD		200		196,000
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/31/19)	USD		75		75,966
5.63%, 02/15/24 (Call 05/31/19)	USD		50		51,490
5.88%, 03/15/25 (Call 09/15/19)	USD		75		77,776


Security			Par (000)		Value

United States (continued)
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^(a)		USD		150	$	153,523
5.88%, 08/15/23^(a)		USD		100		104,901
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)^(a)		USD		100		103,000
Panther BF Aggregator 2 LP/Panther Finance Co. Inc.
4.38%, 05/15/26 (Call 05/15/22)^(b)		EUR		100		114,802
6.25%, 05/15/26 (Call 05/15/22)^(a)	��	USD		144		149,940
8.50%, 05/15/27 (Call 05/15/22)^(a)		USD		300		309,000
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)^(a)		USD		255		264,646
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)^(a)		USD		50		50,654
5.38%, 01/15/25 (Call 01/15/20)^(a)		USD		85		86,284
5.63%, 10/15/27 (Call 10/15/22)^(a)		USD		100		102,831
6.25%, 06/01/24 (Call 06/01/19)^(a)		USD		50		51,951
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 05/31/19)		USD		75		77,156
7.25%, 06/15/25 (Call 06/15/20)		USD		100		103,250
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)		USD		75		74,939
6.13%, 09/15/24 (Call 09/15/19)		USD		50		50,625
Peabody Energy Corp.
6.00%, 03/31/22 (Call 05/31/19)^(a)		USD		75		76,061
6.38%, 03/31/25 (Call 03/31/20)^(a)		USD		75		74,558
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)		USD		60		60,210
5.75%, 10/01/22 (Call 05/31/19)		USD		75		76,298
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)^(a)		USD		200		182,000
7.13%, 03/15/23 (Call 05/31/19)^(a)		USD		300		266,286
8.88%, 06/01/25 (Call 06/01/20)^(a)(c)		USD		100		88,875
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)^(a)		USD		150		153,562
5.88%, 09/30/27 (Call 09/30/22)^(a)		USD		100		103,421
Pitney Bowes Inc.
3.88%, 10/01/21 (Call 09/01/21)		USD		75		74,309
4.38%, 05/15/22 (Call 04/15/22)		USD		75		73,875
4.63%, 03/15/24 (Call 12/15/23)^(c)		USD		75		70,421
4.70%, 04/01/23 (Call 03/01/23)		USD		50		48,488
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)^(a)		USD		250		249,167
5.50%, 03/01/25 (Call 03/01/20)^(a)		USD		125		127,858
5.63%, 01/15/28 (Call 12/01/22)^(a)		USD		125		126,360
5.75%, 03/01/27 (Call 03/01/22)^(a)		USD		225		231,028
Prestige Brands Inc., 6.38%, 03/01/24 (Call 05/31/19)^(a)(c)		USD		100		102,964
Prime Security Services Borrower LLC/Prime Finance Inc.
5.25%, 04/15/24^(a)		USD		140		140,425
5.75%, 04/15/26^(a)		USD		102		103,132
9.25%, 05/15/23 (Call 05/31/19)^(a)		USD		228		240,301
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		USD		100		101,440
5.00%, 01/15/27 (Call 10/15/26)		USD		75		76,250
5.50%, 03/01/26 (Call 12/01/25)		USD		105		111,140
PVH Corp.
3.13%, 12/15/27 (Call 09/15/27)^(b)		EUR		100		118,934
3.63%, 07/15/24 (Call 04/15/24)^(b)		EUR		100		125,526
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		USD		75		73,287
5.38%, 10/01/22 (Call 07/01/22)		USD		75		73,688
5.63%, 03/01/26 (Call 12/01/25)		USD		75		70,031


S C H E D U L E O F I N V E S T M E N T S			45

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)^(a)(c)	USD		175	$	169,818
5.75%, 05/01/25 (Call 05/01/20)^(a)	USD		175		177,635
QVC Inc.
4.38%, 03/15/23	USD		125		126,310
4.45%, 02/15/25 (Call 11/15/24)	USD		75		74,753
4.85%, 04/01/24	USD		75		77,164
5.13%, 07/02/22	USD		75		78,253
Qwest Corp., 6.75%, 12/01/21	USD		125		133,129
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/19)^(a)(c)	USD		175		163,187
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)	USD		75		75,000
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)^(c)	USD		100		92,125
5.00%, 08/15/22 (Call 05/15/22)^(c)	USD		125		123,850
5.00%, 03/15/23 (Call 12/15/22)^(c)	USD		100		97,687
5.75%, 06/01/21 (Call 03/01/21)	USD		100		102,750
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)(c)	USD		75		71,400
5.25%, 12/01/21 (Call 05/31/19)^(a)	USD		75		75,807
9.38%, 04/01/27 (Call 04/01/22)^(a)	USD		77		79,980
Refinitiv U.S. Holdings Inc.
4.50%, 05/15/26 (Call 11/15/21)^(b)	EUR		100		112,933
6.25%, 05/15/26 (Call 11/15/21)^(a)	USD		175		179,594
6.88%, 11/15/26 (Call 11/15/21)^(b)	EUR		100		112,423
8.25%, 11/15/26 (Call 11/15/21)^(a)	USD		250		253,670
RegionalCare Hospital Partners Holdings Inc., 8.25%, 05/01/23 (Call 05/31/19)^(a)	USD		125		133,086
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)	USD		225		235,468
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)^(a)	USD		225		228,656
5.75%, 10/15/20 (Call 05/31/19)	USD		388		388,763
7.00%, 07/15/24 (Call 07/15/19)^(a)(c)	USD		100		103,375
Rite Aid Corp., 6.13%, 04/01/23 (Call 05/31/19)^(a)(c)	USD		250		212,500
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)	USD		75		72,656
7.38%, 06/15/25 (Call 03/15/25)	USD		75		66,516
Sable Permian Resources Land LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 05/31/19)^(a)(c)	USD		75		18,882
7.38%, 11/01/21 (Call 05/31/19)^(a)(c)	USD		75		18,641
Sabre GLBL Inc., 5.25%, 11/15/23 (Call 05/31/19)^(a)	USD		125		127,602
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 05/31/19)	USD		150		20,063
7.25%, 02/15/23 (Call 02/15/20)^(a)(c)	USD		100		84,250
7.75%, 06/15/21 (Call 05/31/19)	USD		75		9,893
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)	USD		150		150,910
4.88%, 07/15/22 (Call 05/31/19)	USD		100		101,372
4.88%, 09/01/24 (Call 09/01/19)	USD		150		152,269
Scientific Games International Inc.
3.38%, 02/15/26 (Call 02/15/21)^(b)	EUR		100		110,344
5.00%, 10/15/25 (Call 10/15/20)^(a)(c)	USD		175		174,289
8.25%, 03/15/26 (Call 03/15/22)^(a)	USD		200		206,750
10.00%, 12/01/22 (Call 05/31/19)	USD		136		143,480
Sealed Air Corp.
4.50%, 09/15/23 (Call 06/15/23)^(b)	EUR		100		125,806
4.88%, 12/01/22 (Call 09/01/22)^(a)	USD		75		77,528
5.13%, 12/01/24 (Call 09/01/24)^(a)	USD		75		77,915


