Schedule of Investments (unaudited)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Corporate Bonds & Notes
Bahrain — 0.1%
Bapco Energies Sukuk Ltd., 6.25%, 01/29/35(a)
$22,151
$22,798,917
British Virgin Islands — 0.1%
China Huaneng Group Hong Kong Treasury
Management Holding Ltd., 4.15%, (a)(b)(c)
10,200
10,271,400
Cayman Islands — 0.0%
Suci Second Investment Co., 5.13%, 01/28/36(a)
5,000
4,968,750
Chile — 1.3%
Corp. Nacional del Cobre de Chile
3.00%, 09/30/29(a)
15,954
15,131,412
3.15%, 01/14/30(a)
14,900
14,165,132
3.63%, 08/01/27(a)
14,413
14,290,489
3.70%, 01/30/50(a)
38,067
26,687,251
4.38%, 02/05/49(a)
18,663
14,763,180
4.50%, 08/01/47(a)
16,962
13,771,024
5.53%, 01/30/37(d)
4,250
4,263,919
5.95%, 01/08/34(a)
18,415
19,219,735
6.30%, 09/08/53(d)
1,600
1,630,633
6.30%, 09/08/53(a)
16,495
16,810,807
6.33%, 01/13/35(a)
20,650
21,960,036
6.44%, 01/26/36(a)
20,945
22,445,500
6.78%, 01/13/55(a)
20,150
21,625,584
Empresa de Transporte de Pasajeros Metro SA,
4.70%, 05/07/50(a)
13,712
12,039,136
 
218,803,838
China — 1.5%
CNAC HK Finbridge Co. Ltd.
3.00%, 09/22/30(a)
19,847
18,638,020
4.13%, 07/19/27(a)
20,210
20,221,115
5.13%, 03/14/28(a)
35,146
35,814,477
Sinopec Group Overseas Development 2012 Ltd.,
4.88%, 05/17/42(a)
20,358
20,107,597
Sinopec Group Overseas Development 2017 Ltd.,
3.63%, 04/12/27(a)
14,522
14,497,603
Sinopec Group Overseas Development 2018 Ltd.
2.30%, 01/08/31(a)
24,677
22,922,465
2.70%, 05/13/30(a)
30,616
29,147,963
2.95%, 11/12/29(a)
20,459
19,767,895
State Grid Overseas Investment BVI Ltd.
1.63%, 08/05/30(a)
23,459
21,248,928
3.50%, 05/04/27(a)
44,513
44,330,051
 
246,696,114
Hong Kong — 0.2%
China Life Insurance Overseas Co. Ltd./Hong
Kong, 5.35%, 08/15/33, (5-year CMT +
1.23%)(a)(c)
39,621
40,797,744
Indonesia — 0.7%
Indonesia Asahan Aluminium PT/Mineral Industri
Indonesia Persero PT, 5.45%, 05/15/30(a)
10,443
10,743,236
Pertamina Hulu Energi PT, 5.25%, 05/21/30(a)
10,500
10,656,713
Pertamina Persero PT
4.18%, 01/21/50(a)
10,863
8,221,444
5.63%, 05/20/43(a)
14,685
14,017,934
6.00%, 05/03/42(a)
12,515
12,477,205
6.45%, 05/30/44(a)
15,391
16,112,684
Security
Par
(000
)
Value
Indonesia (continued)
Perusahaan Perseroan Persero PT Perusahaan
Listrik Negara
4.00%, 06/30/50(a)
$10,161
$7,315,412
4.13%, 05/15/27(a)
12,233
12,205,720
5.25%, 10/24/42(a)
10,725
9,759,750
5.45%, 05/21/28(a)
10,156
10,359,120
5.45%, 02/03/36(d)
3,775
3,752,350
6.15%, 05/21/48(a)
10,292
10,211,722
 
125,833,290
Malaysia — 1.9%
Petronas Capital Ltd.
2.48%, 01/28/32(a)
28,263
25,439,809
3.40%, 04/28/61(a)
39,179
26,384,510
3.50%, 04/21/30(a)
50,540
49,099,863
4.50%, 03/18/45(a)
32,900
29,163,218
4.55%, 04/21/50(a)
61,749
54,114,971
4.80%, 04/21/60(a)
21,670
19,356,186
4.95%, 01/03/31(a)
35,990
37,073,299
5.34%, 04/03/35(a)
40,323
41,741,966
5.85%, 04/03/55(a)
36,092
37,588,194
 
319,962,016
Mexico — 1.9%
Comision Federal de Electricidad
4.69%, 05/15/29(a)
9,118
9,092,470
6.05%, 01/28/34(d)
5,855
5,869,579
6.45%, 01/24/35(a)
6,150
6,284,008
Mexico City Airport Trust, 5.50%, 07/31/47(a)
13,832
11,912,810
Petroleos Mexicanos
5.95%, 01/28/31
26,562
25,882,013
6.35%, 02/12/48
11,476
9,100,468
6.38%, 01/23/45
8,898
7,242,082
6.50%, 03/13/27
1,000
1,017,240
6.50%, 01/23/29
8,783
8,967,443
6.50%, 06/02/41
11,891
10,338,630
6.63%, 06/15/35
17,721
16,884,391
6.70%, 02/16/32
46,605
46,520,645
6.75%, 09/21/47
37,717
31,027,513
6.84%, 01/23/30
17,388
17,770,536
6.95%, 01/28/60
27,474
22,374,826
7.69%, 01/23/50
55,283
49,754,700
8.75%, 06/02/29
14,601
15,681,228
10.00%, 02/07/33
13,866
16,141,133
 
311,861,715
Netherlands — 0.1%
MDGH GMTN RSC Ltd., 3.70%, 11/07/49(a)
13,479
10,113,968
Oman — 0.1%
EDO Sukuk Ltd., 5.88%, 09/21/33(a)
22,615
23,818,909
Panama — 0.2%
Aeropuerto Internacional de Tocumen SA, 5.13%,
08/11/61(a)
24,502
19,823,343
Banco Nacional de Panama, 2.50%, 08/11/30(a)
18,720
16,586,482
 
36,409,825
Peru — 0.2%
Petroleos del Peru SA
4.75%, 06/19/32(a)
20,034
15,128,174
5.63%, 06/19/47(a)
40,681
27,312,003
 
