# EDGAR Filing Document

**Accession Number:** 0001524513
**File Stem:** 0001193125-25-154767
**Filing Date:** 2025-7
**Character Count:** 2422186
**Document Hash:** 12122410f10d27c255a029a66eac3651
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154767.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154767

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares U.S. ETF Trust
- **CENTRAL INDEX KEY:** 0001524513

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22649
- **FILM NUMBER:** 251100178

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

## Series and Classes Contracts Data

### iShares Short Duration Bond Active ETF (Series ID: S000037042)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000113876 | iShares Short Duration Bond Active ETF | NEAR            |

### iShares Ultra Short Duration Bond Active ETF (Series ID: S000040474)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000125661 | iShares Ultra Short Duration Bond Active ETF | ICSH            |

### iShares Interest Rate Hedged Corporate Bond ETF (Series ID: S000042862)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000132817 | iShares Interest Rate Hedged Corporate Bond ETF | LQDH            |

### iShares Interest Rate Hedged High Yield Bond ETF (Series ID: S000042863)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000132818 | iShares Interest Rate Hedged High Yield Bond ETF | HYGH            |

### iShares Interest Rate Hedged Long-Term Corporate Bond ETF (Series ID: S000044145)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000137261 | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH            |

### iShares GSCI Commodity Dynamic Roll Strategy ETF (Series ID: S000044971)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000139416 | iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT            |

### iShares Inflation Hedged Corporate Bond ETF (Series ID: S000058011)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000189608 | iShares Inflation Hedged Corporate Bond ETF | LQDI            |

### iShares Bloomberg Roll Select Commodity Strategy ETF (Series ID: S000061337)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000198581 | iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY            |

### iShares Commodity Curve Carry Strategy ETF (Series ID: S000064843)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000209927 | iShares Commodity Curve Carry Strategy ETF | CCRV            |

### iShares Inflation Hedged High Yield Bond ETF (Series ID: S000076588)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000236573 | iShares Inflation Hedged High Yield Bond ETF | HYGI            |

### iShares Inflation Hedged U.S. Aggregate Bond ETF (Series ID: S000076589)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000236574 | iShares Inflation Hedged U.S. Aggregate Bond ETF | AGIH            |

### iShares Interest Rate Hedged U.S. Aggregate Bond ETF (Series ID: S000076590)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000236575 | iShares Interest Rate Hedged U.S. Aggregate Bond ETF | AGRH            |

### iShares Transition-Enabling Metals ETF (Series ID: S000080439)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000242839 | iShares Transition-Enabling Metals ETF | TMET            |

?xml version='1.0' encoding='ASCII'? iShares U.S. ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-22649

Name of Fund:

iShares U.S. ETF Trust

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

10/31/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Bloomberg Roll Select Commodity Strategy ETF

### CMDY \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Bloomberg Roll Select Commodity Strategy ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Bloomberg Roll Select Commodity Strategy ETF | $14 | 0.27%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 4.45% | 4.14% | 12.35% | 4.44% |
| MSCI All Country World Index | 0.88 | 11.84 | 13.07 | 9.31 |
| Bloomberg Roll Select Commodity Total Return Index | 4.69 | 4.61 | 13.20 | 5.03 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$280574642 |
| Number of Portfolio Holdings | &nbsp;&nbsp;58 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was April 3, 2018.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Commercial Paper | 47.8% |
| U.S. Treasury Obligations | 39.4% |
| Money Market Funds | 7.9% |
| Certificates of Deposit | 2.9% |
| Cash | 3.4% |
| Futures | (3.8)% |
| Other assets, less liabilities | 2.4% |

---

Commodity exposure

---

| | |
|:---|:---|
| *Sector Exposure<sup>(a)</sup>* | *Percent of<br> Exposure* |
| Agriculture Futures | 31.0% |
| Energy Futures | 26.6% |
| Precious Metals Futures | 21.9% |
| Industrial Metals Futures | 14.7% |
| Livestock Futures | 5.8% |

---

<sup><sup>(a)</sup></sup><sup>Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., Bloomberg Index Services Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Bloomberg Roll Select Commodity Strategy ETF

Semi-Annual Shareholder Report — April 30, 2025

CMDY-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Commodity Curve Carry Strategy ETF

### CCRV \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Commodity Curve Carry Strategy ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Commodity Curve Carry Strategy ETF | $18 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (5.46)% | (9.73)% | 13.03% |
| ICE BofA US Broad Market Index | 2.52 | 7.99 | (1.17) |
| ICE BofA Commodity Enhanced Carry Total Return Index | (5.26) | (9.37) | 13.72 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$37598950 |
| Number of Portfolio Holdings | &nbsp;&nbsp;88 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was September 1, 2020.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Commercial Paper | 51.3% |
| Money Market Funds | 25.3% |
| Certificates of Deposit | 18.0% |
| U.S. Treasury Obligations | 8.6% |
| Cash | 0.0% |
| Total Return Commodity Index Swaps | (5.1)% |
| Other assets, less liabilities | 1.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| U.S. Treasury Bill, 4.14%, 10/02/25 | 3.9% |
| U.S. Treasury Bill, 4.31%, 06/10/25 | 2.0% |
| American Honda Finance Corp., 4.62%, 05/22/25 | 1.6% |
| National Bank of Canada, 4.39%, 06/12/25 | 1.5% |
| Philip Morris International Inc., 4.35%, 05/07/25 | 1.3% |
| Ionic Funding LLC, 4.41%, 05/09/25 | 1.3% |
| Hyundai Capital America, 4.65%, 05/14/25 | 1.3% |
| Mainbeach Funding LLC, 4.41%, 05/27/25 | 1.3% |
| Komatsu Finance America Inc., 4.35%, 06/02/25 | 1.3% |
| U.S. Treasury Bill, 5.08%, 06/12/25 | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Commodity Curve Carry Strategy ETF

Semi-Annual Shareholder Report — April 30, 2025

CCRV-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares GSCI Commodity Dynamic Roll Strategy ETF

### COMT \| NASDAQ

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares GSCI Commodity Dynamic Roll Strategy ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares GSCI Commodity Dynamic Roll Strategy ETF | $23 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (2.12)% | (7.05)% | 13.30% | 2.05% |
| S&P Total Market Index | (2.27) | 11.25 | 15.02 | 11.59 |
| S&P GSCI Dynamic Roll (USD) Total Return Index | (1.96) | (6.76) | 13.77 | 0.53 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$623471739 |
| Number of Portfolio Holdings | &nbsp;&nbsp;117 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The performance of the S&P GSCI Dynamic Roll (USD) Total Return Index in this report reflects the performance of the S&P GSCI™ Commodity Total Return Index through July 8, 2018, the performance of S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index beginning on July 9, 2018 through January 31, 2020 and, beginning February 1, 2020, the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Commercial Paper | 47.6% |
| Certificates of Deposit | 24.2% |
| U.S. Treasury Obligations | 11.3% |
| Money Market Funds | 11.2% |
| Futures | 0.4% |
| Cash | 8.2% |
| Other assets, less liabilities | (2.9)% |

---

Commodity linked futures

---

| | |
|:---|:---|
| *Sector Exposure* | *Percent of<br> Notional Amount* |
| Energy Futures | 32.8% |
| Industrial Metals Futures | 28.5% |
| Agriculture Futures | 17.8% |
| Livestock Futures | 11.4% |
| Gold Futures | 8.7% |
| Precious Metals Futures | 0.7% |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares GSCI Commodity Dynamic Roll Strategy ETF

Semi-Annual Shareholder Report — April 30, 2025

COMT-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Inflation Hedged Corporate Bond ETF

### LQDI \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Inflation Hedged Corporate Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Inflation Hedged Corporate Bond ETF | $2(a) 0.05%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *Since Fund<br>Inception* |
| Fund NAV | 1.24% | 6.38% | 4.01% | 3.95% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | (0.00) | 2.06 |
| BlackRock Inflation Hedged Corporate Bond Index | 1.01 | 5.86 | 4.83 | 4.81 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$90471895 |
| Number of Portfolio Holdings | &nbsp;&nbsp;135 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

The inception date of the Fund was May 8, 2018.

The performance of the BlackRock Inflation Hedged Corporate Bond Index in this report reflects the performance of the Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Inflation Hedged Index through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Inflation Hedged Corporate Bond Index.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 94.2% |
| Short-term Investments | 47.3% |
| Swaps, net cumulative appreciation | 2.5% |
| Other assets less liabilities | (44.0)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Aaa | 2.4% |
| Aa | 7.3% |
| A | 46.3% |
| Baa | 41.3% |
| Ba | 2.3% |
| Not Rated | 0.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Inflation Hedged Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

LQDI-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Inflation Hedged High Yield Bond ETF

### HYGI \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Inflation Hedged High Yield Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Inflation Hedged High Yield Bond ETF | $3(a) 0.05%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 3.25% | 9.69% | 8.67% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | 3.29 |
| BlackRock Inflation Hedged High Yield Bond Index | 2.86 | 9.01 | 8.13 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5341279 |
| Number of Portfolio Holdings | &nbsp;&nbsp;55 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was June 22, 2022.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 94.4% |
| Short-term Investments | 49.3% |
| Swaps, net cumulative appreciation | 0.7% |
| Other assets less liabilities | (44.4)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Baa | 1.0% |
| Ba | 43.9% |
| B | 39.9% |
| Caa | 12.6% |
| Ca | 0.8% |
| C | 0.1% |
| Not Rated | 1.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Inflation Hedged High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

HYGI-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Inflation Hedged U.S. Aggregate Bond ETF

### AGIH \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Inflation Hedged U.S. Aggregate Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Inflation Hedged U.S. Aggregate Bond ETF | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 2.75% | 7.17% | 2.72% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | 3.29 |
| BlackRock Inflation Hedged U.S. Aggregate Bond Index | 2.73 | 7.06 | 2.71 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2483647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;57 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was June 22, 2022.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 94.7% |
| Short-term Investments | 48.2% |
| Swaps, net cumulative appreciation | 0.9% |
| Other assets less liabilities | (43.8)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Aaa | 73.4% |
| Aa | 2.7% |
| A | 11.3% |
| Baa | 11.3% |
| Ba | 0.5% |
| Not Rated | 0.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core U.S. Aggregate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Inflation Hedged U.S. Aggregate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

AGIH-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Interest Rate Hedged Corporate Bond ETF

### LQDH \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Interest Rate Hedged Corporate Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Interest Rate Hedged Corporate Bond ETF | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 0.94% | 3.60% | 5.94% | 3.47% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | (0.00) | 1.87 |
| BlackRock Interest Rate Hedged Corporate Bond Index | 0.82 | 3.48 | 5.84 | 3.66 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$453819591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;196 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

The performance of the BlackRock Interest Rate Hedged Corporate Bond Index in this report reflects the performance of Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016, the performance of Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Interest Rate Hedged Swaps Index beginning on June 17, 2016 through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged Corporate Bond Index.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 94.5% |
| Short-term Investments | 52.2% |
| Swaps, net cumulative appreciation | 2.6% |
| Other assets less liabilities | (49.3)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Aaa | 2.4% |
| Aa | 7.3% |
| A | 46.3% |
| Baa | 41.3% |
| Ba | 2.3% |
| Not Rated | 0.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Interest Rate Hedged Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

LQDH-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Interest Rate Hedged High Yield Bond ETF

### HYGH \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Interest Rate Hedged High Yield Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Interest Rate Hedged High Yield Bond ETF | $3(a) 0.05%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 1.37% | 6.47% | 7.80% | 4.76% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | (0.00) | 1.87 |
| BlackRock Interest Rate Hedged High Yield Bond Index | 1.06 | 5.90 | 7.83 | 4.77 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$395638576 |
| Number of Portfolio Holdings | &nbsp;&nbsp;167 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

The performance of the BlackRock Interest Rate Hedged High Yield Bond Index in this report reflects the performance of Markit iBoxx USD Liquid High Yield Interest Rate Hedged Index through June 16, 2016, the performance of Markit iBoxx<sup>®</sup> USD Liquid High Yield Interest Rate Hedged Swaps Index beginning on June 17, 2016 through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged High Yield Bond Index.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 95.8% |
| Short-term Investments | 48.4% |
| Swaps, net cumulative depreciation | (0.9)% |
| Other assets less liabilities | (43.3)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Baa | 1.0% |
| Ba | 43.9% |
| B | 39.9% |
| Caa | 12.6% |
| Ca | 0.8% |
| C | 0.1% |
| Not Rated | 1.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Interest Rate Hedged High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

HYGH-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Interest Rate Hedged Long-Term Corporate Bond ETF

### IGBH \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Interest Rate Hedged Long-Term Corporate Bond ETF | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *Since Fund<br>Inception* |
| Fund NAV | (0.06)% | 2.21% | 6.76% | 3.63% |
| ICE BofA US Broad Market Index | 2.52 | 7.99 | (0.68) | 1.71 |
| BlackRock Interest Rate Hedged Long-Term Corporate Bond Index | (0.09) | 2.46 | 6.89 | 3.59 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$96138886 |
| Number of Portfolio Holdings | &nbsp;&nbsp;143 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

The inception date of the Fund was July 22, 2015.

The performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index in this report reflects the performance of the Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index through July 31, 2018, the performance of ICE Q70A Custom Index beginning on August 1, 2018 through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 91.4% |
| Short-term Investments | 50.9% |
| Swaps, net cumulative appreciation | 4.6% |
| Other assets less liabilities | (46.9)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Aaa | 3.0% |
| Aa | 11.2% |
| A | 41.7% |
| Baa | 41.2% |
| Ba | 1.4% |
| Not Rated | 1.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares 10+ Year Investment Grade Corporate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with ICE Data Indices, LLC but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Interest Rate Hedged Long-Term Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

IGBH-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Interest Rate Hedged U.S. Aggregate Bond ETF

### AGRH \| NYSE Arca

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Interest Rate Hedged U.S. Aggregate Bond ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** |
| iShares Interest Rate Hedged U.S. Aggregate Bond ETF | $5(a) 0.10%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 1.85% | 4.50% | 5.19% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | 3.29 |
| BlackRock Interest Rate Hedged U.S. Aggregate Bond Index | 1.87 | 4.49 | 5.07 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7738849 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

The inception date of the Fund was June 22, 2022.

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br>*Net Assets* |
| Investment Companies | 95.7% |
| Short-term Investments | 39.0% |
| Swaps, net cumulative appreciation | 0.4% |
| Other assets less liabilities | (35.1)% |

---

---

| | |
|:---|:---|
| **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** | **Credit quality allocation (of the underlying fund)<sup>(a)</sup>** |
| *Credit Rating<sup>(b)</sup>* | *Percent of Total<br>Investments<sup>(c)</sup>* |
| Aaa | 73.4% |
| Aa | 2.7% |
| A | 11.3% |
| Baa | 11.3% |
| Ba | 0.5% |
| Not Rated | 0.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core U.S. Aggregate Bond ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>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.</sup> |
| <sup><sup>(c)</sup></sup><sup>Excludes money market funds.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Interest Rate Hedged U.S. Aggregate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

AGRH-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Short Duration Bond Active ETF

### NEAR \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Short Duration Bond Active ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Short Duration Bond Active ETF | $13 | 0.25%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.96% | 7.04% | 3.58% | 2.50% |
| Bloomberg U.S. Universal Index | 2.53 | 8.14 | (0.00) | 1.87 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 2.96 | 6.76 | 1.59 | 1.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3228301254 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1267 |
| Portfolio Turnover Rate | &nbsp;&nbsp;121% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 34.4% |
| U.S. Government & Agency Obligations | 32.8% |
| Asset-Backed Securities | 16.3% |
| Collateralized Mortgage Obligations | 16.2% |
| Foreign Government Obligations | 0.2% |
| Municipal Debt Obligations | 0.1% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 50.1% |
| Aa | 1.2% |
| A | 12.7% |
| Baa | 15.3% |
| Ba | 3.0% |
| B | 2.6% |
| Caa | 0.1% |
| Not Rated | 15.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### Material Fund Changes
This is a summary of planned changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective June 12, 2025, BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, was added as a sub-adviser for the Fund. Under the Sub-Advisory Agreement, the Sub-Adviser is primarily responsible for execution of securities transactions outside of the U.S. and Canada, and may from time to time participate in the management of specified assets in the Fund's portfolio. BFA pays the Sub-Adviser for services it provides to the Fund.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Short Duration Bond Active ETF

Semi-Annual Shareholder Report — April 30, 2025

NEAR-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Transition-Enabling Metals ETF

### TMET \| NASDAQ

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Transition-Enabling Metals ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Transition-Enabling Metals ETF | $23 | 0.46%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (1.68)% | 0.72% | 10.30% |
| ICE BofA US Broad Market Index | 2.52 | 7.99 | 7.01 |
| ICE Clean Energy Transition Metals Index | (1.36) | 1.26 | 11.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8976782 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was September 26, 2023.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Commercial Paper | 44.1% |
| Certificates of Deposit | 25.0% |
| Money Market Funds | 18.3% |
| U.S. Treasury Obligations | 5.5% |
| Cash | 12.3% |
| Futures | (1.5)% |
| Other assets, less liabilities | (3.7)% |

---

Commodity linked futures

---

| | |
|:---|:---|
| *Sector Exposure* | *Percent of<br> Notional Amount* |
| Industrial Metals Futures | 70.4% |
| Precious Metals Futures | 29.9% |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Transition-Enabling Metals ETF

Semi-Annual Shareholder Report — April 30, 2025

TMET-04/25-SAR

![TSR - BLK iShares Logo](g915935images_4973.jpg)

### iShares Ultra Short Duration Bond Active ETF

### ICSH \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares Ultra Short Duration Bond Active ETF (the "Fund") (formerly known as iShares Ultra Short-Term Bond Active ETF) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Ultra Short Duration Bond Active ETF | $4 | 0.08%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.40% | 5.49% | 2.96% | 2.35% |
| ICE BofA US Broad Market Index | 2.52 | 7.99 | (0.68) | 1.56 |
| ICE<sup>®</sup> BofA<sup>®</sup> 6-Month US Treasury Bill Index | 2.18 | 5.06 | 2.65 | 2.04 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5993613409 |
| Number of Portfolio Holdings | &nbsp;&nbsp;380 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE<sup>®</sup> BofA<sup>®</sup> 6-Month US Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4 pm. The change of the Index's standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 36.0% |
| Commercial Paper | 31.9% |
| Certificates of Deposit | 16.2% |
| Repurchase Agreements | 7.0% |
| Asset-Backed Securities | 5.9% |
| U.S. Government & Agency Obligations | 2.9% |
| Municipal Debt Obligations | 0.1% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 8.4% |
| Aa | 13.9% |
| A | 19.2% |
| Baa | 6.4% |
| Not Rated | 52.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>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.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g915935images_4974.jpg)

iShares Ultra Short Duration Bond Active ETF

Semi-Annual Shareholder Report — April 30, 2025

ICSH-04/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

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 Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

April 30, 2025

![](g915935img006d682f1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares U.S. ETF Trust** |
| • iShares Bloomberg Roll Select Commodity Strategy ETF \| CMDY \| NYSE Arca |
| • iShares Commodity Curve Carry Strategy ETF \| CCRV \| NYSE Arca |
| • iShares GSCI Commodity Dynamic Roll Strategy ETF \| COMT \| NASDAQ |
| • iShares Transition-Enabling Metals ETF \| TMET \| NASDAQ |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Consolidated Schedules of Investments](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Consolidated Statements of Assets and Liabilities](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_FS-Footer-iSharesReport-426_1)  | &nbsp;&nbsp; 17 |
| [Consolidated Statements of Operations](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_FS-Footer-iSharesReport-426_2)  | &nbsp;&nbsp; 18 |
| [Consolidated Statements of Changes in Net Assets](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_FS-Footer-iSharesReport-426_3)  | &nbsp;&nbsp; 19 |
| [Consolidated Financial Highlights](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_FS-Footer-iSharesReport-426_5)  | &nbsp;&nbsp; 21 |
| [Notes to Consolidated Financial Statements](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 25 |
| [Additional Information](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |
| [Glossary of Terms Used in these Financial Statements](#xx_b63076e1-7ee5-490d-a650-dbaccde11e78_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |

---

------

Consolidated Schedule of Investments (unaudited)

April 30, 2025

**iShares® Bloomberg Roll Select Commodity Strategy ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
| Credit Industriel ET Commercial SA, 4.33%, 05/28/25 | &nbsp;&nbsp; $4020 | $4023011 |
| Sumitomo Mitsui Banking Corp/New York, 4.43%, <br> 05/13/25<sup>(a)</sup><br>| &nbsp;&nbsp; 4000 | 4000170 |
| **Total Certificates of Deposit — 2.9%** <br>**(Cost: $8,022,891)** | **Total Certificates of Deposit — 2.9%** <br>**(Cost: $8,022,891)** | 8023181 |
| **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
| AbbVie Inc., 4.65%, 05/20/25 | &nbsp;&nbsp; 3630 | 3620652 |
| Accenture Capital Inc., 4.35%, 05/05/25 | &nbsp;&nbsp; 2470 | 2468509 |
| Air Products and Chemicals Inc., 4.35%, 05/30/25 | &nbsp;&nbsp; 3750 | 3736469 |
| American Honda Finance Corp., 4.59%, 05/12/25 | &nbsp;&nbsp; 1500 | 1497707 |
| Amphenol Corp., 4.51%, 05/06/25 | &nbsp;&nbsp; 4000 | 3996995 |
| Britannia Funding Co. LLC, 4.40%, 06/03/25 | &nbsp;&nbsp; 4000 | 3983443 |
| Compass Group PLC, 4.36%, 05/16/25 | &nbsp;&nbsp; 4000 | 3992259 |
| CRH America Finance Inc., 4.69%, 06/09/25 | &nbsp;&nbsp; 3100 | 3083914 |
| DTE Electric Co., 4.47%, 05/16/25 | &nbsp;&nbsp; 2750 | 2744551 |
| E.ON SE, 4.68%, 05/27/25 | &nbsp;&nbsp; 950 | 946680 |
| Emerson Electric Co., 4.34%, 05/23/25 | &nbsp;&nbsp; 4000 | 3988942 |
| Hyundai Capital America, 4.65%, 05/14/25 | &nbsp;&nbsp; 3250 | 3244135 |
| Intrepid Funding Co. LLC, 4.40%, 06/05/25 | &nbsp;&nbsp; 3510 | 3494612 |
| Ionic Funding LLC |  |  |
| 4.41%, 05/09/25 | &nbsp;&nbsp; 4000 | 3995591 |
| 4.44%, 06/03/25 | &nbsp;&nbsp; 1840 | 1832322 |
| Koch Companies LLC, 4.34%, 06/03/25 | &nbsp;&nbsp; 1000 | 995918 |
| Komatsu Finance America Inc., 4.35%, 06/02/25 | &nbsp;&nbsp; 4000 | 3984116 |
| Lime Funding LLC, 4.43%, 06/12/25 | &nbsp;&nbsp; 4000 | 3978949 |
| Linde Inc./CT, 4.32%, 05/15/25 | &nbsp;&nbsp; 3300 | 3294069 |
| LSEGA Financing PLC, 4.46%, 05/13/25 | &nbsp;&nbsp; 3450 | 3444450 |
| Mackinac Funding Co. LLC, 4.43%, 06/10/25 | &nbsp;&nbsp; 3500 | 3482443 |
| Mainbeach Funding LLC, 4.41%, 05/27/25 | &nbsp;&nbsp; 4000 | 3986808 |
| Mars Inc., 4.36%, 05/29/25 | &nbsp;&nbsp; 2500 | 2491241 |
| Mohawk Industries Inc., 4.67%, 05/15/25 | &nbsp;&nbsp; 1200 | 1197671 |
| National Grid North America Inc., 4.66%, 05/23/25 | &nbsp;&nbsp; 3000 | 2991096 |
| Northrop Grumman Corp. |  |  |
| 4.59%, 05/08/25 | &nbsp;&nbsp; 3000 | 2996945 |
| 4.63%, 05/20/25 | &nbsp;&nbsp; 1750 | 1745509 |
| 4.68%, 06/12/25 | &nbsp;&nbsp; 1120 | 1113779 |
| NTT Finance Americas Inc., 4.59%, 07/24/25 | &nbsp;&nbsp; 3000 | 2967830 |
| Philip Morris International Inc., 4.35%, 05/07/25 | &nbsp;&nbsp; 4000 | 3996617 |
| Phillips 66, 4.61%, 05/02/25 | &nbsp;&nbsp; 4000 | 3998976 |
| Resolute Funding Co. LLC, 4.37%, 05/13/25 | &nbsp;&nbsp; 3500 | 3494483 |
| Rio Tinto Finance USA PLC, 4.48%, 06/03/25 | &nbsp;&nbsp; 2090 | 2081199 |
| RTX Corp., 4.67%, 05/19/25 | &nbsp;&nbsp; 4000 | 3990170 |
| Sherwin-Williams Co. (The) |  |  |
| 4.43%, 05/05/25 | &nbsp;&nbsp; 2000 | 1998770 |
| 4.44%, 05/12/25 | &nbsp;&nbsp; 3580 | 3574708 |
| Tyco Electronics Group SA |  |  |
| 4.58%, 05/05/25 | &nbsp;&nbsp; 500 | 499682 |
| 4.62%, 05/13/25 | &nbsp;&nbsp; 4000 | 3993340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Unilever Finance Netherlands BV |  |  |
| 4.34%, 05/22/25 | &nbsp;&nbsp; $3500 | $3490746 |
| 4.36%, 06/09/25 | &nbsp;&nbsp; 1790 | 1781375 |
| UnitedHealth Group Inc., 4.40%, 05/09/25 | &nbsp;&nbsp; 3600 | 3596045 |
| Victory Receivables Corp., 4.36%, 05/07/25 | &nbsp;&nbsp; 4500 | 4496185 |
| Virginia Electric and Power Co., 4.46%, 05/12/25 | &nbsp;&nbsp; 3180 | 3175278 |
| Vulcan Materials Co., 4.65%, 05/20/25 | &nbsp;&nbsp; 750 | 748068 |
| VW Credit Inc., 4.65%, 05/05/25 | &nbsp;&nbsp; 4000 | 3997416 |
| **Total Commercial Paper — 47.8%** <br>**(Cost: $134,225,867)** | **Total Commercial Paper — 47.8%** <br>**(Cost: $134,225,867)** | 134210663 |
| **U.S. Treasury Obligations**<sup>(b)</sup> | **U.S. Treasury Obligations**<sup>(b)</sup> | **U.S. Treasury Obligations**<sup>(b)</sup> |
| U.S. Treasury Bill |  |  |
| 4.25%, 06/03/25 | &nbsp;&nbsp; 10000 | 9961330 |
| 4.29%, 05/01/25 | &nbsp;&nbsp; 15000 | 15000000 |
| 4.29%, 06/05/25 | &nbsp;&nbsp; 10000 | 9958875 |
| 4.30%, 05/06/25 | &nbsp;&nbsp; 15000 | 14991242 |
| 4.30%, 05/29/25 | &nbsp;&nbsp; 10000 | 9967179 |
| 4.31%, 05/15/25 | &nbsp;&nbsp; 12750 | 12729100 |
| 4.31%, 05/27/25 | &nbsp;&nbsp; 13000 | 12960315 |
| 4.31%, 06/10/25 | &nbsp;&nbsp; 15000 | 14929685 |
| 4.33%, 05/08/25 | &nbsp;&nbsp; 10000 | 9991824 |
| **Total U.S. Treasury Obligations — 39.4%** <br>**(Cost: $110,490,220)** | **Total U.S. Treasury Obligations — 39.4%** <br>**(Cost: $110,490,220)** | 110489550 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 22170000 | 22170000 |
| **Total Money Market Funds — 7.9%** <br>**(Cost: $22,170,000)** | **Total Money Market Funds — 7.9%** <br>**(Cost: $22,170,000)** | 22170000 |
| **Total Investments — 98.0%** <br>**(Cost: $274,908,978)** | **Total Investments — 98.0%** <br>**(Cost: $274,908,978)** | 274893394 |
| **Other Assets Less Liabilities — 2.0%** | **Other Assets Less Liabilities — 2.0%** | 5681248 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $280574642 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Bloomberg Roll Select Commodity Strategy ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $9410000<br> $12760000 <br><sup>(a)</sup><br>| $— | $— | $— | $22170000 | 22170000 | $542493 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Bloomberg Roll Select Commodity Index | 10598 | 06/18/25 | &nbsp;&nbsp; $279936 | $(10769386) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $10769386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10769386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $26597902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26597902 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(21683084)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21683084)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $281646645 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Bloomberg Roll Select Commodity Strategy ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8023181 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8023181 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 134210663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134210663 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 110489550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110489550 |
| Money Market Funds | &nbsp;&nbsp; 22170000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22170000 |
|  | &nbsp;&nbsp; $22170000 | &nbsp;&nbsp; $252723394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $274893394 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; $(10769386)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10769386)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)

April 30, 2025

**iShares® Commodity Curve Carry Strategy ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
| Bank of Montreal, 4.49%, 01/13/26 | &nbsp;&nbsp; $250 | $250290 |
| Bayerische Landesbank (New York Branch), 4.50%, <br> 08/14/25<br>| &nbsp;&nbsp; 400 | 400073 |
| BNP Paribas SA/New York |  |  |
| 4.20%, 10/02/25 | &nbsp;&nbsp; 260 | 259677 |
| 4.61%, 11/20/25<sup>(a)</sup> | &nbsp;&nbsp; 340 | 339876 |
| Canadian Imperial Bank of Commerce/New York |  |  |
| 4.49%, 01/23/26 | &nbsp;&nbsp; 250 | 250335 |
| 4.66%, 02/09/26, (1-day SOFR + 0.300%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 249912 |
| Credit Agricole Corporate and Investment Bank/New <br> York, 4.65%, 06/20/25, (1-day SOFR + 0.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 350 | 350099 |
| Credit Industriel ET Commercial SA, 4.33%, 05/28/25 | &nbsp;&nbsp; 250 | 250187 |
| DZ Bank AG (New York Branch), 4.46%, 09/25/25 | &nbsp;&nbsp; 340 | 340101 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 4.50%, 06/11/25<br>| &nbsp;&nbsp; 250 | 250017 |
| Landesbank Baden Wuerttemberg (New York Branch), <br> 4.50%, 08/14/25<br>| &nbsp;&nbsp; 330 | 330096 |
| Lloyds Bank Corporate, 5.10%, 07/25/25 | &nbsp;&nbsp; 310 | 310386 |
| Mitsubishi UFJ Trust & Banking Corp./New York, 4.76%, <br> 07/01/25, (1-day SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 290 | 290138 |
| Mizuho Bank Ltd./New York, 4.60%, 11/07/25 | &nbsp;&nbsp; 270 | 270285 |
| Mizuho Bank Ltd/New York, 4.60%, 02/12/26 | &nbsp;&nbsp; 250 | 250604 |
| MUFG Bank Ltd./New York, 4.61%, 11/26/25<sup>(a)</sup> | &nbsp;&nbsp; 340 | 339797 |
| Nordea Bank Abp/New York, 4.57%, 12/17/25<sup>(a)</sup> | &nbsp;&nbsp; 340 | 339826 |
| Royal Bank of Canada, 4.60%, 11/25/25 | &nbsp;&nbsp; 270 | 270368 |
| Royal Bank of Canada/New York, 4.64%, 04/07/26 | &nbsp;&nbsp; 250 | 249762 |
| Standard Chartered Bank (New York Branch), 4.60%, <br> 02/11/26<br>| &nbsp;&nbsp; 250 | 250567 |
| Sumitomo Mitsui Banking Corp./New York, 4.59%, <br> 05/12/25, (1-day SOFR + 0.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 360 | 360013 |
| Svenska Handelsbanken AB/New York, 4.67%, 01/13/26, <br> (1-day SOFR + 0.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 260 | 259941 |
| Svenska Handelsbanken/New York, 4.62%, 02/20/26<sup>(a)</sup> | &nbsp;&nbsp; 300 | 299742 |
| **Total Certificates of Deposit — 18.0%** <br>**(Cost: $6,760,173)** | **Total Certificates of Deposit — 18.0%** <br>**(Cost: $6,760,173)** | 6762092 |
| **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
| Accenture Capital Inc., 4.35%, 05/05/25 | &nbsp;&nbsp; 440 | 439734 |
| American Honda Finance Corp., 4.62%, 05/22/25 | &nbsp;&nbsp; 610 | 608281 |
| Amphenol Corp., 4.51%, 05/06/25 | &nbsp;&nbsp; 350 | 349737 |
| Atlantic Asset Securitization LLC, 4.42%, 10/30/25 | &nbsp;&nbsp; 270 | 264071 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.35%, 06/26/25 | &nbsp;&nbsp; 250 | 248290 |
| 4.63%, 11/17/25 | &nbsp;&nbsp; 300 | 299983 |
| Bank of New York Mellon (The), 4.76%, 03/26/26 | &nbsp;&nbsp; 250 | 249814 |
| BASF SE, 4.81%, 07/30/25 | &nbsp;&nbsp; 320 | 316160 |
| BofA Securities Inc. |  |  |
| 4.40%, 11/18/25 | &nbsp;&nbsp; 280 | 273250 |
| 4.48%, 07/25/25 | &nbsp;&nbsp; 320 | 316612 |
| CRH America Finance Inc., 4.69%, 06/09/25 | &nbsp;&nbsp; 350 | 348184 |
| DBS Bank Ltd., 4.37%, 06/10/25 | &nbsp;&nbsp; 350 | 348269 |
| DNB Bank ASA |  |  |
| 4.31%, 05/19/25 | &nbsp;&nbsp; 370 | 369160 |
| 4.36%, 10/08/25 | &nbsp;&nbsp; 290 | 284456 |
| DTE Electric Co., 4.47%, 05/16/25 | &nbsp;&nbsp; 250 | 249505 |
| E.ON SE, 4.68%, 05/27/25 | &nbsp;&nbsp; 410 | 408567 |
| eBay Inc., 4.71%, 07/22/25 | &nbsp;&nbsp; 250 | 247315 |
| Emerson Electric Co., 4.35%, 06/03/25 | &nbsp;&nbsp; 350 | 348568 |
| Equinor ASA, 4.42%, 07/02/25 | &nbsp;&nbsp; 440 | 436620 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Equitable Short Term Funding LLC, 4.31%, 12/15/25 | &nbsp;&nbsp; $275 | $267665 |
| EssilorLuxottica SA, 4.34%, 09/03/25 | &nbsp;&nbsp; 320 | 315213 |
| HSBC USA Inc. |  |  |
| 4.35%, 05/01/25 | &nbsp;&nbsp; 250 | 249970 |
| 4.55%, 07/25/25 | &nbsp;&nbsp; 250 | 247312 |
| Hyundai Capital America, 4.65%, 05/14/25 | &nbsp;&nbsp; 500 | 499098 |
| ING U.S. Funding LLC |  |  |
| 4.42%, 06/20/25 | &nbsp;&nbsp; 350 | 347823 |
| 4.64%, 10/03/25 | &nbsp;&nbsp; 340 | 339970 |
| Intrepid Funding Co. LLC |  |  |
| 4.40%, 06/05/25 | &nbsp;&nbsp; 430 | 428115 |
| 4.41%, 06/13/25 | &nbsp;&nbsp; 250 | 248659 |
| Ionic Funding LLC, 4.41%, 05/09/25 | &nbsp;&nbsp; 500 | 499449 |
| JP Morgan Securities LLC, 4.67%, 11/04/25, <br> (1-day SOFR + 0.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 270 | 270140 |
| Komatsu Finance America Inc., 4.35%, 06/02/25 | &nbsp;&nbsp; 500 | 498015 |
| Lime Funding LLC, 4.43%, 06/12/25 | &nbsp;&nbsp; 450 | 447632 |
| Macquarie Bank Ltd. |  |  |
| 4.24%, 03/19/26 | &nbsp;&nbsp; 250 | 240842 |
| 4.37%, 11/19/25 | &nbsp;&nbsp; 260 | 253752 |
| Mainbeach Funding LLC, 4.41%, 05/27/25 | &nbsp;&nbsp; 500 | 498351 |
| National Bank of Canada, 4.39%, 06/12/25 | &nbsp;&nbsp; 570 | 567030 |
| NatWest Markets PLC, 4.41%, 06/24/25 | &nbsp;&nbsp; 250 | 248325 |
| Northrop Grumman Corp. |  |  |
| 4.59%, 05/08/25 | &nbsp;&nbsp; 250 | 249745 |
| 4.63%, 05/20/25 | &nbsp;&nbsp; 250 | 249358 |
| NTT Finance Americas Inc., 4.59%, 07/24/25 | &nbsp;&nbsp; 250 | 247319 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.29%, 05/08/25 | &nbsp;&nbsp; 390 | 389629 |
| 4.61%, 09/18/25 | &nbsp;&nbsp; 290 | 289865 |
| Paradelle Funding LLC |  |  |
| 4.40%, 05/30/25 | &nbsp;&nbsp; 320 | 318832 |
| 4.40%, 09/24/25 | &nbsp;&nbsp; 280 | 275055 |
| Philip Morris International Inc., 4.35%, 05/07/25 | &nbsp;&nbsp; 500 | 499577 |
| Podium Funding Trust, 4.42%, 06/16/25 | &nbsp;&nbsp; 360 | 357933 |
| Pure Grove Funding, 4.43%, 09/26/25 | &nbsp;&nbsp; 280 | 274957 |
| Rio Tinto Finance USA PLC, 4.48%, 06/03/25 | &nbsp;&nbsp; 250 | 248947 |
| Salisbury Receivables Co. LLC |  |  |
| 4.41%, 07/09/25 | &nbsp;&nbsp; 350 | 347021 |
| 4.42%, 08/01/25 | &nbsp;&nbsp; 270 | 266954 |
| Sherwin-Williams Co. (The), 4.44%, 05/12/25 | &nbsp;&nbsp; 430 | 429364 |
| Swedbank AB, 4.59%, 10/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 260 | 260125 |
| Tyco Electronics Group SA, 4.62%, 05/13/25 | &nbsp;&nbsp; 350 | 349417 |
| Unilever Finance Netherlands BV, 4.34%, 05/22/25 | &nbsp;&nbsp; 430 | 428863 |
| United Overseas Bank Ltd., 4.57%, 09/17/25 | &nbsp;&nbsp; 340 | 339957 |
| Virginia Electric and Power Co., 4.46%, 05/12/25 | &nbsp;&nbsp; 355 | 354473 |
| Vulcan Materials Co., 4.65%, 05/20/25 | &nbsp;&nbsp; 250 | 249356 |
| **Total Commercial Paper — 51.3%** <br>**(Cost: $19,301,410)** | **Total Commercial Paper — 51.3%** <br>**(Cost: $19,301,410)** | 19300684 |
| **U.S. Treasury Obligations**<sup>(c)</sup> | **U.S. Treasury Obligations**<sup>(c)</sup> | **U.S. Treasury Obligations**<sup>(c)</sup> |
| U.S. Treasury Bill |  |  |
| 3.96%, 09/04/25 | &nbsp;&nbsp; 500 | 492751 |
| 4.14%, 10/02/25 | &nbsp;&nbsp; 1500 | 1473742 |
| 4.31%, 06/10/25 | &nbsp;&nbsp; 750 | 746484 |
| 5.08%, 06/12/25 | &nbsp;&nbsp; 500 | 497532 |
| **Total U.S. Treasury Obligations — 8.6%** <br>**(Cost: $3,211,060)** | **Total U.S. Treasury Obligations — 8.6%** <br>**(Cost: $3,211,060)** | 3210509 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Commodity Curve Carry Strategy ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 9520000 | $9520000 |
| **Total Money Market Funds — 25.3%** <br>**(Cost: $9,520,000)** | **Total Money Market Funds — 25.3%** <br>**(Cost: $9,520,000)** | 9520000 |
| **Total Investments — 103.2%** <br>**(Cost: $38,792,643)** | **Total Investments — 103.2%** <br>**(Cost: $38,792,643)** | 38793285 |
| **Liabilities in Excess of Other Assets — (3.2)%** | **Liabilities in Excess of Other Assets — (3.2)%** | (1194335)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $37598950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(d)</sup> Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $11020000 | $—<br> $(1500000 )<sup>(a)</sup><br>| $— | $— | $9520000 | 9520000 | $206690 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate*<sup>(a)</sup> <br>| *Frequency* | *Reference*<sup>(b)</sup> <br>| *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 4.20% | At <br> Termination<br>| ICE BofA Commodity <br> Enhanced Carry <br> Total Return Index<br>| At <br> Termination<br>| Citibank N.A. | N/A | 08/29/25 | USD | 12928 | $(1011716)<br>| $(403566)<br>| $(608150)<br>|
| 4.20% | At <br> Termination<br>| ICE BofA Commodity <br> Enhanced Carry <br> Total Return Index<br>| At <br> Termination<br>| Merrill Lynch <br> International<br>| N/A | 08/29/25 | USD | 24612 | (1930984)<br>| (773224)<br>| (1157760)<br>|
| 4.20% | At <br> Termination<br>| ICE BofA Commodity <br> Enhanced Carry <br> Total Return Index<br>| At <br> Termination<br>| Merrill Lynch <br> International<br>| N/A | 08/29/25 | USD | 1972 | (181966)<br>| (20868)<br>| (161098)<br>|
|  |  |  |  |  |  |  |  |  | $(3124666)<br>| $(1197658)<br>| $(1927008)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end. <br> <sup>(b)</sup> Please refer to the Reference Entity below for more details.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Commodity Curve Carry Strategy ETF**

**Reference Entity**

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of April 30, 2025.