Security		Par (000)		Value

United States (continued)
5.25%, 04/01/23 (Call 01/01/23)^(a)	USD		50	$	52,100
5.50%, 09/15/25 (Call 06/15/25)^(a)	USD		75		78,967
6.50%, 12/01/20 (Call 09/01/20)^(a)	USD		75		78,224
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/22 (Call 05/16/19)^(c)	USD		50		49,563
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)^(c)	USD		75		75,627
5.38%, 01/15/22 (Call 05/31/19)	USD		50		50,438
5.38%, 05/15/24 (Call 05/31/19)	USD		125		128,402
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/19)^(a)	USD		150		151,500
SESI LLC
7.13%, 12/15/21 (Call 05/31/19)	USD		100		85,000
7.75%, 09/15/24 (Call 09/15/20)	USD		75		55,313
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/15/20)	EUR		100		115,258
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)^(a)(c)	USD		50		48,322
5.38%, 04/01/21 (Call 05/16/19)	USD		100		100,221
5.63%, 08/01/24 (Call 08/01/19)^(a)(c)	USD		125		126,117
6.13%, 10/01/22 (Call 05/16/19)	USD		75		76,406
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(a)	USD		225		225,281
4.63%, 05/15/23 (Call 05/31/19)^(a)	USD		100		100,875
5.00%, 08/01/27 (Call 08/01/22)^(a)	USD		200		201,570
5.38%, 04/15/25 (Call 04/15/20)^(a)	USD		325		334,527
5.38%, 07/15/26 (Call 07/15/21)^(a)	USD		125		128,594
6.00%, 07/15/24 (Call 07/15/19)^(a)	USD		225		232,875
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)^(a)	USD		125		125,357
5.50%, 04/15/27 (Call 04/15/22)^(a)	USD		65		66,365
SM Energy Co.
5.00%, 01/15/24 (Call 05/31/19)^(c)	USD		75		70,266
5.63%, 06/01/25 (Call 06/01/20)^(c)	USD		75		70,362
6.13%, 11/15/22 (Call 05/31/19)	USD		75		75,773
6.63%, 01/15/27 (Call 01/15/22)	USD		75		70,967
6.75%, 09/15/26 (Call 09/15/21)^(c)	USD		75		71,766
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/31/19)^(a)(c)	USD		275		298,375
Southwestern Energy Co.
6.20%, 01/23/25 (Call 10/23/24)^(c)	USD		125		122,891
7.50%, 04/01/26 (Call 04/01/21)	USD		125		126,841
7.75%, 10/01/27 (Call 10/01/22)^(c)	USD		75		76,125
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)	USD		150		153,795
6.63%, 11/15/22 (Call 05/31/19)	USD		75		76,673
Springleaf Finance Corp.
5.63%, 03/15/23	USD		100		103,974
6.13%, 05/15/22	USD		150		158,632
6.13%, 03/15/24 (Call 09/15/23)	USD		195		205,877
6.88%, 03/15/25	USD		200		214,344
7.13%, 03/15/26	USD		250		268,437
7.75%, 10/01/21	USD		100		108,625
8.25%, 12/15/20	USD		125		134,574
Sprint Communications Inc.
6.00%, 11/15/22	USD		325		326,608
7.00%, 08/15/20	USD		200		207,599
11.50%, 11/15/21	USD		125		143,782
Sprint Corp.
7.13%, 06/15/24	USD		350		350,766
7.25%, 09/15/21	USD		400		419,000


46		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
7.63%, 02/15/25 (Call 11/15/24)^(c)	USD		250	$	252,500
7.63%, 03/01/26 (Call 11/01/25)	USD		225		225,000
7.88%, 09/15/23	USD		650		676,271
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)	USD		275		281,531
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)^(a)	USD		125		119,531
5.00%, 02/15/27 (Call 02/15/22)^(a)	USD		75		73,998
5.38%, 11/15/24 (Call 11/15/19)^(a)	USD		250		255,328
5.50%, 02/15/23 (Call 05/31/19)^(a)	USD		100		101,875
6.00%, 10/15/25 (Call 10/15/20)^(a)	USD		125		130,495
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)	USD		300		300,187
10.75%, 04/15/27 (Call 04/15/22)^(a)	USD		160		163,400
Star Merger Sub Inc.
6.88%, 08/15/26 (Call 02/15/22)^(a)	USD		100		103,833
10.25%, 02/15/27 (Call 02/15/22)^(a)	USD		105		109,856
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)	USD		75		74,779
4.75%, 03/15/25 (Call 09/15/24)	USD		75		75,188
5.00%, 12/15/21 (Call 09/15/21)	USD		150		153,615
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)	USD		50		51,629
5.13%, 10/01/21 (Call 05/31/19)	USD		50		50,341
5.25%, 04/15/23 (Call 05/31/19)	USD		50		50,841
5.50%, 10/01/24 (Call 10/01/19)	USD		75		77,515
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/19)	USD		75		74,627
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/16/19)	USD		100		102,080
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 01/15/20)	USD		175		177,844
5.50%, 02/15/26 (Call 02/15/21)	USD		100		101,721
6.00%, 04/15/27 (Call 04/15/22)^(a)	USD		80		82,942
Series WI, 5.88%, 03/15/28 (Call 03/15/23)	USD		60		61,500
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)	USD		75		75,521
4.20%, 09/15/20	USD		125		126,406
5.00%, 04/15/25 (Call 04/15/20)^(a)	USD		150		152,609
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 06/01/20)	USD		100		87,750
10.50%, 01/15/26 (Call 01/15/22)^(a)	USD		75		78,227
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
4.75%, 10/01/23 (Call 10/01/20)^(a)	USD		75		75,962
5.50%, 09/15/24 (Call 09/15/19)^(a)(c)	USD		100		103,388
5.50%, 01/15/28 (Call 01/15/23)^(a)	USD		150		152,812
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/31/19)	USD		100		100,065
5.00%, 01/15/28 (Call 01/15/23)	USD		100		98,121
5.13%, 02/01/25 (Call 02/01/20)	USD		50		51,123
5.25%, 05/01/23 (Call 05/31/19)	USD		75		76,195
5.38%, 02/01/27 (Call 02/01/22)	USD		100		101,846
5.88%, 04/15/26 (Call 04/15/21)	USD		200		210,937
6.50%, 07/15/27 (Call 07/15/22)^(a)	USD		125		133,750
6.75%, 03/15/24 (Call 09/15/19)	USD		75		78,393
6.88%, 01/15/29 (Call 01/15/24)^(a)	USD		100		108,288
Taylor Morrison Communities Inc., 6.63%, 05/15/22 (Call 05/31/19)	USD		100		103,337