42,440,177
1

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Saudi Arabia — 1.3%
Gaci First Investment Co.
4.75%, 02/14/30(a)
$12,209
$12,283,475
4.88%, 02/14/35(a)
13,957
13,693,631
5.00%, 10/13/27(a)
7,604
7,677,189
5.00%, 01/29/29(a)
12,850
13,026,688
5.00%, 09/15/35(a)
13,950
13,801,851
5.13%, 02/14/53(a)
12,412
10,857,397
5.25%, 01/29/30(a)
16,946
17,348,467
5.25%, 10/13/32(a)
12,137
12,394,911
5.25%, 01/29/34(a)
11,900
12,067,195
5.38%, 01/29/54(a)
10,300
9,300,900
5.63%, 07/29/34(a)
11,200
11,604,731
SRC Sukuk Ltd.
4.38%, 04/02/29(a)
10,550
10,523,625
4.88%, 10/02/35(a)
7,350
7,227,990
5.00%, 02/27/28(a)
7,000
7,078,750
5.38%, 02/27/35(a)
7,700
7,863,625
Suci Second Investment Co.
4.38%, 09/10/27(a)
9,350
9,356,358
4.88%, 05/08/32(a)
8,600
8,621,500
5.17%, 03/05/31(a)
13,950
14,250,762
6.00%, 10/25/28(a)
16,163
16,809,520
6.25%, 10/25/33(a)
7,950
8,592,877
 
224,381,442
South Africa — 0.3%
Eskom Holdings, 6.35%, 08/10/28(a)
21,791
22,488,312
Transnet, 8.25%, 02/06/28(a)
22,121
23,337,655
 
45,825,967
Turkey — 0.1%
TVF Varlik Kiralama AS, 6.95%, 01/23/30(a)(c)
9,700
9,998,372
United Arab Emirates — 1.7%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%,
11/02/47(a)
19,987
18,408,027
Abu Dhabi Developmental Holding Co. PJSC
4.38%, 10/02/31(a)
9,500
9,415,355
4.50%, 05/06/30(a)
8,900
8,936,134
5.00%, 05/06/35(a)
8,250
8,306,760
5.25%, 10/02/54(a)
9,250
8,801,530
5.38%, 05/08/29(a)
11,400
11,756,136
5.50%, 05/08/34(a)
11,650
12,157,707
Adnoc Murban Rsc Ltd.
4.25%, 09/11/29(a)
9,200
9,240,250
4.50%, 09/11/34(a)
13,600
13,353,568
5.13%, 09/11/54(a)
13,550
12,587,950
Adnoc Murban Sukuk Ltd., 4.75%, 05/06/35(a)
13,800
13,800,000
DP World Crescent Ltd.
3.88%, 07/18/29(a)
8,558
8,323,425
4.85%, 09/26/28(a)
9,158
9,211,849
5.50%, 09/13/33(a)
13,600
14,008,544
5.50%, 05/08/35(a)
13,650
13,986,336
DP World Ltd./United Arab Emirates
5.63%, 09/25/48(a)
11,951
11,551,359
6.85%, 07/02/37(a)
15,230
17,013,890
MDGH GMTN RSC Ltd.
2.88%, 11/07/29(a)
9,090
8,641,181
2.88%, 05/21/30(a)
8,547
8,063,582
3.38%, 03/28/32(a)
6,710
6,303,206
3.40%, 06/07/51(a)
8,709
6,139,845
3.95%, 05/21/50(a)
18,513
14,480,683
4.38%, 11/22/33(a)
9,084
8,846,635
Security
Par
(000
)
Value
United Arab Emirates (continued)
5.50%, 04/28/33(a)
$9,279
$9,712,793
Mdgh Sukuk Ltd., 5.00%, 06/04/35(a)
9,150
9,310,354
MDGH Sukuk Ltd., 4.96%, 04/04/34(a)
8,000
8,150,480
 
280,507,579
Total Corporate Bonds & Notes — 11.7%
(Cost: $2,135,322,785)
1,975,490,023
Foreign Government Obligations(e)
Angola — 1.2%
Angolan Government International Bonds
8.00%, 11/26/29(a)
38,811
38,071,262
8.25%, 05/09/28(a)
38,823
39,038,095
8.75%, 04/14/32(a)
39,301
38,322,028
9.13%, 11/26/49(a)
27,764
24,002,903
9.24%, 01/15/31(a)
22,450
22,653,397
9.38%, 05/08/48(a)
39,008
34,503,957
 
196,591,642
Argentina — 3.2%
Argentina Republic Government
International Bonds
1.00%, 07/09/29
20,924
18,465,699
1.75%, 07/09/30(f)
136,179
115,479,446
2.50%, 07/09/41(c)(f)
123,258
89,362,217
4.38%, 07/09/46(f)
23,220
17,055,199
4.75%, 07/09/35(f)
241,583
187,468,679
5.00%, 01/09/38(f)
133,040
107,096,852
 
534,928,092
Azerbaijan — 0.1%
Republic of Azerbaijan International Bonds,
3.50%, 09/01/32(a)
23,859
22,209,945
Bahrain — 2.9%
Bahrain Government International Bonds
5.25%, 01/25/33(a)
22,932
21,372,624
5.45%, 09/16/32(a)
22,310
21,152,780
5.63%, 09/30/31(a)
22,625
22,009,826
5.63%, 05/18/34(a)
21,963
20,501,143
6.00%, 09/19/44(a)
27,466
23,526,277
6.63%, 10/06/37(a)
21,750
20,988,750
6.75%, 09/20/29(a)
28,094
28,752,523
7.00%, 10/12/28(a)
36,261
37,448,548
7.10%, 02/03/38(d)
6,425
6,405,725
7.38%, 05/14/30(a)
22,464
23,592,816
7.50%, 02/12/36(a)
22,396
23,417,929
7.75%, 04/18/35(a)
22,389
23,851,226
CBB International Sukuk Programme Co. WLL
3.88%, 05/18/29(a)
22,779
21,503,376
3.95%, 09/16/27(a)
21,985
21,524,634
4.50%, 03/30/27(a)
19,455
19,272,707
5.87%, 02/06/34(a)
33,450
33,031,875
5.88%, 06/05/32(a)
28,013
27,662,838
6.00%, 02/12/31(a)
21,774
21,815,697
6.25%, 10/18/30(a)
22,346
22,597,169
6.25%, 07/07/33(a)
39,325
39,511,990
 