---

| | | |
|:---|:---|:---|
| *Futures contracts* | *Maturity date* | *Weight %* |
| Brent Crude Oil | &nbsp;&nbsp; 10/31/2025 | 26.0<br> %<br>|
| Corn | &nbsp;&nbsp; 12/12/2025 | 14.1 |
| Gas Oil | &nbsp;&nbsp; 12/11/2025 | 12.9 |
| LME Copper | &nbsp;&nbsp; 12/16/2025 | 10.1 |
| RBOB Gasoline | &nbsp;&nbsp; 11/28/2025 | 9.6 |
| WTI Crude Oil | &nbsp;&nbsp; 11/20/2025 | 7.8 |
| Live Cattle | &nbsp;&nbsp; 10/31/2025 | 6.7 |
| Soybean | &nbsp;&nbsp; 11/14/2025 | 4.2 |
| Coffee | &nbsp;&nbsp; 12/18/2025 | 3.7 |
| Lean Hogs | &nbsp;&nbsp; 10/14/2025 | 2.3 |
| Cocoa | &nbsp;&nbsp; 7/16/2025 | 1.6 |
| Cocoa | &nbsp;&nbsp; 9/15/2025 | 0.9 |

---

**Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Total Return Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1197658)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1927008)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $3124666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3124666 |

---

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $(971306)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(971306)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $(2139370)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2139370)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $38526360 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Commodity Curve Carry Strategy ETF**

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3124666 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3124666 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3124666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(d)</sup> <br>|
| Citibank N.A. | &nbsp;&nbsp; $1011716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(720000)<br>| &nbsp;&nbsp; $291716 |
| Merrill Lynch International | &nbsp;&nbsp; 2112950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1210000)<br>| &nbsp;&nbsp; 902950 |
|  | &nbsp;&nbsp; $3124666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1930000)<br>| &nbsp;&nbsp; $1194666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6762092 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6762092 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 19300684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19300684 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 3210509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3210509 |
| Money Market Funds | &nbsp;&nbsp; 9520000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9520000 |
|  | &nbsp;&nbsp; $9520000 | &nbsp;&nbsp; $29273285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38793285 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1927008)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1927008)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)

April 30, 2025

**iShares® GSCI Commodity Dynamic Roll Strategy ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
| Bank of Montreal/Chicago, 4.65%, 02/20/26<sup>(a)</sup> | &nbsp;&nbsp; $4720 | $4715529 |
| Bayerische Landesbank (New York Branch), 4.50%, <br> 08/14/25<br>| &nbsp;&nbsp; 7000 | 7001277 |
| BNP Paribas SA/New York |  |  |
| 4.20%, 10/02/25 | &nbsp;&nbsp; 5810 | 5802791 |
| 4.61%, 11/20/25<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 6297699 |
| Canadian Imperial Bank of Commerce, 4.50%, <br> 10/09/25<br>| &nbsp;&nbsp; 5870 | 5870654 |
| Canadian Imperial Bank of Commerce/New York |  |  |
| 4.66%, 02/09/26, (1-day SOFR + 0.300%)<sup>(a)</sup> | &nbsp;&nbsp; 4450 | 4448432 |
| 4.67%, 02/06/26<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1999507 |
| Citibank NA |  |  |
| 4.65%, 01/22/26, (1-day SOFR + 0.290%) | &nbsp;&nbsp; 4600 | 4597687 |
| 4.70%, 09/19/25, (1-day SOFR + 0.340%)<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 6001898 |
| Credit Agricole Corporate & Investment Bank SA, <br> 5.50%, 06/02/25<br>| &nbsp;&nbsp; 1730 | 1731495 |
| Credit Agricole Corporate and Investment Bank/New <br> York, 4.65%, 06/20/25, (1-day SOFR + 0.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7900 | 7902232 |
| Deutsche Bank AG/New York, 4.76%, 05/22/25, <br> (1-day SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6250 | 6251031 |
| DNB Bank ASA (New York Branch), 4.39%, 07/28/25 | &nbsp;&nbsp; 5210 | 5209905 |
| DZ Bank AG (New York Branch) |  |  |
| 4.39%, 06/30/25 | &nbsp;&nbsp; 7000 | 6999677 |
| 4.46%, 09/25/25 | &nbsp;&nbsp; 3920 | 3921166 |
| Landesbank Baden Wuerttemberg (New York Branch), <br> 4.50%, 08/14/25<br>| &nbsp;&nbsp; 6350 | 6351842 |
| Lloyds Bank Corporate, 5.10%, 07/25/25 | &nbsp;&nbsp; 6000 | 6007478 |
| Mizuho Bank Ltd./New York |  |  |
| 4.60%, 11/07/25 | &nbsp;&nbsp; 5470 | 5475773 |
| 4.66%, 10/10/25, (1-day SOFR + 0.300%) | &nbsp;&nbsp; 3160 | 3160247 |
| MUFG Bank Ltd./New York |  |  |
| 4.50%, 08/15/25 | &nbsp;&nbsp; 4000 | 4000062 |
| 4.61%, 07/07/25, (1-day SOFR + 0.250%)<sup>(a)</sup> | &nbsp;&nbsp; 5920 | 5921313 |
| 4.61%, 12/03/25<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 1299172 |
| Royal Bank of Canada, 4.60%, 11/25/25 | &nbsp;&nbsp; 6000 | 6008180 |
| Standard Chartered Bank (New York Branch), 4.60%, <br> 02/11/26<br>| &nbsp;&nbsp; 4630 | 4640500 |
| Sumitomo Mitsui Banking Corp./New York, 4.59%, <br> 05/12/25, (1-day SOFR + 0.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7000 | 7000261 |
| Sumitomo Mitsui Banking Corp/New York, 4.43%, <br> 05/13/25<sup>(a)</sup><br>| &nbsp;&nbsp; 3650 | 3650155 |
| Sumitomo Mitsui Trust Bank Ltd./New York, 4.59%, <br> 06/02/25, (1-day SOFR + 0.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7000 | 7000874 |
| Svenska Handelsbanken AB/New York, 4.67%, <br> 01/13/26, (1-day SOFR + 0.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1590 | 1589637 |
| Svenska Handelsbanken/New York, 4.62%, <br> 02/20/26<sup>(a)</sup><br>| &nbsp;&nbsp; 5000 | 4995693 |
| Toronto-Dominion Bank, 4.54%, 03/04/26 | &nbsp;&nbsp; 4720 | 4730253 |
| **Total Certificates of Deposit — 24.2%** <br>**(Cost: $150,549,561)** | **Total Certificates of Deposit — 24.2%** <br>**(Cost: $150,549,561)** | 150582420 |
| **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
| AbbVie Inc., 4.65%, 05/20/25 | &nbsp;&nbsp; 5510 | 5495811 |
| ABN AMRO Funding USA LLC, 4.40%, 05/20/25 | &nbsp;&nbsp; 6910 | 6893142 |
| American Honda Finance Corp., 4.62%, 05/22/25 | &nbsp;&nbsp; 2710 | 2702363 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.35%, 06/26/25 | &nbsp;&nbsp; 5750 | 5710679 |
| 4.63%, 11/17/25 | &nbsp;&nbsp; 6000 | 5999651 |
| Bank of New York Mellon (The), 4.76%, 03/26/26 | &nbsp;&nbsp; 2750 | 2747949 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BASF SE, 4.81%, 07/30/25 | &nbsp;&nbsp; $2510 | $2479878 |
| Compass Group PLC, 4.36%, 05/16/25 | &nbsp;&nbsp; 6700 | 6687034 |
| Concord Minutemen Capital Co. LLC, 4.59%, <br> 07/07/25, (1-day SOFR + 0.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3570 | 3570590 |
| CRH America Finance Inc., 4.69%, 06/09/25 | &nbsp;&nbsp; 6000 | 5968867 |
| Danske Bank A/S |  |  |
| 4.28%, 02/12/26 | &nbsp;&nbsp; 6550 | 6333207 |
| 4.42%, 10/27/25 | &nbsp;&nbsp; 4600 | 4500640 |
| DNB Bank ASA, 4.36%, 10/08/25 | &nbsp;&nbsp; 6300 | 6179564 |
| DTE Electric Co., 4.47%, 05/16/25 | &nbsp;&nbsp; 6000 | 5988112 |
| eBay Inc., 4.71%, 07/22/25 | &nbsp;&nbsp; 1500 | 1483892 |
| Emerson Electric Co. |  |  |
| 4.34%, 05/23/25 | &nbsp;&nbsp; 4000 | 3988942 |
| 4.35%, 06/03/25 | &nbsp;&nbsp; 6450 | 6423607 |
| Equinor ASA, 4.42%, 07/02/25 | &nbsp;&nbsp; 7200 | 7144698 |
| EssilorLuxottica SA, 4.34%, 09/03/25 | &nbsp;&nbsp; 5460 | 5378324 |
| HSBC Bank PLC, 4.79%, 02/24/26 | &nbsp;&nbsp; 1000 | 999430 |
| HSBC USA Inc. |  |  |
| 4.35%, 05/01/25 | &nbsp;&nbsp; 3000 | 2999637 |
| 4.55%, 07/25/25 | &nbsp;&nbsp; 4300 | 4253761 |
| Hyundai Capital America, 4.65%, 05/14/25 | &nbsp;&nbsp; 6250 | 6238721 |
| ING U.S. Funding LLC |  |  |
| 4.64%, 10/03/25 | &nbsp;&nbsp; 5810 | 5809492 |
| 4.67%, 10/17/25 | &nbsp;&nbsp; 6250 | 6248716 |
| Ionic Funding LLC, 4.41%, 05/09/25 | &nbsp;&nbsp; 11810 | 11796982 |
| JP Morgan Securities LLC, 4.67%, 11/04/25, <br> (1-day SOFR + 0.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5420 | 5422803 |
| Komatsu Finance America Inc., 4.35%, 06/02/25 | &nbsp;&nbsp; 3360 | 3346657 |
| LSEGA Financing PLC, 4.46%, 05/13/25 | &nbsp;&nbsp; 6940 | 6928835 |
| Mackinac Funding Co. LLC, 4.43%, 06/10/25 | &nbsp;&nbsp; 4500 | 4477426 |
| Macquarie Bank Ltd. |  |  |
| 4.46%, 06/20/25 | &nbsp;&nbsp; 3650 | 3627098 |
| 4.47%, 07/24/25 | &nbsp;&nbsp; 6350 | 6283656 |
| 4.60%, 08/15/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 2751015 |
| National Bank of Canada |  |  |
| 4.37%, 11/04/25 | &nbsp;&nbsp; 1860 | 1818468 |
| 4.38%, 06/05/25 | &nbsp;&nbsp; 6360 | 6332296 |
| 4.39%, 06/12/25 | &nbsp;&nbsp; 6560 | 6525813 |
| NatWest Markets PLC, 4.41%, 06/24/25 | &nbsp;&nbsp; 8600 | 8542386 |
| Northrop Grumman Corp. |  |  |
| 4.59%, 05/08/25 | &nbsp;&nbsp; 3000 | 2996945 |
| 4.63%, 05/20/25 | &nbsp;&nbsp; 5250 | 5236526 |
| 4.68%, 06/12/25 | &nbsp;&nbsp; 3160 | 3142449 |
| NTT Finance Americas Inc., 4.59%, 07/24/25 | &nbsp;&nbsp; 6250 | 6182979 |
| Old Line Funding LLC, 4.45%, 07/15/25 | &nbsp;&nbsp; 7940 | 7866090 |
| Phillips 66, 4.61%, 05/02/25 | &nbsp;&nbsp; 6200 | 6198413 |
| Podium Funding Trust, 4.42%, 06/16/25 | &nbsp;&nbsp; 6640 | 6601883 |
| Royal Bank of Canada, 4.34%, 10/03/25 | &nbsp;&nbsp; 8450 | 8294013 |
| RTX Corp., 4.67%, 05/19/25 | &nbsp;&nbsp; 6000 | 5985254 |
| Salisbury Receivables Co. LLC, 4.42%, 08/01/25 | &nbsp;&nbsp; 6800 | 6723278 |
| Sherwin-Williams Co. (The) |  |  |
| 4.43%, 05/05/25 | &nbsp;&nbsp; 4000 | 3997540 |
| 4.44%, 05/12/25 | &nbsp;&nbsp; 6130 | 6120939 |
| Swedbank AB, 4.59%, 10/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 5890 | 5892833 |
| Tyco Electronics Group SA, 4.62%, 05/13/25 | &nbsp;&nbsp; 2150 | 2146420 |
| Unilever Finance Netherlands BV |  |  |
| 4.34%, 05/22/25 | &nbsp;&nbsp; 7000 | 6981492 |
| 4.36%, 06/09/25 | &nbsp;&nbsp; 7100 | 7065789 |
| United Overseas Bank Ltd., 4.57%, 09/17/25 | &nbsp;&nbsp; 5640 | 5639288 |
| Virginia Electric and Power Co., 4.46%, 05/12/25 | &nbsp;&nbsp; 6345 | 6335579 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® GSCI Commodity Dynamic Roll Strategy ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Vulcan Materials Co., 4.65%, 05/20/25 | &nbsp;&nbsp; $3290 | $3281525 |
| **Total Commercial Paper — 47.6%** <br>**(Cost: $296,754,513)** | **Total Commercial Paper — 47.6%** <br>**(Cost: $296,754,513)** | 296769377 |
| **U.S. Treasury Obligations**<sup>(c)</sup> | **U.S. Treasury Obligations**<sup>(c)</sup> | **U.S. Treasury Obligations**<sup>(c)</sup> |
| U.S. Treasury Bill |  |  |
| 4.14%, 10/02/25 | &nbsp;&nbsp; 30000 | 29474847 |
| 4.31%, 06/10/25 | &nbsp;&nbsp; 10000 | 9953124 |
| 4.33%, 10/30/25 | &nbsp;&nbsp; 10000 | 9796008 |
| 4.39%, 11/28/25 | &nbsp;&nbsp; 5000 | 4885562 |
| 4.41%, 08/07/25 | &nbsp;&nbsp; 6500 | 6426006 |
| 5.08%, 06/12/25 | &nbsp;&nbsp; 10000 | 9950628 |
| **Total U.S. Treasury Obligations — 11.3%** <br>**(Cost: $70,485,032)** | **Total U.S. Treasury Obligations — 11.3%** <br>**(Cost: $70,485,032)** | 70486175 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 69962360 | 69962360 |
| **Total Money Market Funds — 11.2%** <br>**(Cost: $69,962,359)** | **Total Money Market Funds — 11.2%** <br>**(Cost: $69,962,359)** | 69962360 |
| **Total Investments — 94.3%** <br>**(Cost: $587,751,465)** | **Total Investments — 94.3%** <br>**(Cost: $587,751,465)** | 587800332 |
| **Other Assets Less Liabilities — 5.7%** | **Other Assets Less Liabilities — 5.7%** | 35671407 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $623471739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $86382360 | $—<br> $(16420000 )<sup>(a)</sup><br>| $— | $— | $69962360 | 69962360 | $1749544 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Brent Crude Oil | 1711 | 05/30/25 | &nbsp;&nbsp; $104474 | $(4412090) |
| NY Harbor ULSD | 260 | 05/30/25 | &nbsp;&nbsp; 21860 | (296671) |
| Low Sulphur Gas | 509 | 06/12/25 | &nbsp;&nbsp; 30464 | 354662 |
| Lead | 74 | 06/16/25 | &nbsp;&nbsp; 3624 | 161284 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® GSCI Commodity Dynamic Roll Strategy ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| WTI Crude Oil | 1754 | 06/20/25 | &nbsp;&nbsp; $101065 | $(4166906) |
| Live Cattle | 444 | 06/30/25 | &nbsp;&nbsp; 37012 | 5305851 |
| Sugar | 550 | 06/30/25 | &nbsp;&nbsp; 10626 | (473035) |
| Wheat | 588 | 07/14/25 | &nbsp;&nbsp; 15604 | (1822360) |
| Wheat KCBT | 279 | 07/14/25 | &nbsp;&nbsp; 7387 | (1191610) |
| LME Zinc | 84 | 07/15/25 | &nbsp;&nbsp; 5432 | (45228) |
| Cattle Feeder | 120 | 08/28/25 | &nbsp;&nbsp; 17701 | 852712 |
| Corn | 1409 | 09/12/25 | &nbsp;&nbsp; 30787 | (437451) |
| Soybean | 404 | 09/12/25 | &nbsp;&nbsp; 20503 | 483600 |
| RBOB Gasoline | 267 | 09/30/25 | &nbsp;&nbsp; 19863 | (2993142) |
| Lean Hogs | 506 | 10/14/25 | &nbsp;&nbsp; 16617 | (268340) |
| Cotton | 173 | 12/08/25 | &nbsp;&nbsp; 5864 | (139911) |
| Cocoa | 86 | 12/15/25 | &nbsp;&nbsp; 6963 | (702319) |
| Gold 100 OZ | 159 | 12/29/25 | &nbsp;&nbsp; 54071 | 8978372 |
| Silver | 26 | 12/29/25 | &nbsp;&nbsp; 4359 | 265104 |
| Natural Gas | 681 | 02/25/26 | &nbsp;&nbsp; 27975 | 737913 |
| LME Copper | 152 | 03/16/26 | &nbsp;&nbsp; 34519 | 748146 |
| Coffee | 95 | 03/19/26 | &nbsp;&nbsp; 13429 | 1710485 |
| LME Nickel | 59 | 12/14/26 | &nbsp;&nbsp; 5819 | (321950) |
| LME PRI Aluminum | 436 | 12/14/26 | &nbsp;&nbsp; 27103 | 110460 |
|  |  |  |  | $2437576 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $19708589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19708589 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $17271013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17271013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(61259457)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(61259457)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $32517995 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32517995 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $660599707 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® GSCI Commodity Dynamic Roll Strategy ETF**

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150582420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150582420 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 296769377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 296769377 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 70486175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70486175 |
| Money Market Funds | &nbsp;&nbsp; 69962360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69962360 |
|  | &nbsp;&nbsp; $69962360 | &nbsp;&nbsp; $517837972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587800332 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; $19708589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19708589 |
| Liabilities  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; (17271013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17271013)<br>|
|  | &nbsp;&nbsp; $2437576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2437576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)

April 30, 2025

**iShares® Transition-Enabling Metals ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
| Bank Of America NA, 4.78%, 05/06/26<sup>(a)</sup> | &nbsp;&nbsp; $250 | $249990 |
| Barclays Bank PLC/New York, 4.80%, 04/21/26<sup>(a)</sup> | &nbsp;&nbsp; 250 | 249963 |
| Credit Agricole Corporate and Investment Bank/New York, <br> 4.64%, 06/13/25, (1-day SOFR + 0.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250061 |
| Credit Industriel ET Commercial SA, 5.50%, 05/23/25 | &nbsp;&nbsp; 250 | 250150 |
| Deutsche Bank AG/New York, 4.76%, 05/22/25, <br> (1-day SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250041 |
| HSBC Bank USA NA, 4.71%, 05/20/25, <br> (1-day SOFR + 0.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250023 |
| Lloyds Bank Corporate, 5.10%, 07/25/25 | &nbsp;&nbsp; 250 | 250312 |
| Sumitomo Mitsui Trust Bank Ltd./New York, 4.59%, <br> 06/02/25, (1-day SOFR + 0.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250031 |
| Toronto-Dominion Bank/New York, 4.71%, 09/22/25, <br> (1-day SOFR + 0.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250117 |
| **Total Certificates of Deposit — 25.0%** <br>**(Cost: $2,250,000)** | **Total Certificates of Deposit — 25.0%** <br>**(Cost: $2,250,000)** | 2250688 |
| **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
| American Honda Finance Corp., 4.59%, 05/12/25 | &nbsp;&nbsp; 250 | 249618 |
| Aquitaine Funding Co. LLC, 4.38%, 05/02/25 | &nbsp;&nbsp; 250 | 249939 |
| Danske Bank A/S, 4.28%, 02/05/26 | &nbsp;&nbsp; 250 | 241909 |
| E.ON SE, 4.68%, 05/27/25 | &nbsp;&nbsp; 250 | 249127 |
| Equinor ASA, 4.42%, 07/02/25 | &nbsp;&nbsp; 250 | 248080 |
| EssilorLuxottica SA, 4.34%, 09/03/25 | &nbsp;&nbsp; 250 | 246260 |
| Intrepid Funding Co. LLC, 4.40%, 06/05/25 | &nbsp;&nbsp; 250 | 248904 |
| Macquarie Bank Ltd., 4.47%, 07/24/25 | &nbsp;&nbsp; 250 | 247388 |
| National Bank of Canada, 4.37%, 11/04/25 | &nbsp;&nbsp; 250 | 244418 |
| Norfina Ltd., 4.40%, 09/08/25 | &nbsp;&nbsp; 250 | 246062 |
| Northrop Grumman Corp., 4.66%, 05/28/25 | &nbsp;&nbsp; 250 | 249097 |
| NTT Finance Americas Inc., 4.59%, 07/24/25 | &nbsp;&nbsp; 250 | 247319 |
| Pure Grove Funding, 4.43%, 09/26/25 | &nbsp;&nbsp; 250 | 245497 |
| Royal Bank of Canada, 4.34%, 10/03/25 | &nbsp;&nbsp; 250 | 245385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Spire Inc., 4.62%, 05/13/25 | &nbsp;&nbsp; $250 | $249584 |
| Westpac Banking Corp., 4.69%, 12/18/25 | &nbsp;&nbsp; 250 | 249874 |
| **Total Commercial Paper — 44.1%** <br>**(Cost: $3,958,744)** | **Total Commercial Paper — 44.1%** <br>**(Cost: $3,958,744)** | 3958461 |
| **U.S. Treasury Obligations**<sup>(b)</sup> | **U.S. Treasury Obligations**<sup>(b)</sup> | **U.S. Treasury Obligations**<sup>(b)</sup> |
| U.S. Treasury Bill |  |  |
| 3.96%, 09/04/25 | &nbsp;&nbsp; 250 | 246375 |
| 4.33%, 10/30/25 | &nbsp;&nbsp; 250 | 244900 |
| **Total U.S. Treasury Obligations — 5.5%** <br>**(Cost: $491,440)** | **Total U.S. Treasury Obligations — 5.5%** <br>**(Cost: $491,440)** | 491275 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1640000 | 1640000 |
| **Total Money Market Funds — 18.3%** <br>**(Cost: $1,640,000)** | **Total Money Market Funds — 18.3%** <br>**(Cost: $1,640,000)** | 1640000 |
| **Total Investments — 92.9%** <br>**(Cost: $8,340,184)** | **Total Investments — 92.9%** <br>**(Cost: $8,340,184)** | 8340424 |
| **Other Assets Less Liabilities — 7.1%** | **Other Assets Less Liabilities — 7.1%** | 636358 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8976782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $1280000<br> $360000 <br><sup>(a)</sup><br>| $— | $— | $— | $1640000 | 1640000 | $30149 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| LME Nickel | 8 | 07/15/25 | &nbsp;&nbsp; $739 | $42376 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Transition-Enabling Metals ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| LME PRI Aluminum | 38 | 07/15/25 | &nbsp;&nbsp; $2279 | $34198 |
| LME Zinc | 9 | 07/15/25 | &nbsp;&nbsp; 582 | (4020) |
| Copper | 23 | 07/29/25 | &nbsp;&nbsp; 2650 | (130115) |
| Platinum | 8 | 07/29/25 | &nbsp;&nbsp; 388 | (29911) |
| Silver | 14 | 07/29/25 | &nbsp;&nbsp; 2298 | (38727) |
| Cobalt Fastmarket | 2 | 07/31/25 | &nbsp;&nbsp; 71 | (8822) |
|  |  |  |  | $(135021) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $76574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76574 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $211595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $211595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(401931)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(401931)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(59528)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59528)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9017504 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Transition-Enabling Metals ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2250688 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2250688 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 3958461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3958461 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 491275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 491275 |
| Money Market Funds | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1640000 |
|  | &nbsp;&nbsp; $1640000 | &nbsp;&nbsp; $6700424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8340424 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; $76574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76574 |
| Liabilities  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; (211595)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (211595)<br>|
|  | &nbsp;&nbsp; $(135021)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; (135021)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements*

Consolidated Schedule of Investments

------

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Bloomberg <br> Roll Select <br> Commodity <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>Commodity <br> Curve Carry <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>GSCI <br> Commodity <br> Dynamic Roll <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>Transition-Enabling <br> Metals ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $252723394 | $29273285 | $517837972 | $6700424 |
| Investments, at value—affiliated<sup>(b)</sup> | 22170000 | 9520000 | 69962360 | 1640000 |
| Cash | 10833 |  | 109324 | 81475 |
| Cash pledged: |  |  |  |  |
| Collateral — OTC derivatives |  | 1930000 |  |  |
| Futures contracts | 9406000 |  | 50975000 | 1024000 |
| Receivables: |  |  |  |  |
| Dividends—affiliated | 313993 | 123306 | 2016178 | 37328 |
| Total assets | 284624220 | 40846591 | 640900834 | 9483227 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  | 110623 |  |  |
| Payables: |  |  |  |  |
| Investment advisory fees | 64852 | 12352 | 244856 | 3375 |
| Variation margin on futures contracts | 3984726 |  | 17184239 | 503070 |
| Swap premiums received |  | 1197658 |  |  |
| Unrealized depreciation on OTC swaps |  | 1927008 |  |  |
| Total liabilities | 4049578 | 3247641 | 17429095 | 506445 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $280574642 | $37598950 | $623471739 | $8976782 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $260732391 | $39898882 | $719807952 | $9380759 |
| Accumulated earnings (loss) | 19842251 | (2299932) | (96336213) | (403977) |
| NET ASSETS | $280574642 | $37598950 | $623471739 | $8976782 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 5700000 | 2000000 | 25700000 | 400000 |
| Net asset value | $49.22 | $18.80 | $24.26 | $22.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $252738978 | $29272643 | $517789105 | $6700184 |
| <sup>(b)</sup> Investments, at cost—affiliated | $22170000 | $9520000 | $69962360 | $1640000 |

---

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Statements of Operations (unaudited)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Bloomberg <br> Roll Select <br> Commodity <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>Commodity <br> Curve Carry <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>GSCI <br> Commodity <br> Dynamic Roll <br> Strategy ETF <br>| &nbsp;&nbsp; iShares <br>Transition-Enabling <br> Metals <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $542493 | &nbsp;&nbsp;&nbsp; $206690 | &nbsp;&nbsp;&nbsp; $1749544 | &nbsp;&nbsp;&nbsp; $30149 |
| Interest—unaffiliated | &nbsp;&nbsp; 5874549 | &nbsp;&nbsp;&nbsp; 736490 | &nbsp;&nbsp;&nbsp; 14812134 | &nbsp;&nbsp;&nbsp; 191565 |
| Total investment income | &nbsp;&nbsp; 6417042 | &nbsp;&nbsp;&nbsp; 943180 | &nbsp;&nbsp;&nbsp; 16561678 | &nbsp;&nbsp;&nbsp; 221714 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 402035 | &nbsp;&nbsp;&nbsp; 82550 | &nbsp;&nbsp;&nbsp; 1714876 | &nbsp;&nbsp;&nbsp; 22721 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp; 79 |
| Total expenses | &nbsp;&nbsp; 402035 | &nbsp;&nbsp;&nbsp; 82550 | &nbsp;&nbsp;&nbsp; 1717439 | &nbsp;&nbsp;&nbsp; 22800 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (11086)<br>| &nbsp;&nbsp;&nbsp; (4232)<br>| &nbsp;&nbsp;&nbsp; (35748)<br>| &nbsp;&nbsp;&nbsp; (616)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 390949 | &nbsp;&nbsp;&nbsp; 78318 | &nbsp;&nbsp;&nbsp; 1681691 | &nbsp;&nbsp;&nbsp; 22184 |
| Net investment income | &nbsp;&nbsp; 6026093 | &nbsp;&nbsp;&nbsp; 864862 | &nbsp;&nbsp;&nbsp; 14879987 | &nbsp;&nbsp;&nbsp; 199530 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; 7748 | &nbsp;&nbsp;&nbsp; 348 |
| Futures contracts | &nbsp;&nbsp; 26597902 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (61259457)<br>| &nbsp;&nbsp;&nbsp; (401931)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (971306)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 26597909 | &nbsp;&nbsp;&nbsp; (971418)<br>| &nbsp;&nbsp;&nbsp; (61251709)<br>| &nbsp;&nbsp;&nbsp; (401583)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (10360)<br>| &nbsp;&nbsp;&nbsp; (11905)<br>| &nbsp;&nbsp;&nbsp; (214321)<br>| &nbsp;&nbsp;&nbsp; (1262)<br>|
| Futures contracts | &nbsp;&nbsp; (21683084)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32517995 | &nbsp;&nbsp;&nbsp; (59528)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2139370)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (21693444)<br>| &nbsp;&nbsp;&nbsp; (2151275)<br>| &nbsp;&nbsp;&nbsp; 32303674 | &nbsp;&nbsp;&nbsp; (60790)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 4904465 | &nbsp;&nbsp;&nbsp; (3122693)<br>| &nbsp;&nbsp;&nbsp; (28948035)<br>| &nbsp;&nbsp;&nbsp; (462373)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $10930558 | &nbsp;&nbsp;&nbsp; $(2257831)<br>| &nbsp;&nbsp;&nbsp; $(14068048)<br>| &nbsp;&nbsp;&nbsp; $(262843)<br>|

---

*See notes to Consolidated Financial Statements*

Consolidated Statements of Operations

------

Consolidated Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Bloomberg Roll Select Commodity <br> Strategy ETF  | iShares <br>Bloomberg Roll Select Commodity <br> Strategy ETF  | iShares <br>Commodity Curve Carry Strategy ETF  | iShares <br>Commodity Curve Carry Strategy ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6026093 | &nbsp;&nbsp;&nbsp; $12991372 | &nbsp;&nbsp;&nbsp; $864862 | &nbsp;&nbsp;&nbsp; $1995295 |
| Net realized gain (loss) | &nbsp;&nbsp; 26597909 | &nbsp;&nbsp;&nbsp; (31044078)<br>| &nbsp;&nbsp;&nbsp; (971418)<br>| &nbsp;&nbsp;&nbsp; (1094148)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (21693444)<br>| &nbsp;&nbsp;&nbsp; 16966733 | &nbsp;&nbsp;&nbsp; (2151275)<br>| &nbsp;&nbsp;&nbsp; (194943)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 10930558 | &nbsp;&nbsp;&nbsp; (1085973)<br>| &nbsp;&nbsp;&nbsp; (2257831)<br>| &nbsp;&nbsp;&nbsp; 706204 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (11766959 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13545496)<br>| &nbsp;&nbsp;&nbsp; (1861060 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2294169)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1209954)<br>| &nbsp;&nbsp;&nbsp; 5940490 | &nbsp;&nbsp;&nbsp; (1904429)<br>| &nbsp;&nbsp;&nbsp; 17920360 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (2046355)<br>| &nbsp;&nbsp;&nbsp; (8690979)<br>| &nbsp;&nbsp;&nbsp; (6023320)<br>| &nbsp;&nbsp;&nbsp; 16332395 |
| Beginning of period | &nbsp;&nbsp; 282620997 | &nbsp;&nbsp;&nbsp; 291311976 | &nbsp;&nbsp;&nbsp; 43622270 | &nbsp;&nbsp;&nbsp; 27289875 |
| End of period | &nbsp;&nbsp; $280574642 | &nbsp;&nbsp;&nbsp; $282620997 | &nbsp;&nbsp;&nbsp; $37598950 | &nbsp;&nbsp;&nbsp; $43622270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>GSCI Commodity Dynamic Roll <br> Strategy ETF  | iShares <br>GSCI Commodity Dynamic Roll <br> Strategy ETF  | iShares <br>Transition-Enabling Metals ETF  | iShares <br>Transition-Enabling Metals ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $14879987 | &nbsp;&nbsp;&nbsp; $40851189 | &nbsp;&nbsp;&nbsp; $199530 | &nbsp;&nbsp;&nbsp; $619418 |
| Net realized gain (loss) | &nbsp;&nbsp; (61251709)<br>| &nbsp;&nbsp;&nbsp; (76225293)<br>| &nbsp;&nbsp;&nbsp; (401583)<br>| &nbsp;&nbsp;&nbsp; 2032021 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 32303674 | &nbsp;&nbsp;&nbsp; (1477858)<br>| &nbsp;&nbsp;&nbsp; (60790)<br>| &nbsp;&nbsp;&nbsp; (193504)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (14068048)<br>| &nbsp;&nbsp;&nbsp; (36851962)<br>| &nbsp;&nbsp;&nbsp; (262843)<br>| &nbsp;&nbsp;&nbsp; 2457935 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (32987086 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (33582260)<br>| &nbsp;&nbsp;&nbsp; (2534276 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (131516)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (188122571)<br>| &nbsp;&nbsp;&nbsp; 127758603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3010111)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (235177705)<br>| &nbsp;&nbsp;&nbsp; 57324381 | &nbsp;&nbsp;&nbsp; (2797119)<br>| &nbsp;&nbsp;&nbsp; (683692)<br>|
| Beginning of period | &nbsp;&nbsp; 858649444 | &nbsp;&nbsp;&nbsp; 801325063 | &nbsp;&nbsp;&nbsp; 11773901 | &nbsp;&nbsp;&nbsp; 12457593 |
| End of period | &nbsp;&nbsp; $623471739 | &nbsp;&nbsp;&nbsp; $858649444 | &nbsp;&nbsp;&nbsp; $8976782 | &nbsp;&nbsp;&nbsp; $11773901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to Consolidated Financial Statements*

Consolidated Statements of Changes in Net Assets

------

Consolidated Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Bloomberg Roll Select Commodity Strategy ETF  | iShares Bloomberg Roll Select Commodity Strategy ETF  | iShares Bloomberg Roll Select Commodity Strategy ETF  | iShares Bloomberg Roll Select Commodity Strategy ETF  | iShares Bloomberg Roll Select Commodity Strategy ETF  | iShares Bloomberg Roll Select Commodity Strategy ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $49.15 | &nbsp;&nbsp;&nbsp; $51.56 | &nbsp;&nbsp;&nbsp; $56.23 | &nbsp;&nbsp;&nbsp; $59.67 | &nbsp;&nbsp;&nbsp; $41.91 | &nbsp;&nbsp;&nbsp; $45.01 |
| Net investment income (loss)<sup>(a)</sup> | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.05 | &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp; (4.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp; (2.33)<br>|
| Net increase (decrease) from investment operations | 2.08 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp; (2.10)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.01 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.22 | &nbsp;&nbsp;&nbsp; $49.15 | &nbsp;&nbsp;&nbsp; $51.56 | &nbsp;&nbsp;&nbsp; $56.23 | &nbsp;&nbsp;&nbsp; $59.67 | &nbsp;&nbsp;&nbsp; $41.91 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.45 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp; (4.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.59<br> %<br>| &nbsp;&nbsp;&nbsp; (4.81)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.28 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Total expenses after fees waived | 0.27 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| Net investment income (loss) | 4.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $280575 | &nbsp;&nbsp;&nbsp; $282621 | &nbsp;&nbsp;&nbsp; $291312 | &nbsp;&nbsp;&nbsp; $314890 | &nbsp;&nbsp;&nbsp; $208844 | &nbsp;&nbsp;&nbsp; $41912 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Commodity Curve Carry Strategy ETF  | iShares Commodity Curve Carry Strategy ETF  | iShares Commodity Curve Carry Strategy ETF  | iShares Commodity Curve Carry Strategy ETF  | iShares Commodity Curve Carry Strategy ETF  | iShares Commodity Curve Carry Strategy ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Period From <br>09/01/20<sup>(a)</sup> <br>to 10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $20.77 | &nbsp;&nbsp;&nbsp; $21.83 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp; $19.45 | &nbsp;&nbsp;&nbsp; $20.16 |
| Net investment income (loss)<sup>(b)</sup> | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.89 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (6.67)<br>| &nbsp;&nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp; $20.77 | &nbsp;&nbsp;&nbsp; $21.83 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp; $19.45 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (5.46 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.81<br> %<br>| &nbsp;&nbsp;&nbsp; (3.52 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>|
| Net investment income (loss) | 4.19 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp;&nbsp; (0.28 )%<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $37599 | &nbsp;&nbsp;&nbsp; $43622 | &nbsp;&nbsp;&nbsp; $27290 | &nbsp;&nbsp;&nbsp; $36264 | &nbsp;&nbsp;&nbsp; $39710 | &nbsp;&nbsp;&nbsp; $29178 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to Consolidated Financial Statements*

Consolidated Financial Highlights

------

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares GSCI Commodity Dynamic Roll Strategy ETF  | iShares GSCI Commodity Dynamic Roll Strategy ETF  | iShares GSCI Commodity Dynamic Roll Strategy ETF  | iShares GSCI Commodity Dynamic Roll Strategy ETF  | iShares GSCI Commodity Dynamic Roll Strategy ETF  | iShares GSCI Commodity Dynamic Roll Strategy ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp; $28.12 | &nbsp;&nbsp;&nbsp; $37.93 | &nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp; $31.80 |
| Net investment income (loss)<sup>(a)</sup> | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp; (6.93)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp; (6.67)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.24 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (8.40)<br>| &nbsp;&nbsp;&nbsp; (5.49)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp; $28.12 | &nbsp;&nbsp;&nbsp; $37.93 | &nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp; $24.27 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (2.12 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (2.74)%<br>| &nbsp;&nbsp;&nbsp; (3.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.75<br> %<br>| &nbsp;&nbsp;&nbsp; (21.66)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.48 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Total expenses after fees waived | 0.47 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income (loss) | 4.17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $623472 | &nbsp;&nbsp;&nbsp; $858649 | &nbsp;&nbsp;&nbsp; $801325 | &nbsp;&nbsp;&nbsp; $2359148 | &nbsp;&nbsp;&nbsp; $2824785 | &nbsp;&nbsp;&nbsp; $196558 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to Consolidated Financial Statements*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Transition-Enabling Metals ETF  | iShares Transition-Enabling Metals ETF  | iShares Transition-Enabling Metals ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Period From <br>09/26/23<sup>(a)</sup> <br>to 10/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (6.34 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.44 | &nbsp;&nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp; $24.92 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.68 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.36<br> %<br>| &nbsp;&nbsp;&nbsp; (0.34 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.46 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(i)</sup><br>|
| Net investment income | 4.13 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8977 | &nbsp;&nbsp;&nbsp; $11774 | &nbsp;&nbsp;&nbsp; $12458 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to Consolidated Financial Statements*

Consolidated Financial Highlights

------

*Notes to Consolidated Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares U.S. ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Bloomberg Roll Select Commodity Strategy | &nbsp;&nbsp; Diversified |
| Commodity Curve Carry Strategy | &nbsp;&nbsp; Non-diversified |
| GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp; Diversified |
| Transition-Enabling Metals | &nbsp;&nbsp; Non-diversified |

---

**Basis of Consolidation:** The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a "Subsidiary") that invests in certain "commodity-linked instruments" and cash and cash equivalents in accordance with each Fund's investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund's commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure 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. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**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) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-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.

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***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. 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. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

Notes to Consolidated Financial Statements

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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.

***4. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statements of Assets and Liabilities.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("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 trustees).

For its investment advisory services to each of the following Funds, 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 Fees* |
| Bloomberg Roll Select Commodity Strategy | 0.28% |
| Commodity Curve Carry Strategy | 0.40 |
| GSCI Commodity Dynamic Roll Strategy | 0.48 |
| Transition-Enabling Metals | 0.47 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF through February 28, 2026, March 1, 2026 and February 28, 2029, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Transition-Enabling Metals ETF through February 29, 2028 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended April 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Bloomberg Roll Select Commodity Strategy | &nbsp;&nbsp; $11086 |
| Commodity Curve Carry Strategy | &nbsp;&nbsp; 4232 |
| GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp; 35748 |
| Transition-Enabling Metals | &nbsp;&nbsp; 616 |

---

Notes to Consolidated Financial Statements

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and iShares Transition-Enableing ETF and its Subsidiary.

**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.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** 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 Consolidated Statements 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, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Sales* |
| Commodity Curve Carry Strategy | &nbsp;&nbsp; $250000 |

---

There were no in-kind transactions for the six months ended April 30, 2025.