Security		Par (000)		Value

United States (continued)
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.25%, 04/15/21 (Call 05/31/19)^(a)	USD		100	$	100,262
TEGNA Inc.
5.13%, 07/15/20 (Call 05/31/19)	USD		75		75,469
6.38%, 10/15/23 (Call 05/31/19)^(c)	USD		100		103,471
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)	USD		100		99,625
4.88%, 06/01/26 (Call 06/01/21)	USD		50		50,970
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)	USD		75		74,543
5.63%, 10/15/23 (Call 05/31/19)	USD		75		75,875
Tenet Healthcare Corp.
4.38%, 10/01/21	USD		150		151,696
4.50%, 04/01/21	USD		125		126,719
4.63%, 07/15/24 (Call 07/15/20)	USD		300		300,840
5.13%, 05/01/25 (Call 05/01/20)	USD		200		201,250
6.00%, 10/01/20	USD		325		335,969
6.25%, 02/01/27 (Call 02/01/22)^(a)	USD		210		218,925
6.75%, 06/15/23^(c)	USD		350		357,031
7.00%, 08/01/25 (Call 08/01/20)^(c)	USD		75		75,865
8.13%, 04/01/22	USD		350		374,311
Tenneco Inc., 4.88%, 04/15/22 (Call 05/30/19)^(b)	EUR		175		200,984
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)^(a)	USD		100		98,813
5.00%, 01/31/28 (Call 07/31/27)^(a)	USD		75		73,969
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(a)(c)	USD		275		235,125
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)	USD		75		76,036
4.50%, 02/01/26 (Call 02/01/21)	USD		125		125,828
4.75%, 02/01/28 (Call 02/01/23)	USD		250		251,465
5.13%, 04/15/25 (Call 04/15/20)	USD		75		77,145
5.38%, 04/15/27 (Call 04/15/22)	USD		75		78,641
6.00%, 03/01/23 (Call 05/13/19)	USD		175		180,031
6.00%, 04/15/24 (Call 05/13/19)	USD		225		234,761
6.38%, 03/01/25 (Call 09/01/19)	USD		325		337,870
6.50%, 01/15/26 (Call 01/15/21)	USD		325		347,652
Toll Brothers Finance Corp.
4.35%, 02/15/28 (Call 11/15/27)	USD		50		47,829
4.38%, 04/15/23 (Call 01/15/23)	USD		50		50,931
4.88%, 03/15/27 (Call 12/15/26)	USD		60		60,156
5.88%, 02/15/22 (Call 11/15/21)	USD		50		52,938
TransDigm Inc.
6.00%, 07/15/22 (Call 05/31/19)	USD		150		152,250
6.25%, 03/15/26 (Call 03/15/22)^(a)	USD		625		650,781
6.38%, 06/15/26 (Call 06/15/21)	USD		200		200,519
6.50%, 07/15/24 (Call 07/15/19)	USD		200		202,729
6.50%, 05/15/25 (Call 05/15/20)	USD		150		151,500
7.50%, 03/15/27 (Call 03/15/22)^(a)	USD		75		77,344
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)	USD		71		72,836
Transocean Inc.
7.25%, 11/01/25 (Call 11/01/21)^(a)	USD		100		99,000
9.00%, 07/15/23 (Call 07/15/20)^(a)	USD		200		214,000
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)^(a)	USD		37		39,703
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)^(a)	USD		71		73,001
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)^(a)(c)	USD		80		85,200