479,940,453
2

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Benin — 0.1%
Benin Government International Bonds
7.96%, 02/13/38(d)
$4,775
$4,992,549
7.96%, 02/13/38(a)
14,600
15,265,176
 
20,257,725
Bolivia — 0.1%
Bolivia Government International Bonds, 4.50%,
03/20/28(a)
19,127
18,024,807
Brazil — 3.6%
Brazil Government International Bonds
3.75%, 09/12/31
21,328
19,792,384
3.88%, 06/12/30
48,629
46,537,953
4.50%, 05/30/29
27,970
27,830,150
4.63%, 01/13/28
37,613
37,761,571
4.75%, 01/14/50
48,242
35,457,870
5.00%, 01/27/45
42,702
34,204,302
5.50%, 11/06/30
31,850
32,423,300
5.50%, 02/04/33
20,900
20,607,400
5.63%, 01/07/41
28,902
26,855,739
5.63%, 02/21/47
33,617
28,641,684
6.00%, 10/20/33
31,776
32,157,312
6.13%, 01/22/32
28,509
29,399,906
6.13%, 03/15/34
31,871
32,260,145
6.25%, 03/18/31
27,462
28,780,176
6.63%, 03/15/35
63,067
64,959,010
7.13%, 01/20/37
22,536
24,676,920
7.13%, 05/13/54
26,765
26,711,470
7.25%, 01/12/56
35,500
35,411,250
8.25%, 01/20/34
19,496
22,634,856
 
607,103,398
Bulgaria — 0.2%
Bulgaria Government International Bonds, 5.00%,
03/05/37(a)
33,326
32,826,110
Chile — 2.0%
Chile Government International Bonds
2.45%, 01/31/31
20,667
18,930,972
2.55%, 01/27/32
21,211
19,015,662
2.55%, 07/27/33
32,031
27,706,815
3.10%, 05/07/41
35,742
27,503,469
3.10%, 01/22/61
27,983
17,321,477
3.24%, 02/06/28
25,554
25,119,582
3.25%, 09/21/71
14,448
8,925,252
3.50%, 01/31/34
19,064
17,443,560
3.50%, 01/25/50
32,877
24,016,648
3.50%, 04/15/53
21,267
15,184,638
3.86%, 06/21/47
15,279
12,238,479
4.00%, 01/31/52
13,638
10,801,296
4.34%, 03/07/42
27,787
24,730,430
4.85%, 01/22/29
23,975
24,502,450
4.95%, 01/05/36
23,405
23,566,224
5.33%, 01/05/54
20,931
20,239,627
5.65%, 01/13/37
22,493
23,744,286
 
340,990,867
China — 1.5%
China Government International Bonds
1.20%, 10/21/30(a)
39,486
35,487,253
1.25%, 10/26/26(a)
727
713,187
1.75%, 10/26/31(a)
19,032
17,336,629
2.13%, 12/03/29(a)
37,437
35,749,714
2.63%, 11/02/27(a)
19,016
18,753,199
Security
Par
(000
)
Value
China (continued)
3.50%, 10/19/28(a)
$18,859
$18,915,577
3.63%, 11/13/28(a)
39,550
39,788,487
3.75%, 11/13/30(a)
39,781
40,070,208
4.13%, 11/20/27(a)
22,997
23,350,234
Export-Import Bank of China (The), 4.23%,
11/05/27, (1-day SOFR Index + 0.38%)(a)(c)
20,650
20,689,235
 
250,853,723
Colombia — 3.3%
Colombia Government International Bonds
3.00%, 01/30/30
24,258
21,783,684
3.13%, 04/15/31
40,257
34,967,230
3.25%, 04/22/32
33,076
27,982,296
3.88%, 04/25/27
19,393
19,247,553
4.13%, 05/15/51
16,142
10,088,750
4.50%, 03/15/29
32,181
31,279,932
5.00%, 06/15/45
54,754
40,422,140
5.20%, 05/15/49
34,977
25,813,026
5.38%, 01/21/29
21,250
21,154,375
5.63%, 02/26/44
39,708
32,322,312
6.13%, 01/21/31
8,150
8,141,850
6.13%, 01/18/41
39,165
34,700,190
6.50%, 01/21/33
13,050
12,965,175
7.38%, 04/25/30
30,950
32,512,975
7.38%, 09/18/37
30,295
30,961,490
7.50%, 02/02/34
35,862
37,520,618
7.75%, 11/07/36
32,478
34,069,422
8.00%, 04/20/33
25,862
27,827,512
8.00%, 11/14/35
27,797
29,777,536
8.38%, 11/07/54
26,583
28,098,231
8.50%, 04/25/35
9,062
9,986,324
 
551,622,621
Costa Rica — 0.9%
Costa Rica Government International Bonds
6.13%, 02/19/31(a)
27,601
28,843,045
6.55%, 04/03/34(a)
33,343
36,077,126
7.00%, 04/04/44(a)
21,855
23,806,925
7.16%, 03/12/45(a)
29,202
32,012,692
7.30%, 11/13/54(a)
33,621
37,462,199
 
158,201,987
Dominican Republic — 3.3%
Dominican Republic International Bonds
4.50%, 01/30/30(a)
42,264
41,291,928
4.88%, 09/23/32(a)
64,041
61,351,278
5.30%, 01/21/41(a)
31,078
28,246,017
5.50%, 02/22/29(a)
37,865
38,432,975
5.88%, 10/28/35(a)
33,300
33,233,400
5.88%, 01/30/60(a)
67,746
60,285,472
6.00%, 07/19/28(a)
27,308
27,999,165
6.00%, 02/22/33(a)
36,669
37,402,380
6.40%, 06/05/49(a)
31,085
30,789,693
6.50%, 02/15/48(a)
20,648
20,645,419
6.85%, 01/27/45(a)
42,089
43,730,471
6.95%, 03/15/37(a)
40,993
43,862,510
7.05%, 02/03/31(a)
25,011
26,811,792
7.15%, 02/24/55(a)
20,269
21,665,027
7.45%, 04/30/44(a)
31,421
34,625,942
 
550,373,469
Ecuador — 1.7%
Ecuador Government International Bonds
2.50%, 07/31/35(a)(c)(f)
142,091
130,012,812
3