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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'consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of October 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| Bloomberg Roll Select Commodity Strategy | &nbsp;&nbsp; $(8542)<br>|
| Commodity Curve Carry Strategy | &nbsp;&nbsp; (1832)<br>|
| GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp; (47295111)<br>|
| Transition-Enabling Metals | &nbsp;&nbsp; (118)<br>|

---

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Bloomberg Roll Select Commodity Strategy | &nbsp;&nbsp; $274908978 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10784970) | &nbsp;&nbsp;&nbsp; $(10784970) |
| Commodity Curve Carry Strategy | &nbsp;&nbsp; 38792643 | &nbsp;&nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp; (1929214) | &nbsp;&nbsp;&nbsp; (1926366) |
| GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp; 587751465 | &nbsp;&nbsp;&nbsp; 19787101 | &nbsp;&nbsp;&nbsp; (17300658) | &nbsp;&nbsp;&nbsp; 2486443 |
| Transition-Enabling Metals | &nbsp;&nbsp; 8340184 | &nbsp;&nbsp;&nbsp; 76992 | &nbsp;&nbsp;&nbsp; (211773) | &nbsp;&nbsp;&nbsp; (134781) |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 each 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class 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 Consolidated Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such 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. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds' portfolios.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

Notes to Consolidated Financial Statements

------

*Notes to Consolidated Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Bloomberg Roll Select Commodity Strategy |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $54406538 | &nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; $89426954 |
| Shares redeemed | &nbsp;&nbsp; (1150000)<br>| &nbsp;&nbsp;&nbsp; (55616492)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp;&nbsp; (83486464)<br>|
|  | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1209954)<br>| &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $5940490 |
| Commodity Curve Carry Strategy |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $4084620 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; $23971737 |
| Shares redeemed | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (5989049)<br>| &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (6051377)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(1904429)<br>| &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $17920360 |
| GSCI Commodity Dynamic Roll Strategy |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $72014249 | &nbsp;&nbsp;&nbsp; 15800000 | &nbsp;&nbsp;&nbsp; $425121911 |
| Shares redeemed | &nbsp;&nbsp; (10100000)<br>| &nbsp;&nbsp;&nbsp; (260136820)<br>| &nbsp;&nbsp;&nbsp; (11300000)<br>| &nbsp;&nbsp;&nbsp; (297363308)<br>|
|  | &nbsp;&nbsp; (7300000)<br>| &nbsp;&nbsp;&nbsp; $(188122571)<br>| &nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; $127758603 |
| Transition-Enabling Metals |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(116)<br>|
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (3009995)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(3010111)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' Consolidated financial statements was completed through the date the Consolidated financial statements were available to be issued and the following item was noted:

On June 10, 2025, the Board approved a proposal to close and liquidate iShares Commodity Curve Carry Strategy ETF. After market close on August 18, 2025, the Fund will cease the creation and redemption of Creation Units. Trading in the Fund will be halted prior to market open on August 19, 2025. Proceeds of the liquidation are scheduled to be sent to Fund shareholders on or around August 21, 2025.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| SOFR | Secured Overnight Financing Rate |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 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 Bloomberg Index Services Limited, S&P Dow Jones Indices LLC, or ICE Data Indices, LLC, 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.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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April 30, 2025