S C H E D U L E O F I N V E S T M E N T S			47

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)^(a)(c)	USD		100	$	103,071
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		50		50,691
Tribune Media Co., 5.88%, 07/15/22 (Call 05/13/19)	USD		150		152,662
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)^(c)	USD		67		67,000
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)^(a)(c)	USD		75		73,235
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)^(a)	USD		125		125,784
U.S. Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)	USD		100		89,750
6.88%, 08/15/25 (Call 08/15/20)^(c)	USD		100		93,893
United Continental Holdings Inc., 4.25%, 10/01/22	USD		50		50,475
United Rentals North America Inc.
4.63%, 07/15/23 (Call 05/31/19)	USD		175		178,062
4.63%, 10/15/25 (Call 10/15/20)	USD		130		129,025
4.88%, 01/15/28 (Call 01/15/23)	USD		275		272,937
5.25%, 01/15/30 (Call 01/15/25)	USD		50		50,250
5.50%, 07/15/25 (Call 07/15/20)	USD		100		103,363
5.50%, 05/15/27 (Call 05/15/22)^(c)	USD		125		128,750
5.75%, 11/15/24 (Call 05/26/19)^(c)	USD		125		128,656
5.88%, 09/15/26 (Call 09/15/21)	USD		125		130,625
6.50%, 12/15/26 (Call 12/15/21)	USD		200		214,177
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC,
7.13%, 12/15/24 (Call 12/15/19)^(a)	USD		75		67,500
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 05/31/19)^(a)	USD		100		96,188
8.25%, 10/15/23 (Call 05/31/19)	USD		175		162,859
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/31/19)^(a)	USD		200		192,528
5.13%, 02/15/25 (Call 02/15/20)^(a)	USD		200		187,819
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/21)	USD		100		105,188
6.88%, 09/01/27 (Call 09/01/22)^(a)	USD		105		110,513
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25 (Call 11/15/20)^(b)	GBP		100		135,749
Vector Group Ltd., 6.13%, 02/01/25 (Call 02/01/20)^(a)	USD		125		111,879
VeriSign Inc.
4.63%, 05/01/23 (Call 05/31/19)	USD		100		101,725
4.75%, 07/15/27 (Call 07/15/22)	USD		125		127,429
5.25%, 04/01/25 (Call 01/01/25)	USD		75		79,607
Veritas U.S. Inc./Veritas Bermuda Ltd., 10.50%, 02/01/24 (Call 05/13/19)^(a)(c)	USD		200		182,250
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)^(a)(c)	USD		250		266,484
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/19)^(a)(c)	USD		125		122,188
Viacom Inc.
5.88%, 02/28/57 (Call 02/28/22)^(c)(d)	USD		100		100,875
6.25%, 02/28/57 (Call 02/28/27)^(d)	USD		100		102,760
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/20)^(a)	USD		70		69,339
5.63%, 04/15/27 (Call 04/15/22)^(a)	USD		105		107,571
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)^(a)	USD		125		124,430
Vistra Energy Corp.
5.88%, 06/01/23 (Call 05/31/19)	USD		75		76,554
7.63%, 11/01/24 (Call 11/01/19)	USD		150		158,293
Vistra Operations Co. LLC
5.50%, 09/01/26 (Call 09/01/21)^(a)(c)	USD		175		180,250
5.63%, 02/15/27 (Call 02/15/22)^(a)	USD		200		205,687
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)	USD		100		99,306


Security		Par/ Shares (000)		Value

United States (continued)
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)^(d)	USD		100	$	100,375
Weatherford International LLC, 9.88%, 03/01/25 (Call 12/01/24)^(c)	USD		75		52,406
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)^(c)	USD		125		86,920
7.75%, 06/15/21 (Call 05/15/21)^(c)	USD		100		88,000
8.25%, 06/15/23 (Call 03/15/23)	USD		100		70,039
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)	USD		150		154,740
5.38%, 08/15/26 (Call 08/15/21)^(a)	USD		110		114,996
West Corp., 8.50%, 10/15/25 (Call 10/15/20)^(a)(c)	USD		175		154,219
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(c)	USD		350		337,750
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)	USD		125		128,087
6.25%, 04/01/23 (Call 01/01/23)^(c)	USD		50		51,217
6.63%, 01/15/26 (Call 10/15/25)^(c)	USD		175		174,618
William Lyon Homes Inc., 5.88%, 01/31/25 (Call 01/31/20)	USD		100		97,000
WMG Acquisition Corp., 4.13%, 11/01/24 (Call 11/01/19)^(b)	EUR		90		105,409
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)	USD		75		77,438
5.75%, 06/01/26 (Call 06/01/21)	USD		75		77,603
6.00%, 01/15/22 (Call 10/15/21)	USD		50		52,065
8.25%, 08/01/23 (Call 06/01/23)	USD		75		85,738
WR Grace & Co.-Conn, 5.13%, 10/01/21^(a)	USD		100		103,500
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)	USD		38		37,507
4.25%, 03/01/22 (Call 12/01/21)	USD		106		106,209
5.75%, 04/01/27 (Call 01/01/27)	USD		50		50,379
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)	USD		75		74,450
5.25%, 05/15/27 (Call 02/15/27)^(a)	USD		125		121,875
5.50%, 03/01/25 (Call 12/01/24)^(a)	USD		275		277,750
Xerox Corp.
4.13%, 03/15/23 (Call 02/15/23)	USD		150		149,625
4.50%, 05/15/21	USD		150		152,088
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)^(a)(c)	USD		125		127,627
6.50%, 06/15/22 (Call 05/31/19)^(a)	USD		175		178,719
6.75%, 08/15/24 (Call 08/15/21)^(a)(c)	USD		125		129,297
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)^(a)	USD		300		304,500
6.00%, 04/01/23 (Call 05/31/19)	USD		200		203,409
6.38%, 05/15/25 (Call 05/15/20)	USD		125		127,445

					114,917,866


Total Corporate Bonds & Notes — 97.3% (Cost: $174,396,028)					171,493,346


Short-Term Investments

Money Market Funds — 15.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%^(h)(i)(j)			24,585		24,595,126


48		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2019

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%^(h)(i)		2,276	$	2,276,169

				26,871,295


Total Short-Term Investments — 15.2% (Cost: $26,862,208)				26,871,295


Total Investments in Securities — 112.5% (Cost: $201,258,236)				198,364,641

Other Assets, Less Liabilities — (12.5)%				(22,057,947	)


Net Assets — 100.0%			$	176,306,694

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

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

^(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)	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.

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

^(h)	Affiliate of the Fund.

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

^(j)	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, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)		Shares Held at 04/30/19 (000)		Value at 04/30/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	38,617	(14,032	)	24,585	$	24,595,126	$	81,792	^(b)	$	126		$	3,997
BlackRock Cash Funds: Treasury, SL Agency Shares	2,804	(528	)	2,276		2,276,169		14,857			—			—

					$	26,871,295	$	96,649		$	126		$	3,997

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	171,493,346	$	—	$	171,493,346
Money Market Funds		26,871,295		—		—		26,871,295

	$	26,871,295	$	171,493,346	$	—	$	198,364,641

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S			49

Statements of Assets and Liabilities (unaudited)

April 30, 2019


	iShares Emerging Markets High Yield Bond ETF			iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	317,255,673		$	49,074,810		$	102,490,907		$	647,582,490
Affiliated^(c)		2,493,613			4,688			8,792,979			2,318,672
Cash		—			—			6,469			—
Foreign currency, at value^(d)		—			840,075			—			3,766,530
Receivables:
Investments sold		7,225,616			404,287			2,636,896			1,267,099
Securities lending income — Affiliated		—			—			2,927			—
Capital shares sold		387,394			—			1,172,567			3,693,768
Dividends		5,360			11			1,970			19,408
Interest		4,777,091			640,558			1,229,088			12,622,746