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Ecuador (continued)
5.50%, 07/31/40(a)(c)(f)
$67,600
$55,837,987
6.90%, 07/31/30(a)(c)(f)
15,841
15,746,178
8.75%, 01/29/34(d)
43,750
44,208,500
9.25%, 01/29/39(d)
35,805
36,789,637
 
282,595,114
Egypt — 2.6%
Egypt Government International Bonds
5.80%, 09/30/27(a)
24,604
24,606,460
5.88%, 02/16/31(a)
33,085
32,191,705
6.59%, 02/21/28(a)
27,779
28,181,796
7.05%, 01/15/32(a)
22,195
22,472,438
7.30%, 09/30/33(a)
24,600
24,723,000
7.50%, 02/16/61(a)
33,327
28,394,604
7.60%, 03/01/29(a)
39,489
41,364,727
7.63%, 05/29/32(a)
39,140
40,509,900
7.90%, 02/21/48(a)
33,585
30,402,821
8.50%, 01/31/47(a)
56,004
54,109,665
8.63%, 02/04/30(a)
27,912
30,396,168
8.70%, 03/01/49(a)
33,057
32,329,746
8.88%, 05/29/50(a)
45,094
44,490,642
 
434,173,672
El Salvador — 0.3%
El Salvador Government International Bonds
9.25%, 04/17/30(a)
22,314
24,210,690
9.65%, 11/21/54(a)
22,215
25,351,536
 
49,562,226
Ghana — 0.8%
Ghana Government International Bonds
6.00%, 07/03/29(a)(c)(f)
54,136
52,971,863
6.00%, 07/03/35(a)(c)(f)
92,524
84,197,220
 
137,169,083
Guatemala — 0.3%
Guatemala Government Bonds
6.13%, 06/01/50(a)
30,999
30,379,020
6.60%, 06/13/36(a)
21,718
23,238,260
 
53,617,280
Hungary — 3.0%
Hungary Government International Bonds
2.13%, 09/22/31(a)
50,636
43,496,324
3.13%, 09/21/51(a)
44,953
27,522,474
5.25%, 06/16/29(a)
39,492
40,202,856
5.38%, 09/26/30(a)
33,875
34,611,781
5.50%, 06/16/34(a)
28,436
28,684,815
5.50%, 03/26/36(a)
54,743
54,414,542
6.00%, 09/26/35(a)
22,650
23,318,628
6.13%, 05/22/28(a)
48,330
50,021,550
6.25%, 09/22/32(a)
40,366
42,745,576
6.75%, 09/25/52(a)
27,937
29,627,188
6.75%, 09/23/55(a)
33,300
34,590,375
7.63%, 03/29/41
36,986
42,961,828
Magyar Export-Import Bank Zrt, 6.13%,
12/04/27(a)
24,069
24,715,975
MFB Magyar Fejlesztesi Bank Zrt, 6.50%,
06/29/28(a)
25,573
26,647,066
 
503,560,978
India — 0.7%
Export-Import Bank of India
2.25%, 01/13/31(a)
22,970
20,646,355
3.25%, 01/15/30(a)
22,862
21,924,658
Security
Par
(000
)
Value
India (continued)
3.88%, 02/01/28(a)
$22,258
$22,102,194
5.50%, 01/18/33(a)
22,350
23,307,697
5.50%, 01/13/35(a)
22,612
23,448,644
 
111,429,548
Indonesia — 3.6%
Indonesia Government International Bonds
1.85%, 03/12/31
12,252
10,800,904
2.15%, 07/28/31
11,904
10,543,492
2.85%, 02/14/30
12,454
11,781,484
3.05%, 03/12/51
20,177
13,014,165
3.50%, 01/11/28
13,205
13,086,155
3.55%, 03/31/32
10,656
10,059,264
3.70%, 10/30/49
9,787
7,252,167
3.85%, 07/18/27(a)
8,675
8,677,125
3.85%, 10/15/30
17,063
16,751,600
4.10%, 04/24/28
10,725
10,771,922
4.20%, 10/15/50
16,917
13,533,092
4.35%, 02/21/31
11,300
11,254,800
4.35%, 01/11/48
17,837
14,974,162
4.45%, 04/15/70
10,378
8,111,030
4.55%, 01/11/28
9,788
9,885,880
4.63%, 04/15/43(a)
14,433
13,162,896
4.65%, 09/20/32
13,320
13,373,280
4.75%, 02/11/29
12,150
12,332,250
4.75%, 09/10/34
11,650
11,510,200
4.75%, 07/18/47(a)
10,280
9,362,510
4.85%, 01/11/33
13,077
13,121,952
4.90%, 04/16/36
12,850
12,655,965
4.95%, 02/21/36
5,800
5,736,200
5.13%, 01/15/45(a)
20,260
19,733,240
5.25%, 01/17/42(a)
21,459
21,115,656
5.25%, 01/08/47(a)
15,214
14,797,517
5.35%, 02/11/49
10,043
9,864,235
5.60%, 01/15/35
10,750
11,250,843
5.95%, 01/08/46(a)
12,398
12,966,944
6.63%, 02/17/37(a)
14,829
16,697,454
6.75%, 01/15/44(a)
20,218
23,008,084
7.75%, 01/17/38(a)
19,780
24,428,300
8.50%, 10/12/35(a)
15,595
19,758,865
Perusahaan Penerbit SBSN Indonesia III
2.55%, 06/09/31(a)
10,448
9,444,992
2.80%, 06/23/30(a)
10,529
9,834,086
4.15%, 03/29/27(a)
16,501
16,533,342
4.40%, 06/06/27(a)
14,995
15,069,975
4.40%, 03/01/28(a)
17,887
17,978,760
4.45%, 02/20/29(a)
13,154
13,233,976
4.50%, 12/01/30(a)
10,850
10,828,300
4.55%, 07/23/30(a)
11,500
11,534,500
4.70%, 06/06/32(a)
15,283
15,389,981
5.00%, 05/25/30(a)
11,650
11,917,950
5.20%, 07/02/34(a)
9,650
9,804,400
5.20%, 07/23/35(a)
11,200
11,328,800
5.40%, 11/15/28(a)
10,650
11,022,750
5.60%, 11/15/33(a)
9,500
9,941,750
 
609,237,195
Ivory Coast — 0.8%
Ivory Coast Government International Bonds
6.13%, 06/15/33(a)
28,223
27,849,045
7.63%, 01/30/33(a)
24,809
26,465,001
8.08%, 04/01/36(a)
39,221
41,848,807
4