![](g915935img827da7341.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares U.S. ETF Trust** |
| • iShares Short Duration Bond Active ETF \| NEAR \| Cboe BZX Exchange |
| • iShares Ultra Short Duration Bond Active ETF \| ICSH \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |
| [Statements of Operations](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 34 |
| [Statements of Changes in Net Assets](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 35 |
| [Financial Highlights](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 36 |
| [Notes to Financial Statements](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 38 |
| [Additional Information](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 48 |
| [Glossary of Terms Used in these Financial Statements](#xx_cc334126-5268-4f20-bee5-a36803ca41ae_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 49 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| AIMCO CLO 23 Ltd., 5.39%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,020 | $1005238 |
| American Express Credit Account Master Trust, <br> 5.15%, 09/15/30<br>| &nbsp;&nbsp; USD5,770 | 5952324 |
| AMMC CLO 21 Ltd., 6.21%, 11/02/30, <br> (3-mo. CME Term SOFR + 1.942%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD705 | 705565 |
| Anchorage Capital CLO 7 Ltd., 5.84%, 04/28/37, <br> (3-mo. CME Term SOFR + 1.560%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,625 | 8625000 |
| Ares LVI CLO Ltd., 5.53%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 397646 |
| ARI Fleet Lease Trust, 5.54%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD788 | 792502 |
| Asimi Funding PLC |  |  |
| 5.46%, 09/16/31, <br> (1-day SONIA + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP286 | 380367 |
| 5.81%, 09/16/31, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133140 |
| 6.41%, 09/16/31, <br> (1-day SONIA + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133256 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Five SRL, 3.46%, <br> 11/15/39, (1-mo. EURIBOR + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113808 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Three SARL<br>|  |  |
| 3.80%, 03/21/34, <br> (1-mo. EURIBOR + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114004 |
| 4.10%, 03/21/34, <br> (1-mo. EURIBOR + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113853 |
| 4.60%, 03/21/34, <br> (1-mo. EURIBOR + 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114237 |
| Auto ABS Italian Stella Loans SRL |  |  |
| 3.85%, 12/29/36, <br> (1-mo. EURIBOR + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR89 | 101832 |
| 4.45%, 12/29/36, <br> (1-mo. EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR89 | 101474 |
| Auto ABS Spanish Loans FT, 3.00%, 09/28/38, <br> (1-mo. EURIBOR + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,057 | 2332769 |
| AutoFlorence 2 SRL |  |  |
| 2.80%, 12/24/44, <br> (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,695 | 3051919 |
| 2.85%, 12/24/44, <br> (1-mo. EURIBOR + 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR234 | 264108 |
| AutoFlorence 3 SRL, 4.48%, 12/25/46, <br> (1-mo. EURIBOR + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR244 | 280692 |
| Autonoria Spain FT, 4.13%, 01/26/40, <br> (1-mo. EURIBOR + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR247 | 283611 |
| Azure Finance No. 3 PLC, 5.26%, 06/20/34, <br> (1-day SONIA + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP120 | 159935 |
| BA Credit Card Trust, 4.98%, 11/15/28 | &nbsp;&nbsp; USD4,705 | 4762057 |
| Bain Capital CLO Ltd. Series 2024-1A, Class A1, <br> 5.81%, 04/16/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,235 | 2237368 |
| Bain Capital Credit CLO Ltd., 5.47%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,510 | 1503470 |
| Benefit Street Partners CLO VIII Ltd. Series <br> 2015-8A, Class A1AR, 5.63%, 01/20/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD169 | 169368 |
| Benefit Street Partners CLO XXI Ltd. Series <br> 2020 21A, Class A1R, 5.69%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1750000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Birch Grove CLO 3 Ltd., 5.53%, 01/19/38, <br> (3-mo. CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,615 | $4594028 |
| Blueberry Park CLO Ltd., 5.62%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999157 |
| Brex Commercial Charge Card Master Trust, <br> 6.05%, 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD277 | 279608 |
| Brignole Co., 4.37%, 02/24/42, <br> (1-mo. EURIBOR + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR71 | 80485 |
| Bryant Park Funding Ltd., 5.88%, 04/15/37, <br> (3-mo. CME Term SOFR + 1.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,440 | 1442038 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| 6.36%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp; GBP266 | 354529 |
| 7.06%, 08/20/31, <br> (1-day SONIA + 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP202 | 269613 |
| 5.86%, 08/20/31, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP611 | 814847 |
| Carlyle C17 CLO Ltd. Series C17A, Class A1AR, <br> 5.57%, 04/30/31, <br> (3-mo. CME Term SOFR + 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD231 | 231071 |
| Carlyle Global Market Strategies CLO Ltd. <br> Series 2014-1A, Class A1R2, 5.51%, <br> 04/17/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,210 | 1209959 |
| CarMax Auto Owner Trust, 4.92%, 10/16/28 | &nbsp;&nbsp; USD693 | 697438 |
| CarVal CLO IX-C Ltd., 5.95%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001738 |
| Carval CLO X-C Ltd., 5.73%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001659 |
| Cbam Ltd. Series 2018-7A, Class A, 5.63%, <br> 07/20/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD371 | 370825 |
| Chesapeake Funding II LLC, 5.52%, 05/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD3,311 | 3342211 |
| CIFC Funding Ltd. |  |  |
| 5.82%, 04/21/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2502764 |
| 5.69%, 07/17/37, <br> (3-mo. CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3500000 |
| 5.93%, 07/23/37, <br> (3-mo. CME Term SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 495900 |
| 5.64%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1250000 |
| 5.03%, 04/27/31, <br> (3-mo. CME Term SOFR + 0.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,659 | 2650976 |
| Citibank Credit Card Issuance Trust, 5.21%, <br> 05/14/29, <br> (1-mo. CME Term SOFR + 0.884%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD20,123 | 20231664 |
| CNH Equipment Trust, 4.77%, 06/15/29 | &nbsp;&nbsp; USD3,034 | 3051084 |
| College Ave Student Loans LLC Series 2021-A, <br> Class A1, 5.54%, 07/25/51, <br> (1-mo. CME Term SOFR + 1.214%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | 136152 |
| Compartment BL Consumer Credit |  |  |
| 3.03%, 09/25/41, <br> (1-mo. EURIBOR + 0.900%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR817 | 926858 |
| 2.76%, 09/25/41, <br> (1-mo. EURIBOR + 0.630%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR899 | 1015319 |
| Delamare Cards MTN Issuer PLC, 5.26%, <br> 04/19/31, (1-day SONIA + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP3,610 | 4814220 |
| Dell Equipment Finance Trust |  |  |
| 4.68%, 07/22/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,618 | 2617882 |
| 4.61%, 02/24/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,997 | 2996667 |
| Dilosk Rmbs No. 9 Dac, 2.84%, 01/25/63, <br> (3-mo. EURIBOR + 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR725 | 819858 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Dowson PLC |  |  |
| 6.06%, 08/20/31, <br> (1-day SONIA + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP117 | $154745 |
| 6.81%, 08/20/31, <br> (1-day SONIA + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132253 |
| Dryden 43 Senior Loan Fund, 5.34%, 04/20/34, <br> (3-mo. CME Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,225 | 2210691 |
| Dryden 77 CLO Ltd. Series 2020-77A, Class XR, <br> 5.58%, 05/20/34, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD78 | 78115 |
| Dryden XXVI Senior Loan Fund, 5.97%, <br> 04/15/29, <br> (3-mo. CME Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD600 | 600240 |
| Dutch Property Finance BV |  |  |
| 3.39%, 10/28/59, <br> (3-mo. EURIBOR + 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,889 | 6669642 |
| Series 2021-2, Class A, 2.86%, 04/28/59, <br> (3-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,510 | 3976706 |
| Edenbrook Mortgage Funding PLC |  |  |
| 6.42%, 03/22/57, <br> (1-day SONIA + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP253 | 334890 |
| 7.02%, 03/22/57, <br> (1-day SONIA + 2.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP146 | 193813 |
| Elmwood CLO 26 Ltd., 5.77%, 04/18/37, <br> (3-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,740 | 3740000 |
| Elmwood CLO II Ltd., 5.97%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,200 | 4159261 |
| Elmwood CLO III Ltd., 5.87%, 07/18/37, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 498743 |
| Enterprise Fleet Financing LLC |  |  |
| 5.42%, 10/22/29<sup>(a)</sup> | &nbsp;&nbsp; USD7,150 | 7237761 |
| 5.23%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,623 | 2643612 |
| 5.16%, 09/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD223 | 227151 |
| 4.98%, 08/21/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,518 | 1538895 |
| 5.06%, 03/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD492 | 502772 |
| 4.56%, 11/20/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,370 | 1379386 |
| 4.70%, 06/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD177 | 178614 |
| 4.82%, 02/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,424 | 1440431 |
| 5.08%, 06/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,981 | 2980822 |
| Finance Ireland Auto Receivables No. 2 DAC |  |  |
| 3.20%, 11/14/34, <br> (1-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR210 | 238102 |
| 2.98%, 11/14/34, <br> (1-mo. EURIBOR + 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,771 | 3140510 |
| Ford Credit Auto Owner Trust |  |  |
| 4.83%, 06/15/26, <br> (30-day Avg SOFR + 0.490%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD150 | 150138 |
| 5.53%, 09/15/28 | &nbsp;&nbsp; USD9,198 | 9322494 |
| 5.28%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD7,052 | 7255813 |
| 4.87%, 08/15/36<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,368 | 2409428 |
| Ford Credit Auto Owner Trust/Ford Credit, <br> 4.86%, 08/15/37<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD5,736 | 5834214 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| 5.59%, 05/15/28, <br> (30-day Avg SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,535 | 11583154 |
| 5.24%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,850 | 3968840 |
| Fortuna Consumer Loan ABS DAC |  |  |
| 3.55%, 02/18/34, <br> (1-mo. EURIBOR + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR176 | 200536 |
| 4.50%, 02/18/34, <br> (1-mo. EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR88 | 100855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.50%, 10/18/34, <br> (1-mo. EURIBOR + 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR400 | $454657 |
| 3.85%, 10/18/34, <br> (1-mo. EURIBOR + 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR100 | 113674 |
| 3.35%, 04/18/35, <br> (1-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR500 | 563871 |
| 3.70%, 04/18/35, <br> (1-mo. EURIBOR + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 112828 |
| 3.05%, 04/18/35, <br> (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,500 | 2827595 |
| Foundation Finance Trust |  |  |
| 5.50%, 12/15/49<sup>(a)</sup> | &nbsp;&nbsp; USD2,171 | 2210236 |
| 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD3,208 | 3216756 |
| FTA Consumo Santander |  |  |
| 3.91%, 07/20/38, <br> (3-mo. EURIBOR + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR173 | 195140 |
| 3.56%, 07/20/38, <br> (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR173 | 195597 |
| Galaxy XV CLO Ltd. Series 2013-15A, <br> Class ARR, 5.49%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12 | 11962 |
| GAMMA Sociedade de Titularizacao de Creditos, <br> 3.42%, 02/25/34, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,100 | 1247504 |
| GM Financial Revolving Receivables Trust |  |  |
| 5.77%, 08/11/36<sup>(a)</sup> | &nbsp;&nbsp; USD5,289 | 5534096 |
| 4.98%, 12/11/36<sup>(a)</sup> | &nbsp;&nbsp; USD2,233 | 2283218 |
| 4.52%, 03/11/37<sup>(a)</sup> | &nbsp;&nbsp; USD2,443 | 2456241 |
| GMF Floorplan Owner Revolving Trust, 4.73%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,831 | 2861553 |
| Golden Bar Securitisation SRL, 3.89%, 09/22/43, <br> (3-mo. EURIBOR + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR259 | 294817 |
| Golden Ray SA - Compartment 1 |  |  |
| 4.15%, 12/27/57, <br> (1-mo. EURIBOR + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 111552 |
| 2.95%, 12/27/57, <br> (1-mo. EURIBOR + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR641 | 726147 |
| 3.65%, 12/27/57, <br> (1-mo. EURIBOR + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 112654 |
| GoldenTree Loan Management U.S. CLO 8 Ltd., <br> 5.42%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,430 | 1423069 |
| Golub Capital Partners CLO 77 B Ltd., 5.55%, <br> 01/25/38, <br> (3-mo. CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,165 | 1152989 |
| GreatAmerica Leasing Receivables Funding LLC <br> Series, 5.28%, 03/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,762 | 1769428 |
| Halseypoint CLO 6 Ltd., 5.62%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1493526 |
| Hermitage PLC |  |  |
| 6.81%, 04/21/33, <br> (1-day SONIA + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP71 | 95397 |
| 6.06%, 04/21/33, <br> (1-day SONIA + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP81 | 107983 |
| Hill FL BV |  |  |
| 4.25%, 02/18/32, <br> (1-mo. EURIBOR + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR93 | 105999 |
| 5.40%, 02/18/32, <br> (1-mo. EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR93 | 107065 |
| 2.92%, 10/18/32, <br> (1-mo. EURIBOR + 0.720%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1697746 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 4.15%, 10/18/32, <br> (1-mo. EURIBOR + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | $113260 |
| Hops Hill No. 4 PLC |  |  |
| 6.16%, 04/21/56, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP161 | 213409 |
| 6.76%, 04/21/56, <br> (1-day SONIA + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP165 | 218682 |
| 5.34%, 04/21/56, <br> (1-day SONIA + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,550 | 2065200 |
| 5.76%, 04/21/56, <br> (1-day SONIA + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP628 | 832092 |
| Hyundai Auto Receivables Trust |  |  |
| 5.48%, 04/17/28 | &nbsp;&nbsp; USD255 | 256746 |
| 4.99%, 02/15/29 | &nbsp;&nbsp; USD7,120 | 7193593 |
| Incref LLC, 6.06%, 10/19/42<sup>(a)</sup> | &nbsp;&nbsp; USD4,040 | 4029900 |
| Italian Stella Loans SRL, 3.53%, 05/27/39, <br> (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113403 |
| John Deere Owner Trust, 4.96%, 11/15/28 | &nbsp;&nbsp; USD9,312 | 9413816 |
| KKR CLO 21 Ltd., 5.52%, 04/15/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,909 | 1906357 |
| KKR CLO 35 Ltd., 5.47%, 01/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD1,500 | 1487871 |
| LCM 29 Ltd. Series 29A, Class AR, 5.59%, <br> 04/15/31, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,436 | 1435723 |
| London Cards No. 2 PLC |  |  |
| 6.96%, 03/28/34<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 134349 |
| 5.86%, 03/28/34, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP904 | 1215938 |
| 7.91%, 03/28/34, <br> (1-day SONIA + 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 134697 |
| Madison Park Funding L Ltd., 5.67%, 04/19/34, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 498915 |
| Madison Park Funding LVII Ltd., 5.56%, <br> 07/27/34, <br> (3-mo. CME Term SOFR + 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,635 | 1635000 |
| Madison Park Funding XXI Ltd., 5.60%, <br> 10/15/32, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,091 | 5090621 |
| Mariner CLO LLC, 5.87%, 01/23/37, <br> (3-mo. CME Term SOFR + 1.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD680 | 680791 |
| Marzio Finance SRL, 3.01%, 05/28/49, <br> (1-mo. EURIBOR + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR906 | 1027616 |
| Metro Finance Trust, 5.32%, 09/17/30 | &nbsp;&nbsp; AUD426 | 273385 |
| MMAF Equipment Finance LLC, 4.95%, <br> 07/14/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,197 | 1214084 |
| Molossus BTL PLC, 5.41%, 04/18/61, <br> (1-day SONIA + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,407 | 1873919 |
| Navient Private Education Loan Trust, 5.16%, <br> 12/15/59, <br> (1-mo. CME Term SOFR + 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD907 | 907399 |
| Navient Private Education Refi Loan Trust |  |  |
| Series 2020-IA, Class A1B, 5.44%, 04/15/69, <br> (1-mo. CME Term SOFR + 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,594 | 3574319 |
| Series 2021-BA, Class A, 0.94%, 07/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD3,571 | 3261436 |
| Series 2021-DA, Class A, 5.51%, 04/15/60, <br> (PRIME - 1.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,047 | 4002606 |
| Navient Student Loan Trust, 6.04%, 03/15/72, <br> (30-day Avg SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,683 | 1692400 |
| Navistar Financial Dealer Note Master Owner <br> Trust, 5.59%, 04/25/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,921 | 2945224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Nelnet Student Loan Trust |  |  |
| 5.17%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.854%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,964 | $2947502 |
| 5.12%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.804%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,556 | 1525499 |
| 7.15%, 11/25/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,041 | 1074876 |
| 5.43%, 03/15/57, <br> (30-day Avg SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,583 | 3548644 |
| Series 2021-A, Class A1, 5.23%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,534 | 3528873 |
| Series 2021-BA, Class AFL, 5.21%, 04/20/62, <br> (1-mo. CME Term SOFR + 0.894%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,476 | 6440748 |
| NewDay Funding |  |  |
| 6.11%, 03/15/32, <br> (1-day SONIA + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP155 | 208028 |
| 6.86%, 03/15/32, <br> (1-day SONIA + 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP110 | 148558 |
| Newday Funding Master Issuer PLC |  |  |
| 5.96%, 11/15/31, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,306 | 1760795 |
| 7.11%, 07/15/32, <br> (1-day SONIA + 2.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP256 | 344011 |
| 6.36%, 07/15/32, <br> (1-day SONIA + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP116 | 155409 |
| 5.86%, 07/15/32, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP102 | 135996 |
| 6.06%, 11/15/32, (1-day SONIA + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; GBP146 | 193798 |
| 5.61%, 04/15/33, <br> (1-day SONIA + 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP113 | 150767 |
| 5.31%, 04/15/33, <br> (1-day SONIA + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,492 | 1990034 |
| Noria DE, 3.78%, 02/25/43, <br> (1-mo. EURIBOR + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 112602 |
| Oaktree CLO Ltd. |  |  |
| 5.82%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001000 |
| 5.45%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,110 | 4073311 |
| Octagon 55 Ltd., 5.67%, 07/20/34, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,700 | 2694573 |
| Octagon Investment Partners XVII Ltd. Series <br> 2013-1A, Class A1R2, 5.54%, 01/25/31, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD302 | 302143 |
| OHA Credit Funding 3 Ltd., 5.59%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 750000 |
| OHA Loan Funding Ltd., 5.97%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 247775 |
| OneMain Direct Auto Receivables Trust, 5.94%, <br> 03/14/29, (30-day Avg SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,739 | 3750652 |
| OneMain Financial Issuance Trust, 5.84%, <br> 09/15/36, (30-day Avg SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,201 | 2211031 |
| Palmer Square CLO Ltd. |  |  |
| 5.97%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3965200 |
| 5.42%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,195 | 2174154 |
| Series 2021-3A, Class A1, 5.67%, 01/15/35, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500138 |
| Panorama Auto Trust |  |  |
| 5.08%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; AUD2,495 | 1588184 |
| 5.46%, 03/15/33, <br> (1-month BB Swap + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD500 | 317303 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Park Blue CLO Ltd., 5.47%, 04/25/38, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $1972033 |
| PCL Funding IX PLC |  |  |
| 5.36%, 07/16/29, (1-day SONIA + 0.900%)<sup>(c)</sup> | &nbsp;&nbsp; GBP1,504 | 2002243 |
| 5.76%, 07/16/29, (1-day SONIA + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; GBP106 | 141092 |
| PCL Funding VIII PLC |  |  |
| 5.64%, 05/15/28, <br> (1-day SONIA + 1.180%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP3,193 | 4265028 |
| 6.96%, 05/15/28, (1-day SONIA + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; GBP592 | 794951 |
| PFS Financing Corp. |  |  |
| 5.49%, 08/15/27, <br> (30-day Avg SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,549 | 11569310 |
| 4.85%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD7,281 | 7365493 |
| 4.95%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD625 | 630964 |
| Pikes Peak CLO 16 Ltd., 5.74%, 07/25/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500000 |
| Pony SA Compartment German Auto Loans, <br> 3.55%, 01/14/33, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113477 |
| Porsche Financial Auto Securitization Trust |  |  |
| 5.79%, 01/22/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,325 | 4349413 |
| 4.44%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; USD10,716 | 10761960 |
| Post CLO Ltd., 5.87%, 04/20/37, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001314 |
| Prodigy Finance DAC Series 2021-1A, Class A, <br> 5.69%, 07/25/51, <br> (1-mo. CME Term SOFR + 1.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD420 | 420072 |
| Provident Funding Mortgage Trust, 2.50%, <br> 11/25/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,581 | 1395291 |
| Quarzo Srl, 1.00%, 03/15/42<sup>(c)</sup> | &nbsp;&nbsp; EUR1,572 | 1780841 |
| Quarzo SRL, 4.80%, 06/15/41, <br> (3-mo. EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR91 | 104193 |
| Rad CLO 7 Ltd., 5.63%, 04/17/36, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,570 | 1570000 |
| Red & Black Auto Germany 8 UG, Class B, <br> 3.05%, 09/15/30, <br> (1-mo. EURIBOR + 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR113 | 128337 |
| Red & Black Auto Italy SRL, 3.25%, 07/28/36, <br> (1-mo. EURIBOR + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113523 |
| Regatta 30 Funding Ltd., 5.63%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,820 | 1814007 |
| Regatta VIII Funding Ltd., 5.83%, 04/17/37, <br> (3-mo. CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,350 | 4354495 |
| Regatta XX Funding Ltd., 5.44%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,140 | 1130492 |
| Regatta XXVII Funding Ltd., 5.81%, 04/26/37, <br> (3-mo. CME Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1501488 |
| Regional Management Issuance Trust |  |  |
| 5.83%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD593 | 607578 |
| 5.11%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD685 | 689866 |
| Romark WM-R Ltd. Series 2018-1A, Class A1, <br> 5.56%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,773 | 1773465 |
| RR 20 Ltd., 5.25%, 07/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD2,285 | 2260016 |
| RR 21 Ltd., 5.66%, 07/15/39, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000100 |
| RR 36 Ltd., 5.55%, 01/15/40, <br> (3-mo. CME Term SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,485 | 1483209 |
| Satus PLC |  |  |
| 5.36%, 01/17/31, <br> (1-day SONIA + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP637 | 849197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 6.51%, 01/17/31, <br> (1-day SONIA + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP102 | $136049 |
| 5.71%, 01/17/31, (1-day SONIA + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; GBP337 | 448446 |
| SC Germany SA Compartment Consumer |  |  |
| 3.35%, 01/14/38, <br> (1-mo. EURIBOR + 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,200 | 1355908 |
| 3.65%, 01/14/38, <br> (1-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR300 | 339007 |
| 4.05%, 05/14/38, <br> (1-mo. EURIBOR + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113177 |
| 3.75%, 05/14/38, <br> (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113285 |
| 1.00%, 12/14/38, <br> (1-mo. EURIBOR + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113398 |
| 1.00%, 12/14/38, <br> (1-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR600 | 679710 |
| SCF Rahoituspalvelut XIII DAC, 3.53%, <br> 06/25/34, (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 112952 |
| SFS Auto Receivables Securitization Trust |  |  |
| 5.89%, 03/22/27<sup>(a)</sup> | &nbsp;&nbsp; USD214 | 214063 |
| 4.75%, 07/22/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,839 | 3871655 |
| Sixth Street CLO XX Ltd., 6.18%, 10/20/34, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 998800 |
| SLM Private Credit Student Loan Trust |  |  |
| Series 2004-A, Class A3, 4.96%, 06/15/33, <br> (3-mo. CME Term SOFR + 0.662%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,008 | 1003663 |
| Series 2005-A, Class A4, 4.87%, 12/15/38, <br> (3-mo. CME Term SOFR + 0.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,324 | 4241730 |
| Series 2005-B, Class A4, 4.89%, 06/15/39, <br> (3-mo. CME Term SOFR + 0.592%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,714 | 2645227 |
| Series 2006-A, Class A5, 4.85%, 06/15/39, <br> (3-mo. CME Term SOFR + 0.552%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,757 | 6553226 |
| Series 2006-B, Class A5, 4.83%, 12/15/39, <br> (3-mo. CME Term SOFR + 0.532%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,758 | 4638528 |
| SMB Private Education Loan Trust |  |  |
| 5.79%, 02/16/55, <br> (30-day Avg SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,955 | 10021612 |
| 6.19%, 05/16/50, <br> (30-day Avg SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,236 | 3265999 |
| 6.14%, 10/15/58, <br> (30-day Avg SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13,337 | 13512868 |
| 5.44%, 06/15/37, <br> (1-mo. CME Term SOFR + 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,090 | 1090053 |
| 6.14%, 10/16/56, <br> (30-day Avg SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,531 | 5625409 |
| 5.90%, 11/15/52, <br> (30-day Avg SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,751 | 4797924 |
| Series 2017-A, Class A2B, 5.34%, 09/15/34, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD759 | 758950 |
| SoFi Consumer Loan Program Trust, 4.80%, <br> 02/27/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,767 | 2769924 |
| SoFi Personal Loan Trust, 6.06%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,597 | 1606694 |
| SoFi Professional Loan Program LLC |  |  |
| 3.34%, 08/25/47<sup>(a)</sup> | &nbsp;&nbsp; USD241 | 239773 |
| 3.59%, 01/25/48<sup>(a)</sup> | &nbsp;&nbsp; USD568 | 561802 |
| 2.65%, 09/25/40<sup>(a)</sup> | &nbsp;&nbsp; USD366 | 360538 |
| TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Ulisses Finance No. 2, 2.83%, <br> 09/23/38, (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,205 | 5884708 |
| TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Viriato Finance No. 1, 3.08%, <br> 10/28/40, (1-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR724 | 815053 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |
| 4.95%, 10/27/42, <br> (1-mo. EURIBOR + 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | $113366 |
| 4.15%, 10/27/42, <br> (1-mo. EURIBOR + 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113367 |
| TCI-Symphony CLO Ltd. |  |  |
| 5.52%, 10/13/32, <br> (3-mo. CME Term SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,098 | 3091419 |
| 5.45%, 07/15/30, <br> (3-mo. CME Term SOFR + 1.192%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,747 | 1744365 |
| TICP CLO VII Ltd., 6.16%, 04/15/33, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD885 | 882522 |
| TICP CLO XI Ltd., 5.81%, 04/25/37, <br> (3-mo. CME Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,130 | 1131086 |
| Together Asset-Backed Securitisation PLC, <br> 5.16%, 07/12/63, (1-day SONIA + 0.700%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP883 | 1175691 |
| Tower Bridge Funding PLC |  |  |
| 7.46%, 01/20/66<sup>(c)</sup> | &nbsp;&nbsp; GBP113 | 152110 |
| 8.46%, 01/20/66<sup>(c)</sup> | &nbsp;&nbsp; GBP113 | 152317 |
| 5.68%, 05/20/66, <br> (1-day SONIA + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP168 | 223044 |
| 6.08%, 05/20/66, <br> (1-day SONIA + 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133064 |
| 5.36%, 05/20/66<sup>(b)(c)</sup> | &nbsp;&nbsp; GBP639 | 850541 |
| Toyota Auto Receivables Owner Trust, 5.54%, <br> 08/15/28<br>| &nbsp;&nbsp; USD7,030 | 7128470 |
| Trinitas CLO XXIII Ltd., 6.07%, 10/20/36, <br> (3-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD970 | 971945 |
| Vantage Data Centers Jersey Borrower Spv Ltd., <br> 6.17%, 05/28/39<sup>(c)</sup><br>| &nbsp;&nbsp; GBP480 | 653097 |
| Verizon Master Trust |  |  |
| 4.83%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,048 | 2085611 |
| 5.00%, 12/20/28 | &nbsp;&nbsp; USD11,907 | 11940491 |
| 4.62%, 11/20/30 | &nbsp;&nbsp; USD4,693 | 4730338 |
| Volkswagen Auto Loan Enhanced Trust, 5.48%, <br> 12/20/28<br>| &nbsp;&nbsp; USD11,746 | 11942307 |
| Voya CLO Series 2017-2A, Class A1R, 5.50%, <br> 06/07/30, <br> (3-mo. CME Term SOFR + 1.242%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD675 | 675250 |
| Voya Ltd. Series 2012-4, 5.52%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,013 | 3007046 |
| Westlake Automobile Receivables Trust, 6.24%, <br> 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD10,297 | 10390199 |
| Youni Italy SRL |  |  |
| 3.01%, 04/25/34, <br> (1-mo. EURIBOR + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,127 | 1277563 |
| 3.83%, 04/25/34, <br> (1-mo. EURIBOR + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR85 | 97294 |
| **Total Asset-Backed Securities — 16.8%** <br>**(Cost: $536,142,530)** | **Total Asset-Backed Securities — 16.8%** <br>**(Cost: $536,142,530)** | 541124457 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| Domi BV, 3.01%, 04/16/57, <br> (3-mo. EURIBOR + 0.710%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,229 | 1393573 |
| Lanebrook Mortgage Transaction PLC, 5.27%, <br> 03/15/61, (1-day SONIA + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP701 | 933634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Tower Bridge Funding PLC |  |  |
| 5.87%, 12/20/66, (1-day SONIA + 1.400%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | $132737 |
| 6.37%, 12/20/66, (1-day SONIA + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 133030 |
|  |  | 2592974 |
| **Financial — 0.0%** | **Financial — 0.0%** | **Financial — 0.0%** |
| Liberty Funding Pty. Ltd., 5.09%, 09/25/56<sup>(c)</sup> | &nbsp;&nbsp; AUD500 | 318498 |
| **Mortgage-Backed Securities — 16.5%** | **Mortgage-Backed Securities — 16.5%** | **Mortgage-Backed Securities — 16.5%** |
| 2023-MIC Trust (The), 8.73%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,102 | 2285272 |
| 280 Park Avenue Mortgage Trust, Series <br> 2017-280P, Class A, 5.48%, 09/15/34, <br> (1-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,100 | 6975750 |
| A&D Mortgage Trust, 6.20%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,437 | 2453979 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,022 | 3025926 |
| Angel Oak Mortgage Trust |  |  |
| 5.21%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,916 | 5898196 |
| 5.64%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,851 | 1856520 |
| 5.99%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,527 | 4552500 |
| ARES Trust, 5.80%, 04/15/42, <br> (1-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,674 | 2652157 |
| Atlas Funding PLC |  |  |
| 5.31%, 09/20/61<sup>(c)</sup> | &nbsp;&nbsp; GBP1,171 | 1559945 |
| 5.76%, 09/20/61, <br> (1-day SONIA + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP198 | 262100 |
| 6.01%, 09/20/61, <br> (1-day SONIA + 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 131718 |
| 6.66%, 09/20/61, <br> (1-day SONIA + 2.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132204 |
| Auburn 15 PLC, 5.56%, 07/20/45, <br> (1-day SONIA + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,765 | 2353379 |
| Bank5 |  |  |
| 5.30%, 10/15/57 | &nbsp;&nbsp; USD7,730 | 7913523 |
| 5.88%, 08/15/57 | &nbsp;&nbsp; USD1,680 | 1754759 |
| 5.89%, 11/15/57 | &nbsp;&nbsp; USD1,535 | 1607589 |
| 6.72%, 09/15/56<sup>(b)</sup> | &nbsp;&nbsp; USD5,000 | 5312610 |
| BAY Mortgage Trust, 6.00%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,350 | 3350000 |
| BBCMS Mortgage Trust |  |  |
| 5.21%, 09/15/57 | &nbsp;&nbsp; USD9,960 | 10177988 |
| 5.61%, 12/15/57 | &nbsp;&nbsp; USD3,120 | 3232962 |
| 5.75%, 04/15/56 | &nbsp;&nbsp; USD2,860 | 2910720 |
| 5.84%, 03/15/58 | &nbsp;&nbsp; USD2,130 | 2228037 |
| Series 2018-TALL, Class A, 5.24%, 03/15/37, <br> (1-mo. CME Term SOFR + 0.919%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,630 | 8123015 |
| Benchmark Mortgage Trust |  |  |
| 5.74%, 12/15/57 | &nbsp;&nbsp; USD5,700 | 5933500 |
| 5.81%, 01/10/57 | &nbsp;&nbsp; USD2,155 | 2237935 |
| BFLD Commercial Mortgage Trust |  |  |
| 5.81%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD770 | 769759 |
| 6.16%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD570 | 567150 |
| BFLD Mortgage Trust, 5.81%, 08/15/26, <br> (1-mo. CME Term SOFR + 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,132 | 2130094 |
| BMO Mortgage Trust |  |  |
| 5.32%, 09/15/57 | &nbsp;&nbsp; USD2,500 | 2557216 |
| 5.63%, 12/15/57<sup>(b)</sup> | &nbsp;&nbsp; USD3,070 | 3178402 |
| 5.68%, 02/15/58 | &nbsp;&nbsp; USD1,571 | 1648239 |
| 5.69%, 02/15/58 | &nbsp;&nbsp; USD1,836 | 1913026 |
| 5.74%, 02/15/57 | &nbsp;&nbsp; USD4,160 | 4305055 |
| 6.16%, 04/15/58<sup>(b)</sup> | &nbsp;&nbsp; USD1,379 | 1437954 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.05%, 11/15/56<sup>(b)</sup> | &nbsp;&nbsp; USD1,000 | $1075533 |
| BRAVO Residential Funding Trust |  |  |
| 5.57%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,127 | 1130144 |
| 5.61%, 05/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,797 | 3796907 |
| 5.68%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,707 | 2718724 |
| 6.29%, 02/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,728 | 6780502 |
| 6.39%, 10/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,112 | 1121019 |
| BX Commercial Mortgage Trust |  |  |
| 5.61%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,894 | 1887079 |
| 5.76%, 02/15/39, <br> (1-mo. CME Term SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,123 | 1121268 |
| 6.01%, 08/15/39, <br> (1-mo. CME Term SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,184 | 3183960 |
| 6.46%, 08/15/39, <br> (1-mo. CME Term SOFR + 2.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,456 | 2455152 |
| 7.20%, 10/15/41, <br> (1-mo. CME Term SOFR + 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,538 | 1530783 |
| BX Trust |  |  |
| 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,351 | 7286513 |
| 5.47%, 03/15/30, <br> (1-mo. CME Term SOFR + 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,929 | 6793772 |
| 5.81%, 07/15/29, <br> (1-mo. CME Term SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,635 | 2615231 |
| 6.41%, 03/15/41, <br> (1-mo. CME Term SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,970 | 1975225 |
| 7.36%, 03/15/41, <br> (1-mo. CME Term SOFR + 3.039%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD800 | 797749 |
| CEDR Commercial Mortgage Trust, 5.31%, <br> 02/15/39, <br> (1-mo. CME Term SOFR + 0.988%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,410 | 5193661 |
| CENT Trust, 6.94%, 09/15/38, <br> (1-mo. CME Term SOFR + 2.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,012 | 3010388 |
| CFCRE Commercial Mortgage Trust |  |  |
| 3.84%, 12/10/54 | &nbsp;&nbsp; USD2,500 | 2461092 |
| Series 2016-C3, Class A3, 3.87%, 01/10/48 | &nbsp;&nbsp; USD4,555 | 4514608 |
| Chase Home Lending Mortgage Trust |  |  |
| 5.65%, 02/25/56, <br> (30-day Avg SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,998 | 4957431 |
| Series 2019-ATR2, Class A11, 5.34%, <br> 07/25/49, <br> (1-mo. CME Term SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD858 | 815538 |
| Citadel PLC |  |  |
| 5.48%, 04/28/60, <br> (1-day SONIA + 1.020%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,823 | 2432702 |
| 5.91%, 04/28/60, <br> (1-day SONIA + 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132668 |
| 6.21%, 04/28/60, <br> (1-day SONIA + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132670 |
| 6.91%, 04/28/60, <br> (1-day SONIA + 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132213 |
| Citigroup Commercial Mortgage Trust, Series <br> 2015-P1, Class A5, 3.72%, 09/15/48<br>| &nbsp;&nbsp; USD1,145 | 1139258 |
| COAST Commercial Mortgage Trust, 6.91%, <br> 08/15/36, <br> (1-mo. CME Term SOFR + 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3988543 |
| COLT Mortgage Loan Trust |  |  |
| 5.60%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,604 | 1612007 |
| 5.79%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,559 | 4600460 |
| 5.84%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,977 | 4987957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.60%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,663 | $3689005 |
| CONE Trust, 5.96%, 08/15/41, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,440 | 1432794 |
| Cross Mortgage Trust |  |  |
| 5.36%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,072 | 3074166 |
| 5.88%, 05/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,375 | 6418527 |
| 6.09%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,295 | 3310327 |
| Domi BV, 3.68%, 02/15/55, <br> (3-mo. EURIBOR + 1.120%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,385 | 2721151 |
| Dutch Property Finance BV, 3.06%, 04/28/64, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR290 | 328797 |
| East One PLC |  |  |
| 5.87%, 12/27/55, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP930 | 1244486 |
| 6.17%, 12/27/55, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP172 | 229415 |
| 6.47%, 12/27/55, <br> (1-day SONIA + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP280 | 373759 |
| EFMT, 1.00%, 05/26/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,627 | 3626531 |
| ELM Trust |  |  |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD250 | 251437 |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,440 | 5515737 |
| Elstree Funding No. 4 PLC, 5.58%, 10/21/55, <br> (1-day SONIA + 1.120%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP936 | 1250208 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,341 | 4433706 |
| Exmoor Funding PLC |  |  |
| 5.35%, 03/25/94, <br> (1-day SONIA + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,047 | 1396668 |
| 6.37%, 03/25/94, <br> (1-day SONIA + 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 134269 |
| 7.26%, 03/25/94, <br> (1-day SONIA + 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132739 |
| Federal Home Loan Mortgage Corp., 3.50%, <br> 02/01/35<br>| &nbsp;&nbsp; USD7,312 | 7147002 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 1.50%, 04/15/44 | &nbsp;&nbsp; USD239 | 232324 |
| 2.00%, 12/25/33 | &nbsp;&nbsp; USD14,194 | 13398229 |
| 5.80%, 03/25/54, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,329 | 7347522 |
| 5.80%, 04/25/54, <br> (30-day Avg SOFR + 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,630 | 7630922 |
| Federal National Mortgage Association REMICS |  |  |
| 2.50%, 04/25/34 | &nbsp;&nbsp; USD6,443 | 6121666 |
| 4.77%, 12/25/48, <br> (30-day Avg SOFR + 0.414%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,404 | 6300848 |
| 5.55%, 12/25/54, <br> (30-day Avg SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD9,571 | 9590815 |
| 5.77%, 12/25/54, <br> (30-day Avg SOFR + 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,188 | 2185930 |
| FirstMac Mortgage Funding Trust No. 4, 5.13%, <br> 02/18/56, (Update <br> Replacements.xls: BBSW1M + 1.080%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD416 | 265403 |
| GCAT Trust, 3.35%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,552 | 8140195 |
| GS Mortgage Securities Corp. Trust |  |  |
| 5.37%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD930 | 935953 |
| 5.39%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,385 | 4344016 |
| 6.97%, 11/25/41, <br> (1-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,074 | 2066078 |
| 7.11%, 03/15/28, <br> (1-mo. CME Term SOFR + 2.790%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,580 | 2584031 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| GS Mortgage Securities Trust, 3.76%, 07/10/48 | &nbsp;&nbsp; USD1,943 | $1937563 |
| Homes Trust, 5.72%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,867 | 3878064 |
| HOMES Trust, 6.18%, 01/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,483 | 3480968 |
| Homeward Opportunities Fund I Trust, 3.20%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,561 | 1540781 |
| HONO Mortgage Trust, 5.59%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,716 | 2682050 |
| Houston Galleria Mall Trust, 5.64%, <br> 02/05/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,580 | 1607460 |
| Hudson Yards Mortgage Trust, 5.47%, <br> 01/13/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,400 | 2466336 |
| INTOWN Mortgage Trust, 5.67%, 03/15/42, <br> (1-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,059 | 4003189 |
| INV Mortgage Trust, 6.06%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,180 | 1177050 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 2.95%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,113 | 2053976 |
| 5.35%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,030 | 2048867 |
| 5.74%, 03/15/39, <br> (30-day Avg SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,540 | 3537788 |
| Series 2019-BKWD, Class A, 5.94%, <br> 09/15/29, <br> (1-mo. CME Term SOFR + 1.614%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD738 | 694821 |
| JP Morgan Mortgage Trust |  |  |
| 2.50%, 05/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,424 | 3050308 |
| 2.50%, 06/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,112 | 988654 |
| 2.50%, 08/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,857 | 1641694 |
| Jupiter Mortgage No. 1 PLC |  |  |
| 6.16%, 07/20/55, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP989 | 1320975 |
| 6.71%, 07/20/55, <br> (1-day SONIA + 2.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP313 | 418507 |
| 7.46%, 07/20/55, <br> (1-day SONIA + 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP213 | 284858 |
| Lanark Master Issuer PLC |  |  |
| 4.94%, 12/22/69, (Update <br> Replacements.xls: SONIO/N + <br> 0.470%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP758 | 1009152 |
| 4.98%, 12/22/69, <br> (1-day SONIA + 0.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,039 | 1383423 |
| Lanebrook Mortgage Transaction PLC, 5.66%, <br> 08/20/60, (1-day SONIA + 1.180%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP714 | 955788 |
| Last Mile Securities PE DAC, 3.46%, 08/17/31, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,965 | 4466630 |
| LBA Trust, 5.76%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,370 | 4367269 |
| Manhattan West Mortgage Trust, 2.13%, <br> 09/10/39<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,675 | 1576458 |
| MCR Mortgage Trust, 6.11%, 12/15/41, <br> (1-mo. CME Term SOFR + 1.793%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD496 | 495380 |
| Mill City Mortgage Loan Trust, 3.25%, <br> 11/25/58<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,131 | 1112714 |
| Miltonia Mortgage Finance SRL, 3.46%, <br> 04/28/62, (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR273 | 306709 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2015-C23, Class A4, 3.72%, <br> 07/15/50<br>| &nbsp;&nbsp; USD10,000 | 9973170 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Morgan Stanley Capital I Trust |  |  |
| 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,068 | $1033121 |
| Series 2018-BOP, Class A, 5.22%, 08/15/33, <br> (1-mo. CME Term SOFR + 0.897%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,426 | 1165417 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 5.56%, 03/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,498 | 3498325 |
| 5.96%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,830 | 2830408 |
| Mortimer PLC |  |  |
| 5.30%, 09/22/67, (1-day SONIA + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; GBP1,146 | 1523113 |
| 5.62%, 09/22/67, (1-day SONIA + 1.150%)<sup>(c)</sup> | &nbsp;&nbsp; GBP541 | 716889 |
| 6.02%, 09/22/67, (1-day SONIA + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 132231 |
| 6.57%, 09/22/67, (1-day SONIA + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 132130 |
| MSWF Commercial Mortgage Trust, 6.01%, <br> 12/15/56<sup>(b)</sup><br>| &nbsp;&nbsp; USD305 | 325590 |
| NEW Residential Mortgage Loan Trust, 5.57%, <br> 05/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD2,487 | 2503348 |
| NY Commercial Mortgage Trust, 5.29%, <br> 02/10/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,770 | 1824132 |
| NYC Commercial Mortgage Trust, 5.53%, <br> 02/15/42, <br> (1-mo. CME Term SOFR + 1.213%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,524 | 1507974 |
| OBX Trust |  |  |
| 5.40%, 02/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,171 | 3175869 |
| 5.60%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,559 | 2572096 |
| 5.65%, 12/01/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,424 | 1430123 |
| 6.52%, 07/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,154 | 3175271 |
| Polaris PLC |  |  |
| 5.49%, 02/26/61, <br> (1-day SONIA + 1.030%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,360 | 1817046 |
| 5.51%, 02/26/68, <br> (1-day SONIA + 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP336 | 444585 |
| 5.81%, 02/26/61, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,006 | 1339122 |
| 5.86%, 02/26/68, <br> (1-day SONIA + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 131819 |
| 6.16%, 02/26/61, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP106 | 141029 |
| 6.26%, 02/26/68, <br> (1-day SONIA + 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 131830 |
| 7.16%, 02/26/61, <br> (1-day SONIA + 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 134036 |
| 8.46%, 02/26/61, <br> (1-day SONIA + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133155 |
| PRET Trust, 4.00%, 08/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD772 | 742543 |
| PRKCM, 5.55%, 02/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,333 | 6358674 |
| PRKCM Trust, 6.58%, 09/25/58<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,873 | 2903224 |
| PRM5 Trust, 4.62%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,201 | 3178193 |
| PRPM LLC, 4.00%, 01/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp; USD690 | 673804 |
| PRPM Trust |  |  |
| 5.80%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,443 | 2463623 |
| 6.25%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,053 | 1057591 |
| 6.33%, 06/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD775 | 790969 |
| PSMC Trust, 2.50%, 03/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,131 | 5804716 |
| RCKT Mortgage Trust, 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,519 | 7602036 |
| Residential Mortgage Loan Trust, 3.26%, <br> 09/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,649 | 3587467 |
| RIAL Issuer Ltd., 6.57%, 01/19/37, <br> (1-mo. CME Term SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1493199 |
| Sapphire XXXII Trust, 5.20%, 06/14/66, <br> (1-month BB Swap + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD5,000 | 3181068 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| SCG Commercial Mortgage Trust, 5.82%, <br> 03/15/35, <br> (1-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD811 | $792614 |
| Sequoia Mortgage Trust |  |  |
| 2.50%, 03/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,657 | 6244887 |
| 4.55%, 11/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,154 | 3141767 |
| Stratton Mortgage Funding PLC |  |  |
| 5.37%, 06/28/50, <br> (1-day SONIA + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,009 | 1344703 |
| 5.82%, 06/25/49, <br> (1-day SONIA + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP353 | 469865 |
| 5.97%, 06/25/49, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132802 |
| 5.97%, 06/28/50, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP181 | 240018 |
| Taurus U.K. DAC |  |  |
| 5.97%, 02/18/35, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,565 | 2076946 |
| 6.47%, 02/18/35, <br> (1-day SONIA + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP250 | 330960 |
| TCO Commercial Mortgage Trust, 5.56%, <br> 12/15/39, <br> (1-mo. CME Term SOFR + 1.243%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,375 | 3349688 |
| TEXAS Commercial Mortgage Trust, 5.62%, <br> 04/15/42, <br> (1-mo. CME Term SOFR + 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,799 | 2764625 |
| Thunder Logistics DAC |  |  |
| 4.06%, 11/17/36, <br> (3-mo. EURIBOR + 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,206 | 1376964 |
| 4.61%, 11/17/36, <br> (3-mo. EURIBOR + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR79 | 89981 |
| 5.11%, 11/17/36, <br> (3-mo. EURIBOR + 2.550%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR79 | 89999 |
| Together Asset-Backed Securitisation PLC |  |  |
| 5.39%, 09/12/56, <br> (1-day SONIA + 0.930%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP756 | 1008152 |
| 5.41%, 08/15/64, <br> (1-day SONIA + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,097 | 1466098 |
| 5.66%, 09/12/56, <br> (1-day SONIA + 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP344 | 455688 |
| 5.96%, 09/12/56, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132051 |
| 5.96%, 01/15/57, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP104 | 138666 |
| 6.16%, 08/20/55, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP114 | 152652 |
| 6.41%, 09/12/56, <br> (1-day SONIA + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132169 |
| 6.96%, 08/20/55, <br> (1-day SONIA + 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133376 |
| Towd Point Mortgage Trust |  |  |
| 2.75%, 06/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD499 | 485246 |
| 3.00%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,799 | 1766424 |
| Trinity Square PLC, 5.36%, 07/15/59<sup>(c)</sup> | &nbsp;&nbsp; GBP1,458 | 1943331 |
| TYSN Mortgage Trust, 6.80%, 12/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,610 | 1697529 |
| U.K. Logistics DAC |  |  |
| 6.13%, 05/17/34, <br> (1-day SONIA + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP360 | 478589 |
| 8.46%, 05/17/35, <br> (1-day SONIA + 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP824 | 1096958 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| UK Logistics DAC, 6.31%, 02/17/35, <br> (1-day SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP155 | $208921 |
| Verus Securitization Trust |  |  |
| 5.62%, 05/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,804 | 5835332 |
| 6.19%, 03/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,323 | 1325588 |
| 6.79%, 10/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,632 | 1633399 |
| Vita Scientia DAC, 3.83%, 02/27/33, <br> (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR9,031 | 10172051 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 5.27%, 03/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,579 | 2586383 |
| 5.92%, 11/15/57<sup>(b)</sup> | &nbsp;&nbsp; USD670 | 702063 |
| Series 2015-NXS2, Class A5, 3.77%, <br> 07/15/58<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,106 | 1098451 |
| Series 2016-C33, Class A4, 3.43%, 03/15/59 | &nbsp;&nbsp; USD2,950 | 2908716 |
| Series 2017-SMP, Class A, 5.24%, 12/15/34, <br> (1-mo. CME Term SOFR + 0.921%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD17,280 | 15952476 |
| Series 2018-C48, Class A5, 4.30%, 01/15/52 | &nbsp;&nbsp; USD5,372 | 5314979 |
| WEST Trust, 5.45%, 04/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,699 | 2718409 |
| Winchester 1 PLC |  |  |
| 5.35%, 10/21/56<sup>(c)</sup> | &nbsp;&nbsp; GBP793 | 1056974 |
| 5.66%, 10/21/56, (1-day SONIA + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; GBP331 | 437998 |
| 6.01%, 10/21/56, (1-day SONIA + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 131849 |
| 6.46%, 10/21/56, (1-day SONIA + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; GBP100 | 132269 |
|  |  | 533529566 |
| **Total Collateralized Mortgage Obligations — 16.6%** <br>**(Cost: $531,721,547)** | **Total Collateralized Mortgage Obligations — 16.6%** <br>**(Cost: $531,721,547)** | 536441038 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 5.13%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 97229 |
| 7.88%, 04/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,462 | 1462654 |
| 9.00%, 09/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD496 | 513387 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD66 | 58740 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD732 | 679851 |
| 4.63%, 03/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 24951 |
| 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD157 | 153843 |
|  |  | 2990655 |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD39 | 39924 |
| BAE Systems PLC, 5.00%, 03/26/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,669 | 2703968 |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD172 | 170092 |
| 7.25%, 07/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD23 | 23549 |
| 7.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD42 | 43264 |
| 8.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,021 | 1094013 |
| Efesto Bidco Spa/U.S. LLC, 7.50%, <br> 02/15/32<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD604 | 599234 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD173 | 169107 |
| L3Harris Technologies Inc. |  |  |
| 4.40%, 06/15/28 | &nbsp;&nbsp; USD591 | 590102 |
| 5.05%, 06/01/29 | &nbsp;&nbsp; USD2,888 | 2934239 |
| 5.40%, 01/15/27 | &nbsp;&nbsp; USD4,187 | 4253411 |
| RTX Corp. |  |  |
| 3.13%, 05/04/27 | &nbsp;&nbsp; USD9,680 | 9462736 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; USD3,231 | 3184085 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Spirit AeroSystems Inc. |  |  |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD85 | $90455 |
| 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD322 | 356424 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,445 | 1472039 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD604 | 618710 |
| 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD721 | 735488 |
|  |  | 28540840 |
| **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** |
| Altria Group Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; USD538 | 524603 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; USD4,471 | 4498142 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; USD2,475 | 2612457 |
| BAT Capital Corp. |  |  |
| 3.56%, 08/15/27 | &nbsp;&nbsp; USD13,226 | 12981856 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; USD934 | 937523 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; USD884 | 944856 |
| BAT International Finance PLC |  |  |
| 1.67%, 03/25/26 | &nbsp;&nbsp; USD1,878 | 1827651 |
| 4.45%, 03/16/28 | &nbsp;&nbsp; USD592 | 592681 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; USD4,314 | 4513289 |
| Japan Tobacco Inc., 5.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,920 | 3019566 |
| Philip Morris International Inc. |  |  |
| 3.13%, 03/02/28 | &nbsp;&nbsp; USD1,246 | 1212213 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; USD4,285 | 4258943 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; USD6,860 | 6983888 |
| Reynolds American Inc., 4.45%, 06/12/25 | &nbsp;&nbsp; USD464 | 463746 |
|  |  | 45371414 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air Canada, 3.88%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD141 | 138356 |
| American Airlines Inc., 8.50%, 05/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD74 | 75420 |
| AS Mileage Plan IP Ltd., 5.02%, 10/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,511 | 4374961 |
| United Airlines Inc. |  |  |
| 4.38%, 04/15/26<sup>(a)(e)</sup> | &nbsp;&nbsp; USD43 | 42386 |
| 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD277 | 260189 |
|  |  | 4891312 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Crocs Inc., 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD48 | 44547 |
| William Carter Co. (The), 5.63%, 03/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD36 | 35049 |
|  |  | 79596 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| Ford Motor Credit Co. LLC |  |  |
| 4.95%, 05/28/27 | &nbsp;&nbsp; USD908 | 888786 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; USD4,489 | 4462920 |
| 6.95%, 06/10/26 | &nbsp;&nbsp; USD4,247 | 4291544 |
| General Motors Financial Co. Inc. |  |  |
| 4.00%, 10/06/26 | &nbsp;&nbsp; USD2,273 | 2244365 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; USD554 | 565428 |
| Stellantis NV, 3.38%, 11/19/28<sup>(c)</sup> | &nbsp;&nbsp; EUR2,000 | 2265044 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD76 | 66500 |
|  |  | 14784587 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv PLC/Aptiv Global Financing DAC, 4.65%, <br> 09/13/29<sup>(e)</sup><br>| &nbsp;&nbsp; USD3,720 | 3668623 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 23003 |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD145 | 147265 |
| 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD260 | 264498 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD645 | $616177 |
|  |  | 4719566 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Bank of America Corp. |  |  |
| 1.73%, 07/22/27, (1-day SOFR + 0.960%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,289 | 2212998 |
| 3.42%, 12/20/28, <br> (3-mo. CME Term SOFR + 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,410 | 3316617 |
| 3.59%, 07/21/28, <br> (3-mo. CME Term SOFR + 1.632%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,852 | 2799384 |
| 4.83%, 07/22/26, (1-day SOFR + 1.750%)<sup>(b)</sup> | &nbsp;&nbsp; USD26,286 | 26291858 |
| 4.98%, 01/24/29, (1-day SOFR + 0.830%)<sup>(b)</sup> | &nbsp;&nbsp; USD6,643 | 6731134 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,243 | 4322070 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; USD7,079 | 7230920 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; USD1,884 | 1962350 |
| Series N, 1.66%, 03/11/27, <br> (1-day SOFR + 0.910%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD16,595 | 16190656 |
| Barclays PLC |  |  |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(b)</sup> | &nbsp;&nbsp; USD200 | 203782 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; USD1,092 | 1121899 |
| Citigroup Inc. |  |  |
| 1.12%, 01/28/27, (1-day SOFR + 0.765%)<sup>(b)</sup> | &nbsp;&nbsp; USD94 | 91593 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; USD1,305 | 1282925 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,755 | 3716813 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp; USD8,798 | 8841405 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,013 | 4072017 |
| 5.61%, 09/29/26, (1-day SOFR + 1.546%)<sup>(b)</sup> | &nbsp;&nbsp; USD13,785 | 13832233 |
| Deutsche Bank AG/New York |  |  |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,410 | 2412610 |
| Series ., 5.37%, 01/10/29, <br> (1-day SOFR + 1.210%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,787 | 2824358 |
| Goldman Sachs Bank USA/New York |  |  |
| 5.28%, 03/18/27, (1-day SOFR +0.777%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,076 | 4103300 |
| 5.41%, 05/21/27, (1-day SOFR + 0.750%)<sup>(b)</sup> | &nbsp;&nbsp; USD280 | 282623 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.43%, 03/09/27, (1-day SOFR + 0.798%)<sup>(b)</sup> | &nbsp;&nbsp; USD10,820 | 10530427 |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,395 | 4220140 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp; USD9,318 | 8975483 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp; USD7,334 | 7092421 |
| 3.69%, 06/05/28, <br> (3-mo. CME Term SOFR + 1.772%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,609 | 5518560 |
| 4.22%, 05/01/29, <br> (3-mo. CME Term SOFR + 1.563%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,242 | 1230095 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(b)</sup> | &nbsp;&nbsp; USD7,364 | 7368019 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(b)</sup> | &nbsp;&nbsp; USD20,440 | 20626259 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,161 | 2186741 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,454 | 4529904 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,670 | 3804124 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; USD6,310 | 6694296 |
| JPMorgan Chase & Co. |  |  |
| 1.05%, 11/19/26, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,868 | 4772969 |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(b)</sup> | &nbsp;&nbsp; USD1,385 | 1329385 |
| 2.74%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.510%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,051 | 3747805 |
| 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(b)</sup> | &nbsp;&nbsp; USD5,058 | 5072296 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,986 | 4028969 |
| 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp; USD26,925 | 27306063 |
| 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; USD10,255 | 10374567 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,338 | 2371806 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(b)</sup> | &nbsp;&nbsp; USD171 | 172653 |
| 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(b)</sup> | &nbsp;&nbsp; USD1,555 | 1583167 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; USD5,318 | 5430882 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; USD812 | $832065 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,430 | 4530393 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,494 | 2556551 |
| KeyCorp, 5.12%, 04/04/31, <br> (1-day SOFR Index + 1.227%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; USD1,535 | 1532690 |
| Morgan Stanley |  |  |
| 1.59%, 05/04/27, (1-day SOFR + 0.879%)<sup>(b)</sup> | &nbsp;&nbsp; USD7,433 | 7216909 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,420 | 2296471 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,342 | 3331333 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(b)</sup> | &nbsp;&nbsp; USD9,313 | 9427858 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; USD1,510 | 1537884 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp; USD5,986 | 6103256 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; USD6,415 | 6585503 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,527 | 3672774 |
| Series ., 4.99%, 04/12/29, <br> (1-day SOFR + 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,120 | 4176201 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,120 | 3123530 |
| 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; USD8,370 | 8455415 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,800 | 3857235 |
| 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,717 | 3791142 |
| Truist Financial Corp., 5.44%, 01/24/30, <br> (1-day SOFR + 1.620%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,745 | 1782924 |
| U.S. Bancorp |  |  |
| 1.45%, 05/12/25 | &nbsp;&nbsp; USD485 | 484504 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(b)</sup> | &nbsp;&nbsp; USD173 | 166407 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; USD196 | 200705 |
| 6.79%, 10/26/27, <br> (1-day SOFR + 1.880%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; USD182 | 188114 |
| UBS Group AG, 1.49%, 08/10/27, <br> (1-year CMT + 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD233 | 223777 |
| Wells Fargo & Co. |  |  |
| 3.58%, 05/22/28, <br> (3-mo. CME Term SOFR + 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,273 | 3213871 |
| 4.54%, 08/15/26, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; USD406 | 405695 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(b)</sup> | &nbsp;&nbsp; USD840 | 845268 |
| 4.97%, 04/23/29, (1-day SOFR + 1.370%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,715 | 4774436 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; USD2,484 | 2533776 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; USD3,345 | 3441396 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,083 | 4173585 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(b)</sup> | &nbsp;&nbsp; USD6,788 | 7163614 |
| Series W, 4.90%, 01/24/28, <br> (1-day SOFR + 0.780%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,031 | 4057833 |
|  |  | 369493691 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; USD1,870 | 1719303 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; USD2,630 | 2588251 |
| 5.15%, 03/02/28 | &nbsp;&nbsp; USD159 | 162521 |
| Gilead Sciences Inc., 4.80%, 11/15/29 | &nbsp;&nbsp; USD3,013 | 3065899 |
|  |  | 7535974 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,455 | 1475529 |
| 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD301 | 306947 |
| Holcim Finance U.S. LLC, 4.60%, 04/07/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,321 | 7346709 |
| New Enterprise Stone & Lime Co. Inc., 5.25%, <br> 07/15/28<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD43 | 41741 |
| Quikrete Holdings Inc., 6.38%, 03/01/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD741 | 745176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD308 | $300912 |
| 8.88%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD542 | 556082 |
| Standard Industries Inc./New York |  |  |
| 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD436 | 406620 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD631 | 617524 |
|  |  | 11797240 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD153 | 141712 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD387 | 382106 |
| Celanese U.S. Holdings LLC, 6.50%, 04/15/30 | &nbsp;&nbsp; USD39 | 38108 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD15 | 12561 |
| 5.38%, 05/15/27<sup>(e)</sup> | &nbsp;&nbsp; USD349 | 339868 |
| 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD28 | 25363 |
| Element Solutions Inc., 3.88%, 09/01/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD854 | 807351 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 174451 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD272 | 272000 |
| 9.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,053 | 1097182 |
| SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD99 | 92939 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD551 | 533420 |
| 7.38%, 03/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD507 | 509706 |
|  |  | 4426767 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,042 | 1064258 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,001 | 959922 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 399491 |
| Block Inc. |  |  |
| 2.75%, 06/01/26<sup>(e)</sup> | &nbsp;&nbsp; USD183 | 178619 |
| 3.50%, 06/01/31<sup>(e)</sup> | &nbsp;&nbsp; USD215 | 191901 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD706 | 745011 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD138 | 135639 |
| 7.75%, 02/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD919 | 948644 |
| Global Payments Inc., 4.80%, 04/01/26 | &nbsp;&nbsp; USD935 | 934461 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD98 | 96901 |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD394 | 389239 |
| Korn Ferry, 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD76 | 73538 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(a)</sup> | &nbsp;&nbsp; USD102 | 97286 |
| 6.25%, 01/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD286 | 285764 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD318 | 302787 |
| Service Corp. International/U.S., 4.00%, <br> 05/15/31<br>| &nbsp;&nbsp; USD302 | 275741 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., 4.63%, 11/01/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD113 | 111446 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD461 | 432677 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD313 | 322448 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Williams Scotsman Inc. |  |  |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD107 | $108432 |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD146 | 148644 |
|  |  | 8202849 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 194750 |
| Fortress Intermediate 3 Inc., 7.50%, <br> 06/01/31<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD577 | 589825 |
| Gartner Inc., 4.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,891 | 4820977 |
| Seagate HDD Cayman |  |  |
| 8.25%, 12/15/29 | &nbsp;&nbsp; USD83 | 88992 |
| 8.50%, 07/15/31 | &nbsp;&nbsp; USD171 | 182920 |
|  |  | 5877464 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| Opal Bidco SAS, 6.50%, 03/31/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 200050 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| American Builders & Contractors Supply Co. <br> Inc., 3.88%, 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | 35077 |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD92 | 93346 |
|  |  | 128423 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| American Express Co., 4.73%, 04/25/29, <br> (1-day SOFR + 1.260%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,685 | 4728203 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(b)</sup> | &nbsp;&nbsp; USD4,141 | 3971277 |
| 4.99%, 07/24/26, <br> (1-day SOFR + 2.160%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; USD400 | 399999 |
| Citadel Finance LLC, 5.90%, 02/10/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,320 | 2304005 |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD91 | 91545 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD112 | 109539 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD187 | 189071 |
| 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 17318 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD186 | 183160 |
| 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD330 | 336998 |
| 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 23614 |
| 8.00%, 06/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 28337 |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD92 | 91310 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 186100 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 25680 |
| Midcap Financial Issuer Trust, 6.50%, <br> 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,209 | 2108776 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.00%, 02/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD483 | 480740 |
| 5.13%, 12/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD178 | 177779 |
| 6.00%, 01/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD75 | 75033 |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD294 | 298820 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD183 | 189845 |
| Navient Corp., 9.38%, 07/25/30 | &nbsp;&nbsp; USD350 | 372157 |
| OneMain Finance Corp. |  |  |
| 3.50%, 01/15/27 | &nbsp;&nbsp; USD58 | 55528 |
| 4.00%, 09/15/30 | &nbsp;&nbsp; USD27 | 23941 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; USD96 | 96672 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; USD357 | 358041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 6.75%, 03/15/32 | &nbsp;&nbsp; USD158 | $154971 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; USD118 | 119666 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; USD262 | 270657 |
| 9.00%, 01/15/29<sup>(e)</sup> | &nbsp;&nbsp; USD61 | 63511 |
| PennyMac Financial Services Inc. |  |  |
| 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD224 | 227791 |
| 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD43 | 44832 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., 2.88%, 10/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD2 | 1930 |
| SLM Corp., 3.13%, 11/02/26 | &nbsp;&nbsp; USD42 | 40684 |
| Synchrony Financial |  |  |
| 5.45%, 03/06/31, <br> (1-day SOFR + 1.680%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; USD5,737 | 5721167 |
| 5.94%, 08/02/30, <br> (1-day SOFR Index + 2.130%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD782 | 791987 |
| TER Finance Jersey Ltd., Series 22, 0.00%, <br> 10/02/25<sup>(f)</sup><br>| &nbsp;&nbsp; USD4,420 | 4273809 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD190 | 187885 |
|  |  | 28822378 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| AEP Texas Inc., 5.45%, 05/15/29 | &nbsp;&nbsp; USD4,496 | 4609315 |
| Calpine Corp., 5.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD98 | 97070 |
| Clearway Energy Operating LLC, 4.75%, <br> 03/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD82 | 80139 |
| Cleveland Electric Illuminating Co. (The), 4.55%, <br> 11/15/30<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD1,932 | 1890515 |
| Consumers Energy Co., 4.50%, 01/15/31 | &nbsp;&nbsp; USD2,250 | 2259643 |
| ContourGlobal Power Holdings SA, 6.75%, <br> 02/28/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 202382 |
| Dominion Energy Inc., 5.00%, 06/15/30 | &nbsp;&nbsp; USD2,420 | 2446149 |
| Duke Energy Carolinas LLC, 4.85%, 03/15/30 | &nbsp;&nbsp; USD3,781 | 3857094 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/26 | &nbsp;&nbsp; USD4,712 | 4602823 |
| 3.40%, 06/15/29 | &nbsp;&nbsp; USD990 | 945943 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; USD981 | 981085 |
| 4.85%, 01/05/29<sup>(e)</sup> | &nbsp;&nbsp; USD3,890 | 3942555 |
| 5.00%, 12/08/25 | &nbsp;&nbsp; USD738 | 740847 |
| Edison International |  |  |
| 4.70%, 08/15/25<sup>(e)</sup> | &nbsp;&nbsp; USD620 | 618667 |
| 5.25%, 11/15/28<sup>(e)</sup> | &nbsp;&nbsp; USD98 | 97361 |
| Evergy Kansas Central Inc., 4.70%, 03/13/28<sup>(e)</sup> | &nbsp;&nbsp; USD3,973 | 4015585 |
| Eversource Energy |  |  |
| 4.75%, 05/15/26 | &nbsp;&nbsp; USD1,456 | 1457429 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; USD2,536 | 2555136 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; USD1,898 | 1944638 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; USD238 | 235128 |
| Exelon Corp. |  |  |
| 5.15%, 03/15/28 | &nbsp;&nbsp; USD2,608 | 2663316 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; USD1,666 | 1703215 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; USD1,478 | 1340280 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; USD3,936 | 3890511 |
| FirstEnergy Transmission LLC, 4.55%, 01/15/30 | &nbsp;&nbsp; USD1,307 | 1294192 |
| Florida Power & Light Co. |  |  |
| 4.40%, 05/15/28<sup>(e)</sup> | &nbsp;&nbsp; USD86 | 86787 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; USD140 | 143651 |
| National Rural Utilities Cooperative Finance <br> Corp., 4.75%, 02/07/28<sup>(e)</sup><br>| &nbsp;&nbsp; USD1,428 | 1450310 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 3.55%, 05/01/27 | &nbsp;&nbsp; USD1,095 | 1077769 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; USD2,594 | 2635092 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.90%, 03/15/29 | &nbsp;&nbsp; USD710 | $719160 |
| NRG Energy Inc., 2.45%, 12/02/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,993 | 1878634 |
| Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/29<br>| &nbsp;&nbsp; USD3,866 | 3900663 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 12/01/27 | &nbsp;&nbsp; USD100 | 96422 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; USD1,150 | 1143767 |
| 5.30%, 09/04/25, <br> (1-day SOFR Index + 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,217 | 7211990 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; USD10,209 | 10373396 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations Inc., 4.50%, 08/15/28<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD95 | 90268 |
| Public Service Enterprise Group Inc., 4.90%, <br> 03/15/30<br>| &nbsp;&nbsp; USD3,091 | 3120399 |
| Sempra, 3.70%, 04/01/29 | &nbsp;&nbsp; USD52 | 50291 |
| Southern California Edison Co. |  |  |
| 5.30%, 03/01/28 | &nbsp;&nbsp; USD1,022 | 1036111 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; USD48 | 48249 |
| Southern Co. (The) |  |  |
| 3.25%, 07/01/26 | &nbsp;&nbsp; USD596 | 588099 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; USD458 | 465613 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; USD4,035 | 4187659 |
| Vistra Operations Co. LLC |  |  |
| 5.05%, 12/30/26<sup>(a)</sup> | &nbsp;&nbsp; USD1,150 | 1154962 |
| 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD78 | 77950 |
| XPLR Infrastructure Operating Partners LP, <br> 8.38%, 01/15/31<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD320 | 321174 |
|  |  | 90329434 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| WESCO Distribution Inc., 6.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD32 | 32423 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Honeywell International Inc., 4.70%, 02/01/30 | &nbsp;&nbsp; USD2,669 | 2700062 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD101 | 96442 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD214 | 187063 |
| 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD871 | 803167 |
| Tyco Electronics Group SA, 4.50%, 02/09/31 | &nbsp;&nbsp; USD3,110 | 3101474 |
|  |  | 6888208 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Arcosa Inc., 4.38%, 04/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD95 | 89301 |
| Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,186 | 1126612 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 25428 |
|  |  | 1241341 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Boyne USA Inc., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD153 | 145603 |
| Caesars Entertainment Inc. |  |  |
| 6.50%, 02/15/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD294 | 295540 |
| 7.00%, 02/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD891 | 912066 |
| Churchill Downs Inc. |  |  |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD171 | 165707 |
| 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD110 | 108935 |
| 5.75%, 04/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD814 | 796076 |
| 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD274 | 276734 |
| Great Canadian Gaming Corp., 8.75%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD123 | 121891 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD118 | 112801 |
| 4.75%, 10/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD72 | 70474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| 6.50%, 05/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD114 | $115220 |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 186274 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD59 | 58991 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo Inc., 6.63%, 03/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 25698 |
| Six Flags Entertainment Corp./DE, 5.50%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD98 | 96939 |
| Warnermedia Holdings Inc., 3.76%, 03/15/27 | &nbsp;&nbsp; USD175 | 170301 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD150 | 144620 |
| 7.13%, 02/15/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD373 | 384773 |
|  |  | 4188643 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors Inc. |  |  |
| 4.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD45 | 44319 |
| 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 26511 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD178 | 169555 |
| 6.75%, 01/15/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD441 | 458420 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD141 | 144740 |
|  |  | 843545 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD310 | 289141 |
| 4.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD105 | 103812 |
| 5.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD68 | 67949 |
| 6.50%, 02/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 27430 |
| Chobani LLC/Chobani Finance Corp. Inc., <br> 4.63%, 11/15/28<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD603 | 592870 |
| Fiesta Purchaser Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD10 | 10476 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD663 | 621970 |
| 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD61 | 60133 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 25554 |
| 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD90 | 89262 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD503 | 457750 |
| 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD61 | 57499 |
| Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed, 4.63%, 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | 35300 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 25717 |
| 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 26224 |
| 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD30 | 30750 |
|  |  | 2521837 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD272 | 267611 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| NiSource Inc. |  |  |
| 5.20%, 07/01/29 | &nbsp;&nbsp; USD88 | 89974 |
| 5.25%, 03/30/28<sup>(e)</sup> | &nbsp;&nbsp; USD89 | 90940 |
|  |  | 180914 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| Avantor Funding Inc., 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD680 | $653958 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD940 | 976472 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD265 | 247197 |
| 5.25%, 10/01/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD909 | 863220 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD320 | 322449 |
| Teleflex Inc., 4.25%, 06/01/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD108 | 103407 |
|  |  | 3166703 |
| **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** |
| Charles River Laboratories International Inc., <br> 4.25%, 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD40 | 38039 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD93 | 76777 |
| 5.25%, 05/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD189 | 161246 |
| 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,167 | 1138076 |
| 6.00%, 01/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD67 | 62415 |
| Elevance Health Inc. |  |  |
| 3.65%, 12/01/27 | &nbsp;&nbsp; USD23 | 22630 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; USD206 | 204820 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; USD2,326 | 2384402 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; USD156 | 153790 |
| 4.75%, 02/01/30 | &nbsp;&nbsp; USD56 | 54413 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD19 | 16488 |
| HCA Inc. |  |  |
| 3.13%, 03/15/27<sup>(e)</sup> | &nbsp;&nbsp; USD352 | 343050 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; USD8,584 | 8350404 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; USD1,700 | 1696195 |
| 5.00%, 03/01/28<sup>(e)</sup> | &nbsp;&nbsp; USD9,320 | 9427045 |
| 5.25%, 06/15/26 | &nbsp;&nbsp; USD1,121 | 1124115 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; USD2,664 | 2709157 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; USD3,981 | 4077951 |
| 5.88%, 02/15/26 | &nbsp;&nbsp; USD8,195 | 8216018 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; USD217 | 224105 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD321 | 303335 |
| Humana Inc., 3.95%, 03/15/27 | &nbsp;&nbsp; USD133 | 131597 |
| IQVIA Inc., 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 198405 |
| LifePoint Health Inc. |  |  |
| 8.38%, 02/15/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD313 | 319240 |
| 9.88%, 08/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD438 | 465911 |
| 11.00%, 10/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD525 | 574689 |
| Molina Healthcare Inc., 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD95 | 91315 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD649 | 656672 |
| Tenet Healthcare Corp. |  |  |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD142 | 138289 |
| 6.13%, 06/15/30 | &nbsp;&nbsp; USD110 | 110377 |
| 6.75%, 05/15/31<sup>(e)</sup> | &nbsp;&nbsp; USD536 | 549448 |
| U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD91 | 92382 |
|  |  | 44112796 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 4.38%, 02/01/29 | &nbsp;&nbsp; USD31 | 25848 |
| 5.25%, 05/15/27 | &nbsp;&nbsp; USD921 | 873336 |
| 9.75%, 01/15/29 | &nbsp;&nbsp; USD51 | 50337 |
| 10.00%, 11/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD119 | 116361 |
|  |  | 1065882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD173 | $153988 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD15 | 14636 |
| K Hovnanian Enterprises Inc., 11.75%, <br> 09/30/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD415 | 439680 |
| LGI Homes Inc., 8.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 27265 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 24699 |
| New Home Co. Inc. (The), 9.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | 39211 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD18 | 18280 |
| Tri Pointe Homes Inc., 5.25%, 06/01/27 | &nbsp;&nbsp; USD61 | 60743 |
|  |  | 778502 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Tempur Sealy International Inc., 4.00%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD113 | 104911 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Central Garden & Pet Co., 5.13%, 02/01/28<sup>(e)</sup> | &nbsp;&nbsp; USD98 | 96876 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD827 | 797987 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD191 | 192375 |
| 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD992 | 1006778 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD219 | 209085 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | 38453 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,232 | 1253935 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,268 | 1302259 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,186 | 2267413 |
| Jones Deslauriers Insurance Management Inc., <br> 8.50%, 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD129 | 136067 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,491 | 1527522 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 25611 |
|  |  | 8757485 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Acuris Finance U.S. Inc./Acuris Finance SARL, <br> 5.00%, 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 176868 |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 24608 |
| Gen Digital Inc., 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD62 | 63016 |
| Match Group Holdings II LLC |  |  |
| 4.13%, 08/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD119 | 107609 |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD290 | 279069 |
| Netflix Inc. |  |  |
| 4.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,277 | 2324968 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; USD1,925 | 2030489 |
| Rakuten Group Inc., 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,542 | 3736137 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; USD2,749 | 2714832 |
| 4.50%, 08/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD9,919 | 9767300 |
|  |  | 21224896 |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
| ATI Inc. |  |  |
| 5.13%, 10/01/31 | &nbsp;&nbsp; USD98 | 92751 |
| 5.88%, 12/01/27 | &nbsp;&nbsp; USD268 | 267360 |
| 7.25%, 08/15/30<sup>(e)</sup> | &nbsp;&nbsp; USD458 | 476333 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD386 | 388376 |
| Carpenter Technology Corp., 6.38%, 07/15/28 | &nbsp;&nbsp; USD12 | 12009 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Cleveland-Cliffs Inc., 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD74 | $71671 |
|  |  | 1308500 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Acushnet Co., 7.38%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 27939 |
| Carnival Corp. |  |  |
| 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD118 | 117583 |
| 6.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD314 | 312150 |
| Lindblad Expeditions Holdings Inc., 9.00%, <br> 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD2 | 2055 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD9 | 8971 |
| NCL Corp. Ltd. |  |  |
| 6.25%, 03/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD109 | 106324 |
| 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD501 | 489196 |
| 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 28275 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.25%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 26631 |
| 5.38%, 07/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD49 | 48943 |
| 5.63%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp; USD503 | 499134 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD51 | 48833 |
| 10.75%, 11/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD121 | 115253 |
| Viking Cruises Ltd., 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD273 | 291890 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 26729 |
|  |  | 2149906 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Domestic Operating Co. Inc. |  |  |
| 5.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD81 | 81840 |
| 6.13%, 04/01/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD477 | 483346 |
| Melco Resorts Finance Ltd., 5.38%, <br> 12/04/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD800 | 719920 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD423 | 408146 |
| 4.63%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD67 | 60566 |
| 6.63%, 03/15/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD46 | 45733 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital <br> Corp., 5.25%, 05/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD85 | 84129 |
| Wynn Macau Ltd. |  |  |
| 5.50%, 01/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD927 | 922078 |
| 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 190388 |
|  |  | 2996146 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| BWX Technologies Inc. |  |  |
| 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD183 | 175800 |
| 4.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD68 | 64655 |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD587 | 609006 |
| Esab Corp., 6.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD172 | 174516 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD498 | 505535 |
| Mueller Water Products Inc., 4.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD36 | 33799 |
| Terex Corp., 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD36 | 34433 |
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,101 | 1084152 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD291 | 281035 |
|  |  | 2962931 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co., 4.80%, 03/15/30<sup>(e)</sup> | &nbsp;&nbsp; USD2,079 | 2099527 |
| Axon Enterprise Inc., 6.13%, 03/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD71 | 72235 |
| Enpro Inc., 5.75%, 10/15/26 | &nbsp;&nbsp; USD61 | 60696 |
|  |  | 2232458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Cable One Inc., 4.00%, 11/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD33 | $26842 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD39 | 35237 |
| 4.50%, 08/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 25072 |
| 4.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,205 | 1137562 |
| 4.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD481 | 435286 |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD116 | 114413 |
| 5.38%, 06/01/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD220 | 215201 |
| 6.38%, 09/01/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD329 | 331947 |
| 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD301 | 310015 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; USD5,303 | 5210841 |
| 4.91%, 07/23/25 | &nbsp;&nbsp; USD1,151 | 1149476 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; USD10,626 | 10831250 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD365 | 352763 |
| 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD399 | 377851 |
| Discovery Communications LLC, 4.90%, <br> 03/11/26<br>| &nbsp;&nbsp; USD1,006 | 1005183 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 21759 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD209 | 214535 |
| LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 164384 |
| Sirius XM Radio Inc. |  |  |
| 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 25400 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD363 | 358635 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD280 | 270924 |
| 8.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD690 | 670230 |
| 8.50%, 07/31/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD186 | 175635 |
| Virgin Media Secured Finance PLC, 5.50%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD475 | 457336 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 193430 |
|  |  | 24111207 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Advanced Drainage Systems Inc. |  |  |
| 5.00%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD187 | 184929 |
| 6.38%, 06/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD201 | 204100 |
|  |  | 389029 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Anglo American Capital PLC, 3.75%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,790 | 3233865 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD124 | 128386 |
| 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD793 | 870710 |
| Constellium SE |  |  |
| 3.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD655 | 601907 |
| 5.63%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD250 | 246001 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD97 | 93484 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 210250 |
| Glencore Funding LLC |  |  |
| 1.63%, 09/01/25<sup>(a)</sup> | &nbsp;&nbsp; USD441 | 436120 |
| 1.63%, 04/27/26<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,448 | 3345305 |
| 4.00%, 03/27/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,855 | 3812484 |
| 4.91%, 04/01/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,031 | 4071528 |
| 5.34%, 04/04/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,478 | 1498493 |
| 5.37%, 04/04/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,220 | 3282854 |
| 5.40%, 05/08/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,355 | 1383791 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 6.13%, 10/06/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,759 | $2881062 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD742 | 666779 |
| 4.63%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD348 | 334828 |
| New Gold Inc., 6.88%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD77 | 78753 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD364 | 353014 |
| 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD158 | 146564 |
| Novelis Inc., 6.88%, 01/30/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD594 | 602558 |
|  |  | 28278736 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD35 | 35665 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD89 | 89360 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 5.88%, 06/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD198 | 192127 |
| BP Capital Markets America Inc., 5.02%, <br> 11/17/27<br>| &nbsp;&nbsp; USD2,382 | 2427398 |
| Canadian Natural Resources Ltd., 5.00%, <br> 12/15/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD2,201 | 2193804 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD182 | 182089 |
| Civitas Resources Inc. |  |  |
| 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD14 | 13754 |
| 8.75%, 07/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD135 | 128321 |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD32 | 28968 |
| 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,625 | 1540372 |
| Crescent Energy Finance LLC, 7.63%, <br> 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD107 | 97221 |
| Diamond Foreign Asset Co./Diamond <br> Finance LLC, 8.50%, 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD5 | 4780 |
| Diamondback Energy Inc. |  |  |
| 3.50%, 12/01/29 | &nbsp;&nbsp; USD4,943 | 4693660 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; USD4,099 | 4159540 |
| Encino Acquisition Partners Holdings LLC, <br> 8.75%, 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD22 | 22400 |
| EQT Corp. |  |  |
| 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD960 | 941381 |
| 3.90%, 10/01/27 | &nbsp;&nbsp; USD3,090 | 3031183 |
| 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,380 | 1338594 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; USD2,177 | 2177678 |
| 6.38%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD49 | 50138 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; USD4,732 | 5046457 |
| Expand Energy Corp., 5.38%, 03/15/30 | &nbsp;&nbsp; USD3,840 | 3812187 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD252 | 235948 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD337 | 307735 |
| 6.25%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD47 | 45480 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD259 | 248677 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD121 | 116549 |
| 6.88%, 04/15/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD47 | 46739 |
| Nabors Industries Inc., 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD91 | 85803 |
| Northern Oil & Gas Inc., 8.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD293 | 289264 |
| Occidental Petroleum Corp., 5.00%, 08/01/27 | &nbsp;&nbsp; USD560 | 559649 |
| PBF Holding Co. LLC/PBF Finance Corp., <br> 7.88%, 09/15/30<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD18 | 14808 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD303 | 295898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD64 | $65124 |
| 9.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD110 | 119111 |
| Petroleos Mexicanos, 7.50%, 03/20/26 | &nbsp;&nbsp; USD3,200 | 3136000 |
| Sitio Royalties Operating Partnership LP/Sitio <br> Finance Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD62 | 63716 |
| TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 24812 |
| Transocean Aquila Ltd., 8.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD22 | 21704 |
| Transocean Inc., 8.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD57 | 55522 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD14 | 14341 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD105 | 98384 |
| Vital Energy Inc., 9.75%, 10/15/30 | &nbsp;&nbsp; USD100 | 84717 |
| Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD92 | 84180 |
|  |  | 38185573 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD194 | 193670 |
| 6.88%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD143 | 142799 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD39 | 39888 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD239 | 242737 |
| USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.88%, 09/01/27 | &nbsp;&nbsp; USD43 | 42635 |
| 7.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD322 | 325120 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD90 | 89209 |
|  |  | 1076058 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| Amcor Flexibles North America Inc., 5.10%, <br> 03/17/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,597 | 1609688 |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| 4.00%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 348163 |
| 6.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD437 | 435396 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc., 4.13%, 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 176448 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,031 | 1038567 |
| 6.75%, 04/15/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD399 | 407978 |
| 6.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD277 | 281445 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD165 | 136455 |
| 8.63%, 10/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD102 | 83385 |
| 9.50%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD80 | 69899 |
| Mauser Packaging Solutions Holding Co., <br> 7.88%, 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,132 | 4142909 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD62 | 59817 |
| 5.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 26255 |
| Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD29 | 29214 |
| Trivium Packaging Finance BV, 5.50%, <br> 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 198035 |
|  |  | 9043654 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,020 | 998758 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| AbbVie Inc. |  |  |
| 3.20%, 11/21/29 | &nbsp;&nbsp; USD2,006 | $1912076 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; USD1,276 | 1301307 |
| Becton Dickinson & Co., 5.08%, 06/07/29 | &nbsp;&nbsp; USD5,038 | 5133013 |
| Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD197 | 204828 |
| Organon & Co./Organon Foreign Debt Co-Issuer <br> BV, 4.13%, 04/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD229 | 215986 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; USD189 | 182315 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; USD200 | 195876 |
|  |  | 10144159 |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |  |
| 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD96 | 95654 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 26838 |
| Buckeye Partners LP, 4.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD53 | 51096 |
| Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/29<br>| &nbsp;&nbsp; USD4,648 | 4442301 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; USD516 | 453023 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; USD9,711 | 9486791 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD500 | 479816 |
| DT Midstream Inc., 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD73 | 68513 |
| Enbridge Inc. |  |  |
| 2.80%, 05/09/25 | &nbsp;&nbsp; CAD5,000 | 3624003 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; USD280 | 284151 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; USD465 | 476148 |
| Energy Transfer LP |  |  |
| 4.20%, 04/15/27 | &nbsp;&nbsp; USD1,684 | 1671200 |
| 5.25%, 07/01/29<sup>(e)</sup> | &nbsp;&nbsp; USD2,324 | 2355196 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; USD6,803 | 6907551 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; USD5,606 | 5863900 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD63 | 63997 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp.<br>|  |  |
| 7.75%, 02/01/28 | &nbsp;&nbsp; USD9 | 8966 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; USD135 | 137202 |
| 8.88%, 04/15/30 | &nbsp;&nbsp; USD263 | 268370 |
| Howard Midstream Energy Partners LLC, 8.88%, <br> 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD37 | 38453 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD218 | 199047 |
| Kinder Morgan Inc., 5.15%, 06/01/30 | &nbsp;&nbsp; USD1,225 | 1236703 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 27197 |
| MPLX LP |  |  |
| 1.75%, 03/01/26 | &nbsp;&nbsp; USD313 | 304947 |
| 2.65%, 08/15/30 | &nbsp;&nbsp; USD323 | 288798 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; USD1,817 | 1791200 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; USD861 | 854844 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD371 | 348670 |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD279 | 254373 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD31 | 31239 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD35 | 33457 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; USD2,485 | 2467406 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; USD10,055 | 10125290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD65 | $63195 |
| 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD213 | 212224 |
| Targa Resources Corp., 5.20%, 07/01/27 | &nbsp;&nbsp; USD4,332 | 4388738 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 5.50%, 03/01/30<sup>(e)</sup><br>| &nbsp;&nbsp; USD190 | 190024 |
| Venture Global Calcasieu Pass LLC, 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD945 | 865455 |
| Venture Global LNG Inc. |  |  |
| 8.38%, 06/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD419 | 404048 |
| 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,453 | 1505647 |
| 9.88%, 02/01/32<sup>(a)(e)</sup> | &nbsp;&nbsp; USD783 | 795030 |
| Williams Companies Inc. (The) |  |  |
| 3.75%, 06/15/27 | &nbsp;&nbsp; USD482 | 474802 |
| 4.90%, 03/15/29<sup>(e)</sup> | &nbsp;&nbsp; USD278 | 280864 |
|  |  | 63946367 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD84 | 74498 |
| CoreLogic Inc., 4.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD697 | 659582 |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/31<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD211 | 225730 |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD27 | 27732 |
| Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD55 | 52992 |
|  |  | 1040534 |
| **Real Estate Investment Trusts — 2.9%** | **Real Estate Investment Trusts — 2.9%** | **Real Estate Investment Trusts — 2.9%** |
| American Tower Corp. |  |  |
| 2.75%, 01/15/27 | &nbsp;&nbsp; USD2,687 | 2609946 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; USD3,013 | 2790526 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; USD3,265 | 3192284 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; USD5,654 | 5562490 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; USD609 | 598318 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; USD3,679 | 3623198 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; USD4,660 | 4706005 |
| 5.00%, 01/31/30<sup>(e)</sup> | &nbsp;&nbsp; USD726 | 737528 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; USD1,273 | 1301893 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | 36869 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | &nbsp;&nbsp; USD1,622 | 1552560 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; USD3,408 | 3332877 |
| Equinix Inc. |  |  |
| 1.00%, 09/15/25 | &nbsp;&nbsp; USD2,518 | 2482631 |
| 1.45%, 05/15/26 | &nbsp;&nbsp; USD3,444 | 3331607 |
| 1.55%, 03/15/28 | &nbsp;&nbsp; USD892 | 823676 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; USD2,345 | 2218283 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; USD4,857 | 4530898 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; USD2,095 | 1853131 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; USD7,781 | 7320445 |
| Global Net Lease Inc./Global Net Lease <br> Operating Partnership LP, 3.75%, 12/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD59 | 55431 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 4.00%, 01/15/30 | &nbsp;&nbsp; USD598 | 563694 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; USD1,191 | 1189841 |
| 5.38%, 04/15/26 | &nbsp;&nbsp; USD7,653 | 7632423 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, <br> 06/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD58 | 56266 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Iron Mountain Inc. |  |  |
| 5.25%, 07/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD216 | $209318 |
| 7.00%, 02/15/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD580 | 595720 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.25%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD46 | 44814 |
| 7.00%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD132 | 135630 |
| MPT Operating Partnership LP/MPT Finance <br> Corp., 8.50%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD323 | 328162 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD323 | 309079 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; USD90 | 88319 |
| 7.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD222 | 228149 |
| RLJ Lodging Trust LP, 3.75%, 07/01/26<sup>(a)(e)</sup> | &nbsp;&nbsp; USD65 | 63729 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29<sup>(e)</sup> | &nbsp;&nbsp; USD132 | 122295 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; USD48 | 46958 |
| Service Properties Trust, 8.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD967 | 1026059 |
| Starwood Property Trust Inc. |  |  |
| 4.38%, 01/15/27<sup>(a)(e)</sup> | &nbsp;&nbsp; USD27 | 26486 |
| 6.50%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD46 | 46267 |
| 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD270 | 272425 |
| 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD26 | 26963 |
| Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC, 10.50%, 02/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,259 | 1336787 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; USD2,742 | 2742877 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; USD3,481 | 3480897 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; USD3,208 | 3185361 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| 3.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD603 | 577439 |
| 4.13%, 08/15/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,728 | 3516771 |
| 4.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD2,465 | 2439351 |
| 4.50%, 09/01/26<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,465 | 2452932 |
| 4.63%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,383 | 5228274 |
| 5.75%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,907 | 1927521 |
|  |  | 92561403 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD187 | 170176 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD575 | 556655 |
| Asbury Automotive Group Inc., 4.75%, 03/01/30 | &nbsp;&nbsp; USD36 | 33667 |
| Beacon Roofing Supply Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD424 | 425097 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc., 4.63%, 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD435 | 402976 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD31 | 29152 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD244 | 230671 |
| 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD179 | 187214 |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 28613 |
|  |  | 2064221 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Broadcom Inc. |  |  |
| 4.11%, 09/15/28 | &nbsp;&nbsp; USD4,750 | 4710732 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; USD1,309 | 1304086 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; USD4,840 | 4717265 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; USD1,387 | 1399512 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; USD1,935 | 1963034 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; USD7,119 | 7258376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Foundry JV Holdco LLC, 5.90%, 01/25/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,747 | $1813573 |
| Intel Corp., 5.13%, 02/10/30 | &nbsp;&nbsp; USD2,252 | 2273422 |
| NXP BV/NXP Funding LLC/NXP USA Inc., <br> 3.40%, 05/01/30<br>| &nbsp;&nbsp; USD287 | 265656 |
|  |  | 25705656 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| AppLovin Corp., 5.13%, 12/01/29 | &nbsp;&nbsp; USD16,474 | 16609285 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD160 | 157650 |
| Capstone Borrower Inc., 8.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD387 | 395355 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD163 | 139780 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD25 | 22135 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD943 | 889829 |
| 4.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD130 | 118157 |
| Cloud Software Group Inc., 6.50%, 03/31/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,947 | 2948058 |
| Dun & Bradstreet Corp. (The), 5.00%, <br> 12/15/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD101 | 100757 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD341 | 340664 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD62 | 59457 |
| Fidelity National Information Services Inc. |  |  |
| 1.15%, 03/01/26 | &nbsp;&nbsp; USD4,988 | 4843727 |
| 1.65%, 03/01/28<sup>(e)</sup> | &nbsp;&nbsp; USD599 | 553956 |
| Oracle Corp. |  |  |
| 1.65%, 03/25/26 | &nbsp;&nbsp; USD2,242 | 2184917 |
| 2.30%, 03/25/28 | &nbsp;&nbsp; USD627 | 593003 |
| 2.80%, 04/01/27<sup>(e)</sup> | &nbsp;&nbsp; USD1,725 | 1678351 |
| 2.95%, 05/15/25 | &nbsp;&nbsp; USD4,356 | 4352901 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; USD479 | 466419 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; USD2,721 | 2681441 |
| Paychex Inc., 5.10%, 04/15/30 | &nbsp;&nbsp; USD4,734 | 4804819 |
| SS&C Technologies Inc., 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD677 | 673662 |
| Synopsys Inc. |  |  |
| 4.65%, 04/01/28 | &nbsp;&nbsp; USD1,536 | 1553636 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; USD2,057 | 2079430 |
| Twilio Inc., 3.63%, 03/15/29<sup>(e)</sup> | &nbsp;&nbsp; USD136 | 127514 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,792 | 1843599 |
| VMware LLC, 3.90%, 08/21/27 | &nbsp;&nbsp; USD54 | 53189 |
| ZoomInfo Technologies LLC/ZoomInfo Finance <br> Corp., 3.88%, 02/01/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD102 | 93726 |
|  |  | 50365417 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; USD3,194 | 2981187 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; USD730 | 728833 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(a)(e)</sup> | &nbsp;&nbsp; USD137 | 120920 |
| 9.50%, 12/15/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD117 | 119688 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD164 | 162307 |
| 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD105 | 104881 |
| 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD533 | 565252 |
| 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD52 | 54435 |
| Iliad Holding SASU |  |  |
| 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 202438 |
| 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD802 | 845975 |
| Level 3 Financing Inc. |  |  |
| 10.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,193 | 1320931 |
| 10.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD297 | 321078 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD247 | $273455 |
| 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD285 | 318488 |
| Motorola Solutions Inc., 4.60%, 05/23/29 | &nbsp;&nbsp; USD119 | 119028 |
| NTT Finance Corp. |  |  |
| 1.16%, 04/03/26<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 194211 |
| 1.59%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 185243 |
| 4.37%, 07/27/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,931 | 1934243 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | &nbsp;&nbsp; USD5,170 | 5055485 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; USD4,303 | 4339917 |
| T-Mobile USA Inc. |  |  |
| 1.50%, 02/15/26 | &nbsp;&nbsp; USD1,921 | 1874264 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; USD1,393 | 1295222 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; USD4,998 | 4758858 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; USD2,830 | 2799337 |
| 4.75%, 02/01/28 | &nbsp;&nbsp; USD7,122 | 7125141 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; USD3,045 | 3079017 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; USD3,078 | 3127803 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; USD428 | 428029 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD12 | 10995 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD769 | 787240 |
|  |  | 45233901 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD169 | 171231 |
| Ryder System Inc. |  |  |
| 4.90%, 12/01/29 | &nbsp;&nbsp; USD49 | 49135 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; USD92 | 94045 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; USD3,312 | 3359467 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; USD159 | 163190 |
| 5.65%, 03/01/28<sup>(e)</sup> | &nbsp;&nbsp; USD137 | 141118 |
| 6.30%, 12/01/28 | &nbsp;&nbsp; USD125 | 131776 |
|  |  | 4109962 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| Fortress Transportation and Infrastructure <br> Investors LLC<br>|  |  |
| 7.00%, 05/01/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD9,758 | 9921759 |
| 7.88%, 12/01/30<sup>(a)(e)</sup> | &nbsp;&nbsp; USD118 | 123363 |
| 5.50%, 05/01/28<sup>(a)(e)</sup> | &nbsp;&nbsp; USD82 | 80529 |
|  |  | 10125651 |
| **Total Corporate Bonds & Notes — 35.4%** <br>**(Cost: $1,129,925,568)** | **Total Corporate Bonds & Notes — 35.4%** <br>**(Cost: $1,129,925,568)** | 1141731947 |
| **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| OMERS Finance Trust, 4.38%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; $4795 | 4865231 |
| **Total Foreign Government Obligations — 0.1%** <br>**(Cost: $4,782,437)** | **Total Foreign Government Obligations — 0.1%** <br>**(Cost: $4,782,437)** | 4865231 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Maricopa County Industrial Development <br> Authority RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 1010 | 1052283 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |
| Massachusetts Educational Financing Authority <br> RB, 6.35%, 07/01/49<br>| &nbsp;&nbsp; $1410 | $1410650 |
| **Total Municipal Debt Obligations — 0.1%** <br>**(Cost: $2,420,000)** | **Total Municipal Debt Obligations — 0.1%** <br>**(Cost: $2,420,000)** | 2462933 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** | **Mortgage-Backed Securities — 4.0%** |
| Federal National Mortgage Association, 5.81%, <br> 06/01/31<br>| &nbsp;&nbsp; 10290 | 10854168 |
| Uniform Mortgage-Backed Securities |  |  |
| 2.00%, 05/01/42 | &nbsp;&nbsp; 6688 | 5771773 |
| 3.00%, 04/01/33 | &nbsp;&nbsp; 6572 | 6297961 |
| 3.50%, 12/01/31 | &nbsp;&nbsp; 4154 | 4088602 |
| 3.50%, 02/01/32 | &nbsp;&nbsp; 5594 | 5496756 |
| 5.50%, 05/15/55<sup>(h)</sup> | &nbsp;&nbsp; 96805 | 96596020 |
|  |  | 129105280 |
| **U.S. Government Obligations — 29.7%** | **U.S. Government Obligations — 29.7%** | **U.S. Government Obligations — 29.7%** |
| U.S. Treasury Bill, 3.98%, 02/19/26<sup>(i)</sup> | &nbsp;&nbsp; 64810 | 62811961 |
| U.S. Treasury Note/Bond |  |  |
| 0.75%, 05/31/26 | &nbsp;&nbsp; 95000 | 91875391 |
| 0.88%, 06/30/26 | &nbsp;&nbsp; 128100 | 123811653 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 70000 | 64446484 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 221600 | 206131281 |
| 1.88%, 06/30/26<sup>(e)</sup> | &nbsp;&nbsp; 20200 | 19752602 |
| 2.13%, 05/31/26 | &nbsp;&nbsp; 107600 | 105624531 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 104300 | 105155585 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 91000 | 93136367 |
| 4.50%, 07/15/26 | &nbsp;&nbsp; 86300 | 86980960 |
|  |  | 959726815 |
| **Total U.S. Government & Agency Obligations — 33.7%** <br>**(Cost: $1,084,540,661)** | **Total U.S. Government & Agency Obligations — 33.7%** <br>**(Cost: $1,084,540,661)** | 1088832095 |
| **Total Long-Term Investments — 102.7%** <br>**(Cost: $3,289,532,743)** | **Total Long-Term Investments — 102.7%** <br>**(Cost: $3,289,532,743)** | 3315457701 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 74384939 | 74414693 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(j)(k)</sup><br>| &nbsp;&nbsp; 11930000 | 11930000 |
| **Total Short-Term Securities — 2.7%** <br>**(Cost: $86,343,556)** | **Total Short-Term Securities — 2.7%** <br>**(Cost: $86,343,556)** | 86344693 |
| **Total Investments — 105.4%** <br>**(Cost: $3,375,876,299)** | **Total Investments — 105.4%** <br>**(Cost: $3,375,876,299)** | 3401802394 |
| **Liabilities in Excess of Other Assets — (5.4)%** | **Liabilities in Excess of Other Assets — (5.4)%** | (173501140)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3228301254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> Zero-coupon bond.