Total assets		332,144,747			50,964,429			116,333,803			671,270,713


LIABILITIES
Collateral on securities loaned, at value		—			—			7,887,320			—
Deferred foreign capital gain tax		—			—			—			39,949
Payables:
Investments purchased		7,983,099			713,605			4,026,341			8,439,850
Investment advisory fees		134,661			16,512			41,375			152,776

Total liabilities		8,117,760			730,117			11,955,036			8,632,575


NET ASSETS	$	324,026,987		$	50,234,312		$	104,378,767		$	662,638,138


NET ASSETS CONSIST OF:
Paid-in capital	$	384,908,820		$	58,823,532		$	104,835,193		$	724,063,968
Accumulated loss		(60,881,833	)		(8,589,220	)		(456,426	)		(61,425,830	)

NET ASSETS	$	324,026,987		$	50,234,312		$	104,378,767		$	662,638,138


Shares outstanding		7,000,000			1,000,000			2,100,000			15,200,000

Net asset value	$	46.29		$	50.23		$	49.70		$	43.59

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	$	—		$	—		$	7,626,572		$	—
^(b)Investments, at cost — Unaffiliated	$	334,881,653		$	52,649,622		$	102,648,998		$	687,818,352
^(c)Investments, at cost — Affiliated	$	2,493,613		$	4,688		$	8,791,188		$	2,318,672
^(d)Foreign currency, at cost	$	—		$	846,027		$	—		$	3,818,544

See notes to financial statements.


50		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2019


	iShares US & Intl High Yield Corp Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	171,493,346
Affiliated^(c)		26,871,295
Cash		5,303
Foreign currency, at value^(d)		674,257
Receivables:
Investments sold		1,670,394
Securities lending income — Affiliated		10,985
Dividends		5,161
Interest		2,523,980

Total assets		203,254,721


LIABILITIES
Collateral on securities loaned, at value		24,587,222
Payables:
Investments purchased		2,304,407
Investment advisory fees		56,398

Total liabilities		26,948,027


NET ASSETS	$	176,306,694


NET ASSETS CONSIST OF:
Paid-in capital	$	185,541,437
Accumulated loss		(9,234,743	)

NET ASSETS	$	176,306,694


Shares outstanding		3,600,000

Net asset value	$	48.97

Shares authorized		500 million

Par value	$	0.001


^(a) Securities loaned, at value	$	23,661,507
^(b) Investments, at cost — Unaffiliated	$	174,396,028
^(c) Investments, at cost — Affiliated	$	26,862,208
^(d) Foreign currency, at cost	$	680,190

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			51

Statements of Operations (unaudited)

Six Months Ended April 30, 2019


	iShares Emerging Markets High Yield Bond ETF			iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	26,720		$	561		$	8,297		$	37,062
Interest — Unaffiliated		9,895,063			928,038			2,076,920			17,527,739
Securities lending income — Affiliated — net		—			—			20,963			—
Other income — Unaffiliated		37,386			915			3,200			—
Foreign taxes withheld		(166	)		—			—			(111,105	)
Other foreign taxes		—			—			—			(372	)

Total investment income		9,959,003			929,514			2,109,380			17,453,324


EXPENSES
Investment advisory fees		785,520			105,114			204,493			722,394

Total expenses		785,520			105,114			204,493			722,394

Net investment income		9,173,483			824,400			1,904,887			16,730,930


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(2,595,238	)		(874,351	)		(281,619	)		(10,941,529	)
Investments — Affiliated		—			—			15			—
In-kind redemptions — Unaffiliated		(13,503,467	)		(1,228,856	)		—			(119,773	)
Foreign currency transactions		—			(47,676	)		—			(208,978	)

Net realized loss		(16,098,705	)		(2,150,883	)		(281,604	)		(11,270,280	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		24,278,819			2,371,650			3,787,005			6,300,344
Investments — Affiliated		—			—			1,277			—
Foreign currency translations		—			39,433			—			(161,238	)

Net change in unrealized appreciation (depreciation)		24,278,819			2,411,083			3,788,282			6,139,106

Net realized and unrealized gain (loss)		8,180,114			260,200			3,506,678			(5,131,174	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,353,597		$	1,084,600		$	5,411,565		$	11,599,756


^(a)Net of foreign capital gain tax of	$	—		$	—		$	—		$	4,353
^(b)Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	37,284

See notes to financial statements.


52		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2019


	iShares US & Intl High Yield Corp Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	14,857
Interest — Unaffiliated		4,649,385
Securities lending income — Affiliated — net		81,792
Other income — Unaffiliated		2,463

Total investment income		4,748,497


EXPENSES
Investment advisory fees		341,170

Total expenses		341,170

Net investment income		4,407,327


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(412,059	)
Investments — Affiliated		126
In-kind redemptions — Unaffiliated		(3,298,460	)
Foreign currency transactions		(34,828	)

Net realized loss		(3,745,221	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		6,031,527
Investments — Affiliated		3,997
Foreign currency translations		25,927

Net change in unrealized appreciation (depreciation)		6,061,451

Net realized and unrealized gain		2,316,230

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,723,557

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			53

Statements of Changes in Net Assets


	iShares Emerging Markets High Yield Bond ETF						iShares International High Yield Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,173,483		$	28,721,946		$	824,400		$	2,770,717
Net realized loss		(16,098,705	)		(15,349,658	)		(2,150,883	)		(1,464,166	)
Net change in unrealized appreciation (depreciation)		24,278,819			(47,772,345	)		2,411,083			(6,024,377	)

Net increase (decrease) in net assets resulting from operations		17,353,597			(34,400,057	)		1,084,600			(4,717,826	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,584,633	)		(27,754,319	)		(1,938,517	)		—


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(78,283,442	)		(164,171,431	)		(14,769,536	)		(19,584,391	)


NET ASSETS
Total decrease in net assets		(74,514,478	)		(226,325,807	)		(15,623,453	)		(24,302,217	)
Beginning of period		398,541,465			624,867,272			65,857,765			90,159,982

End of period	$	324,026,987		$	398,541,465		$	50,234,312		$	65,857,765

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

See notes to financial statements.