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Ivory Coast (continued)
8.25%, 01/30/37(a)
$33,222
$35,705,677
 
131,868,530
Jamaica — 0.6%
Jamaica Government International Bonds
6.75%, 04/28/28
23,481
24,144,338
7.88%, 07/28/45
40,665
49,163,985
8.00%, 03/15/39
27,676
33,460,284
 
106,768,607
Jordan — 0.5%
Jordan Government International Bonds
5.85%, 07/07/30(a)
28,179
28,256,210
7.38%, 10/10/47(a)
21,730
21,511,831
7.50%, 01/13/29(a)
27,700
29,015,750
 
78,783,791
Kazakhstan — 1.1%
Kazakhstan Government International Bonds
4.41%, 10/28/30(a)
33,900
33,550,406
4.71%, 04/09/35(a)
33,913
33,319,522
4.88%, 10/14/44(a)
22,262
20,091,455
5.00%, 07/01/32(a)
30,450
30,655,690
5.50%, 07/01/37(a)
25,550
25,933,506
6.50%, 07/21/45(a)
33,522
36,371,370
 
179,921,949
Kenya — 0.8%
Republic of Kenya Government
International Bonds
6.30%, 01/23/34(a)
22,117
20,347,640
8.00%, 05/22/32(a)
27,070
28,234,010
8.25%, 02/28/48(a)
21,815
20,964,215
9.50%, 03/05/36(a)
33,616
35,935,504
9.75%, 02/16/31(a)
33,445
36,973,447
 
142,454,816
Latvia — 0.2%
Latvia Government International Bonds, 5.13%,
07/30/34(a)
27,468
27,863,265
Lebanon — 0.3%
Lebanon Government International Bonds
6.00%, 01/27/23(a)(g)(h)
23,968
6,932,334
6.10%, 10/04/22(a)(g)(h)
10,902
3,149,538
6.10%, 10/04/24(a)
21,875
6,319,587
6.60%, 11/27/26(a)(g)(h)
34,812
10,062,628
6.65%, 02/26/30(a)(g)(h)
30,342
8,805,716
6.75%, 11/29/27(a)(g)(h)
22,169
6,412,290
6.85%, 03/23/27(a)(g)(h)
27,194
7,865,252
7.00%, 03/23/32(a)(g)(h)
21,804
6,335,370
 
55,882,715
Mexico — 4.2%
Eagle Funding Luxco Sarl, 5.50%, 08/17/30(a)
81,990
83,219,850
Mexico Government International Bonds
2.66%, 05/24/31
21,055
18,738,950
3.25%, 04/16/30
14,172
13,350,024
3.50%, 02/12/34
20,154
17,372,748
3.75%, 01/11/28
11,615
11,512,904
3.75%, 04/19/71
21,321
12,494,106
3.77%, 05/24/61
20,131
12,320,172
4.15%, 03/28/27
12,051
12,051,000
4.28%, 08/14/41
15,204
12,147,996
4.35%, 01/15/47
9,295
6,966,603
4.40%, 02/12/52
15,238
11,047,550
Security
Par
(000
)
Value
Mexico (continued)
4.50%, 04/22/29
$17,082
$17,130,043
4.50%, 01/31/50
14,153
10,699,668
4.60%, 01/23/46
16,381
12,793,561
4.60%, 02/10/48
12,914
9,943,780
4.75%, 03/22/31
10,550
10,423,400
4.75%, 04/27/32
17,268
16,784,496
4.75%, 03/08/44
24,116
19,726,888
4.88%, 05/19/33
16,108
15,447,733
5.00%, 04/27/51
17,412
13,964,424
5.38%, 03/22/33
27,057
26,759,373
5.40%, 02/09/28
8,649
8,836,164
5.55%, 01/21/45
19,595
18,105,780
5.63%, 02/09/34
13,185
13,158,630
5.63%, 09/22/35
17,800
17,479,600
5.75%, 10/12/2110
17,822
14,827,904
5.85%, 07/02/32
26,850
27,548,100
6.00%, 05/13/30
12,300
12,841,200
6.00%, 05/07/36
28,085
28,337,765
6.05%, 01/11/40
19,560
19,383,960
6.13%, 02/09/38
22,525
22,491,213
6.34%, 05/04/53
20,548
19,479,504
6.35%, 02/09/35
19,654
20,440,160
6.40%, 05/07/54
17,672
16,859,088
6.63%, 01/29/38
20,320
21,092,160
6.75%, 09/27/34
11,511
12,397,347
6.75%, 02/09/56
12,800
12,684,800
6.88%, 05/13/37
27,050
28,700,050
7.38%, 05/13/55
17,558
18,857,292
8.30%, 08/15/31
6,536
7,725,552
 
706,141,538
Morocco — 0.6%
Morocco Government International Bonds
3.00%, 12/15/32(a)
22,422
19,551,984
4.00%, 12/15/50(a)
27,667
19,678,154
5.95%, 03/08/28(a)
28,988
29,812,346
6.50%, 09/08/33(a)
28,090
30,240,570
 
99,283,054
Nigeria — 2.3%
Nigeria Government International Bonds
6.13%, 09/28/28(a)
27,658
27,810,119
6.50%, 11/28/27(a)
33,042
33,496,327
7.14%, 02/23/30(a)
27,730
28,533,338
7.38%, 09/28/33(a)
33,570
33,905,700
7.63%, 11/28/47(a)
33,089
30,938,215
7.70%, 02/23/38(a)
27,717
27,439,830
7.88%, 02/16/32(a)
33,524
34,831,436
8.25%, 09/28/51(a)
27,851
27,266,408
8.38%, 03/24/29(a)
27,798
29,577,072
8.63%, 01/13/36(a)
27,750
29,649,210
8.75%, 01/21/31(a)
22,557
24,542,016
9.13%, 01/13/46(a)
24,425
26,195,813
10.38%, 12/09/34(a)
33,477
39,536,337
 
393,721,821
Oman — 2.6%
Oman Government International Bonds
5.38%, 03/08/27(a)
29,844
30,142,440
5.63%, 01/17/28(a)
53,760
54,902,400
6.00%, 08/01/29(a)
49,653
51,763,252
6.25%, 01/25/31(a)
37,575
39,979,800
6.50%, 03/08/47(a)
45,291
47,767,512
5