<sup>(g)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(h)</sup> Represents or includes a TBA transaction.

<sup>(i)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $145737725 | $—<br> $(71249708 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(54330)<br>| $(18994)<br>| $74414693 | 74384939 | $126157 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 103390000 | —<br> (91460000 )<sup>(a)</sup><br>|  |  | 11930000 | 11930000 | 706318 |  |
|  |  |  | $(54330) | $(18994) | $86344693 |  | $832475 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Long Gilt | 68 | 06/26/25 | &nbsp;&nbsp; $8475 | $104704 |
| 2-Year U.S. Treasury Note | 6476 | 06/30/25 | &nbsp;&nbsp; 1348526 | 13082840 |
|  |  |  |  | 13187544 |
| Short Contracts |  |  |  |  |
| Euro Bund | (73) | 06/06/25 | &nbsp;&nbsp; 10898 | (17334) |
| Euro-Schatz | (33) | 06/06/25 | &nbsp;&nbsp; 4021 | (21900) |
| 10-Year U.S. Treasury Note | (243) | 06/18/25 | &nbsp;&nbsp; 27315 | (350466) |
| 10-Year U.S. Ultra Treasury Note | (380) | 06/18/25 | &nbsp;&nbsp; 43676 | (592632) |
| U.S. Long Bond | (80) | 06/18/25 | &nbsp;&nbsp; 9338 | (46379) |
| Ultra U.S. Treasury Bond | (25) | 06/18/25 | &nbsp;&nbsp; 3023 | 42742 |
| 10-Year Canadian Bond | (126) | 06/19/25 | &nbsp;&nbsp; 11302 | (36512) |
| 5-Year U.S. Treasury Note | (4433) | 06/30/25 | &nbsp;&nbsp; 484721 | (8168274) |
|  |  |  |  | (9190755) |
|  |  |  |  | $3996789 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 3107484 | EUR | 2717000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21215 |
| USD | 3531503 | CAD | 5000000 | Deutsche Bank Securities Inc. | 05/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96815)<br>|
| EUR | 6404000 | USD | 7367225 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92855)<br>|
| GBP | 7860000 | USD | 10511590 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34697)<br>|
| GBP | 538000 | USD | 721809 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4688)<br>|
| USD | 320172 | AUD | 500000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268)<br>|
| USD | 5035250 | AUD | 7995000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88588)<br>|
| USD | 540054 | AUD | 844000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (849)<br>|
| USD | 71674279 | EUR | 65351000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2558604)<br>|
| USD | 2216284 | GBP | 1705000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56376)<br>|
| USD | 72564801 | GBP | 55968000 | Deutsche Bank Securities Inc. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2037077)<br>|
| USD | 3095190 | GBP | 2400000 | State Street Bank & Trust Company | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103862)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5074679)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5053464)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.IG.44.V1 | 1.00<br> %<br>| Quarterly | 06/20/30 | USD | 16820 | $(248207) | $(261897) | $13690 |