54		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares J.P. Morgan EM Corporate Bond ETF						iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,904,887		$	3,660,887		$	16,730,930		$	23,465,098
Net realized loss		(281,604	)		(1,093,675	)		(11,270,280	)		(22,455,298	)
Net change in unrealized appreciation (depreciation)		3,788,282			(5,355,536	)		6,139,106			(39,280,027	)

Net increase (decrease) in net assets resulting from operations		5,411,565			(2,788,324	)		11,599,756			(38,270,227	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,885,906	)		(3,577,391	)		(14,295,840	)		—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,337,745			(9,387,512	)		241,602,160			152,785,390


NET ASSETS
Total increase (decrease) in net assets		32,863,404			(15,753,227	)		238,906,076			114,515,163
Beginning of period		71,515,363			87,268,590			423,732,062			309,216,899

End of period	$	104,378,767		$	71,515,363		$	662,638,138		$	423,732,062

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			55

Statements of Changes in Net Assets (continued)


	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,407,327		$	10,899,570
Net realized gain (loss)		(3,745,221	)		1,032,242
Net change in unrealized appreciation (depreciation)		6,061,451			(13,646,920	)

Net increase (decrease) in net assets resulting from operations		6,723,557			(1,715,108	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,692,068	)		(11,429,826	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(36,077,886	)		10,395,402


NET ASSETS
Total decrease in net assets		(35,046,397	)		(2,749,532	)
Beginning of period		211,353,091			214,102,623

End of period	$	176,306,694		$	211,353,091

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

See notes to financial statements.


56		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Emerging Markets High Yield Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14

Net asset value, beginning of period	$	45.29		$	50.60		$	49.97		$	46.82		$	51.03		$	50.90

Net investment income^(a)		1.32			2.44			2.87			3.03			2.99			2.93
Net realized and unrealized gain (loss)^(b)		1.65			(5.40	)		0.77			3.25			(4.11	)		0.15

Net increase (decrease) from investment operations		2.97			(2.96	)		3.64			6.28			(1.12	)		3.08


Distributions^(c)
From net investment income		(1.97	)		(2.35	)		(3.01	)		(3.13	)		(3.09	)		(2.95	)

Total distributions		(1.97	)		(2.35	)		(3.01	)		(3.13	)		(3.09	)		(2.95	)


Net asset value, end of period	$	46.29		$	45.29		$	50.60		$	49.97		$	46.82		$	51.03


Total Return
Based on net asset value		6.75	%^(d)		(5.96	)%^(e)		7.60	%		14.02	%		(2.13	)%		6.24	%


Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.50	%		0.50	%		0.50	%		0.55	%		0.65	%

Net investment income		5.84	%^(f)		5.11	%		5.73	%		6.35	%		6.29	%		5.78	%


Supplemental Data
Net assets, end of period (000)	$	324,027		$	398,541		$	624,867		$	107,431		$	159,199		$	199,005

Portfolio turnover rate^(g)		14	%^(d)		19	%		25	%		29	%		39	%		24	%

^(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 excludesin-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International High Yield Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14

Net asset value, beginning of period	$	50.66		$	53.04		$	46.91		$	46.44		$	52.90		$	56.84

Net investment income^(a)		0.77			1.54			1.77			1.82			1.84			2.43
Net realized and unrealized gain (loss)^(b)		0.74			(3.92	)		4.85			(0.47	)		(6.57	)		(3.55	)

Net increase (decrease) from investment operations		1.51			(2.38	)		6.62			1.35			(4.73	)		(1.12	)


Distributions^(c)
From net investment income		(1.94	)		—			(0.40	)		(0.26	)		(0.05	)		(2.82	)
From net realized gain		—			—			—			—			(0.02	)		—
Return of capital		—			—			(0.09	)		(0.62	)		(1.66	)		—

Total distributions		(1.94	)		—			(0.49	)		(0.88	)		(1.73	)		(2.82	)


Net asset value, end of period	$	50.23		$	50.66		$	53.04		$	46.91		$	46.44		$	52.90


Total Return
Based on net asset value		3.17	%^(d)		(4.49	)%		14.21	%		2.95	%		(9.02	)%		(2.20	)%


Ratios to Average Net Assets
Total expenses		0.40	%^(e)		0.40	%		0.40	%		0.51	%		0.55	%		0.55	%

Total expenses after fees waived		0.40	%^(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

Net investment income		3.14	%^(e)		2.87	%		3.62	%		3.93	%		3.85	%		4.25	%


Supplemental Data
Net assets, end of period (000)	$	50,234		$	65,858		$	90,160		$	154,796		$	185,756		$	142,827

Portfolio turnover rate^(f)		13	%^(d)		31	%		49	%		24	%		28	%		25	%

^(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 excludesin-kind transactions.

See notes to financial statements.


58		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14

Net asset value, beginning of period	$	47.68		$	51.33		$	50.40		$	48.21		$	51.18		$	50.48

Net investment income^(a)		1.12			2.16			2.10			2.19			2.19			2.01
Net realized and unrealized gain (loss)^(b)		2.05			(3.70	)		0.90			2.18			(3.02	)		0.75

Net increase (decrease) from investment operations		3.17			(1.54	)		3.00			4.37			(0.83	)		2.76


Distributions^(c)
From net investment income		(1.15	)		(2.11	)		(2.07	)		(2.18	)		(2.14	)		(2.06	)

Total distributions		(1.15	)		(2.11	)		(2.07	)		(2.18	)		(2.14	)		(2.06	)


Net asset value, end of period	$	49.70		$	47.68		$	51.33		$	50.40		$	48.21		$	51.18


Total Return
Based on net asset value		6.77	%^(d)		(3.09	)%		6.14	%		9.33	%		(1.62	)%		5.61	%


Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.50	%		0.50	%		0.53	%		0.60	%

Net investment income		4.66	%^(e)		4.37	%		4.16	%		4.51	%		4.47	%		3.99	%


Supplemental Data
Net assets, end of period (000)	$	104,379		$	71,515		$	87,269		$	32,758		$	28,929		$	25,591

Portfolio turnover rate^(f)		11	%^(d)		16	%		62	%		22	%		11	%		20	%

^(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 excludesin-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14