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oman (continued)
6.75%, 10/28/27(a)
$28,901
$29,984,788
6.75%, 01/17/48(a)
63,120
67,980,240
7.00%, 01/25/51(a)
22,577
25,195,932
7.38%, 10/28/32(a)
23,120
26,281,660
Oman Sovereign Sukuk Co.
4.53%, 04/17/33(a)
23,100
22,707,300
4.88%, 06/15/30(a)
39,283
39,774,037
 
436,479,361
Pakistan — 0.5%
Pakistan Global Sukuk Programme Co. Ltd.
(The), 7.95%, 01/31/29(a)
22,245
23,058,166
Pakistan Government International Bonds
6.88%, 12/05/27(a)
33,505
34,049,218
7.38%, 04/08/31(a)
31,198
31,400,787
 
88,508,171
Panama — 2.8%
Panama Government International Bonds
2.25%, 09/29/32
46,545
38,545,311
3.16%, 01/23/30
28,940
27,207,217
3.30%, 01/19/33
18,865
16,563,470
3.87%, 07/23/60
53,485
34,758,564
3.88%, 03/17/28
33,522
33,027,550
4.30%, 04/29/53
32,973
24,284,615
4.50%, 05/15/47
22,034
17,249,868
4.50%, 04/16/50
46,754
35,714,212
4.50%, 04/01/56
47,012
34,735,991
4.50%, 01/19/63
28,471
20,798,066
6.40%, 02/14/35
46,494
48,601,768
6.70%, 01/26/36
37,008
39,487,536
6.85%, 03/28/54
26,420
27,182,877
6.88%, 01/31/36
18,411
19,849,451
7.50%, 03/01/31
20,323
22,446,754
8.00%, 03/01/38
23,259
27,015,329
 
467,468,579
Paraguay — 0.4%
Paraguay Government International Bonds
4.95%, 04/28/31(a)
22,242
22,419,936
5.40%, 03/30/50(a)
26,418
24,380,512
6.10%, 08/11/44(a)
22,269
22,758,918
 
69,559,366
Peru — 2.7%
Peru Government International Bonds
1.86%, 12/01/32
20,296
16,865,976
2.78%, 01/23/31
56,286
52,064,550
2.78%, 12/01/60
39,986
21,652,419
3.00%, 01/15/34
44,038
38,180,946
3.23%, 07/28/2121
20,515
11,119,130
3.30%, 03/11/41
25,575
19,696,842
3.55%, 03/10/51
34,576
24,047,608
3.60%, 01/15/72
20,435
12,894,485
5.38%, 02/08/35
25,655
26,116,790
5.50%, 03/30/36
32,050
32,626,900
5.63%, 11/18/50
51,121
49,561,809
5.88%, 08/08/54
34,335
33,648,300
6.20%, 06/30/55
28,800
29,448,000
6.55%, 03/14/37
22,802
25,093,601
8.75%, 11/21/33
42,839
53,805,784
 
446,823,140
Security
Par
(000
)
Value
Philippines — 3.4%
Philippines Government International Bonds
1.65%, 06/10/31
$20,899
$18,205,641
2.46%, 05/05/30
17,190
15,965,213
2.65%, 12/10/45
25,743
16,761,267
2.95%, 05/05/45
23,096
15,947,788
3.00%, 02/01/28
32,885
32,278,683
3.20%, 07/06/46
36,621
25,923,273
3.70%, 03/01/41
33,404
27,641,810
3.70%, 02/02/42
33,317
27,203,330
3.75%, 01/14/29
25,478
25,238,762
3.95%, 01/20/40
32,562
28,259,746
4.20%, 03/29/47
16,604
13,573,770
4.75%, 03/05/35
18,143
17,945,786
5.00%, 07/17/33
21,036
21,411,493
5.00%, 01/27/36
18,450
18,468,450
5.00%, 01/13/37
22,443
22,330,785
5.25%, 05/14/34
16,950
17,475,450
5.50%, 02/04/35
20,910
21,772,537
5.50%, 01/17/48
20,868
20,513,244
5.60%, 05/14/49
16,900
16,857,750
5.90%, 02/04/50
16,800
17,451,000
6.38%, 01/15/32
17,246
19,022,338
6.38%, 10/23/34
31,424
34,853,144
7.75%, 01/14/31
28,338
32,673,714
9.50%, 02/02/30
33,332
39,798,408
ROP Sukuk Trust, 5.05%, 06/06/29(a)
16,125
16,512,000
 
564,085,382
Poland — 3.3%
Bank Gospodarstwa Krajowego
5.38%, 05/22/33(a)
35,855
36,923,479
5.75%, 07/09/34(a)
35,682
37,475,021
6.25%, 10/31/28(a)
19,845
21,001,765
6.25%, 07/09/54(a)
35,986
37,065,580
Republic of Poland Government
International Bonds
4.63%, 03/18/29
30,806
31,438,755
4.88%, 02/12/30
55,959
57,618,184
4.88%, 10/04/33
49,378
49,788,825
5.13%, 09/18/34
61,168
61,954,621
5.38%, 02/12/35
55,729
57,185,199
5.50%, 11/16/27
23,749
24,435,584
5.50%, 04/04/53
50,107
47,353,119
5.50%, 03/18/54
71,375
67,532,170
5.75%, 11/16/32
30,709
32,727,195
 
562,499,497
Romania — 3.1%
Romanian Government International Bonds
3.00%, 02/27/27(a)
2,722
2,679,809
3.00%, 02/14/31(a)
28,478
25,971,936
3.63%, 03/27/32(a)
23,632
21,675,034
4.00%, 02/14/51(a)
43,810
30,462,845
5.13%, 06/15/48(a)
26,060
21,825,250
5.25%, 11/25/27(a)
19,874
20,152,236
5.75%, 09/16/30(a)
45,302
46,685,523
5.75%, 03/24/35(a)
44,650
44,315,125
5.88%, 01/30/29(a)
45,332
46,796,224
6.00%, 05/25/34(a)
21,776
22,157,080
6.13%, 01/22/44(a)
21,834
21,178,980
6.38%, 01/30/34(a)
44,688
46,489,373
6.63%, 02/17/28(a)
39,194
40,761,760
6