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30<br> B | USD | 29760 | $1076946 | $846250 | $230696 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual<br> 6/02/25 <sup>(a)</sup> <br>| &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 17127 | &nbsp;&nbsp; $(625308)<br>| &nbsp;&nbsp; $283 | &nbsp;&nbsp; $(625591)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps | &nbsp;&nbsp; $846533 | &nbsp;&nbsp;&nbsp; $(261897)<br>| &nbsp;&nbsp;&nbsp; $244386 | &nbsp;&nbsp;&nbsp; $(625591)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13230287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13230287 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange con-<br> tracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21215 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244386 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21215 | &nbsp;&nbsp; $13230287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13495888 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9233498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9233498 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange con-<br> tracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5074679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5074679 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625591 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5074679 | &nbsp;&nbsp; $9859089 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14933768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $455863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $455863 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4090178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4090178 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 424074 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1923368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2347442 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $424074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4090178 | &nbsp;&nbsp; $2379231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6893483 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1495265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1495265 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8761935)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8761935)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 151128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1635251)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1484123)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8761935)<br>| &nbsp;&nbsp; $(139986)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8750793)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1277753775 |
| Average notional value of contracts — short | &nbsp;&nbsp; $492291779 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $30934308 |
| Average amounts sold — in USD | &nbsp;&nbsp; $196906644 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $34447500 |
| Average notional value — sell protection | &nbsp;&nbsp; $14880000 |
| Interest rate swaps:  |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $21844500 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $13230287 | &nbsp;&nbsp;&nbsp; $9233498 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 21215 | &nbsp;&nbsp;&nbsp; 5074679 |
| Swaps - centrally cleared | &nbsp;&nbsp; 244386 | &nbsp;&nbsp;&nbsp; 625591 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 13495888 | &nbsp;&nbsp;&nbsp; 14933768 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (13474673)<br>| &nbsp;&nbsp;&nbsp; (9859089)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $21215 | &nbsp;&nbsp;&nbsp; $5074679 |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| HSBC Bank PLC | &nbsp;&nbsp; $21215 | &nbsp;&nbsp; $(21215)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $21215 | &nbsp;&nbsp; $(21215)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $56644 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56644 |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 2222480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2222480 |
| HSBC Bank PLC | &nbsp;&nbsp; 34697 | &nbsp;&nbsp; (21215)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13482 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 97543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97543 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 2663315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2663315 |
|  | &nbsp;&nbsp; $5074679 | &nbsp;&nbsp; $(21215)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5053464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $541124457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $541124457 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 536441038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 536441038 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1141731947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1141731947 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 4865231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4865231 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2462933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2462933 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1088832095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1088832095 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Short Duration Bond Active ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $86344693 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86344693 |
|  | &nbsp;&nbsp; $86344693 | &nbsp;&nbsp; $3315457701 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3401802394 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244386 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 21215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21215 |
| Interest Rate Contracts | &nbsp;&nbsp; 13230287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13230287 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (5074679)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5074679)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (9233498)<br>| &nbsp;&nbsp; (625591)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9859089)<br>|
|  | &nbsp;&nbsp; $3996789 | &nbsp;&nbsp; $(5434669)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1437880)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| American Express Credit Account Master Trust, <br> Class A, 4.95%, 10/15/27<br>| &nbsp;&nbsp; $14709 | $14736569 |
| BMW Vehicle Lease Trust, 4.75%, 07/27/26, <br> (30-day Avg SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2041 | 2040831 |
| BMW Vehicle Owner Trust |  |  |
| 4.65%, 10/25/27, <br> (30-day Avg SOFR + 0.300%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12618 | 12604451 |
| 4.69%, 02/25/27, <br> (30-day Avg SOFR + 0.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4235 | 4233521 |
| CarMax Auto Owner Trust |  |  |
| 4.94%, 11/16/26, <br> (30-day Avg SOFR + 0.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1102 | 1101935 |
| 5.14%, 12/15/26, <br> (30-day Avg SOFR + 0.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 136 | 136388 |
| 6.08%, 12/15/26 | &nbsp;&nbsp; 2653 | 2657814 |
| Chase Issuance Trust, 3.97%, 09/15/27 | &nbsp;&nbsp; 14100 | 14065456 |
| Citibank Credit Card Issuance Trust, 5.23%, <br> 12/08/27<br>| &nbsp;&nbsp; 3474 | 3488109 |
| CNH Equipment Trust |  |  |
| 4.67%, 08/15/28, <br> (30-day Avg SOFR + 0.330%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20148 | 20128982 |
| 4.74%, 10/15/27, <br> (30-day Avg SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3959 | 3959459 |
| 5.42%, 10/15/27 | &nbsp;&nbsp; 4532 | 4542052 |
| Ford Credit Auto Lease Trust |  |  |
| 4.75%, 08/15/27, <br> (30-day Avg SOFR + 0.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7559 | 7552535 |
| 5.18%, 02/15/27 | &nbsp;&nbsp; 3256 | 3261600 |
| Ford Credit Auto Owner Trust |  |  |
| 4.59%, 10/15/27 | &nbsp;&nbsp; 12748 | 12758719 |
| 4.70%, 01/15/27, <br> (30-day Avg SOFR + 0.360%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4272 | 4270684 |
| 4.75%, 12/15/27, <br> (30-day Avg SOFR + 0.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13135 | 13121560 |
| 5.40%, 04/15/27 | &nbsp;&nbsp; 6589 | 6608891 |
| Honda Auto Receivables Owner Trust |  |  |
| 1.00%, 01/18/28 | &nbsp;&nbsp; 14122 | 14122000 |
| 4.56%, 03/15/27 | &nbsp;&nbsp; 6360 | 6359617 |
| 4.63%, 01/18/28 | &nbsp;&nbsp; 24671 | 24668812 |
| 5.36%, 09/15/26 | &nbsp;&nbsp; 5603 | 5608170 |
| 5.41%, 04/15/26 | &nbsp;&nbsp; 244 | 243717 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 4.60%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 18902 | 18928506 |
| 4.79%, 10/15/26, <br> (30-day Avg SOFR + 0.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4544 | 4542556 |
| 4.95%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 9294 | 9293490 |
| 5.05%, 09/15/27, <br> (30-day Avg SOFR + 0.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4107 | 4107000 |
| 5.51%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 9246 | 9266626 |
| Hyundai Auto Receivables Trust |  |  |
| 4.33%, 12/15/27 | &nbsp;&nbsp; 12694 | 12690686 |
| 4.53%, 09/15/27 | &nbsp;&nbsp; 13093 | 13091019 |
| 4.68%, 12/15/27, <br> (30-day Avg SOFR + 0.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12503 | 12485326 |
| 4.71%, 06/15/27, <br> (30-day Avg SOFR + 0.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6152 | 6148960 |
| Mercedes-Benz Auto Receivables Trust, 5.92%, <br> 11/16/26<br>| &nbsp;&nbsp; 1424 | 1425585 |
| Nissan Auto Lease Trust, 4.60%, 11/15/27 | &nbsp;&nbsp; 20075 | 20106271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Nissan Auto Receivables Owner Trust, 4.51%, <br> 06/15/27<br>| &nbsp;&nbsp; $11444 | $11437359 |
| Porsche Financial Auto Securitization Trust, 4.45%, <br> 01/24/28<sup>(b)</sup><br>| &nbsp;&nbsp; 10274 | 10264612 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.55%, 08/16/27 | &nbsp;&nbsp; 5705 | 5705009 |
| 4.69%, 12/15/26, <br> (30-day Avg SOFR + 0.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7170 | 7169623 |
| 4.89%, 11/16/26, <br> (30-day Avg SOFR + 0.550%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3327 | 3328762 |
| 4.89%, 03/15/28, <br> (30-day Avg SOFR + 0.540%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14286 | 14286000 |
| Toyota Lease Owner Trust, 4.75%, 07/20/26, <br> (30-day Avg SOFR + 0.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 522 | 522271 |
| USAA Auto Owner Trust, 5.25%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 6211 | 6221366 |
| **Total Asset-Backed Securities — 5.9%** <br>**(Cost: $353,227,416)** | **Total Asset-Backed Securities — 5.9%** <br>**(Cost: $353,227,416)** | 353292899 |
| **Certificates of Deposit** | **Certificates of Deposit** | **Certificates of Deposit** |
| Bank of America NA, 4.69%, 04/02/26<sup>(a)</sup> | &nbsp;&nbsp; 12930 | 12916870 |
| Bank Of America NA, 4.78%, 05/06/26<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 6299736 |
| Bank of Montreal, 5.50%, 06/11/25 | &nbsp;&nbsp; 28500 | 28529763 |
| Bank of Montreal/Chicago, 4.83%, 05/20/26<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 25004954 |
| Bank of Montreal/Chicago IL, 4.76%, 11/17/25, <br> (1-day SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 29450 | 29457772 |
| Barclays Bank PLC/New York, 4.80%, 04/21/26<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 14997761 |
| BNP Paribas SA/New York |  |  |
| 4.41%, 02/19/26 | &nbsp;&nbsp; 20000 | 20037520 |
| 4.61%, 11/20/25<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 19992694 |
| 5.10%, 07/30/25 | &nbsp;&nbsp; 35140 | 35185636 |
| Canadian Imperial Bank of Commerce, 4.50%, <br> 10/09/25<br>| &nbsp;&nbsp; 8390 | 8390935 |
| Canadian Imperial Bank of Commerce/New York |  |  |
| 4.66%, 02/09/26, (1-day SOFR + 0.300%)<sup>(a)</sup> | &nbsp;&nbsp; 28500 | 28489957 |
| 4.71%, 09/23/25, (1-day SOFR + 0.350%)<sup>(a)</sup> | &nbsp;&nbsp; 22750 | 22759830 |
| 4.71%, 11/12/25<sup>(a)</sup> | &nbsp;&nbsp; 32000 | 32006784 |
| 4.83%, 05/21/26<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 5001514 |
| Citibank NA |  |  |
| 4.70%, 09/19/25, (1-day SOFR + 0.340%)<sup>(a)</sup> | &nbsp;&nbsp; 40000 | 40012652 |
| 4.75%, 03/27/26 | &nbsp;&nbsp; 22820 | 22821844 |
| Credit Agricole Corporate & Investment Bank SA |  |  |
| 4.40%, 10/07/25 | &nbsp;&nbsp; 15000 | 14993909 |
| 4.51%, 11/12/25 | &nbsp;&nbsp; 10000 | 10005657 |
| 4.54%, 10/09/25 | &nbsp;&nbsp; 25500 | 25510649 |
| 5.50%, 06/02/25 | &nbsp;&nbsp; 15000 | 15012958 |
| 5.55%, 05/30/25 | &nbsp;&nbsp; 6000 | 6004912 |
| Credit Agricole Corporate and Investment Bank/New <br> York, 4.65%, 06/20/25, <br> (1-day SOFR + 0.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 25000 | 25007062 |
| Deutsche Bank AG/New York, 4.76%, 05/22/25, <br> (1-day SOFR + 0.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20000 | 20003300 |
| DZ Bank AG (New York Branch), 4.46%, 09/25/25 | &nbsp;&nbsp; 9570 | 9572846 |
| DZ Bank AG Deutsche <br> Zentral-Genossenschaftsbank, 4.50%, 06/11/25<br>| &nbsp;&nbsp; 10000 | 10000692 |
| Lloyds Bank Corporate |  |  |
| 5.10%, 07/25/25 | &nbsp;&nbsp; 15000 | 15018694 |
| 5.51%, 05/27/25 | &nbsp;&nbsp; 28000 | 28019163 |
| Mitsubishi UFJ Trust & Banking Corp./New York, <br> 4.67%, 03/03/26<br>| &nbsp;&nbsp; 25000 | 24989125 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Mizuho Bank Ltd./New York |  |  |
| 4.60%, 11/07/25 | &nbsp;&nbsp; $18000 | $18018997 |
| 4.61%, 01/14/26 | &nbsp;&nbsp; 13000 | 13025162 |
| Mizuho Bank Ltd/New York |  |  |
| 4.68%, 03/11/26<sup>(a)</sup> | &nbsp;&nbsp; 39160 | 39170103 |
| 4.70%, 02/18/26<sup>(a)</sup> | &nbsp;&nbsp; 21000 | 20992253 |
| MUFG Bank Ltd./New York |  |  |
| 4.61%, 11/26/25<sup>(a)</sup> | &nbsp;&nbsp; 22000 | 21986831 |
| 4.61%, 12/03/25<sup>(a)</sup> | &nbsp;&nbsp; 22300 | 22285793 |
| Natixis SA, 5.55%, 05/30/25 | &nbsp;&nbsp; 34000 | 34026942 |
| Nordea Bank Abp/New York, 4.57%, 12/17/25<sup>(a)</sup> | &nbsp;&nbsp; 7070 | 7066376 |
| Oversea-Chinese Banking Corp. Ltd./New York, <br> 4.60%, 11/04/25<sup>(a)</sup><br>| &nbsp;&nbsp; 25000 | 24988325 |
| Royal Bank of Canada, 4.50%, 10/07/25 | &nbsp;&nbsp; 27335 | 27342039 |
| Standard Chartered Bank (New York Branch), <br> 4.60%, 02/11/26<br>| &nbsp;&nbsp; 25270 | 25327310 |
| Sumitomo Mitsui Banking Corp./New York, 4.59%, <br> 05/12/25, (1-day SOFR + 0.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15000 | 15000559 |
| Svenska Handelsbanken AB/New York |  |  |
| 4.48%, 09/10/25 | &nbsp;&nbsp; 23390 | 23394175 |
| 4.61%, 11/12/25 | &nbsp;&nbsp; 14000 | 14013210 |
| Svenska Handelsbanken/New York |  |  |
| 4.57%, 12/12/25<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 14989727 |
| 4.74%, 04/30/26<sup>(a)</sup> | &nbsp;&nbsp; 8020 | 8018410 |
| 4.76%, 04/22/26<sup>(a)</sup> | &nbsp;&nbsp; 19250 | 19250776 |
| Toronto-Dominion Bank, 4.54%, 03/04/26 | &nbsp;&nbsp; 8320 | 8338073 |
| Toronto-Dominion Bank/New York |  |  |
| 4.50%, 10/07/25 | &nbsp;&nbsp; 11000 | 11001244 |
| 4.71%, 09/22/25, (1-day SOFR + 0.350%)<sup>(a)</sup> | &nbsp;&nbsp; 16530 | 16537746 |
| 4.81%, 05/04/26<sup>(a)</sup> | &nbsp;&nbsp; 7720 | 7723749 |
| 5.42%, 07/03/25 | &nbsp;&nbsp; 15000 | 15019885 |
| UBS AG/Stamford CT, 4.76%, 11/03/25<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 15001069 |
| **Total Certificates of Deposit — 16.3%** <br>**(Cost: $978,215,494)** | **Total Certificates of Deposit — 16.3%** <br>**(Cost: $978,215,494)** | 978563943 |
| **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
| AbbVie Inc., 4.65%, 05/20/25 | &nbsp;&nbsp; 34500 | 34411159 |
| American Electric Power Co. Inc., 4.63%, 05/16/25 | &nbsp;&nbsp; 17750 | 17713543 |
| American Honda Finance Corp. |  |  |
| 4.59%, 05/12/25 | &nbsp;&nbsp; 6500 | 6490063 |
| 4.70%, 06/04/25 | &nbsp;&nbsp; 12250 | 12194263 |
| 4.74%, 06/23/25 | &nbsp;&nbsp; 7870 | 7814398 |
| Aon Corp., 4.59%, 05/20/25 | &nbsp;&nbsp; 13000 | 12966957 |
| Australia & New Zealand Banking Group Ltd., <br> 4.35%, 06/26/25<br>| &nbsp;&nbsp; 26830 | 26646526 |
| Bank of Montreal, 4.70%, 09/11/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 35000 | 35005297 |
| Bay Square FDG LLC, 4.78%, 10/01/25<sup>(a)</sup> | &nbsp;&nbsp; 13500 | 13490280 |
| Bell Telephone Co. of Canada or Bell Canada (The), <br> 4.46%, 05/12/25<br>| &nbsp;&nbsp; 26000 | 25961395 |
| BofA Securities Inc. |  |  |
| 4.43%, 06/06/25 | &nbsp;&nbsp; 20000 | 19909412 |
| 4.45%, 06/17/25 | &nbsp;&nbsp; 17500 | 17396867 |
| 4.45%, 09/19/25 | &nbsp;&nbsp; 14000 | 13758569 |
| 4.46%, 06/24/25 | &nbsp;&nbsp; 20000 | 19864588 |
| 4.48%, 07/25/25 | &nbsp;&nbsp; 29270 | 28960148 |
| Broadcom Inc. |  |  |
| 4.66%, 05/20/25 | &nbsp;&nbsp; 23385 | 23324639 |
| 4.69%, 05/28/25 | &nbsp;&nbsp; 3780 | 3766259 |
| Brookfield BRP Holdings Canada Inc., 4.57%, <br> 05/01/25<br>| &nbsp;&nbsp; 19420 | 19417538 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Canadian Imperial Bank of Commerce, 4.22%, <br> 02/12/26<br>| &nbsp;&nbsp; $8820 | $8531708 |
| CDP Financial Inc., 4.40%, 07/07/25 | &nbsp;&nbsp; 28500 | 28264892 |
| Cisco Systems Inc., 4.30%, 05/02/25 | &nbsp;&nbsp; 20540 | 20535091 |
| Citigroup Global Markets Inc., 4.39%, 06/03/25 | &nbsp;&nbsp; 17000 | 16929773 |
| DTE Electric Co. |  |  |
| 4.46%, 05/12/25 | &nbsp;&nbsp; 33051 | 33001926 |
| 4.47%, 05/20/25 | &nbsp;&nbsp; 24500 | 24439277 |
| eBay Inc., 4.71%, 07/22/25 | &nbsp;&nbsp; 10650 | 10535635 |
| Equitable Short Term Funding LLC, 4.31%, <br> 12/15/25<br>| &nbsp;&nbsp; 25925 | 25233544 |
| Evergy Kansas Central Inc., 4.57%, 05/01/25 | &nbsp;&nbsp; 10000 | 9998732 |
| Extra Space Storage LP |  |  |
| 4.64%, 05/01/25 | &nbsp;&nbsp; 24090 | 24086892 |
| 4.74%, 05/20/25 | &nbsp;&nbsp; 11225 | 11195543 |
| 4.77%, 05/29/25 | &nbsp;&nbsp; 15000 | 14942526 |
| 4.78%, 06/04/25 | &nbsp;&nbsp; 32230 | 32080846 |
| Fiserv Inc. |  |  |
| 4.59%, 05/01/25 | &nbsp;&nbsp; 8250 | 8248947 |
| 4.61%, 05/07/25 | &nbsp;&nbsp; 8750 | 8742157 |
| Helvetica Funding Co. LLC, 4.45%, 07/23/25 | &nbsp;&nbsp; 28670 | 28375120 |
| HSBC Bank PLC, 4.79%, 02/24/26 | &nbsp;&nbsp; 8000 | 7995438 |
| HSBC USA Inc. |  |  |
| 4.38%, 02/03/26 | &nbsp;&nbsp; 23000 | 22244464 |
| 4.47%, 06/06/25 | &nbsp;&nbsp; 13220 | 13159569 |
| Illinois Tool Works Inc., 4.36%, 05/27/25 | &nbsp;&nbsp; 15000 | 14951093 |
| ING U.S. Funding LLC |  |  |
| 4.37%, 10/07/25 | &nbsp;&nbsp; 20000 | 19618666 |
| 4.71%, 11/14/25 | &nbsp;&nbsp; 15000 | 14993768 |
| 4.76%, 12/23/25 | &nbsp;&nbsp; 35000 | 34974950 |
| Intrepid Funding Co. LLC, 4.41%, 06/13/25 | &nbsp;&nbsp; 7900 | 7857619 |
| Keurig Dr. Pepper Inc. |  |  |
| 4.60%, 05/08/25 | &nbsp;&nbsp; 38060 | 38021152 |
| 4.62%, 05/13/25 | &nbsp;&nbsp; 19000 | 18968382 |
| LSEGA Financing PLC, 4.47%, 05/21/25 | &nbsp;&nbsp; 5750 | 5735033 |
| Macquarie Bank Ltd. |  |  |
| 4.24%, 03/19/26 | &nbsp;&nbsp; 6560 | 6319681 |
| 4.46%, 06/24/25, (1-day SOFR + 0.400%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 40400 | 40417093 |
| 4.47%, 07/24/25 | &nbsp;&nbsp; 33920 | 33565607 |
| 4.47%, 07/29/25 | &nbsp;&nbsp; 28400 | 28086180 |
| Mainbeach Funding LLC, 4.47%, 08/27/25 | &nbsp;&nbsp; 9415 | 9278033 |
| Marubeni Finance America LLC, 4.75%, 05/23/25 | &nbsp;&nbsp; 29840 | 29749716 |
| National Bank of Canada |  |  |
| 4.36%, 05/23/25 | &nbsp;&nbsp; 10000 | 9972247 |
| 4.37%, 11/04/25 | &nbsp;&nbsp; 14660 | 14332655 |
| 4.38%, 06/05/25 | &nbsp;&nbsp; 10000 | 9956440 |
| 4.39%, 06/12/25 | &nbsp;&nbsp; 15510 | 15429171 |
| 4.69%, 12/24/25 | &nbsp;&nbsp; 28630 | 28626221 |
| National Grid North America Inc., 4.68%, 05/28/25 | &nbsp;&nbsp; 10910 | 10870432 |
| NatWest Markets PLC, 4.41%, 06/24/25 | &nbsp;&nbsp; 22000 | 21852615 |
| NiSource Inc., 4.57%, 05/02/25 | &nbsp;&nbsp; 9500 | 9497589 |
| Norfina Ltd., 4.40%, 09/08/25 | &nbsp;&nbsp; 12900 | 12696813 |
| Northrop Grumman Corp. |  |  |
| 4.59%, 05/08/25 | &nbsp;&nbsp; 24000 | 23975556 |
| 4.63%, 05/20/25 | &nbsp;&nbsp; 27250 | 27180066 |
| 4.66%, 05/28/25 | &nbsp;&nbsp; 24500 | 24411508 |
| NTT Finance Americas Inc., 4.59%, 07/24/25 | &nbsp;&nbsp; 23250 | 23000681 |
| Nutrien Ltd., 4.61%, 05/01/25 | &nbsp;&nbsp; 11000 | 10998591 |
| Oversea-Chinese Banking Corp. Ltd., 4.61%, <br> 09/18/25<br>| &nbsp;&nbsp; 10200 | 10195267 |
| Paradelle Funding LLC, 4.40%, 05/30/25 | &nbsp;&nbsp; 41000 | 40850350 |
| Penske Truck Leasing Co. LP, 4.72%, 05/12/25 | &nbsp;&nbsp; 14800 | 14776763 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| PPG Industries Inc. |  |  |
| 4.61%, 05/12/25 | &nbsp;&nbsp; $9950 | $9934726 |
| 4.62%, 05/14/25 | &nbsp;&nbsp; 6560 | 6548236 |
| PPL Capital Funding Inc., 4.61%, 05/12/25 | &nbsp;&nbsp; 22355 | 22320667 |
| RTX Corp., 4.67%, 05/19/25 | &nbsp;&nbsp; 74670 | 74486491 |
| RWE AG, 4.72%, 05/02/25 | &nbsp;&nbsp; 33920 | 33911113 |
| Ryder System Inc., 4.60%, 05/08/25 | &nbsp;&nbsp; 5000 | 4994896 |
| Salisbury Receivables Co. LLC |  |  |
| 4.41%, 07/09/25 | &nbsp;&nbsp; 21350 | 21168307 |
| 4.42%, 08/01/25 | &nbsp;&nbsp; 31270 | 30917190 |
| 4.63%, 11/03/25 | &nbsp;&nbsp; 45950 | 44900655 |
| Skandinaviska Enskilda Banken AB, 4.80%, <br> 04/22/26<br>| &nbsp;&nbsp; 20350 | 20352609 |
| Spire Inc. |  |  |
| 4.62%, 05/13/25 | &nbsp;&nbsp; 36750 | 36688811 |
| 4.64%, 05/19/25 | &nbsp;&nbsp; 10175 | 10150127 |
| 4.69%, 06/03/25 | &nbsp;&nbsp; 6990 | 6959170 |
| Svenska Handelsbanken AB, 4.47%, 07/18/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 23250 | 23257005 |
| Swedbank AB, 4.59%, 10/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 30370 | 30384608 |
| Tyco Electronics Group SA |  |  |
| 4.59%, 05/07/25 | &nbsp;&nbsp; 4850 | 4845671 |
| 4.62%, 05/13/25 | &nbsp;&nbsp; 8250 | 8236264 |
| UBS AG/London, 4.50%, 08/06/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 10000 | 10006965 |
| Virginia Electric and Power Co., 4.46%, 05/12/25 | &nbsp;&nbsp; 31895 | 31847642 |
| Vulcan Materials Co., 4.65%, 05/20/25 | &nbsp;&nbsp; 7250 | 7231323 |
| VW Credit Inc. |  |  |
| 4.67%, 05/08/25 | &nbsp;&nbsp; 45720 | 45672620 |
| 4.69%, 06/02/25 | &nbsp;&nbsp; 29000 | 28875857 |
| Washington Morgan Capital Co. LLC, 4.70%, <br> 12/19/25<br>| &nbsp;&nbsp; 25000 | 24993975 |
| Waste Management Inc. |  |  |
| 4.62%, 05/13/25 | &nbsp;&nbsp; 8750 | 8735439 |
| 4.64%, 05/19/25 | &nbsp;&nbsp; 12750 | 12718867 |
| Western Union Co. (The), 4.59%, 05/01/25 | &nbsp;&nbsp; 15250 | 15248054 |
| Westpac Banking Corp., 4.69%, 12/18/25 | &nbsp;&nbsp; 26000 | 25986875 |
| Westpac Securities NZ Ltd./London, 4.41%, <br> 10/30/25<br>| &nbsp;&nbsp; 25000 | 24451678 |
| **Total Commercial Paper — 32.1%** <br>**(Cost: $1,924,440,347)** | **Total Commercial Paper — 32.1%** <br>**(Cost: $1,924,440,347)** | 1924619760 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| General Dynamics Corp., 3.50%, 04/01/27<sup>(c)</sup> | &nbsp;&nbsp; 6265 | 6217373 |
| Lockheed Martin Corp., 4.95%, 10/15/25 | &nbsp;&nbsp; 6195 | 6206814 |
| RTX Corp., 5.00%, 02/27/26<sup>(c)</sup> | &nbsp;&nbsp; 5590 | 5612008 |
|  |  | 18036195 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Cargill Inc., 4.88%, 10/10/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 14235 | 14253388 |
| **Auto Manufacturers — 6.4%** | **Auto Manufacturers — 6.4%** | **Auto Manufacturers — 6.4%** |
| American Honda Finance Corp. |  |  |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 13820 | 13810682 |
| 4.83%, 01/12/26, (1-day SOFR + 0.500%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 14260 | 14240743 |
| 4.90%, 05/21/26, (1-day SOFR + 0.550%)<sup>(a)</sup> | &nbsp;&nbsp; 10955 | 10941117 |
| 4.95%, 08/14/25, (1-day SOFR + 0.600%)<sup>(a)</sup> | &nbsp;&nbsp; 29460 | 29466816 |
| 5.06%, 10/05/26, <br> (1-day SOFR Index + 0.720%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10000 | 10002931 |
| BMW U.S. Capital LLC |  |  |
| 4.65%, 08/13/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 5695 | 5710127 |
| 5.15%, 08/13/26, <br> (1-day SOFR Index + 0.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13660 | 13677048 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Daimler Truck Finance North America LLC |  |  |
| 4.95%, 01/13/28<sup>(b)(c)</sup> | &nbsp;&nbsp; $8705 | $8772439 |
| 5.00%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 10660 | 10732644 |
| Daimler Trucks Finance North America LLC, 5.60%, <br> 08/08/25<sup>(b)</sup><br>| &nbsp;&nbsp; 10155 | 10166227 |
| Hyundai Capital America |  |  |
| 4.30%, 09/24/27<sup>(b)</sup> | &nbsp;&nbsp; 13825 | 13651423 |
| 4.85%, 03/25/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 14215 | 14231796 |
| 5.25%, 01/08/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 12500 | 12586497 |
| 5.38%, 09/24/27, (1-day SOFR + 1.030%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 13825 | 13700575 |
| 5.45%, 06/24/26<sup>(b)</sup> | &nbsp;&nbsp; 8765 | 8841429 |
| 5.51%, 08/04/25, (1-day SOFR + 1.150%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 14525 | 14551605 |
| 5.80%, 06/26/25<sup>(b)</sup> | &nbsp;&nbsp; 7590 | 7597915 |
| 5.95%, 09/21/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 15400 | 15639198 |
| 6.25%, 11/03/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 15600 | 15696063 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.88%, 07/31/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 13690 | 13759005 |
| 4.90%, 01/09/26<sup>(b)</sup> | &nbsp;&nbsp; 15240 | 15287524 |
| 5.02%, 01/09/26, (1-day SOFR + 0.670%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 15240 | 15242419 |
| 5.38%, 08/01/25<sup>(b)</sup> | &nbsp;&nbsp; 15290 | 15305865 |
| Toyota Motor Credit Corp. |  |  |
| 3.65%, 08/18/25 | &nbsp;&nbsp; 13145 | 13116829 |
| 4.35%, 10/08/27<sup>(c)</sup> | &nbsp;&nbsp; 13670 | 13723838 |
| 4.79%, 04/10/26, <br> (1-day SOFR Index + 0.450%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 13670 | 13655236 |
| 5.20%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; 13955 | 14092310 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.18%, 03/20/26, (1-day SOFR + 0.830%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 14160 | 14157593 |
| 5.80%, 09/12/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 10000 | 10023231 |
|  |  | 382381125 |
| **Banks — 12.7%** | **Banks — 12.7%** | **Banks — 12.7%** |
| ASB Bank Ltd., 5.35%, 06/15/26<sup>(b)</sup> | &nbsp;&nbsp; 13000 | 13165311 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 5.09%, 12/08/25 | &nbsp;&nbsp; 10810 | 10856878 |
| 5.10%, 07/03/25, (1-day SOFR + 0.750%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 14655 | 14667270 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 4.75%, 01/18/27<sup>(c)</sup> | &nbsp;&nbsp; 15240 | 15407388 |
| 5.67%, 10/03/25 | &nbsp;&nbsp; 15000 | 15078323 |
| Banque Federative du Credit Mutuel SA |  |  |
| 4.94%, 01/26/26<sup>(b)</sup> | &nbsp;&nbsp; 17400 | 17451550 |
| 5.09%, 01/23/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 15260 | 15413425 |
| BPCE SA |  |  |
| 5.10%, 01/26/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 15230 | 15257115 |
| 5.20%, 01/18/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 9455 | 9587664 |
| Citibank NA |  |  |
| 5.07%, 08/06/26, (1-day SOFR + 0.708%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 8400 | 8396053 |
| 5.16%, 09/29/25, (1-day SOFR + 0.805%)<sup>(a)</sup> | &nbsp;&nbsp; 15440 | 15457475 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 15380 | 15671237 |
| Commonwealth Bank of Australia, 4.81%, 11/27/26, <br> (1-day SOFR + 0.460%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 13900 | 13891507 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 14015 | 14146454 |
| 5.50%, 09/12/25 | &nbsp;&nbsp; 15210 | 15267636 |
| Cooperatieve Rabobank UA/New York, 5.50%, <br> 07/18/25<sup>(c)</sup><br>| &nbsp;&nbsp; 15300 | 15327292 |
| Cooperatieve Rabobank UA/NY, 4.88%, 01/21/28<sup>(c)</sup> | &nbsp;&nbsp; 26305 | 26841651 |
| Deutsche Bank AG/New York, 4.16%, 05/13/25 | &nbsp;&nbsp; 6905 | 6903490 |
| Goldman Sachs Bank USA/New York |  |  |
| 5.11%, 03/18/27, (1-day SOFR + 0.770%)<sup>(a)</sup> | &nbsp;&nbsp; 14180 | 14143090 |
| 5.28%, 03/18/27, (1-day SOFR +0.777%)<sup>(a)</sup> | &nbsp;&nbsp; 14180 | 14274975 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group Inc. (The), 3.75%, 05/22/25 | &nbsp;&nbsp; $10330 | $10323556 |
| JPMorgan Chase & Co., 1.58%, 04/22/27, <br> (1-day SOFR + 0.885%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12000 | 11665558 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 12000 | 12180013 |
| KeyBank NA, 4.70%, 01/26/26 | &nbsp;&nbsp; 3275 | 3269872 |
| KeyBank NA/Cleveland OH, 4.15%, 08/08/25 | &nbsp;&nbsp; 5370 | 5359537 |
| Macquarie Bank Ltd., 5.39%, 12/07/26<sup>(b)</sup> | &nbsp;&nbsp; 6210 | 6319128 |
| Mitsubishi UFJ Financial Group Inc., 1.41%, <br> 07/17/25<br>| &nbsp;&nbsp; 14200 | 14103257 |
| Morgan Stanley, 4.68%, 07/17/26, <br> (1-day SOFR + 1.669%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8560 | 8557788 |
| Morgan Stanley Bank NA, 5.48%, 07/16/25<sup>(c)</sup> | &nbsp;&nbsp; 7520 | 7529345 |
| National Australia Bank Ltd. |  |  |
| 4.85%, 03/06/28, (1-day SOFR + 0.500%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 13400 | 13295440 |
| 4.88%, 01/29/26, (1-day SOFR + 0.550%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 15220 | 15214412 |
| National Australia Bank Ltd./New York |  |  |
| 4.75%, 12/10/25<sup>(c)</sup> | &nbsp;&nbsp; 10290 | 10309562 |
| 4.97%, 01/12/26<sup>(c)</sup> | &nbsp;&nbsp; 17800 | 17874371 |
| 5.20%, 05/13/25 | &nbsp;&nbsp; 13305 | 13307384 |
| National Securities Clearing Corp., 5.15%, <br> 05/30/25<sup>(b)</sup><br>| &nbsp;&nbsp; 5105 | 5107187 |
| NatWest Markets PLC, 4.79%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 22400 | 22551512 |
| Nordea Bank Abp |  |  |
| 3.60%, 06/06/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 10665 | 10651149 |
| 4.75%, 09/22/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 16900 | 16913511 |
| 5.04%, 03/17/28, (1-day SOFR + 0.700%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 11765 | 11742822 |
| PNC Bank N.A., 4.82%, 01/15/27, <br> (1-day SOFR + 0.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13805 | 13790049 |
| Societe Generale SA, 4.35%, 06/13/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 15000 | 14989864 |
| State Street Bank & Trust Co., 4.81%, 11/25/26, <br> (1-day SOFR + 0.460%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5720 | 5713962 |
| Sumitomo Mitsui Financial Group Inc., 5.46%, <br> 01/13/26<br>| &nbsp;&nbsp; 17800 | 17918516 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.45%, 09/10/27<sup>(b)</sup> | &nbsp;&nbsp; 13820 | 13866760 |
| 5.65%, 09/14/26<sup>(b)</sup> | &nbsp;&nbsp; 12000 | 12215473 |
| Svenska Handelsbanken AB, 3.65%, 06/10/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 15900 | 15884417 |
| Toronto-Dominion Bank (The), 4.83%, 08/29/25, <br> (1-day SOFR + 0.480%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18460 | 18474833 |
| UBS AG, 5.27%, 09/11/25, <br> (1-day SOFR + 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8000 | 8008696 |
| UBS AG/London, 5.80%, 09/11/25 | &nbsp;&nbsp; 8000 | 8030699 |
| UBS AG/Stamford CT, 4.86%, 01/10/28, <br> (1-day SOFR + 0.720%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16755 | 16869371 |
| United Overseas Bank Ltd., 4.94%, 04/02/28, <br> (1-day SOFR Index + 0.580%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 14125 | 14121328 |
| Wells Fargo & Co. |  |  |
| 5.09%, 01/24/28, (1-day SOFR + 0.780%)<sup>(a)</sup> | &nbsp;&nbsp; 13160 | 13094115 |
| Series W, 4.90%, 01/24/28, <br> (1-day SOFR + 0.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9200 | 9261242 |
| Wells Fargo Bank NA |  |  |
| 4.81%, 01/15/26 | &nbsp;&nbsp; 15250 | 15294184 |
| 5.03%, 01/15/26, (1-day SOFR + 0.710%)<sup>(a)</sup> | &nbsp;&nbsp; 15250 | 15273485 |
| 5.55%, 08/01/25 | &nbsp;&nbsp; 15230 | 15254856 |
| Westpac Banking Corp. |  |  |
| 4.85%, 03/06/28, (1-day SOFR + 0.500%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 13570 | 13465092 |
| 5.07%, 11/17/25, (1-day SOFR + 0.720%)<sup>(a)</sup> | &nbsp;&nbsp; 15440 | 15466741 |
|  |  | 760474871 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| PepsiCo Inc., 5.25%, 11/10/25 | &nbsp;&nbsp; 15440 | 15515046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| PayPal Holdings Inc. |  |  |
| 4.45%, 03/06/28<sup>(c)</sup> | &nbsp;&nbsp; $6610 | $6683129 |
| 5.02%, 03/06/28, (1-day SOFR + 0.670%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 10625 | 10626445 |
|  |  | 17309574 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Accenture Capital Inc., 3.90%, 10/04/27<sup>(c)</sup> | &nbsp;&nbsp; 9390 | 9380679 |
| International Business Machines Corp., 3.30%, <br> 05/15/26<br>| &nbsp;&nbsp; 27435 | 27128725 |
|  |  | 36509404 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| American Express Co. |  |  |
| 5.06%, 04/23/27, (1-day SOFR + 0.750%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 13960 | 13969898 |
| 6.34%, 10/30/26, (1-day SOFR + 1.330%)<sup>(a)</sup> | &nbsp;&nbsp; 15700 | 15840046 |
| CDP Financial Inc., 4.50%, 02/13/26<sup>(b)</sup> | &nbsp;&nbsp; 9219 | 9240837 |
|  |  | 39050781 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| Florida Power & Light Co., 4.45%, 05/15/26<sup>(c)</sup> | &nbsp;&nbsp; 7965 | 7974984 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 4.75%, 02/07/28<sup>(c)</sup> | &nbsp;&nbsp; 6125 | 6220693 |
| 5.06%, 05/07/25, (1-day SOFR + 0.700%)<sup>(a)</sup> | &nbsp;&nbsp; 15580 | 15580752 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 4.85%, 02/04/28<sup>(c)</sup> | &nbsp;&nbsp; 10270 | 10432690 |
| 5.09%, 01/29/26, <br> (1-day SOFR Index + 0.760%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15380 | 15387621 |
| 5.75%, 09/01/25 | &nbsp;&nbsp; 40600 | 40726752 |
| WEC Energy Group Inc. |  |  |
| 4.75%, 01/09/26<sup>(c)</sup> | &nbsp;&nbsp; 10000 | 10009963 |
| 5.00%, 09/27/25 | &nbsp;&nbsp; 7465 | 7466943 |
| Wisconsin Public Service Corp., 5.35%, 11/10/25<sup>(c)</sup> | &nbsp;&nbsp; 8520 | 8557486 |
|  |  | 122357884 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Amphenol Corp. |  |  |
| 4.75%, 03/30/26 | &nbsp;&nbsp; 2840 | 2846594 |
| 5.05%, 04/05/27<sup>(c)</sup> | &nbsp;&nbsp; 5800 | 5905081 |
|  |  | 8751675 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Waste Management Inc., 4.95%, 07/03/27 | &nbsp;&nbsp; 9390 | 9565238 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| Mars Inc., 4.45%, 03/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 17705 | 17811874 |
| Nestle Holdings Inc., 4.00%, 09/12/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 17000 | 16969950 |
| Walmart Inc., 3.90%, 09/09/25 | &nbsp;&nbsp; 20000 | 19959999 |
|  |  | 54741823 |
| **Health Care - Products — 0.6%** | **Health Care - Products — 0.6%** | **Health Care - Products — 0.6%** |
| Stryker Corp., 4.55%, 02/10/27<sup>(c)</sup> | &nbsp;&nbsp; 26280 | 26413257 |
| Thermo Fisher Scientific Inc., 5.00%, 12/05/26<sup>(c)</sup> | &nbsp;&nbsp; 10000 | 10112863 |
|  |  | 36526120 |
| **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** |
| Roche Holdings Inc., 5.27%, 11/13/26<sup>(b)</sup> | &nbsp;&nbsp; 13170 | 13406889 |
| UnitedHealth Group Inc., 4.75%, 07/15/26<sup>(c)</sup> | &nbsp;&nbsp; 3995 | 4025336 |
|  |  | 17432225 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| Athene Global Funding |  |  |
| 5.07%, 07/16/26, <br> (1-day SOFR Index + 0.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 18505 | 18464365 |
| 5.30%, 03/06/28, <br> (1-day SOFR Index + 0.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 48025 | 47769658 |
| MassMutual Global Funding II |  |  |
| 4.15%, 08/26/25<sup>(b)(c)</sup> | &nbsp;&nbsp; 7302 | 7292841 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.30%, 10/22/27<sup>(b)(c)</sup> | &nbsp;&nbsp; $9274 | $9289062 |
| 4.45%, 03/27/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 28446 | 28662761 |
| 5.32%, 07/10/26, (1-day SOFR + 0.980%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 15252 | 15337820 |
| Metropolitan Life Global Funding I, 5.00%, <br> 01/06/26<sup>(b)</sup><br>| &nbsp;&nbsp; 10000 | 10037438 |
| New York Life Global Funding |  |  |
| 3.60%, 08/05/25<sup>(b)</sup> | &nbsp;&nbsp; 16500 | 16452896 |
| 4.90%, 01/16/26, <br> (1-day SOFR Index + 0.580%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 25000 | 25037910 |
| 5.04%, 06/13/25, (1-day SOFR + 0.700%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 18500 | 18509364 |
| Northwestern Mutual Global Funding |  |  |
| 4.00%, 07/01/25<sup>(b)</sup> | &nbsp;&nbsp; 16300 | 16279996 |
| 4.49%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 20970 | 21103277 |
| 5.04%, 06/13/25, (1-day SOFR + 0.700%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 15400 | 15405547 |
| Pacific Life Global Funding II |  |  |
| 4.84%, 02/04/27, (1-day SOFR + 0.480%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 23140 | 23077337 |
| 5.20%, 06/16/25, <br> (1-day SOFR Index + 0.860%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 14705 | 14713414 |
| Pricoa Global Funding I, 4.40%, 08/27/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 8500 | 8513935 |
| Principal Life Global Funding II, 4.60%, 08/19/27<sup>(b)</sup> | &nbsp;&nbsp; 13570 | 13647142 |
| Protective Life Global Funding |  |  |
| 4.99%, 01/12/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 15250 | 15425994 |
| 5.37%, 01/06/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 10000 | 10048469 |
|  |  | 335069226 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| eBay Inc., 5.90%, 11/22/25 | &nbsp;&nbsp; 17600 | 17700505 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar Financial Services Corp. |  |  |
| 4.35%, 05/15/26 | &nbsp;&nbsp; 15800 | 15821384 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 13130 | 13237693 |
| 4.72%, 01/07/27, (1-day SOFR + 0.380%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 10545 | 10517731 |
| John Deere Capital Corp. |  |  |
| 3.40%, 06/06/25 | &nbsp;&nbsp; 10390 | 10376451 |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 5820 | 5849125 |
| 4.80%, 10/22/25, (1-day SOFR + 0.480%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 15240 | 15250668 |
| 4.80%, 01/09/26<sup>(c)</sup> | &nbsp;&nbsp; 17800 | 17865295 |
| 4.95%, 06/06/25 | &nbsp;&nbsp; 7020 | 7020727 |
| Series ., 4.50%, 01/08/27<sup>(c)</sup> | &nbsp;&nbsp; 13130 | 13241880 |
|  |  | 109180954 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Rio Tinto Finance USA PLC |  |  |
| 4.38%, 03/12/27<sup>(c)</sup> | &nbsp;&nbsp; 5585 | 5613039 |
| 5.18%, 03/14/28, <br> (1-day SOFR Index + 0.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7450 | 7457450 |
|  |  | 13070489 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Bristol-Myers Squibb Co., 4.84%, 02/20/26, <br> (1-day SOFR + 0.490%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8820 | 8819285 |
| Pfizer Investment Enterprises Pte Ltd., 4.65%, <br> 05/19/25<br>| &nbsp;&nbsp; 31500 | 31500143 |
|  |  | 40319428 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| Enterprise Products Operating LLC, 5.05%, <br> 01/10/26<br>| &nbsp;&nbsp; 12365 | 12415362 |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| Public Storage Operating Co., 4.91%, 07/25/25, <br> (1-day SOFR Index + 0.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11250 | 11256863 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** |
| Home Depot Inc. (The) |  |  |
| 4.00%, 09/15/25 | &nbsp;&nbsp; $5170 | $5161206 |
| 5.15%, 06/25/26 | &nbsp;&nbsp; 12655 | 12813778 |
| Lowe's Companies Inc. |  |  |
| 4.40%, 09/08/25 | &nbsp;&nbsp; 11510 | 11500645 |
| 4.80%, 04/01/26<sup>(c)</sup> | &nbsp;&nbsp; 6660 | 6673435 |
| Starbucks Corp., 4.85%, 02/08/27 | &nbsp;&nbsp; 14940 | 15067673 |
|  |  | 51216737 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| Advanced Micro Devices Inc., 4.21%, 09/24/26 | &nbsp;&nbsp; 14045 | 14103856 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Intuit Inc., 5.25%, 09/15/26 | &nbsp;&nbsp; 11165 | 11325234 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
| NBN Co. Ltd., 4.00%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 27660 | 27514645 |
| **Total Corporate Bonds & Notes — 36.3%** <br>**(Cost: $2,168,954,149)** | **Total Corporate Bonds & Notes — 36.3%** <br>**(Cost: $2,168,954,149)** | 2176078648 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois GO, 5.25%, 05/01/25 | &nbsp;&nbsp; 5865 | 5865051 |
| **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
| Taxable Municipal Funding Trust RB, 4.65%, <br> 06/04/25<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1240 | 1240000 |
| **Total Municipal Debt Obligations — 0.1%** <br>**(Cost $7,105,000)** | **Total Municipal Debt Obligations — 0.1%** <br>**(Cost $7,105,000)** | 7105051 |
| **Repurchase Agreements**<sup>(e)</sup> | **Repurchase Agreements**<sup>(e)</sup> | **Repurchase Agreements**<sup>(e)</sup> |
| Bank of America Securities Inc., 4.62%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $54,757,026, collateralized by non-agency <br> mortgage-backed security, 2.70% to 7.07%, due <br> 01/15/30 to 11/25/63, par and fair value of <br> $127,098,409 and $58,582,500, respectively)<br>| &nbsp;&nbsp; 54750 | 54750000 |
| Bank of America Securities Inc., 4.83%, 05/1/25 <br> (Purchased on 4/30/25 to be repurchased at <br> $19,002,549, collateralized by non-agency <br> mortgage-backed security, 2.84% to 8.13%, due <br> 03/30/29 to 10/15/57, par and fair value of <br> $30,993,856 and $20,133,971, respectively)<br>| &nbsp;&nbsp; 19000 | 19000000 |
| BNP Paribas, 4.73%, 05/01/25 (Purchased on <br> 04/30/25 to be repurchased at $46,756,142, <br> collateralized by non-agency mortgage-backed <br> security, 2.80% to 14.75%, due 06/25/25 to <br> 1/15/84, par and fair value of $52,135,867 and <br> $51,084,183, respectively)<br>| &nbsp;&nbsp; 46750 | 46750000 |
| Citigroup Global Markets Inc, 4.67%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $9,001,168, collateralized by non-agency <br> mortgage-backed security, 2.20% to 5.39%, due <br> 02/25/26 to 08/25/67, par and fair value of <br> $14,575,549 and $10,352,801, respectively).<br>| &nbsp;&nbsp; 9000 | 9000000 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Citigroup Global Markets Inc, 4.69%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $12,001,563, collateralized by non-agency <br> mortgage-backed security, 2.18% to 7.71%, due <br> 02/25/26 to 10/25/67, par and fair value of <br> $17,382,192 and $13,855,423, respectively)<br>| &nbsp;&nbsp; $12000 | $12000000 |
| Duetsche Bank Securities, 4.78%, 05/1/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $30,003,983, collateralized by non-agency <br> mortgage-backed security, 2.00% to 5.00%, due <br> 01/08/26 to 12/01/54, par and fair value of <br> $34,249,729 and $31,032,103, respectively)<br>| &nbsp;&nbsp; 30000 | 30000000 |
| Goldman Sachs & Co. LLC, 4.88%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $90,012,200, collateralized by U.S. Government <br> Agency and non-agency mortgage-backed <br> security, 1.79% to 11.40%, due 09/25/26 to <br> 07/15/42, par and fair value of $114,552,770 and <br> $94,509,330, respectively)<br>| &nbsp;&nbsp; 90000 | 90000000 |
| Mizuho Securities USA Inc., 4.78%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $6,000,797, collateralized by non-agency <br> mortgage-backed security, 5.61%, due 10/15/37, <br> par and fair value of $6,313,005 and $6,300,000, <br> respectively).<br>| &nbsp;&nbsp; 6000 | 6000000 |
| Mizuho Securities USA Inc., 4.88%, 05/01/25 <br> (Purchased on 04/30/25 to be repurchased at <br> $30,004,067, collateralized by non-agency <br> mortgage-backed security, 4.50% to 7.24%, due <br> 07/19/27 to 02/25/60, par and fair value of <br> $51,220,063 and $31,538,416, respectively)<br>| &nbsp;&nbsp; 30000 | 30000000 |
| Morgan Stanley and Co LLC., 4.91%, 05/01/25 <br> (Purchased on 4/30/25 to be repurchased at <br> $35,004,774, collateralized by non-agency <br> mortgage-backed security, 3.14% to 12.01%, due <br> 08/5/27 to 11/25/67, par and fair value of <br> $42,454,712 and $38,500,000, respectively)<br>| &nbsp;&nbsp; 35000 | 35000000 |
| Wells Fargo Securities, 4.78%, 05/1/25 (Purchased <br> on 4/30/25 to be repurchased at $90,011950, <br> collateralized by non-agency mortgage-backed <br> security, 2.18% to 6.76%, due 05/15/26 to <br> 11/15/64, par and fair value of $112,940,562 and <br> $98,809,801, respectively)<br>| &nbsp;&nbsp; 90000 | 90000000 |
| **Total Repurchase Agreements — 7.1%** <br>**(Cost: $422,500,000)** | **Total Repurchase Agreements — 7.1%** <br>**(Cost: $422,500,000)** | 422500000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 3.0%** | **U.S. Government Obligations — 3.0%** | **U.S. Government Obligations — 3.0%** |
| U.S. Treasury Note/Bond |  |  |
| 1.63%, 02/15/26<sup>(c)</sup> | &nbsp;&nbsp; $11860 | $11639633 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 13825 | 13779097 |
| 3.75%, 08/31/26 | &nbsp;&nbsp; 27420 | 27408218 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 41195 | 41429940 |
| 4.75%, 07/31/25 | &nbsp;&nbsp; 30890 | 30920890 |
| 4.88%, 11/30/25<sup>(c)</sup> | &nbsp;&nbsp; 21000 | 21089906 |
| 5.00%, 08/31/25 | &nbsp;&nbsp; 15530 | 15559725 |
| 5.00%, 09/30/25<sup>(c)</sup> | &nbsp;&nbsp; 15500 | 15547469 |
| **Total U.S. Government Obligations — 3.0%** <br>**(Cost: $176,497,368)** | **Total U.S. Government Obligations — 3.0%** <br>**(Cost: $176,497,368)** | 177374878 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 96331802 | 96370335 |
| **Total Money Market Funds — 1.6%** <br>**(Cost: $96,348,982)** | **Total Money Market Funds — 1.6%** <br>**(Cost: $96,348,982)** | 96370335 |
| **Total Investments — 102.4%** <br>**(Cost: $6,127,288,756)** | **Total Investments — 102.4%** <br>**(Cost: $6,127,288,756)** | 6135905514 |
| **Liabilities in Excess of Other Assets — (2.4)%** | **Liabilities in Excess of Other Assets — (2.4)%** | (142292105)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5993613409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. 

<sup>(e)</sup> Maturity date represents next reset date.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Ultra Short Duration Bond Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $105164428 | $— | &nbsp;&nbsp; $(8773397 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(5395)<br>| $(15301)<br>| $96370335 | 96331802 | $132923 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>|  | 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 94947 |  |
|  |  |  |  | $(5395) | $(15301) | $96370335 |  | $227870 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353292899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353292899 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 978563943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 978563943 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1924619760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1924619760 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2176078648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2176078648 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7105051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7105051 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 422500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 422500000 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 177374878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177374878 |
| Money Market Funds | &nbsp;&nbsp; 96370335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96370335 |
|  | &nbsp;&nbsp; $96370335 | &nbsp;&nbsp; $6039535179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6135905514 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Short Duration <br> Bond Active ETF <br>| &nbsp;&nbsp; iShares <br>Ultra Short <br> Duration Bond <br> Active ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3315457701 | $5617035179 |
| Investments, at value—affiliated<sup>(c)</sup> | 86344693 | 96370335 |
| Cash | 493691 | 52792 |
| Cash pledged: |  |  |
| Futures contracts | 8753000 |  |
| Centrally cleared swaps | 3255000 |  |
| Foreign currency, at value<sup>(d)</sup> | 1313595 |  |
| Repurchase agreements, at value—unaffiliated<sup>(e)</sup> |  | 422500000 |
| Receivables: |  |  |
| Investments sold | 275163737 |  |
| Securities lending income—affiliated | 19799 | 21129 |
| Dividends—affiliated | 27945 | 13869161 |
| Interest—unaffiliated | 20950858 | 24217827 |
| Variation margin on futures contracts | 202584 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 21215 |  |
| Total assets | 3712003818 | 6174066423 |
| **LIABILITIES** |  |  |
| Cash received as collateral for TBA commitments | 530000 |  |
| Collateral on securities loaned, at value | 74507953 | 96381932 |
| Payables: |  |  |
| Investments purchased | 402800441 | 83691467 |
| Investment advisory fees | 657494 | 379615 |
| Variation margin on centrally cleared swaps | 131997 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 5074679 |  |
| Total liabilities | 483702564 | 180453014 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $3228301254 | $5993613409 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $3213940672 | $5965873139 |
| Accumulated earnings | 14360582 | 27740270 |
| NET ASSETS | $3228301254 | $5993613409 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 63300000 | 118300000 |
| Net asset value | $51.00 | $50.66 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3289532743 | $5608439774 |
| <sup>(b)</sup> Securities loaned, at value | $72113883 | $93589417 |
| <sup>(c)</sup> Investments, at cost—affiliated | $86343556 | $96348982 |
| <sup>(d)</sup> Foreign currency, at cost | $1316101 | $— |
| <sup>(e)</sup> Repurchase agreements, at cost—unaffiliated | $— | $422500000 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Short <br> Duration <br> Bond Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Ultra Short <br> Duration <br> Bond Active <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $706318 | &nbsp;&nbsp;&nbsp; $94947 |
| Interest—unaffiliated | &nbsp;&nbsp; 72600601 | &nbsp;&nbsp;&nbsp; 132041253 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 126157 | &nbsp;&nbsp;&nbsp; 132923 |
| Foreign taxes withheld | &nbsp;&nbsp; (1613)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 73431463 | &nbsp;&nbsp;&nbsp; 132269123 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 3780022 | &nbsp;&nbsp;&nbsp; 2180625 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1865 |
| Total expenses | &nbsp;&nbsp; 3780022 | &nbsp;&nbsp;&nbsp; 2182490 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (14342)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 3765680 | &nbsp;&nbsp;&nbsp; 2182490 |
| Net investment income | &nbsp;&nbsp; 69665783 | &nbsp;&nbsp;&nbsp; 130086633 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 10539589 | &nbsp;&nbsp;&nbsp; 1003747 |
| Investments—affiliated | &nbsp;&nbsp; (54330)<br>| &nbsp;&nbsp;&nbsp; (5395)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 4090178 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (382379)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 455863 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 310114 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 2347442 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 17306477 | &nbsp;&nbsp;&nbsp; 998352 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 11243484 | &nbsp;&nbsp;&nbsp; (978339)<br>|
| Investments—affiliated | &nbsp;&nbsp; (18994)<br>| &nbsp;&nbsp;&nbsp; (15301)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (8761935)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 28362 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 1495265 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (1484123)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2502059 | &nbsp;&nbsp;&nbsp; (993640)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 19808536 | &nbsp;&nbsp;&nbsp; 4712 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $89474319 | &nbsp;&nbsp;&nbsp; $130091345 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Short Duration Bond Active ETF  | iShares <br>Short Duration Bond Active ETF  | iShares <br>Ultra Short Duration Bond Active ETF  | iShares <br>Ultra Short Duration Bond Active ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $69665783 | &nbsp;&nbsp;&nbsp; $149705912 | &nbsp;&nbsp;&nbsp; $130086633 | &nbsp;&nbsp;&nbsp; $299271761 |
| Net realized gain | &nbsp;&nbsp; 17306477 | &nbsp;&nbsp;&nbsp; 10820049 | &nbsp;&nbsp;&nbsp; 998352 | &nbsp;&nbsp;&nbsp; 832673 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2502059 | &nbsp;&nbsp;&nbsp; 46835031 | &nbsp;&nbsp;&nbsp; (993640)<br>| &nbsp;&nbsp;&nbsp; 34912696 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 89474319 | &nbsp;&nbsp;&nbsp; 207360992 | &nbsp;&nbsp;&nbsp; 130091345 | &nbsp;&nbsp;&nbsp; 335017130 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (73607664 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (156915541)<br>| &nbsp;&nbsp;&nbsp; (131293445 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (304374014)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 296481710 | &nbsp;&nbsp;&nbsp; (259447864)<br>| &nbsp;&nbsp;&nbsp; 473210618 | &nbsp;&nbsp;&nbsp; (741291296)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 312348365 | &nbsp;&nbsp;&nbsp; (209002413)<br>| &nbsp;&nbsp;&nbsp; 472008518 | &nbsp;&nbsp;&nbsp; (710648180)<br>|
| Beginning of period | &nbsp;&nbsp; 2915952889 | &nbsp;&nbsp;&nbsp; 3124955302 | &nbsp;&nbsp;&nbsp; 5521604891 | &nbsp;&nbsp;&nbsp; 6232253071 |
| End of period | &nbsp;&nbsp; $3228301254 | &nbsp;&nbsp;&nbsp; $2915952889 | &nbsp;&nbsp;&nbsp; $5993613409 | &nbsp;&nbsp;&nbsp; $5521604891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Short Duration Bond Active ETF  | iShares Short Duration Bond Active ETF  | iShares Short Duration Bond Active ETF  | iShares Short Duration Bond Active ETF  | iShares Short Duration Bond Active ETF  | iShares Short Duration Bond Active ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.76 | &nbsp;&nbsp;&nbsp; $49.92 | &nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $50.15 | &nbsp;&nbsp;&nbsp; $50.36 |
| Net investment income<sup>(a)</sup> | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net increase (decrease) from investment operations | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.23 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.00 | &nbsp;&nbsp;&nbsp; $50.76 | &nbsp;&nbsp;&nbsp; $49.92 | &nbsp;&nbsp;&nbsp; $49.16 | &nbsp;&nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $50.15 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.67<br> %<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Total expenses after fees waived | 0.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 4.61 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3228301 | &nbsp;&nbsp;&nbsp; $2915953 | &nbsp;&nbsp;&nbsp; $3124955 | &nbsp;&nbsp;&nbsp; $4230166 | &nbsp;&nbsp;&nbsp; $4854200 | &nbsp;&nbsp;&nbsp; $4397750 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 67 %<sup>(j)</sup><br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Ultra Short Duration Bond Active ETF  | iShares Ultra Short Duration Bond Active ETF  | iShares Ultra Short Duration Bond Active ETF  | iShares Ultra Short Duration Bond Active ETF  | iShares Ultra Short Duration Bond Active ETF  | iShares Ultra Short Duration Bond Active ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.68 | &nbsp;&nbsp;&nbsp; $50.40 | &nbsp;&nbsp;&nbsp; $49.99 | &nbsp;&nbsp;&nbsp; $50.45 | &nbsp;&nbsp;&nbsp; $50.54 | &nbsp;&nbsp;&nbsp; $50.41 |
| Net investment income<sup>(a)</sup> | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net increase from investment operations | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.21 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.66 | &nbsp;&nbsp;&nbsp; $50.68 | &nbsp;&nbsp;&nbsp; $50.40 | &nbsp;&nbsp;&nbsp; $49.99 | &nbsp;&nbsp;&nbsp; $50.45 | &nbsp;&nbsp;&nbsp; $50.54 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.40 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.08 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Net investment income | 4.77 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5993613 | &nbsp;&nbsp;&nbsp; $5521605 | &nbsp;&nbsp;&nbsp; $6232253 | &nbsp;&nbsp;&nbsp; $7053541 | &nbsp;&nbsp;&nbsp; $5806662 | &nbsp;&nbsp;&nbsp; $4922726 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares U.S. ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust 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"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Short Duration Bond Active Diversified <br> Ultra Short Duration Bond Active<sup>(a)</sup> Diversified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Formerly the iShares Ultra Short Duration Bond Active ETF.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure 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. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) 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 Statements 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 "Foreign Taxes Withheld", 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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**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) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***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. 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. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange ("NYSE") based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements are valued at amortized cost, which approximates market value.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to 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.