Net asset value, beginning of period	$	43.24		$	46.85		$	45.14		$	41.31		$	48.74		$	50.66

Net investment income^(a)		1.52			2.87			2.29			1.94			2.03			2.26
Net realized and unrealized gain (loss)^(b)		0.32			(6.48	)		(0.58	)		1.89			(8.87	)		(2.84	)

Net increase (decrease) from investment operations		1.84			(3.61	)		1.71			3.83			(6.84	)		(0.58	)


Distributions^(c)
From net investment income		(1.49	)		—			—			—			—			(1.31	)
Return of capital		—			—			—			—			(0.59	)		(0.03	)

Total distributions		(1.49	)		—			—			—			(0.59	)		(1.34	)


Net asset value, end of period	$	43.59		$	43.24		$	46.85		$	45.14		$	41.31		$	48.74


Total Return
Based on net asset value		4.37	%^(d)		(7.71	)%		3.79	%		9.06	%^(e)		(13.99	)%^(e)		(1.14	)%


Ratios to Average Net Assets
Total expenses		0.30	%^(f)		0.42	%		0.50	%		0.50	%		0.53	%		0.60	%

Total expenses after fees waived		0.30	%^(f)		0.41	%		0.50	%		0.50	%		0.50	%		0.59	%

Net investment income		6.95	%^(f)		6.19	%		5.04	%		4.56	%		4.63	%		4.56	%


Supplemental Data
Net assets, end of period (000)	$	662,638		$	423,732		$	309,217		$	451,410		$	520,532		$	584,857

Portfolio turnover rate^(g)		14	%^(d)		51	%		97	%		59	%		46	%		43	%

^(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 excludesin-kind transactions.

See notes to financial statements.


60		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14

Net asset value, beginning of period	$	48.03		$	50.98		$	48.77		$	47.57		$	52.00		$	53.50

Net investment income^(a)		1.22			2.46			2.45			2.55			2.56			2.84
Net realized and unrealized gain (loss)^(b)		1.20			(2.80	)		2.08			0.57			(4.76	)		(1.28	)

Net increase (decrease) from investment operations		2.42			(0.34	)		4.53			3.12			(2.20	)		1.56


Distributions^(c)
From net investment income		(1.48	)		(2.61	)		(2.32	)		(1.92	)		(2.23	)		(3.06	)

Total distributions		(1.48	)		(2.61	)		(2.32	)		(1.92	)		(2.23	)		(3.06	)


Net asset value, end of period	$	48.97		$	48.03		$	50.98		$	48.77		$	47.57		$	52.00


Total Return
Based on net asset value		5.15	%^(d)		(0.71	)%		9.58	%		6.82	%		(4.32	)%		2.91	%


Ratios to Average Net Assets
Total expenses		0.40	%^(e)		0.40	%		0.40	%		0.51	%		0.55	%		0.55	%

Total expenses after fees waived		0.40	%^(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

Net investment income		5.17	%^(e)		4.95	%		4.93	%		5.44	%		5.18	%		5.31	%


Supplemental Data
Net assets, end of period (000)	$	176,307		$	211,353		$	214,103		$	97,547		$	118,931		$	104,002

Portfolio turnover rate^(f)		9	%^(d)		20	%		22	%		24	%		21	%		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 excludesin-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			61

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 anopen-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
Emerging Markets High Yield Bond		Non-diversified
International High Yield Bond		Diversified
J.P. Morgan EM Corporate Bond		Diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source.

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 innon-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, 2019, 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) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions:Dividends and distributions paid by each Fund are recorded on theex-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:In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to 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.


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Notes to Financial Statements (unaudited) (continued)

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”). 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 inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“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.

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).

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


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Notes to Financial Statements (unaudited) (continued)

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, 2019, 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. Anynon-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, 2019 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 thenon-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 orre-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, 2019:


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	$	155,436	$	155,436		$	—	$	—
Barclays Capital Inc.		924,404		924,404			—		—
Citadel Clearing LLC		191,525		191,525			—		—
Citigroup Global Markets Inc.		132,203		132,203			—		—
Credit Suisse Securities (USA) LLC		141,536		141,536			—		—
Jefferies LLC		1,609,132		1,609,132			—		—
JPMorgan Securities LLC		569,266		569,266			—		—
Merrill Lynch, Pierce, Fenner & Smith		1,410,465		1,410,465			—		—
Morgan Stanley & Co. LLC		654,253		654,253			—		—
Nomura Securities International Inc.		459,408		459,408			—		—
Wells Fargo Securities LLC		1,378,944		1,378,944			—		—

	$	7,626,572	$	7,626,572		$	—	$	—

US & Intl High Yield Corp Bond
Barclays Bank PLC	$	268,627	$	268,627		$	—	$	—
Barclays Capital Inc.		4,633,767		4,633,767			—		—
BMO Capital Markets		75,375		75,375			—		—
BNP Paribas Prime Brokerage International Ltd.		822,971		822,971			—		—
Citigroup Global Markets Inc.		2,131,719		2,131,719			—		—
Credit Suisse Securities (USA) LLC		928,817		928,817			—		—
Deutsche Bank Securities Inc.		294,954		294,954			—		—
Goldman Sachs & Co.		8,754,756		8,754,756			—		—
HSBC Securities (USA) Inc.		555,579		555,579			—		—
Jefferies LLC		100,024		100,024			—		—
JPMorgan Securities LLC		3,201,917		3,201,917			—		—
Merrill Lynch, Pierce, Fenner & Smith		548,648		548,648			—		—
Morgan Stanley & Co. LLC		430,549		430,549			—		—
State Street Bank and Trust		141,700		141,700			—		—
UBS AG		772,104		772,104			—		—

	$	23,661,507	$	23,661,507		$	—	$	—

^(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.

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 if 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.


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Notes to Financial Statements (unaudited) (continued)

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
Emerging Markets High Yield Bond		0.50	%
International High Yield Bond		0.40
J.P. Morgan EM Corporate Bond		0.50
J.P. Morgan EM Local Currency Bond		0.30
US & Intl High Yield Corp Bond		0.40

Prior to June 26, 2018, for its investment advisory services to the iShares J.P. Morgan EM Local Currency Bond ETF, BFA was entitled to an annual investment advisory fee of 0.50%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers:The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. Effective June 1, 2018, BFA contractually agreed to waive a portion of its investment advisory fee for the iShares J.P. Morgan EM Local Currency Bond ETF through May 30, 2023 such that the Fund’s total annual operating expenses after fee waiver will not exceed 0.30% of average daily net assets. The contractual waiver for the Fund was terminated effective June 26, 2018, pursuant to a written agreement between the Company and BFA and in conjunction with the permanent annual advisory fee reduction for the Fund from 0.50% to 0.30%.