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Romania (continued)
6.63%, 05/16/36(a)
$38,052
$39,859,470
7.13%, 01/17/33(a)
35,016
38,221,540
7.50%, 02/10/37(a)
27,268
30,223,579
7.63%, 01/17/53(a)
27,322
30,372,501
 
529,828,265
Saudi Arabia — 4.8%
KSA Ijarah Sukuk Ltd.
4.25%, 09/09/30(a)
14,600
14,496,486
4.88%, 09/09/35(a)
23,450
23,309,300
KSA Sukuk Ltd.
2.25%, 05/17/31(a)
13,935
12,447,439
2.97%, 10/29/29(a)
16,284
15,522,723
3.63%, 04/20/27(a)
27,689
27,560,938
4.27%, 05/22/29(a)
20,088
20,075,445
4.30%, 01/19/29(a)
14,851
14,862,138
4.51%, 05/22/33(a)
21,441
21,105,984
5.25%, 06/04/27(a)
7,150
7,250,994
5.25%, 06/04/30(a)
11,250
11,631,094
5.25%, 06/04/34(a)
16,000
16,394,160
5.27%, 10/25/28(a)
17,579
18,073,409
Saudi Government International Bonds
2.25%, 02/02/33(a)
19,898
17,001,448
2.75%, 02/03/32(a)
8,236
7,448,433
3.25%, 10/22/30(a)
11,259
10,697,514
3.25%, 11/17/51(a)
8,937
5,778,932
3.45%, 02/02/61(a)
16,752
10,520,256
3.63%, 03/04/28(a)
32,080
31,759,200
3.75%, 01/21/55(a)
19,794
13,771,676
4.13%, 01/12/29(d)
16,450
16,408,875
4.38%, 04/16/29(a)
28,533
28,661,398
4.38%, 01/12/31(d)
18,300
18,185,625
4.50%, 04/17/30(a)
21,095
21,229,481
4.50%, 10/26/46(a)
44,660
37,603,720
4.50%, 04/22/60(a)
21,031
16,470,007
4.63%, 10/04/47(a)
32,069
27,290,719
4.75%, 01/18/28(a)
21,962
22,181,620
4.75%, 01/16/30(a)
23,129
23,449,915
4.88%, 07/18/33(a)
25,136
25,261,680
4.88%, 01/12/36(d)
16,000
15,795,040
5.00%, 01/16/34(a)
27,630
27,964,737
5.00%, 04/17/49(a)
23,503
20,958,800
5.00%, 01/18/53(a)
22,625
19,712,031
5.13%, 01/13/28(a)
36,270
36,938,728
5.25%, 01/16/50(a)
23,529
21,646,680
5.38%, 01/13/31(a)
21,371
22,148,477
5.50%, 10/25/32(a)
16,473
17,322,348
5.63%, 01/13/35(a)
28,158
29,521,974
5.75%, 01/16/54(a)
32,664
31,684,080
5.88%, 01/12/56(d)
21,950
21,408,055
 
801,551,559
Senegal — 0.2%
Senegal Government International Bonds
6.25%, 05/23/33(a)
24,279
13,955,691
6.75%, 03/13/48(a)
22,038
11,762,782
7.75%, 06/10/31(a)
23,294
14,041,914
 
39,760,387
Serbia — 0.5%
Serbia International Bonds
2.13%, 12/01/30(a)
26,233
23,061,693
6.00%, 06/12/34(a)
33,522
34,728,457
Security
Par
(000
)
Value
Serbia (continued)
6.50%, 09/26/33(a)
$22,321
$24,009,137
 
81,799,287
South Africa — 2.9%
Republic of South Africa Government
International Bonds
4.30%, 10/12/28
44,484
44,064,516
4.85%, 09/27/27
19,471
19,633,778
4.85%, 09/30/29
44,138
43,949,751
5.00%, 10/12/46
22,357
16,988,190
5.38%, 07/24/44
22,425
18,489,413
5.65%, 09/27/47
33,646
27,741,127
5.75%, 09/30/49
66,522
54,674,764
5.88%, 06/22/30
30,441
31,322,571
5.88%, 04/20/32
30,177
30,908,490
6.13%, 12/11/37(a)
38,925
37,757,250
7.10%, 11/19/36(a)
44,351
47,055,302
7.25%, 12/11/55(a)
38,425
37,301,069
7.30%, 04/20/52
34,399
33,951,813
7.95%, 11/19/54(a)
33,319
34,928,808
8.50%, 11/06/35(a)
2,150
2,316,088
 
481,082,930
Sri Lanka — 1.0%
Sri Lanka Government International Bonds
3.10%, 01/15/30(a)(c)(f)
24,397
24,089,611
3.35%, 03/15/33(a)(c)(f)
42,936
39,393,397
3.60%, 03/15/33(a)(c)(f)
4,501
4,130,014
3.85%, 02/15/38(a)(c)(f)
44,946
44,462,452
4.00%, 04/15/28(a)
25,802
25,179,942
9.25%, 06/15/35(a)(c)(f)
31,951
26,096,747
 
163,352,163
Suriname — 0.1%
Suriname Government International Bonds,
8.50%, 11/06/35(d)
20,690
22,288,302
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International
Bonds, 6.50%, 01/28/36(d)
19,800
19,738,224
Turkey — 4.6%
Hazine Mustesarligi Varlik Kiralama AS
6.50%, 04/26/30(a)(c)
24,366
25,218,810
6.75%, 09/01/30(a)(c)
24,600
25,677,111
8.51%, 01/14/29(a)(c)
24,415
26,703,906
Turkiye Government International Bonds
4.88%, 04/16/43
28,823
21,642,902
5.13%, 02/17/28
19,093
19,179,014
5.25%, 03/13/30
19,608
19,316,233
5.75%, 05/11/47
33,294
26,751,729
5.88%, 06/26/31
17,059
16,913,999
5.95%, 01/15/31
20,732
20,731,585
6.00%, 03/25/27
27,670
28,214,822
6.00%, 01/14/41
28,718
25,422,609
6.13%, 10/24/28
26,207
26,935,882
6.30%, 03/14/33
19,850
19,651,500
6.50%, 09/20/33
14,803
14,812,252
6.50%, 01/03/35
33,358
32,968,712
6.63%, 02/17/45
28,300
25,716,776
6.75%, 05/30/40
19,415
18,787,507
6.80%, 11/04/36
20,450
20,337,730
6.88%, 03/17/36
26,366
26,626,101
6.88%, 01/14/38
15,050
14,880,688
7