***4. SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Repurchase Agreements:** Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund's obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the open repurchase agreements as of April 30, 2025 which are subject to offset under an MRA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Market Value of* <br>*Repurchase* <br>*Agreements*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received at value*<br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral* <br>*Received* <br>*at Fair Value*<br>| *Net Amount* |
| Ultra Short Duration Bond Active |  |  |  |  |
| Bank of America Securities Inc. | &nbsp;&nbsp; $73750000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $73750000 | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas | &nbsp;&nbsp; 46750000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46750000 | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp; — |
| Duetsche Bank Co. LLC | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA Inc. | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Co. LLC | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities | &nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $422500000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $422500000 | &nbsp;&nbsp;&nbsp; $— |

---

**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 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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Short Duration Bond Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $11123166 | &nbsp;&nbsp;&nbsp; $(11123166) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 259796 | &nbsp;&nbsp;&nbsp; (259796) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 2642763 | &nbsp;&nbsp;&nbsp; (2642763) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 957265 | &nbsp;&nbsp;&nbsp; (957265) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 54830 | &nbsp;&nbsp;&nbsp; (54830) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 114693 | &nbsp;&nbsp;&nbsp; (114693) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 9611407 | &nbsp;&nbsp;&nbsp; (9611407) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3715676 | &nbsp;&nbsp;&nbsp; (3715676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 4596390 | &nbsp;&nbsp;&nbsp; (4596390) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 396979 | &nbsp;&nbsp;&nbsp; (396979) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 26913826 | &nbsp;&nbsp;&nbsp; (26913826) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 297063 | &nbsp;&nbsp;&nbsp; (297063) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 7828100 | &nbsp;&nbsp;&nbsp; (7828100) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 2514609 | &nbsp;&nbsp;&nbsp; (2514609) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 378683 | &nbsp;&nbsp;&nbsp; (378683) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 557940 | &nbsp;&nbsp;&nbsp; (557940) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 63471 | &nbsp;&nbsp;&nbsp; (63471) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 87226 | &nbsp;&nbsp;&nbsp; (87226) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $72113883 | &nbsp;&nbsp;&nbsp; $(72113883) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Ultra Short Duration Bond Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $4385110 | &nbsp;&nbsp;&nbsp; $(4385110) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 14659250 | &nbsp;&nbsp;&nbsp; (14659250) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 595516 | &nbsp;&nbsp;&nbsp; (595516) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 5777124 | &nbsp;&nbsp;&nbsp; (5777124) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 12095217 | &nbsp;&nbsp;&nbsp; (12095217) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 101584 | &nbsp;&nbsp;&nbsp; (101584) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 18525500 | &nbsp;&nbsp;&nbsp; (18525500) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley and Co LLC | &nbsp;&nbsp; 4752357 | &nbsp;&nbsp;&nbsp; (4752357) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 1968108 | &nbsp;&nbsp;&nbsp; (1968108) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 22899738 | &nbsp;&nbsp;&nbsp; (22899738) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1601679 | &nbsp;&nbsp;&nbsp; (1601679) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 6228234 | &nbsp;&nbsp;&nbsp; (6228234) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $93589417 | &nbsp;&nbsp;&nbsp; $(93589417) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, 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 Statements 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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent 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.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("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 trustees).

For its investment advisory services to each of the following Funds, 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 Fees* |
| Short Duration Bond Active | 0.25% |
| Ultra Short Duration Bond Active | 0.08 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Short Duration Bond Active ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 28, 2030 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Short Duration Bond Active | &nbsp;&nbsp; $14342 |

---

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the BlackRock Ultra Short-Term Bond ETF.

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission ("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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

year 85% 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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Short Duration Bond Active | &nbsp;&nbsp; $51134 |
| Ultra Short Duration Bond Active | &nbsp;&nbsp; 50968 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** 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 Statements of Operations.

***7. PURCHASES AND SALES***

For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Short Duration Bond Active | &nbsp;&nbsp; $2884271890 | &nbsp;&nbsp;&nbsp; $3069129631 | &nbsp;&nbsp;&nbsp; $1064026539 | &nbsp;&nbsp;&nbsp; $614181527 |
| Ultra Short Duration Bond Active | &nbsp;&nbsp; 41097626 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 844799726 | &nbsp;&nbsp;&nbsp; 477776587 |

---

For the six months ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Short Duration Bond Active | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16944038 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of October 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| Short Duration Bond Active | &nbsp;&nbsp; $(32712416)<br>|
| Ultra Short Duration Bond Active | &nbsp;&nbsp; (4031985)<br>|

---

As of April 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Duration Bond Active | &nbsp;&nbsp; $3376250507 | &nbsp;&nbsp;&nbsp; $45299355 | &nbsp;&nbsp;&nbsp; $(21185348) | &nbsp;&nbsp;&nbsp; $24114007 |
| Ultra Short Duration Bond Active | &nbsp;&nbsp; 6127288756 | &nbsp;&nbsp;&nbsp; 10360741 | &nbsp;&nbsp;&nbsp; (1743983) | &nbsp;&nbsp;&nbsp; 8616758 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. 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 each 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in high yield securities. 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10. 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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Short Duration Bond Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp; $359731264 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $55761129 |
| Shares redeemed | &nbsp;&nbsp; (1250000)<br>| &nbsp;&nbsp;&nbsp; (63249554)<br>| &nbsp;&nbsp;&nbsp; (6250000)<br>| &nbsp;&nbsp;&nbsp; (315208993)<br>|
|  | &nbsp;&nbsp; 5850000 | &nbsp;&nbsp;&nbsp; $296481710 | &nbsp;&nbsp;&nbsp; (5150000)<br>| &nbsp;&nbsp;&nbsp; $(259447864)<br>|
| Ultra Short Duration Bond Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 19050000 | &nbsp;&nbsp;&nbsp; $963374053 | &nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp; $348710548 |
| Shares redeemed | &nbsp;&nbsp; (9700000)<br>| &nbsp;&nbsp;&nbsp; (490163435)<br>| &nbsp;&nbsp;&nbsp; (21600000)<br>| &nbsp;&nbsp;&nbsp; (1090001844)<br>|
|  | &nbsp;&nbsp; 9350000 | &nbsp;&nbsp;&nbsp; $473210618 | &nbsp;&nbsp;&nbsp; (14700000)<br>| &nbsp;&nbsp;&nbsp; $(741291296)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 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").©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g915935imge2853feb2.gif)

![](g915935img5c478a0c3.gif)

------

April 30, 2025

![](g915935img610a82a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares U.S. ETF Trust** |
| • iShares Inflation Hedged Corporate Bond ETF \| LQDI \| Cboe BZX Exchange |
| • iShares Inflation Hedged High Yield Bond ETF \| HYGI \| NYSE Arca |
| • iShares Inflation Hedged U.S. Aggregate Bond ETF \| AGIH \| NYSE Arca |
| • iShares Interest Rate Hedged Corporate Bond ETF \| LQDH \| NYSE Arca |
| • iShares Interest Rate Hedged High Yield Bond ETF \| HYGH \| NYSE Arca |
| • iShares Interest Rate Hedged Long-Term Corporate Bond ETF \| IGBH \| NYSE Arca |
| • iShares Interest Rate Hedged U.S. Aggregate Bond ETF \| AGRH \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 57 |
| [Statements of Operations](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 59 |
| [Statements of Changes in Net Assets](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 61 |
| [Financial Highlights](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_FS-Footer-iSharesReport_9)  | &nbsp;&nbsp; 65 |
| [Notes to Financial Statements](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 72 |
| [Additional Information](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_SAI-Footer-iSharesReport-435_1)  | &nbsp;&nbsp; 82 |
| [Glossary of Terms Used in these Financial Statements](#xx_7e6b8b6d-e858-4b4bvj-a723-3afd88cd3be7_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 83 |
| [Additional Financial Information](#xx_6f32d004-ab5d-4a10-8071-e03b02930ab8_LTMb-Continued-156_1)  | &nbsp;&nbsp; 84 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 94.2%** | **Exchange-Traded Funds — 94.2%** | **Exchange-Traded Funds — 94.2%** |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 788986 | $85194708 |
| **Total Investment Companies** <br>**(Cost: $87,264,293)** | **Total Investment Companies** <br>**(Cost: $87,264,293)** | 85194708 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 47.3%** | **Money Market Funds — 47.3%** | **Money Market Funds — 47.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 41683936 | 41700610 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1110000 | 1110000 |
| **Total Short-Term Securities — 47.3%** <br>**(Cost: $42,811,007)** | **Total Short-Term Securities — 47.3%** <br>**(Cost: $42,811,007)** | 42810610 |
| **Total Investments in Securities — 141.5%** <br>**(Cost: $130,075,300)** | **Total Investments in Securities — 141.5%** <br>**(Cost: $130,075,300)** | 128005318 |
| **Liabilities in Excess of Other Assets — (41.5)%** | **Liabilities in Excess of Other Assets — (41.5)%** | (37533423)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $90471895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $24533030 | $17173211 <br><sup>(a)</sup><br>| $— | $(2096)<br>| $(3535)<br>| $41700610 | 41683936 | $96765 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 270000 | 840000 <br><sup>(a)</sup><br>|  |  |  | 1110000 | 1110000 | 11698 |  |
| iShares iBoxx $ Investment Grade Corpo-<br> rate Bond ETF<br>| 50697788 | 39403558 | &nbsp;&nbsp; (4907473)<br>| (749251)<br>| 750086 | 85194708 | 788986 | 1520175 |  |
|  |  |  |  | $(751347) | $746551 | $128005318 |  | $1628638 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.04% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; $1653 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $1649 |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp; 13100 | &nbsp;&nbsp;&nbsp; (322)<br>| &nbsp;&nbsp;&nbsp; 13422 |
| 2.74% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 124949 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 124928 |
| 2.92% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 197532 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 197492 |
| 2.28% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 6444 | &nbsp;&nbsp;&nbsp; (117)<br>| &nbsp;&nbsp;&nbsp; 6561 |
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp; 50629 | &nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; 50832 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/08/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 1371 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1370 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/06/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 5772 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5767 |
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/05/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 29567 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 29546 |
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/17/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp; 23008 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 22993 |
| 2.66% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/01/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 70001 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 69982 |
| 2.96% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/26/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 70254 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 70226 |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/30/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 3856 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 3842 |
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/27/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 4314 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 4305 |
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2646 | &nbsp;&nbsp;&nbsp; (431)<br>| &nbsp;&nbsp;&nbsp; 3077 |
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/17/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp; 4018 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 4003 |
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/11/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 158 |
| 2.22% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/18/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 33635 | &nbsp;&nbsp;&nbsp; (458)<br>| &nbsp;&nbsp;&nbsp; 34093 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.35% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; $3230 | &nbsp;&nbsp;&nbsp; $(136)<br>| &nbsp;&nbsp;&nbsp; $3366 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 8850 | &nbsp;&nbsp;&nbsp; 46502 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 45476 |
| 2.32% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/22/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 6980 | &nbsp;&nbsp;&nbsp; 4741 | &nbsp;&nbsp;&nbsp; 2239 |
| 1.89% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/20/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 63496 | &nbsp;&nbsp;&nbsp; 7108 | &nbsp;&nbsp;&nbsp; 56388 |
| 1.90% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/20/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 73777 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 73767 |
| 2.24% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/12/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 260935 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 260889 |
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/09/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 162884 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 162850 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/07/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 206897 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 206850 |
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/19/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 45492 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 45479 |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/02/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 263663 | &nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp; 260793 |
| 2.28% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 7513 | &nbsp;&nbsp;&nbsp; (552)<br>| &nbsp;&nbsp;&nbsp; 8065 |
| 2.25% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/18/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 4078 | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; 4142 |
| 2.36% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 2529 | &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; 2616 |
| 2.60% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/30/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 901 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 901 |
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 13414 | &nbsp;&nbsp;&nbsp; (1062)<br>| &nbsp;&nbsp;&nbsp; 14476 |
| 2.55% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/30/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; (4894)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (4911)<br>|
| 2.60% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/18/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; (4376)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (4385)<br>|
| 2.29% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/22/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 7243 | &nbsp;&nbsp;&nbsp; 5352 | &nbsp;&nbsp;&nbsp; 1891 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/19/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1356 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/05/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $202 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $201 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/07/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 744 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/13/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; (371)<br>|
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/14/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; (573)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (575)<br>|
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/03/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 374 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/09/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 306 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/18/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; (1430)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (1441)<br>|
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/30/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (373)<br>|
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/26/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; (878)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (884)<br>|
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/12/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; (421)<br>| &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; (479)<br>|
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/15/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (209)<br>|
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (105)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/27/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; (4309)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (4322)<br>|
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; (3103)<br>| &nbsp;&nbsp;&nbsp; (278)<br>| &nbsp;&nbsp;&nbsp; (2825)<br>|
| 2.64% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; (3435)<br>| &nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp; (3344)<br>|
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/29/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; (3546)<br>| &nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; (4059)<br>|
| 2.55% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/17/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; (9240)<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (9259)<br>|
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/22/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; (8604)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (8618)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/11/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; (3185)<br>| &nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp; (3691)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.32% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; $4530 | &nbsp;&nbsp;&nbsp; $(426)<br>| &nbsp;&nbsp;&nbsp; $4956 |
| 2.29% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/18/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1835 |
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 159 |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/18/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; (741)<br>| &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; (582)<br>|
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/04/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 446 |
| 2.46% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp; (10237)<br>| &nbsp;&nbsp;&nbsp; (2020)<br>| &nbsp;&nbsp;&nbsp; (8217)<br>|
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/10/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; (1458)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (1461)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/13/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (1347)<br>| &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; (1573)<br>|
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/10/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; (678)<br>| &nbsp;&nbsp;&nbsp; (191)<br>| &nbsp;&nbsp;&nbsp; (487)<br>|
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/30/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; (546)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (560)<br>|
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/37 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp; 95126 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 95038 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/25/37 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 24402 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 24386 |
| 2.36% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/39 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; 330 |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/18/39 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; (5464)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp;&nbsp; (4315)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/40 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp; (22078)<br>| &nbsp;&nbsp;&nbsp; (6335)<br>| &nbsp;&nbsp;&nbsp; (15743)<br>|
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/18/40 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; (4446)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (4452)<br>|
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/29/41 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 38511 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 38492 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/29/41 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 69621 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 69583 |
| 2.38% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/16/41 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 23162 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 23158 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/05/42 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp; $27280 | &nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp; $27229 |
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/19/42 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3729 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/43 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (264)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (265)<br>|
| 2.46% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/12/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (482)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/15/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; (567)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (569)<br>|
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; (873)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (875)<br>|
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/27/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; (2407)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (2413)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (2368)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (2372)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; (1755)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>|
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/17/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; (5271)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; (5279)<br>|
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; 186 |
| 2.37% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/18/44 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp;&nbsp; (371)<br>| &nbsp;&nbsp;&nbsp; (1390)<br>|
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/45 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; (27023)<br>| &nbsp;&nbsp;&nbsp; (3741)<br>| &nbsp;&nbsp;&nbsp; (23282)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/13/45 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; (1238)<br>| &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; (1369)<br>|
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/10/45 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (432)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (403)<br>|
| 2.32% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/45 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 366 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/06/46 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2621 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/09/46 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 32111 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 32066 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.32% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/49 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; $212 | &nbsp;&nbsp;&nbsp; $(187)<br>| &nbsp;&nbsp;&nbsp; $399 |
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/24/49 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 283 |
| 2.35% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/49 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; (632)<br>| &nbsp;&nbsp;&nbsp; (339)<br>| &nbsp;&nbsp;&nbsp; (293)<br>|
| 1.83% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/18/49 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 74175 | &nbsp;&nbsp;&nbsp; (11790)<br>| &nbsp;&nbsp;&nbsp; 85965 |
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/50 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp; (15458)<br>| &nbsp;&nbsp;&nbsp; (2342)<br>| &nbsp;&nbsp;&nbsp; (13116)<br>|
| 2.29% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/30/50 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 321 |
| 1.94% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/20/50 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1660 |
| 1.95% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/20/50 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 98409 | &nbsp;&nbsp;&nbsp; 16730 | &nbsp;&nbsp;&nbsp; 81679 |
| 2.23% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/06/51 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 29745 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 29730 |
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/30/51 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 46463 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 46414 |
| 2.42% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/02/51 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 19927 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 19905 |
| 2.37% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/08/53 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (12)<br>|
| 2.35% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/06/53 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 102 |
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/03/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; (896)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (900)<br>|
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/30/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (679)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (680)<br>|
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/12/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; (1247)<br>| &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; (1462)<br>|
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; (754)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (755)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; (1137)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1139)<br>|
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/27/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; (2079)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (2082)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; $(4145)<br>| &nbsp;&nbsp;&nbsp; $(355)<br>| &nbsp;&nbsp;&nbsp; $(3790)<br>|
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/17/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (3907)<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (3912)<br>|
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/21/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (360)<br>| &nbsp;&nbsp;&nbsp; 272 |
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/24/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 2.37% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (103)<br>|
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/18/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; (5890)<br>| &nbsp;&nbsp;&nbsp; (1167)<br>| &nbsp;&nbsp;&nbsp; (4723)<br>|
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/07/55 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp; (23131)<br>| &nbsp;&nbsp;&nbsp; (2876)<br>| &nbsp;&nbsp;&nbsp; (20255)<br>|
| 2.34% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/10/55 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; (869)<br>| &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; (1200)<br>|
| 2.28% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/55 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1190 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2210964 | &nbsp;&nbsp;&nbsp; $3058 | &nbsp;&nbsp;&nbsp; $2207906 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.14% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/05/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 170 | &nbsp;&nbsp; $1668 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $1666 |
| 4.26% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/14/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (17804)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (17809)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/06/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (3577)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (3579)<br>|
| 3.25% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/06/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3465 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3463 |
| 1-Day SOFR, <br> 4.41%<br>| Annual | 4.20% | Annual | N/A | &nbsp;&nbsp; 05/06/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; (396)<br>|
| 3.17% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/09/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 21513 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 21507 |
| 2.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/15/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 13652 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 13649 |
| 3.07% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/05/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 12291 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12289 |
| 2.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/06/52 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 30944 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 30937 |
| 2.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/05/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 14571 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 14568 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $77177 | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $76295 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $41988 | &nbsp;&nbsp;&nbsp; $(38048)<br>| &nbsp;&nbsp;&nbsp; $2487994 | &nbsp;&nbsp;&nbsp; $(203793)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98079 | &nbsp;&nbsp; $2389915 | &nbsp;&nbsp; $2487994 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21784 | &nbsp;&nbsp; $182009 | &nbsp;&nbsp; $203793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8182 | &nbsp;&nbsp; $(53241)<br>| &nbsp;&nbsp; $(45059)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3575)<br>| &nbsp;&nbsp; $19485 | &nbsp;&nbsp; $15910 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $1745000 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $10000 |
| Inflation swaps: |  |
| Average notional value – pays fixed rate | &nbsp;&nbsp; $88497200 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $85194708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85194708 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged Corporate Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $42810610 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42810610 |
|  | &nbsp;&nbsp; $128005318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $128005318 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2389915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2389915 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 98079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98079 |
| Liabilities  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (182009)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (182009)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (21784)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21784)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2284201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2284201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 94.4%** | **Exchange-Traded Funds — 94.4%** | **Exchange-Traded Funds — 94.4%** |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 64126 | $5040304 |
| **Total Investment Companies** <br>**(Cost: $4,935,603)** | **Total Investment Companies** <br>**(Cost: $4,935,603)** | 5040304 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 49.3%** | **Money Market Funds — 49.3%** | **Money Market Funds — 49.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 2463701 | 2464686 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 170000 | 170000 |
| **Total Short-Term Securities — 49.3%** <br>**(Cost: $2,634,905)** | **Total Short-Term Securities — 49.3%** <br>**(Cost: $2,634,905)** | 2634686 |
| **Total Investments in Securities — 143.7%** <br>**(Cost: $7,570,508)** | **Total Investments in Securities — 143.7%** <br>**(Cost: $7,570,508)** | 7674990 |
| **Liabilities in Excess of Other Assets — (43.7)%** | **Liabilities in Excess of Other Assets — (43.7)%** | (2333711)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5341279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1227128 | $1238023 <br><sup>(a)</sup><br>| $— | $(364)<br>| $(101)<br>| $2464686 | 2463701 | $9896 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 70000 | 100000 <br><sup>(a)</sup><br>|  |  |  | 170000 | 170000 | 2349 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 2537466 | 2563437 |  |  | (60599)<br>| 5040304 | 64126 | 97435 |  |
|  |  |  |  | $(364) | $(60700) | $7674990 |  | $109680 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 3.13% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; $1315 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1314 |
| 2.74% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/07/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 253 |
| 2.09% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/11/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 2317 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2317 |
| 2.35% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/07/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 350 |
| 2.93% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 2512 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2511 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1199 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/13/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 827 |
| 2.36% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 2705 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2704 |
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 434 |
| 1.99% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/13/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 2649 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 2419 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 55 |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/24/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 85 |
| 2.90% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 2258 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2257 |
| 2.06% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/13/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 992 |
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/09/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 639 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/19/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141 |
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/27/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 4196 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4190 |
| 2.62% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/28/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; $190 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $189 |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/24/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; (29)<br>|
| 2.75% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp; 5621 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5615 |
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/09/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 72 |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/11/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 176 |
| 2.46% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/06/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210 |
| 2.71% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/07/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/19/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 327 |
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/22/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 304 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/10/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 61 |
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 323 |
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/27/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 98 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/03/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (214)<br>|
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 171 |
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 298 |
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/23/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39)<br>|
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/30/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/26/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $102 |
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (67)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; (128)<br>|
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/09/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 41 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20 |
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/06/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 13 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/27/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; (693)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (697)<br>|
| 2.35% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/16/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 165 |
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/31/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; (234)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/09/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; (121)<br>|
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/20/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $30476 | &nbsp;&nbsp;&nbsp; $718 | &nbsp;&nbsp;&nbsp; $29758 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/17/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $101 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**OTC Inflation Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.05% | At Termination | &nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NAS<br>| At Termination | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 06/24/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 508 | &nbsp;&nbsp; $7293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7293 |
| 2.82% | At Termination | &nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NAS<br>| At Termination | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 06/24/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 98 | &nbsp;&nbsp; (516)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (516)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $6777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6777 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $719 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31413 | &nbsp;&nbsp;&nbsp; $(1554)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7293 | &nbsp;&nbsp;&nbsp; (516)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $31312 | &nbsp;&nbsp; $31413 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7293 | &nbsp;&nbsp; $7293 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $38605 | &nbsp;&nbsp; $38706 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1554 | &nbsp;&nbsp; $1554 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $516 | &nbsp;&nbsp; $516 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2070 | &nbsp;&nbsp; $2070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $998 | &nbsp;&nbsp; $1723 | &nbsp;&nbsp; $2721 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(326)<br>| &nbsp;&nbsp; $27394 | &nbsp;&nbsp; $27068 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $15000 |
| Inflation swaps: |  |
| Average notional value – pays fixed rate | &nbsp;&nbsp; $3690500 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - centrally cleared | &nbsp;&nbsp; $31413 | &nbsp;&nbsp;&nbsp; $1554 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 7293 | &nbsp;&nbsp;&nbsp; 516 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 38706 | &nbsp;&nbsp;&nbsp; 2070 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (31413)<br>| &nbsp;&nbsp;&nbsp; (1554)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $7293 | &nbsp;&nbsp;&nbsp; $516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| Goldman Sachs International | &nbsp;&nbsp; $7293 | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| Goldman Sachs International | &nbsp;&nbsp; $516 | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $5040304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5040304 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2634686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2634686 |
|  | &nbsp;&nbsp; $7674990 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7674990 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged High Yield Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38605 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38605 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 |
| Liabilities  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2070)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 94.7%** | **Exchange-Traded Funds — 94.7%** | **Exchange-Traded Funds — 94.7%** |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 23758 | $2352517 |
| **Total Investment Companies** <br>**(Cost: $2,387,471)** | **Total Investment Companies** <br>**(Cost: $2,387,471)** | 2352517 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 48.2%** | **Money Market Funds — 48.2%** | **Money Market Funds — 48.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 1146087 | 1146546 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 48.2%** <br>**(Cost: $1,196,544)** | **Total Short-Term Securities — 48.2%** <br>**(Cost: $1,196,544)** | 1196546 |
| **Total Investments in Securities — 142.9%** <br>**(Cost: $3,584,015)** | **Total Investments in Securities — 142.9%** <br>**(Cost: $3,584,015)** | 3549063 |
| **Liabilities in Excess of Other Assets — (42.9)%** | **Liabilities in Excess of Other Assets — (42.9)%** | (1065416)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2483647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $1146544 <br><sup>(a)</sup><br>| $— | $— | $2 | $1146546 | 1146087 | $116 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000 | 20000 <br><sup>(a)</sup><br>|  |  |  | 50000 | 50000 | 1199 |  |
| iShares Core U.S. Aggregate Bond ETF | 2357946 |  | &nbsp;&nbsp; (19670)<br>| (488)<br>| 14729 | 2352517 | 23758 | 44959 |  |
|  |  |  |  | $(488) | $14731 | $3549063 |  | $46274 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 3.05% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; $909 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $908 |
| 2.24% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77 |
| 2.76% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/07/25 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 664 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; $408 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $408 |
| 2.42% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/26/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 2283 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2282 |
| 2.41% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 248 |
| 2.26% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 519 |
| 2.26% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/30/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 422 |
| 2.82% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/24/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 176 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/05/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 253 |
| 2.27% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/27/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 688 |
| 2.65% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/12/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159 |
| 2.68% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/14/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; 79 |
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/17/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 176 |
| 2.89% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/04/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81 |
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/06/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 1452 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1452 |
| 2.71% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 28 |
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/05/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 1061 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/06/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 361 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/05/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 81 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/10/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 33 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/25/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 558 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/26/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $161 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $161 |
| 2.64% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/31/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (46)<br>|
| 2.48% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 03/19/31 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 87 |
| 2.64% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/05/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 2451 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/07/32 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; (604)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (605)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/12/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (73)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/08/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; (248)<br>| &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (25)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/33 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 2.58% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/05/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (248)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (248)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 05/07/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (344)<br>|
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/06/34 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (98)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 01/09/35 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; (138)<br>|
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/11/37 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1241 |
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/12/37 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 554 |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/15/39 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (126)<br>|
| 2.60% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/24/40 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (474)<br>|
| 2.44% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/05/42 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp; (620)<br>| &nbsp;&nbsp;&nbsp; 2612 |
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 02/07/43 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/43 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.38% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/14/47 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; $81 | &nbsp;&nbsp;&nbsp; $(214)<br>| &nbsp;&nbsp;&nbsp; $295 |
| 2.34% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/21/47 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 184 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 08/07/48 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (332)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (332)<br>|
| 2.38% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/05/49 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (66)<br>|
| 2.40% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/05/52 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; 598 |
| 2.46% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 06/26/53 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (218)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/29/53 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (148)<br>|
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 10/09/54 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (216)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $14649 | &nbsp;&nbsp;&nbsp; $(1132)<br>| &nbsp;&nbsp;&nbsp; $15781 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 4.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/06/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $(453)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(453)<br>|
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/06/42 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26)<br>|