Sub-Adviser:BFA has entered into asub-advisory agreement with BlackRock International Limited (the“Sub-Adviser”), an affiliate of BFA, under which BFA pays theSub-Adviser 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.

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 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. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given 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 and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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, 2019, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
J.P. Morgan EM Corporate Bond	$	5,358
US & Intl High Yield Corp Bond		22,311

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

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 Rule17a-7.


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Notes to Financial Statements (unaudited) (continued)

For the six months ended April 30, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
Emerging Markets High Yield Bond	$	1,730,587	$	141,873

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, 2019, purchases and sales of investments, including TBA rolls and excludingin-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Emerging Markets High Yield Bond	$	42,708,330	$	47,783,657
International High Yield Bond		6,747,729		7,740,524
J.P. Morgan EM Corporate Bond		9,361,708		9,657,157
J.P. Morgan EM Local Currency Bond		292,547,845		67,503,329
US & Intl High Yield Corp Bond		16,044,570		17,222,576

For the six months ended April 30, 2019,in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Emerging Markets High Yield Bond	$	67,579,230	$	143,520,917
International High Yield Bond		—		14,337,439
J.P. Morgan EM Corporate Bond		28,628,254		—
J.P. Morgan EM Local Currency Bond		42,379,087		32,785,287
US & Intl High Yield Corp Bond		26,830,339		62,252,518

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, 2019, 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, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Emerging Markets High Yield Bond	$	24,416,137
International High Yield Bond		3,667,432
J.P. Morgan EM Corporate Bond		327,184
J.P. Morgan EM Local Currency Bond		11,278,388
US & Intl High Yield Corp Bond		3,076,912


66		2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2019, 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)
Emerging Markets High Yield Bond	$	338,256,962	$	3,190,375	$	(21,698,051	)	$	(18,507,676	)
International High Yield Bond		52,660,578		347,324		(3,928,404	)		(3,581,080	)
J.P. Morgan EM Corporate Bond		111,472,156		1,614,698		(1,802,968	)		(188,270	)
J.P. Morgan EM Local Currency Bond		703,464,862		4,184,685		(57,748,385	)		(53,563,700	)
US & Intl High Yield Corp Bond		201,295,946		2,140,747		(5,072,052	)		(2,931,305	)

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. 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 ofnon-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 price 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.

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.

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.

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.

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.


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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 04/30/19						Year Ended 10/31/18

iShares ETF	Shares			Amount			Shares			Amount

Emerging Markets High Yield Bond
Shares sold		1,500,000		$	69,746,797			2,900,000		$	140,178,128
Shares redeemed		(3,300,000	)		(148,030,239	)		(6,450,000	)		(304,349,559	)

Net decrease		(1,800,000	)	$	(78,283,442	)		(3,550,000	)	$	(164,171,431	)

International High Yield Bond
Shares sold		—		$	117			300,000		$	16,483,746
Shares redeemed		(300,000	)		(14,769,653	)		(700,000	)		(36,068,137	)

Net decrease		(300,000	)	$	(14,769,536	)		(400,000	)	$	(19,584,391	)

J.P. Morgan EM Corporate Bond
Shares sold		600,000		$	29,337,745			100,000		$	5,051,273
Shares redeemed		—			—			(300,000	)		(14,438,785	)

Net increase (decrease)		600,000		$	29,337,745			(200,000	)	$	(9,387,512	)

J.P. Morgan EM Local Currency Bond
Shares sold		6,800,000		$	303,203,667			4,400,000		$	206,994,308
Shares redeemed		(1,400,000	)		(61,601,507	)		(1,200,000	)		(54,208,918	)

Net increase		5,400,000		$	241,602,160			3,200,000		$	152,785,390

US & Intl High Yield Corp Bond
Shares sold		600,000		$	29,090,655			800,000		$	40,180,000
Shares redeemed		(1,400,000	)		(65,168,541	)		(600,000	)		(29,784,598	)

Net increase (decrease)		(800,000	)	$	(36,077,886	)		200,000		$	10,395,402

The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-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.

From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-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&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-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. Plaintiffs have appealed the court’s decision.

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.


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Supplemental Information(unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendaryear-end.


	Total Cumulative Distributions for the FiscalYear-to-Date								% Breakdown of the Total Cumulative Distributions for the FiscalYear-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
Emerging Markets High Yield Bond^(a)	$	1.839477	$	—	$	0.135144	$	1.974621		93	%		—	%		7	%		100	%
J.P. Morgan EM Corporate Bond^(a)		1.123002		—		0.024377		1.147379		98			—			2			100
US & Intl High Yield Corp Bond^(a)		1.431285		—		0.049109		1.480394		97			—			3			100

^(a)

The Fund estimates that it has distributed more than the amount of earned income and net realized 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.


S U P P L E ME N T A L I N F O R M A T I O N			69

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 www.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 www.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 on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.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-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.


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Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

LIBOR		London Interbank Offered Rate

PIK		Payment-in-kind

Currency Abbreviations

ARS		Argentine Peso

BRL		Brazilian Real

CAD		Canadian Dollar

CLP		Chilean Peso

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


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T			71


				For more information visit www.iShares.com or call1-800-iShares(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. ©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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.

Information Classification: Confidential

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 forClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities byClosed-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 inRule 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 Rule30a-3(b) under the Investment Company Act of 1940 and Rules13a-15(b) or15d-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 Rule30a-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 forClosed-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.

Information Classification: Confidential

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/ Martin Small
Martin Small, President (Principal Executive Officer)

Date: June 28, 2019

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/ Martin Small
Martin Small, President (Principal Executive Officer)

Date: June 28, 2019


By: /s/ Neal Andrews
Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 28, 2019

Information Classification: Confidential

iShares MSCI Turkey ETF (TUR) N-CSRSCertified semi-annual shareholder report (management investment company)