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Turkey (continued)
6.95%, 09/16/35
$19,400
$19,648,514
7.13%, 02/12/32
24,086
25,157,827
7.13%, 07/17/32
16,656
17,334,732
7.25%, 05/29/32
19,600
20,543,348
7.25%, 03/05/38
9,684
10,134,209
7.63%, 04/26/29
28,576
30,443,156
7.63%, 05/15/34
28,000
29,748,880
8.00%, 02/14/34
14,407
15,820,903
8.60%, 09/24/27
16,967
18,069,855
9.13%, 07/13/30
24,236
27,459,388
9.38%, 03/14/29
21,864
24,378,360
9.38%, 01/19/33
26,098
30,312,827
9.88%, 01/15/28
33,034
36,141,261
11.88%, 01/15/30
13,542
16,755,178
 
778,438,306
Ukraine — 1.4%
Ukraine Government International Bonds
4.50%, 02/01/34(a)(c)(f)
70,843
44,489,570
5.50%, 02/01/32(c)(d)(f)
51,700
41,101,500
6.00%, 02/01/29(a)(c)(f)
25,347
19,669,274
6.00%, 02/01/35(a)(c)(f)
66,634
41,046,537
6.00%, 02/01/36(a)(c)(f)
55,444
33,654,560
7.75%, 02/01/34(a)(c)(f)
45,349
22,107,298
7.75%, 02/01/35(a)(c)(f)
37,204
20,983,036
7.75%, 02/01/36(a)(c)(f)
30,550
17,062,330
 
240,114,105
United Arab Emirates — 2.8%
Abu Dhabi Government International Bonds
1.63%, 06/02/28(a)
18,034
17,102,724
1.70%, 03/02/31(a)
14,066
12,529,289
1.88%, 09/15/31(a)
16,045
14,191,802
2.50%, 09/30/29(a)
26,739
25,441,089
2.70%, 09/02/70(a)
13,472
7,358,070
3.00%, 09/15/51(a)
11,702
7,820,856
3.13%, 10/11/27(a)
32,462
32,061,419
3.13%, 04/16/30(a)
26,415
25,560,475
3.13%, 09/30/49(a)
36,229
25,360,300
3.63%, 10/02/28(a)
9,350
9,307,738
3.88%, 04/16/50(a)
35,235
27,870,885
4.13%, 10/11/47(a)
26,952
22,645,070
4.25%, 10/02/35(a)
18,200
17,854,200
4.88%, 04/30/29(a)
17,450
17,960,500
5.00%, 04/30/34(a)
13,850
14,455,937
5.50%, 04/30/54(a)
15,500
15,616,250
Emirate of Dubai Government International Bonds
3.90%, 09/09/50(a)
11,930
8,776,066
5.25%, 01/30/43(a)
8,579
8,565,617
Finance Department Government of Sharjah
4.00%, 07/28/50(a)
9,275
6,149,448
6.13%, 03/06/36(a)
9,150
9,352,673
6.50%, 11/23/32(a)
9,150
9,627,264
RAK Capital, 5.00%, 03/12/35(a)
9,400
9,611,500
Sharjah Sukuk Program Ltd.
2.94%, 06/10/27(a)
8,492
8,274,860
3.23%, 10/23/29(a)
9,350
8,760,670
4.23%, 03/14/28(a)
10,915
10,745,053
5.43%, 04/17/35(a)
9,200
9,205,750
UAE International Government Bonds
2.00%, 10/19/31(a)
8,550
7,696,283
2.88%, 10/19/41(a)
8,847
6,706,114
Security
Par
(000
)
Value
United Arab Emirates (continued)
3.25%, 10/19/61(a)
$17,715
$11,932,470
4.05%, 07/07/32(a)
16,110
16,041,532
4.86%, 07/02/34(a)
13,850
14,333,256
4.92%, 09/25/33(a)
13,800
14,458,950
4.95%, 07/07/52(a)
10,227
9,652,997
 
463,027,107
Uruguay — 2.0%
Oriental Republic of Uruguay, 5.25%, 09/10/60
29,020
26,828,634
Uruguay Government International Bonds
4.38%, 01/23/31
42,329
42,794,860
4.98%, 04/20/55
57,543
51,875,455
5.10%, 06/18/50
88,876
83,009,986
5.44%, 02/14/37
44,808
46,331,533
5.75%, 10/28/34
48,951
51,888,085
7.63%, 03/21/36
23,521
28,319,409
 
331,047,962
Zambia — 0.3%
Zambia Government International Bonds
0.50%, 12/31/53(a)
28,546
20,495,803
7.50%, 06/30/33(a)(c)(f)
26,945
26,338,679
 
46,834,482
Total Foreign Government Obligations — 86.3%
(Cost: $15,333,555,951)
14,502,246,596
Total Long-Term Investments — 98.0%
(Cost: $17,468,878,736)
16,477,736,619
 
Shares
 
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.64%(i)(j)
120,620,000
120,620,000
Total Short-Term Securities — 0.7%
(Cost: $120,620,000)
120,620,000
Total Investments — 98.7%
(Cost: $17,589,498,736)
16,598,356,619
Other Assets Less Liabilities — 1.3%
215,426,975
Net Assets — 100.0%
$16,813,783,594
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
Perpetual security with no stated maturity date.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(d)
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.
(e)
U.S. dollar denominated security issued by foreign domiciled entity.
(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)
Issuer filed for bankruptcy and/or is in default.
(h)
Non-income producing security.
(i)
Affiliate of the Fund.
(j)
Annualized 7-day yield as of period end.
8

Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® J.P. Morgan USD Emerging Markets Bond ETF
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/26
Shares
Held at
01/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares
$63,850,000
$56,770,000
(a)
$
$
$
$120,620,000
120,620,000
$495,900
$
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access 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; and
Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the 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 judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes
$
$1,975,490,023
$
$1,975,490,023
Foreign Government Obligations
14,502,246,596
14,502,246,596
Short-Term Securities
Money Market Funds
120,620,000
120,620,000
 
$120,620,000
$16,477,736,619
$
$16,598,356,619
Currency Abbreviation
USD
United States Dollar
Portfolio Abbreviation
CMT
Constant Maturity Treasury
PJSC
Public Joint Stock Company
SOFR
Secured Overnight Financing Rate
9