---

**OTC Inflation Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.05% | At Termination | &nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NAS<br>| At Termination | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 06/24/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 315 | &nbsp;&nbsp; $4523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4523 |
| 2.86% | At Termination | &nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NAS<br>| At Termination | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 06/24/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 2388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2388 |
| 2.55% | At Termination | &nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NAS<br>| At Termination | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 06/24/47 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (473)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $6438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6438 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $265 | &nbsp;&nbsp;&nbsp; $(1397)<br>| &nbsp;&nbsp;&nbsp; $19418 | &nbsp;&nbsp;&nbsp; $(3663)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6911 | &nbsp;&nbsp;&nbsp; (473)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $427 | &nbsp;&nbsp; $18991 | &nbsp;&nbsp; $19418 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6911 | &nbsp;&nbsp; $6911 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $427 | &nbsp;&nbsp; $25902 | &nbsp;&nbsp; $26329 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $453 | &nbsp;&nbsp; $3210 | &nbsp;&nbsp; $3663 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $473 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $453 | &nbsp;&nbsp; $3683 | &nbsp;&nbsp; $4136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Inflation* <br>*Linked* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1071 | &nbsp;&nbsp; $(471)<br>| &nbsp;&nbsp; $600 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $6936 | &nbsp;&nbsp; $6929 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $15000 |
| Inflation swaps: |  |
| Average notional value – pays fixed rate | &nbsp;&nbsp; $2333750 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - centrally cleared | &nbsp;&nbsp; $19418 | &nbsp;&nbsp;&nbsp; $3663 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 6911 | &nbsp;&nbsp;&nbsp; 473 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 26329 | &nbsp;&nbsp;&nbsp; 4136 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (19418)<br>| &nbsp;&nbsp;&nbsp; (3663)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $6911 | &nbsp;&nbsp;&nbsp; $473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| Goldman Sachs International | &nbsp;&nbsp; $6911 | &nbsp;&nbsp; $(473)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| Goldman Sachs International | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $(473)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $2352517 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2352517 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1196546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1196546 |
|  | &nbsp;&nbsp; $3549063 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3549063 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25902 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 |
| Liabilities  |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (3683)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3683)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Inflation Hedged U.S. Aggregate Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(453)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(453)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 94.5%** | **Exchange-Traded Funds — 94.5%** | **Exchange-Traded Funds — 94.5%** |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3973187 | $429024732 |
| **Total Investment Companies** <br>**(Cost: $429,471,187)** | **Total Investment Companies** <br>**(Cost: $429,471,187)** | 429024732 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 52.2%** | **Money Market Funds — 52.2%** | **Money Market Funds — 52.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.46%<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 211452986 | 211537568 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, <br>4.30%<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 25300000 | 25300000 |
| **Total Short-Term Securities — 52.2%** <br>**(Cost: $236,829,274)** | **Total Short-Term Securities — 52.2%** <br>**(Cost: $236,829,274)** | 236837568 |
| **Total Investments in Securities — 146.7%** <br>**(Cost: $666,300,461)** | **Total Investments in Securities — 146.7%** <br>**(Cost: $666,300,461)** | 665862300 |
| **Liabilities in Excess of Other Assets — (46.7)%** | **Liabilities in Excess of Other Assets — (46.7)%** | (212042709)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $453819591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $196944950 | $14647677 <br><sup>(a)</sup><br>| $— | $(17092)<br>| $(37967)<br>| $211537568 | 211452986 | $624496 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 22640000 | 2660000 <br><sup>(a)</sup><br>|  |  |  | 25300000 | 25300000 | 589214 |  |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| 404042278 | 130350727 | &nbsp;&nbsp; (100485328)<br>| 1334932 | (6217877)<br>| 429024732 | 3973187 | 9707372 |  |
|  |  |  |  | $1317840 | $(6255844) | $665862300 |  | $10921082 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 0.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10900 | &nbsp;&nbsp; $191169 | &nbsp;&nbsp; $201773 | &nbsp;&nbsp; $(10604)<br>|
| 1.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/07/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 145575 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 145563 |
| 0.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/22/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 55232 | &nbsp;&nbsp; 3583227 | &nbsp;&nbsp; 4305225 | &nbsp;&nbsp; (721998)<br>|
| 3.55% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (14368)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (14384)<br>|
| 1.19% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 22300 | &nbsp;&nbsp; 1536051 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 1535906 |
| 3.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; (4752)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (4764)<br>|
| 3.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6309 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 6292 |
| 3.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 10840 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 10822 |
| 3.21% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 11399 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11377 |
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (41932)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (41959)<br>|
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; (66740)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; (66780)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (49979)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (50006)<br>|
| 3.85% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/05/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (21789)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (21798)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (119786)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; (119840)<br>|
| 3.96% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (136895)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; (136942)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/10/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (56950)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (56968)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/12/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (63197)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (63216)<br>|
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/05/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (30833)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (30852)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (20696)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (20705)<br>|
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/14/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (80345)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; (80383)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (33894)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (33913)<br>|
| 3.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (34008)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; (34037)<br>|
| 0.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 25400 | &nbsp;&nbsp; 3295662 | &nbsp;&nbsp; 3606469 | &nbsp;&nbsp; (310807)<br>|
| 1.22% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/12/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 13180 | &nbsp;&nbsp; 1508687 | &nbsp;&nbsp; 1662847 | &nbsp;&nbsp; (154160)<br>|
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/20/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (53853)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (53876)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (42634)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (42657)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (18989)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (19001)<br>|
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (27069)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (27081)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/02/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; $(25108)<br>| &nbsp;&nbsp; $12 | &nbsp;&nbsp; $(25120)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (68342)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (68365)<br>|
| 4.14% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/13/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (39733)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (39745)<br>|
| 4.07% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/20/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (35940)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (35952)<br>|
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/06/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (64888)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (64912)<br>|
| 4.09% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/03/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (93453)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; (93483)<br>|
| 1.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/23/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 136571 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 136561 |
| 1.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/23/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 612081 | &nbsp;&nbsp; 669648 | &nbsp;&nbsp; (57567)<br>|
| 3.23% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 33687 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 33650 |
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 13299 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13286 |
| 3.29% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 16926 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 16901 |
| 3.57% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (11050)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (11070)<br>|
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (58927)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; (58978)<br>|
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (50149)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; (50187)<br>|
| 3.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/05/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (23251)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (23263)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; (68097)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; (68142)<br>|
| 1.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 2388705 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 2388490 |
| 1.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/17/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 398578 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 398542 |
| 3.96% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (183473)<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; (183552)<br>|
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/25/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (39155)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (39171)<br>|
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/05/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (57118)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; (57171)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (15925)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (15934)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/14/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; (31414)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (31433)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (31503)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (31530)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (17715)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (17729)<br>|
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (32136)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; (32170)<br>|
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/21/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (28015)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (28042)<br>|
| 3.63% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (10161)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (10175)<br>|
| 3.42% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/24/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 7946 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7933 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.55% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; $(1356)<br>| &nbsp;&nbsp; $21 | &nbsp;&nbsp; $(1377)<br>|
| 3.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/18/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (2521)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (2543)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/22/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (23193)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (23202)<br>|
| 3.51% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/28/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 3058 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3046 |
| 3.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (2678)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (2685)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/24/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (24028)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; (24059)<br>|
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/25/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (15738)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (15754)<br>|
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (18322)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; (18360)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (12262)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (12273)<br>|
| 3.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/26/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (11567)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (11573)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; (18298)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (18319)<br>|
| 3.71% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (10876)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (10892)<br>|
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (22915)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (22931)<br>|
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/02/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (22786)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (22804)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (31706)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (31722)<br>|
| 3.96% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/06/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (29031)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (29047)<br>|
| 3.90% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (24857)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (24873)<br>|
| 3.37% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 17678 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17662 |
| 3.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 52720 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 52688 |
| 3.25% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 27795 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 27778 |
| 3.29% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 24442 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 24425 |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 20641 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 20624 |
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (19367)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (19400)<br>|
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (10400)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (10417)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (25300)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (25333)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; (22088)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (22115)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/04/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (13474)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (13499)<br>|
| 3.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/05/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; (34433)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; (34492)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (13190)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (13200)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; $(15704)<br>| &nbsp;&nbsp; $17 | &nbsp;&nbsp; $(15721)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (26825)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; (26860)<br>|
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/21/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; (21101)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (21123)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (11317)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (11334)<br>|
| 0.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 6194782 | &nbsp;&nbsp; 5930296 | &nbsp;&nbsp; 264486 |
| 1.35% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 1428753 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 1428644 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/18/38 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 24267 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24248 |
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/25/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (3306)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (3318)<br>|
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (1758)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (1768)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (2544)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (2554)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1270 |
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3117 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3107 |
| 3.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (7480)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (7494)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/02/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (2029)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (2037)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/13/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (13106)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (13114)<br>|
| 4.01% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/20/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (12376)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (12386)<br>|
| 3.90% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (8590)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (8605)<br>|
| 3.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 33813 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 33793 |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 51200 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 51179 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 20835 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 20827 |
| 3.31% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/11/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 43233 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 43216 |
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/23/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (183)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (203)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (247)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (261)<br>|
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (3047)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (3072)<br>|
| 3.90% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/05/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (8000)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (8014)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (100)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/04/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 5580 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5559 |
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/05/40 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 242 |
| 1.11% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/40 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20700 | &nbsp;&nbsp; 6633365 | &nbsp;&nbsp; 5856913 | &nbsp;&nbsp; 776452 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.47% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/18/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; $62428 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $62397 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/31/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 11546 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 11520 |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/14/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3719 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/28/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 47206 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 47179 |
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/24/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 14989 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 14962 |
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 5227 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 5214 |
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4551 |
| 3.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/26/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (3623)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (3637)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/15/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 6279 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6265 |
| 3.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (801)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (820)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/02/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3113 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3105 |
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 905 |
| 3.41% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 25685 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 25674 |
| 3.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/05/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 29356 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 29342 |
| 3.35% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 72819 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 72792 |
| 3.35% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 14570 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 14564 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 45157 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 45140 |
| 3.41% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 97182 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 97141 |
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/14/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 27023 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26995 |
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 13284 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 13242 |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 5466 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 5446 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 10761 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10739 |
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (2011)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (2038)<br>|
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/05/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 7026 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 7004 |
| 0.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/30/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 19747 | &nbsp;&nbsp; 8342304 | &nbsp;&nbsp; 7139258 | &nbsp;&nbsp; 1203046 |
| 3.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (7566)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (7585)<br>|
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 16847 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 16834 |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 58535 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 58512 |
| 3.39% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/05/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 45733 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45714 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; $111737 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $111698 |
| 3.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/10/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 37057 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 37044 |
| 3.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 66155 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 66132 |
| 3.35% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 81595 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 81562 |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 39049 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 39016 |
| 3.92% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; (3406)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (3417)<br>|
| 1.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/18/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 16655 | &nbsp;&nbsp; 7582994 | &nbsp;&nbsp; 6178715 | &nbsp;&nbsp; 1404279 |
| 1.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 14550 | &nbsp;&nbsp; 6340716 | &nbsp;&nbsp; 5097256 | &nbsp;&nbsp; 1243460 |
| 1.29% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/07/51 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 1584224 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 1584103 |
| 3.13% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/27/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 109099 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 109072 |
| 3.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 136397 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 136360 |
| 3.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 97231 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 97197 |
| 3.35% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/28/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 58479 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 58454 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 27133 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 27116 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/19/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 22167 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22147 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/25/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 19899 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 19875 |
| 3.51% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 33135 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 33114 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 26446 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 26422 |
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 19612 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 19591 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 18279 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 18267 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 35962 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 35931 |
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/25/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 7541 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 7527 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5444 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5437 |
| 3.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 13552 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 13531 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/02/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 7520 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7513 |
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/04/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 7117 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 7100 |
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/20/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2010 |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/23/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 567 |
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 12682 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 12664 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; $86249 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $86214 |
| 3.25% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 40064 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 40050 |
| 3.31% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/05/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 135830 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 135777 |
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/09/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 87460 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 87432 |
| 3.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/11/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 101963 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 101931 |
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 55238 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 55220 |
| 3.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/25/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 90203 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 90169 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 52040 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 52019 |
| 3.55% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 48581 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 48545 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 33593 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 33547 |
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 19883 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 19855 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 26459 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26434 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 17248 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 17209 |
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/17/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 18208 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 18137 |
| 3.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (3527)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (3545)<br>|
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/10/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; (932)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; (978)<br>|
| 3.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (2186)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (2204)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3977 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 3962 |
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 1499 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1481 |
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (5657)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (5678)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $52295570 | &nbsp;&nbsp; $40652986 | &nbsp;&nbsp; $11642584 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $40652986 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15381742 | &nbsp;&nbsp;&nbsp; $(3739158)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Corporate Bond ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15381742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15381742 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3739158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3739158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(446083)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(446083)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2983191)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2983191)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $489739000 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $429024732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $429024732 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 236837568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 236837568 |
|  | &nbsp;&nbsp; $665862300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $665862300 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15381742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15381742 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (3739158)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3739158)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11642584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11642584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 95.8%** | **Exchange-Traded Funds — 95.8%** | **Exchange-Traded Funds — 95.8%** |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 4825321 | $379270231 |
| **Total Investment Companies** <br>**(Cost: $375,863,449)** | **Total Investment Companies** <br>**(Cost: $375,863,449)** | 379270231 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 48.4%** | **Money Market Funds — 48.4%** | **Money Market Funds — 48.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 182663456 | 182736521 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8650000 | 8650000 |
| **Total Short-Term Securities — 48.4%** <br>**(Cost: $191,389,411)** | **Total Short-Term Securities — 48.4%** <br>**(Cost: $191,389,411)** | 191386521 |
| **Total Investments in Securities — 144.2%** <br>**(Cost: $567,252,860)** | **Total Investments in Securities — 144.2%** <br>**(Cost: $567,252,860)** | 570656752 |
| **Liabilities in Excess of Other Assets — (44.2)%** | **Liabilities in Excess of Other Assets — (44.2)%** | (175018176)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $395638576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $148698413 | $34093387 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(24201)<br>| $(31078)<br>| $182736521 | 182663456 | $1182425 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 11590000 |  | &nbsp;&nbsp; (2940000 )<sup>(a)</sup><br>|  |  | 8650000 | 8650000 | 289364 |  |
| iShares iBoxx $ High Yield Corporate <br> Bond ETF<br>| 316659558 | 123715291 | &nbsp;&nbsp; (56740948)<br>| 1893209 | (6256879)<br>| 379270231 | 4825321 | 10939895 |  |
|  |  |  |  | $1869008 | $(6287957) | $570656752 |  | $12411684 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 0.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 16400 | &nbsp;&nbsp; $238859 | &nbsp;&nbsp; $263096 | &nbsp;&nbsp; $(24237)<br>|
| 3.74% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 16598 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16594 |
| 4.18% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 10/25/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 27 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.17% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 12/09/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; $(1225)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(1227)<br>|
| 4.16% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (3341)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3345)<br>|
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2928 |
| 4.14% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (10006)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (10014)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 627 |
| 4.23% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 02/19/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (18775)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (18783)<br>|
| 4.19% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (11212)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (11218)<br>|
| 0.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/17/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 38612 | &nbsp;&nbsp; 48644 | &nbsp;&nbsp; (10032)<br>|
| 4.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (24553)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (24565)<br>|
| 4.29% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/09/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (21213)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (21221)<br>|
| 4.41% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/31/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (16095)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (16101)<br>|
| 0.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/29/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 106175 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 106167 |
| 1.13% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 269267 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 269245 |
| 1.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/23/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 16402 | &nbsp;&nbsp; 22713 | &nbsp;&nbsp; (6311)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (9253)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (9260)<br>|
| 1.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3776 | &nbsp;&nbsp; 131515 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 131502 |
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (7692)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (7696)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (9229)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (9233)<br>|
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/05/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (17342)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (17357)<br>|
| 1.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/09/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 59798 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 59791 |
| 4.01% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/09/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (10162)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (10167)<br>|
| 4.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (33738)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (33753)<br>|
| 1.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/28/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 35310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 35306 |
| 4.22% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/06/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (14602)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (14605)<br>|
| 4.46% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/23/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (43723)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (43730)<br>|
| 4.43% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/13/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (66263)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (66274)<br>|
| 4.25% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/20/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (37141)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (37148)<br>|
| 4.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/27/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (57152)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (57163)<br>|
| 4.39% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (130759)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (130780)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.19% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/09/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; $(53191)<br>| &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(53202)<br>|
| 2.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/15/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4564 |
| 3.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/08/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (30989)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (31008)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/25/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (21875)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (21883)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (23106)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (23114)<br>|
| 3.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/01/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (26135)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (26143)<br>|
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (68972)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (68992)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/22/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (103671)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (103696)<br>|
| 3.92% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/02/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4645 | &nbsp;&nbsp; (69883)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (69902)<br>|
| 3.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/16/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (62210)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (62226)<br>|
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/19/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (103869)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (103894)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/02/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (94857)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (94878)<br>|
| 4.01% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (93600)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (93622)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/25/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; (29738)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (29745)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/19/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (39439)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (39462)<br>|
| 1.42% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/07/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 9450 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 694269 | &nbsp;&nbsp; (199269)<br>|
| 1.23% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/08/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 350340 | &nbsp;&nbsp; 475560 | &nbsp;&nbsp; (125220)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/27/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (28803)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (28816)<br>|
| 3.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/09/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (20113)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (20119)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/31/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (35621)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (35631)<br>|
| 1.12% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/03/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 134919 | &nbsp;&nbsp; 178098 | &nbsp;&nbsp; (43179)<br>|
| 4.39% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/27/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (52869)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (52880)<br>|
| 4.46% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/29/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; (130813)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (130837)<br>|
| 1.14% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 174847 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 174831 |
| 1.21% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 143264 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 143250 |
| 1.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 293649 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 293617 |
| 3.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (13817)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (13825)<br>|
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/18/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (18832)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (18844)<br>|
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (17886)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (17893)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/27/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; $289705 | &nbsp;&nbsp; $33 | &nbsp;&nbsp; $289672 |
| 3.55% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/05/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (17968)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (17983)<br>|
| 3.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (60068)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (60091)<br>|
| 4.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/26/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (54715)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (54730)<br>|
| 1.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/28/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 19938 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 19935 |
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (42532)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (42547)<br>|
| 1.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/11/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 48783 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 48777 |
| 4.11% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/20/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (58658)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (58673)<br>|
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/27/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (51434)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (51450)<br>|
| 4.09% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/03/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (58082)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (58098)<br>|
| 4.14% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/09/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (61470)<br>| &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; (61432)<br>|
| 4.23% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/13/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (70067)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (70083)<br>|
| 4.10% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/06/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (30483)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (30491)<br>|
| 4.17% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/13/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (49464)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (49476)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/26/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (52686)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (52703)<br>|
| 4.16% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/03/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; (165795)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; (165836)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/08/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (86645)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (86670)<br>|
| 3.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/09/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (24964)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (24972)<br>|
| 2.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/15/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 8979 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 8976 |
| 3.10% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/12/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 7045 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7038 |
| 3.44% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/22/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (2502)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (2507)<br>|
| 3.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/08/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; (18175)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (18199)<br>|
| 3.57% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/21/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (41052)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; (41088)<br>|
| 3.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (68842)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; (68877)<br>|
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/01/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; (67472)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; (67503)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (59642)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (59669)<br>|
| 3.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/22/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (76594)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; (76621)<br>|
| 3.37% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/02/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 450 | &nbsp;&nbsp; (787)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (791)<br>|
| 3.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/09/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (21198)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (21208)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.85% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/16/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; $(44553)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $(44571)<br>|
| 3.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/19/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (154186)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; (154241)<br>|
| 4.09% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; (195966)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; (196022)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/02/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (30188)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (30197)<br>|
| 3.29% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2675 |
| 4.09% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (49190)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (49204)<br>|
| 3.16% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 9176 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9164 |
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/25/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (42972)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (42986)<br>|
| 0.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 1221069 | &nbsp;&nbsp; 1460894 | &nbsp;&nbsp; (239825)<br>|
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (37263)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (37287)<br>|
| 3.55% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (28743)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; (28772)<br>|
| 3.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/24/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (4683)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (4694)<br>|
| 3.54% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (6240)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (6248)<br>|
| 3.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/27/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; (14417)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (14430)<br>|
| 3.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/09/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; (50195)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (50219)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/18/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (15864)<br>| &nbsp;&nbsp; (611)<br>| &nbsp;&nbsp; (15253)<br>|
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/31/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (39979)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (39995)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/15/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (32845)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (32856)<br>|
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (6863)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (6875)<br>|
| 3.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (13356)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (13367)<br>|
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/18/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (12969)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (12980)<br>|
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (9888)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (9893)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/09/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (18425)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (18437)<br>|
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (22073)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (22085)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/06/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (25499)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (25511)<br>|
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (25580)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (25594)<br>|
| 4.01% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/20/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (48666)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (48683)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; (57999)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (58019)<br>|
| 1.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/04/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2814 | &nbsp;&nbsp; 282818 | &nbsp;&nbsp; 344914 | &nbsp;&nbsp; (62096)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/06/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; $(48666)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $(48684)<br>|
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/20/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (25056)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (25069)<br>|
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/26/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (25992)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (26004)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/09/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (38303)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (38322)<br>|
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/15/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (19666)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (19679)<br>|
| 3.21% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/26/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 19669 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19650 |
| 3.47% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/08/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (4220)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (4245)<br>|
| 1.36% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/20/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 100274 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 100265 |
| 3.58% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/21/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; (9624)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (9639)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; (24599)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (24618)<br>|
| 3.77% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/01/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; (32837)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (32858)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (19456)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (19469)<br>|
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (67978)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; (68016)<br>|
| 1.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/30/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 139920 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 139907 |
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/19/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (81996)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; (82035)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (75509)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; (75535)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/02/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; (48373)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (48391)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/07/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (37345)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (37358)<br>|
| 1.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 37776 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 37773 |
| 1.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; 223484 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 223460 |
| 4.09% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; (64736)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (64759)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/25/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; (35759)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (35773)<br>|
| 1.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/28/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 10197 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10196 |
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/19/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (61903)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; (61944)<br>|
| 3.63% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (25799)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (25832)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/16/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; (31386)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (31414)<br>|
| 2.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/23/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 7073 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7071 |
| 3.37% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/27/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2802 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2798 |
| 3.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1203 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/08/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; $6036 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $6029 |
| 4.25% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/27/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (25386)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (25394)<br>|
| 4.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (15916)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (15921)<br>|
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/28/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (14823)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (14833)<br>|
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/27/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (12167)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (12174)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/23/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (14389)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (14396)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/11/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (18165)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (18173)<br>|
| 3.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/26/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (9847)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (9855)<br>|
| 3.50% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/08/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 4017 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4009 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (7068)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (7077)<br>|
| 3.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/09/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (2999)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (3006)<br>|
| 4.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/02/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (18222)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (18230)<br>|
| 4.19% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (47391)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (47408)<br>|
| 0.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/30/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 33797 | &nbsp;&nbsp; 30581 | &nbsp;&nbsp; 3216 |
| 0.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/30/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4807 | &nbsp;&nbsp; 4209 | &nbsp;&nbsp; 598 |
| 1.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/18/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 6829 | &nbsp;&nbsp; 5895 | &nbsp;&nbsp; 934 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $121565 | &nbsp;&nbsp; $3530419 | &nbsp;&nbsp; $(3408854)<br>|

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $3531068 | &nbsp;&nbsp;&nbsp; $(649)<br>| &nbsp;&nbsp;&nbsp; $2181795 | &nbsp;&nbsp;&nbsp; $(5590649)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2181795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2181795 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged High Yield Bond ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5590649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5590649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $365550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $365550 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5295268)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5295268)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $377830719 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $379270231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $379270231 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 191386521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191386521 |
|  | &nbsp;&nbsp; $570656752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $570656752 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2181795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2181795 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (5590649)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5590649)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3408854)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3408854)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 91.3%** | **Exchange-Traded Funds — 91.3%** | **Exchange-Traded Funds — 91.3%** |
| iShares 10+ Year Investment Grade Corporate Bond <br> ETF<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1783311 | $87810234 |
| **Total Investment Companies** <br>**(Cost: $89,400,276)** | **Total Investment Companies** <br>**(Cost: $89,400,276)** | 87810234 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 51.0%** | **Money Market Funds — 51.0%** | **Money Market Funds — 51.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 47109195 | 47128038 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1850000 | 1850000 |
| **Total Short-Term Securities — 51.0%** <br>**(Cost: $48,977,986)** | **Total Short-Term Securities — 51.0%** <br>**(Cost: $48,977,986)** | 48978038 |
| **Total Investments in Securities — 142.3%** <br>**(Cost: $138,378,262)** | **Total Investments in Securities — 142.3%** <br>**(Cost: $138,378,262)** | 136788272 |
| **Liabilities in Excess of Other Assets — (42.3)%** | **Liabilities in Excess of Other Assets — (42.3)%** | (40649386)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $96138886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $40428819 | $6713455 <br><sup>(a)</sup><br>| $— | $(14014)<br>| $(222)<br>| $47128038 | 47109195 | $49425 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 1690000 | 160000 <br><sup>(a)</sup><br>|  |  |  | 1850000 | 1850000 | 58101 |  |
| iShares 10+ Year Investment Grade Corpo-<br> rate Bond ETF<br>| 85387534 | 42849149 | &nbsp;&nbsp; (37808489)<br>| 535046 | (3153006)<br>| 87810234 | 1783311 | 2451035 |  |
|  |  |  |  | $521032 | $(3153228) | $136788272 |  | $2558561 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 0.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; $32446 | &nbsp;&nbsp; $34385 | &nbsp;&nbsp; $(1939)<br>|
| 4.46% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/08/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (5100)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (5102)<br>|
| 4.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (8082)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (8084)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/04/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; $9565 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $9563 |
| 0.48% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/15/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; 151165 | &nbsp;&nbsp; 183118 | &nbsp;&nbsp; (31953)<br>|
| 3.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1118 |
| 3.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/16/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 498 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (6511)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (6514)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; (8848)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (8852)<br>|
| 4.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/10/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (6475)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (6477)<br>|
| 4.22% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/24/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; (3483)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (3484)<br>|
| 3.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (3455)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (3456)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/02/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (15029)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (15034)<br>|
| 4.11% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/20/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (17144)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (17149)<br>|
| 3.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/21/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (3362)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (3365)<br>|
| 0.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/19/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 284168 | &nbsp;&nbsp; 315042 | &nbsp;&nbsp; (30874)<br>|
| 2.10% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/04/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 187681 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 187654 |
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/21/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2733)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (2736)<br>|
| 3.37% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/22/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2285 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2282 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/16/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 28 |
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/11/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (3787)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3791)<br>|
| 3.51% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 4591 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4575 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (1653)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (1661)<br>|
| 3.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; (1702)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (1706)<br>|
| 3.74% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/24/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (3909)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3913)<br>|
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (2199)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (2203)<br>|
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/08/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2473)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (2476)<br>|
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (4560)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (4563)<br>|
| 3.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5759 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5755 |
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (6365)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (6374)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (4217)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (4222)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (3310)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (3312)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; $(6490)<br>| &nbsp;&nbsp; $7 | &nbsp;&nbsp; $(6497)<br>|
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/21/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (6375)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (6382)<br>|
| 1.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/17/36 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 9285 | &nbsp;&nbsp; 1645151 | &nbsp;&nbsp; 1557127 | &nbsp;&nbsp; 88024 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/08/38 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; (1317)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (1337)<br>|
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/11/38 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2727 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2716 |
| 3.54% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 46608 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 46572 |
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 11804 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 11788 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2321 |
| 3.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1323 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/01/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1099 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/12/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 537 |
| 3.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 10144 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10138 |
| 3.43% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8180 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8176 |
| 3.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 700 | &nbsp;&nbsp; (1935)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (1949)<br>|
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/40 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 80 | &nbsp;&nbsp; (858)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (859)<br>|
| 1.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/10/41 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12427 | &nbsp;&nbsp; 2836149 | &nbsp;&nbsp; 2392758 | &nbsp;&nbsp; 443391 |
| 3.47% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/25/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 10634 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 10629 |
| 3.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/03/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2877 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2874 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/08/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 31763 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 31716 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/11/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 10235 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10225 |
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/15/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1659 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1653 |
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/18/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; 208 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 75620 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 75577 |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 26658 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 26636 |
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 6252 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6247 |
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 7192 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7184 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/24/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 7581 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7565 |
| 3.72% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/01/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4118 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 4112 |
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3257 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3249 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/14/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; $1758 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $1753 |
| 3.71% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/12/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2216 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2213 |
| 3.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/15/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2498 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2492 |
| 3.85% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1652 |
| 3.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 14430 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14422 |
| 3.43% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/02/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 12281 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12275 |
| 3.38% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 27233 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 27222 |
| 3.63% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 6822 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6817 |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 5415 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5394 |
| 3.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1627 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1618 |
| 3.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (728)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (736)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (5856)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (5865)<br>|
| 3.94% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (2479)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (2487)<br>|
| 4.01% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (182)<br>|
| 3.96% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (4436)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (4447)<br>|
| 1.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/24/46 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 1429413 | &nbsp;&nbsp; 1155250 | &nbsp;&nbsp; 274163 |
| 1.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/46 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 695053 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 695006 |
| 1.44% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/10/46 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 556994 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 556949 |
| 3.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/27/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 5156 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5154 |
| 3.63% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/08/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 71300 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 71241 |
| 3.44% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 114681 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 114627 |
| 3.54% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 38317 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 38294 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/09/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 16639 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 16629 |
| 3.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 9657 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 9651 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 7581 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7576 |
| 3.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/19/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 7951 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7942 |
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/01/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 7077 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7071 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 12703 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12693 |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/12/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 9833 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9825 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.42% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 320 | &nbsp;&nbsp; $22929 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $22919 |
| 3.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 37803 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 37790 |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/24/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 16809 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 16803 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 11074 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11070 |
| 3.40% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 14895 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 14888 |
| 3.57% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 11888 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11880 |
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 10446 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 10426 |
| 2.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/07/51 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 11085 | &nbsp;&nbsp; 3310701 | &nbsp;&nbsp; 2365220 | &nbsp;&nbsp; 945481 |
| 3.18% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/06/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 33759 | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 32727 |
| 3.22% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 21367 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 21360 |
| 3.27% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 19515 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 19508 |
| 3.28% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/27/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 9554 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9550 |
| 3.42% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/03/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 7198 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7194 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/08/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 73456 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 73407 |
| 3.48% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/11/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 6084 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6080 |
| 3.59% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/15/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8384 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8378 |
| 3.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/18/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 4991 | &nbsp;&nbsp; (253)<br>| &nbsp;&nbsp; 5244 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/31/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7629 |
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/01/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1771 |
| 3.36% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/05/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 106892 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 106847 |
| 3.46% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/08/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 35648 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 35629 |
| 3.44% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/09/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 13693 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 13686 |
| 3.48% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/10/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 9212 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 9206 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/12/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 7077 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7073 |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/19/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 10784 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10774 |
| 3.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/23/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 9475 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9464 |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/24/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 7308 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7301 |
| 3.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/01/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 9409 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9402 |
| 3.51% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 11055 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 400 | &nbsp;&nbsp; $14450 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $14436 |
| 3.71% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/16/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 7254 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 7242 |
| 3.51% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/08/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 11247 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 11240 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/12/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 7805 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7800 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 5994 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5988 |
| 3.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/28/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 9527 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9514 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/20/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 30187 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 30175 |
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/20/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 33143 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 33132 |
| 3.26% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/24/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 24642 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 24633 |
| 3.31% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/02/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 13593 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13588 |
| 3.26% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 14864 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 14858 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/05/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 17294 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 17287 |
| 3.49% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 14622 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 14613 |
| 3.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/29/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 15072 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 15050 |
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/31/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4616 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4609 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3023 |
| 3.57% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/06/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 15727 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 15714 |
| 3.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/07/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 580 |
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/24/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2410 |
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/14/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 310 | &nbsp;&nbsp; (5174)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (5185)<br>|
| 3.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/29/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; (2112)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (2121)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $12436094 | &nbsp;&nbsp; $8004835 | &nbsp;&nbsp; $4431259 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $8005280 | &nbsp;&nbsp;&nbsp; $(445)<br>| &nbsp;&nbsp;&nbsp; $4648546 | &nbsp;&nbsp;&nbsp; $(217287)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged Long-Term Corporate Bond ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4648546 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4648546 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $217287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $217287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(838643)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(838643)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547261 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $106272388 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $87810234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87810234 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 48978038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48978038 |
|  | &nbsp;&nbsp; $136788272 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136788272 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4648546 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4648546 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (217287)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (217287)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4431259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4431259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 95.7%** | **Exchange-Traded Funds — 95.7%** | **Exchange-Traded Funds — 95.7%** |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 74772 | $7403923 |
| **Total Investment Companies** <br>**(Cost: $7,340,878)** | **Total Investment Companies** <br>**(Cost: $7,340,878)** | 7403923 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 39.0%** | **Money Market Funds — 39.0%** | **Money Market Funds — 39.0%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br>4.46%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 2937047 | 2938222 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 80000 | 80000 |
| **Total Short-Term Securities — 39.0%** <br>**(Cost: $3,018,222)** | **Total Short-Term Securities — 39.0%** <br>**(Cost: $3,018,222)** | 3018222 |
| **Total Investments in Securities — 134.7%** <br>**(Cost: $10,359,100)** | **Total Investments in Securities — 134.7%** <br>**(Cost: $10,359,100)** | 10422145 |
| **Liabilities in Excess of Other Assets — (34.7)%** | **Liabilities in Excess of Other Assets — (34.7)%** | (2683296)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7738849 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $2939438 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1216)<br>| $— | $2938222 | 2937047 | $1490 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 190000 |  | &nbsp;&nbsp; (110000 )<sup>(a)</sup><br>|  |  | 80000 | 80000 | 15845 |  |
| iShares Core U.S. Aggregate Bond ETF | 4802305 | 41596205 | &nbsp;&nbsp; (39167215)<br>| 103752 | 68876 | 7403923 | 74772 | 495104 |  |
|  |  |  |  | $102536 | $68876 | $10422145 |  | $512439 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 2.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 310 | &nbsp;&nbsp; $940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $940 |
| 2.83% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/04/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121 |
| 3.14% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/23/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93 |
| 4.20% | At Termination | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | N/A | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (365)<br>|
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 3.58% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| 3.73% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 4.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (2743)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (2744)<br>|
| 4.43% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (362)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (365)<br>|
| 4.10% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/28/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2270)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2270)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 250 | &nbsp;&nbsp; (2667)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (2668)<br>|
| 2.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/01/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 136 |
| 2.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 4381 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4379 |
| 3.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/02/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
| 3.66% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (396)<br>|
| 4.00% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/19/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 80 | &nbsp;&nbsp; (1385)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1385)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (9336)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (9338)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 160 | &nbsp;&nbsp; (3051)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (3052)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 380 | &nbsp;&nbsp; (7780)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (7783)<br>|
| 3.97% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/28 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (608)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (611)<br>|
| 2.88% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/01/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251 |
| 2.78% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6587 |
| 2.64% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 543 |
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/07/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (115)<br>|
| 4.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12 | &nbsp;&nbsp; (368)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (368)<br>|
| 3.62% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/29 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (124)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (124)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (8998)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (9001)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 185 | &nbsp;&nbsp; (5608)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (5609)<br>|
| 3.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| 3.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/04/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 |
| 3.46% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (79)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 320 | &nbsp;&nbsp; $(6045)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(6049)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (561)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (572)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; (443)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (443)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/07/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (636)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (636)<br>|
| 3.98% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/21/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (1545)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1546)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/04/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (661)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (661)<br>|
| 4.17% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/07/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (1241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1241)<br>|
| 3.91% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/19/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (1362)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1363)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (10496)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (10500)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (1753)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1754)<br>|
| 2.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/01/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372 |
| 2.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9012 |
| 2.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 568 |
| 2.80% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/25/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446 |
| 2.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/02/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 363 |
| 3.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/32 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38)<br>|
| 3.81% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/06/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (201)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (201)<br>|
| 3.42% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/07/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 155 |
| 3.61% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 210 | &nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1067)<br>|
| 3.60% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (102)<br>|
| 3.92% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/07/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (269)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (270)<br>|
| 3.94% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/18/33 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (578)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (585)<br>|
| 3.95% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/26/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 25 | &nbsp;&nbsp; (722)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (722)<br>|
| 3.93% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/21/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (553)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (553)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/11/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (950)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (951)<br>|
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/30/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 631 |
| 3.87% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 11/12/34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30 | &nbsp;&nbsp; (642)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (643)<br>|
| 4.07% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 80 | &nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (2977)<br>|
| 4.06% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (7413)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (7417)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.89% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/37 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 130 | &nbsp;&nbsp; $10753 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $10751 |
| 2.68% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/37 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1046 |
| 2.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/25/37 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 606 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/38 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 3348 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3346 |
| 3.53% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/38 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 204 |
| 3.79% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/24/39 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 |
| 4.12% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/40 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 160 | &nbsp;&nbsp; (5675)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (5679)<br>|
| 2.86% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/42 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 15700 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 15696 |
| 2.67% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/22/42 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1514 |
| 2.84% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/25/42 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1302 |
| 3.48% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 12/30/42 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 244 |
| 3.45% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 7660 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7656 |
| 3.63% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/44 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341 |
| 4.11% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 02/03/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 120 | &nbsp;&nbsp; (3921)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3925)<br>|
| 2.76% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/47 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 17656 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17653 |
| 2.56% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 08/05/47 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2968 |
| 3.08% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/05/47 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1197 |
| 3.11% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/17/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; — | &nbsp;&nbsp; 589 |
| 3.32% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 11044 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11040 |
| 3.34% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/48 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 776 |
| 3.52% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/09/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 545 |
| 3.57% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 10/09/49 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 476 |
| 4.04% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/30/50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 130 | &nbsp;&nbsp; (3709)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3713)<br>|
| 2.70% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 06/24/52 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 580 |
| 2.65% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/11/52 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 15153 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 15150 |
| 2.92% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/12/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1573 |
| 3.24% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 05/24/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1027 |
| 3.20% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/05/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 7657 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7655 |
| 3.22% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 07/07/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1597 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1497 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.69% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/07/53 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $248 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248 |
| 3.44% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 01/09/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 681 |
| 3.75% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 04/04/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| 3.33% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 09/30/54 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 871 |
| 3.82% | Annual | &nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| Annual | N/A | &nbsp;&nbsp; 03/10/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 85 | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (49)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $32545 | &nbsp;&nbsp; $334 | &nbsp;&nbsp; $32211 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $334 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $132146 | &nbsp;&nbsp;&nbsp; $(99935)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132146 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(584505)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(584505)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(105359)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(105359)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $25408000 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Interest Rate Hedged U.S. Aggregate Bond ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a 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 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  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $7403923 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7403923 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3018222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018222 |
|  | &nbsp;&nbsp; $10422145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10422145 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132146 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (99935)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (99935)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Inflation <br> Hedged <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Inflation <br> Hedged High <br> Yield Bond ETF <br>| &nbsp;&nbsp; iShares <br>Inflation <br> Hedged <br> U.S. Aggregate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> Corporate <br> Bond ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—affiliated<sup>(a)(b)</sup> | $128005318 | $7674990 | $3549063 | $665862300 |
| Cash | 3399 | 2160 | 7134 |  |
| Cash pledged for centrally cleared swaps | 4032000 | 119000 | 66000 |  |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 21862 | 1648 | 116 | 123616 |
| Dividends—affiliated | 3450 | 568 | 181 | 221654 |
| Variation margin on centrally cleared swaps | 110702 | 1259 | 1461 |  |
| Unrealized appreciation on OTC swaps |  | 7293 | 6911 |  |
| Total assets | 132176731 | 7806918 | 3630866 | 666207570 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  |  | 97067 |
| Collateral on securities loaned, at value | 41701154 | 2464906 | 1146544 | 211554521 |
| Payables: |  |  |  |  |
| Capital shares redeemed |  |  |  | 247923 |
| Investment advisory fees | 3682 | 217 | 202 | 40115 |
| Variation margin on centrally cleared swaps |  |  |  | 448353 |
| Unrealized depreciation on OTC swaps |  | 516 | 473 |  |
| Total liabilities | 41704836 | 2465639 | 1147219 | 212387979 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $90471895 | $5341279 | $2483647 | $453819591 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $105553087 | $5315149 | $2647377 | $459310940 |
| Accumulated earnings (loss) | (15081192) | 26130 | (163730) | (5491349) |
| NET ASSETS | $90471895 | $5341279 | $2483647 | $453819591 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 3500000 | 200000 | 100000 | 5000000 |
| Net asset value | $25.85 | $26.71 | $24.84 | $90.76 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—affiliated | $130075300 | $7570508 | $3584015 | $666300461 |
| <sup>(b)</sup> Securities loaned, at value | $40644211 | $2402251 | $1118530 | $206288124 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged High <br> Yield Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> Long-Term <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> U.S. Aggregate <br> Bond ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—affiliated<sup>(a)(b)</sup> | $570656752 | $136788272 | $10422145 |
| Cash | 2825 | 111454 | 4919 |
| Cash pledged for centrally cleared swaps | 8184000 | 6324000 | 258000 |
| Receivables: |  |  |  |
| Securities lending income—affiliated | 126285 | 6355 | 1490 |
| Dividends—affiliated | 31070 | 11553 | 1994 |
| Variation margin on centrally cleared swaps |  | 44882 |  |
| Total assets | 579000932 | 143286516 | 10688548 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 182755258 | 47139451 | 2938222 |
| Payables: |  |  |  |
| Investment advisory fees | 16496 | 8179 | 3217 |
| Variation margin on centrally cleared swaps | 590602 |  | 8260 |
| Total liabilities | 183362356 | 47147630 | 2949699 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $395638576 | $96138886 | $7738849 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $416494087 | $89573524 | $8230029 |
| Accumulated earnings (loss) | (20855511) | 6565362 | (491180) |
| NET ASSETS | $395638576 | $96138886 | $7738849 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 4700000 | 4100000 | 300000 |
| Net asset value | $84.18 | $23.45 | $25.80 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—affiliated | $567252860 | $138378262 | $10359100 |
| <sup>(b)</sup> Securities loaned, at value | $177761682 | $45512680 | $2866431 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Inflation <br> Hedged <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Inflation <br> Hedged High <br> Yield Bond ETF <br>| &nbsp;&nbsp; iShares <br>Inflation <br> Hedged <br> U.S. Aggregate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> Corporate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $1531873 | &nbsp;&nbsp;&nbsp; $99784 | &nbsp;&nbsp;&nbsp; $46158 | &nbsp;&nbsp;&nbsp; $10296586 |
| Interest—unaffiliated | &nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 7009 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 96765 | &nbsp;&nbsp;&nbsp; 9896 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 624496 |
| Total investment income | &nbsp;&nbsp; 1629347 | &nbsp;&nbsp;&nbsp; 109795 | &nbsp;&nbsp;&nbsp; 46377 | &nbsp;&nbsp;&nbsp; 10928091 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 76649 | &nbsp;&nbsp;&nbsp; 9823 | &nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp; 703957 |
| Total expenses | &nbsp;&nbsp; 76649 | &nbsp;&nbsp;&nbsp; 9823 | &nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp; 703957 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (57487)<br>| &nbsp;&nbsp;&nbsp; (8930)<br>| &nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp; (469305)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 19162 | &nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp; 1218 | &nbsp;&nbsp;&nbsp; 234652 |
| Net investment income | &nbsp;&nbsp; 1610185 | &nbsp;&nbsp;&nbsp; 108902 | &nbsp;&nbsp;&nbsp; 45159 | &nbsp;&nbsp;&nbsp; 10693439 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—affiliated | &nbsp;&nbsp; (810903)<br>| &nbsp;&nbsp;&nbsp; (364)<br>| &nbsp;&nbsp;&nbsp; (488)<br>| &nbsp;&nbsp;&nbsp; (541487)<br>|
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; 59556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1859327 |
| Swaps | &nbsp;&nbsp; (45059)<br>| &nbsp;&nbsp;&nbsp; 2721 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; (446083)<br>|
|  | &nbsp;&nbsp; (796406)<br>| &nbsp;&nbsp;&nbsp; 2357 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 871757 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—affiliated | &nbsp;&nbsp; 746551 | &nbsp;&nbsp;&nbsp; (60700)<br>| &nbsp;&nbsp;&nbsp; 14731 | &nbsp;&nbsp;&nbsp; (6255844)<br>|
| Swaps | &nbsp;&nbsp; 15910 | &nbsp;&nbsp;&nbsp; 27068 | &nbsp;&nbsp;&nbsp; 6929 | &nbsp;&nbsp;&nbsp; (2983191)<br>|
|  | &nbsp;&nbsp; 762461 | &nbsp;&nbsp;&nbsp; (33632)<br>| &nbsp;&nbsp;&nbsp; 21660 | &nbsp;&nbsp;&nbsp; (9239035)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (33945)<br>| &nbsp;&nbsp;&nbsp; (31275)<br>| &nbsp;&nbsp;&nbsp; 21772 | &nbsp;&nbsp;&nbsp; (8367278)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1576240 | &nbsp;&nbsp;&nbsp; $77627 | &nbsp;&nbsp;&nbsp; $66931 | &nbsp;&nbsp;&nbsp; $2326161 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Interest Rate <br> Hedged High <br> Yield Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> Long-Term <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Interest Rate <br> Hedged <br> U.S. Aggregate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $11229259 | &nbsp;&nbsp;&nbsp; $2509136 | &nbsp;&nbsp;&nbsp; $510949 |
| Interest—unaffiliated | &nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp; 947 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1182425 | &nbsp;&nbsp;&nbsp; 49425 | &nbsp;&nbsp;&nbsp; 1490 |
| Total investment income | &nbsp;&nbsp; 12415634 | &nbsp;&nbsp;&nbsp; 2561101 | &nbsp;&nbsp;&nbsp; 513386 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1298772 | &nbsp;&nbsp;&nbsp; 180772 | &nbsp;&nbsp;&nbsp; 17473 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1298772 | &nbsp;&nbsp;&nbsp; 180853 | &nbsp;&nbsp;&nbsp; 17473 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (1198866)<br>| &nbsp;&nbsp;&nbsp; (129204)<br>| &nbsp;&nbsp;&nbsp; (4032)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 99906 | &nbsp;&nbsp;&nbsp; 51649 | &nbsp;&nbsp;&nbsp; 13441 |
| Net investment income | &nbsp;&nbsp; 12315728 | &nbsp;&nbsp;&nbsp; 2509452 | &nbsp;&nbsp;&nbsp; 499945 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—affiliated | &nbsp;&nbsp; (628741)<br>| &nbsp;&nbsp;&nbsp; (155732)<br>| &nbsp;&nbsp;&nbsp; (5829)<br>|
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; 2497749 | &nbsp;&nbsp;&nbsp; 676764 | &nbsp;&nbsp;&nbsp; 108365 |
| Swaps | &nbsp;&nbsp; 365550 | &nbsp;&nbsp;&nbsp; (838643)<br>| &nbsp;&nbsp;&nbsp; (584505)<br>|
|  | &nbsp;&nbsp; 2234558 | &nbsp;&nbsp;&nbsp; (317611)<br>| &nbsp;&nbsp;&nbsp; (481969)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—affiliated | &nbsp;&nbsp; (6287957)<br>| &nbsp;&nbsp;&nbsp; (3153228)<br>| &nbsp;&nbsp;&nbsp; 68876 |
| Swaps | &nbsp;&nbsp; (5295268)<br>| &nbsp;&nbsp;&nbsp; 547261 | &nbsp;&nbsp;&nbsp; (105359)<br>|
|  | &nbsp;&nbsp; (11583225)<br>| &nbsp;&nbsp;&nbsp; (2605967)<br>| &nbsp;&nbsp;&nbsp; (36483)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (9348667)<br>| &nbsp;&nbsp;&nbsp; (2923578)<br>| &nbsp;&nbsp;&nbsp; (518452)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2967061 | &nbsp;&nbsp;&nbsp; $(414126)<br>| &nbsp;&nbsp;&nbsp; $(18507)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Inflation Hedged Corporate Bond <br> ETF  | iShares <br>Inflation Hedged Corporate Bond <br> ETF  | iShares <br>Inflation Hedged High Yield Bond <br> ETF  | iShares <br>Inflation Hedged High Yield Bond <br> ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1610185 | &nbsp;&nbsp;&nbsp; $2136864 | &nbsp;&nbsp;&nbsp; $108902 | &nbsp;&nbsp;&nbsp; $157822 |
| Net realized gain (loss) | &nbsp;&nbsp; (796406)<br>| &nbsp;&nbsp;&nbsp; (1849294)<br>| &nbsp;&nbsp;&nbsp; 2357 | &nbsp;&nbsp;&nbsp; 2809 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 762461 | &nbsp;&nbsp;&nbsp; 5656154 | &nbsp;&nbsp;&nbsp; (33632)<br>| &nbsp;&nbsp;&nbsp; 205090 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1576240 | &nbsp;&nbsp;&nbsp; 5943724 | &nbsp;&nbsp;&nbsp; 77627 | &nbsp;&nbsp;&nbsp; 365721 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1632462 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2176457)<br>| &nbsp;&nbsp;&nbsp; (108246 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (161413)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 36992899 | &nbsp;&nbsp;&nbsp; 3878928 | &nbsp;&nbsp;&nbsp; 2705005 | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 36936677 | &nbsp;&nbsp;&nbsp; 7646195 | &nbsp;&nbsp;&nbsp; 2674386 | &nbsp;&nbsp;&nbsp; 204308 |
| Beginning of period | &nbsp;&nbsp; 53535218 | &nbsp;&nbsp;&nbsp; 45889023 | &nbsp;&nbsp;&nbsp; 2666893 | &nbsp;&nbsp;&nbsp; 2462585 |
| End of period | &nbsp;&nbsp; $90471895 | &nbsp;&nbsp;&nbsp; $53535218 | &nbsp;&nbsp;&nbsp; $5341279 | &nbsp;&nbsp;&nbsp; $2666893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Inflation Hedged U.S. Aggregate <br> Bond ETF  | iShares <br>Inflation Hedged U.S. Aggregate <br> Bond ETF  | iShares <br>Interest Rate Hedged Corporate Bond <br> ETF  | iShares <br>Interest Rate Hedged Corporate Bond <br> ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $45159 | &nbsp;&nbsp;&nbsp; $84148 | &nbsp;&nbsp;&nbsp; $10693439 | &nbsp;&nbsp;&nbsp; $15010533 |
| Net realized gain | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 1971 | &nbsp;&nbsp;&nbsp; 871757 | &nbsp;&nbsp;&nbsp; 3000924 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21660 | &nbsp;&nbsp;&nbsp; 128664 | &nbsp;&nbsp;&nbsp; (9239035)<br>| &nbsp;&nbsp;&nbsp; 10715058 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 66931 | &nbsp;&nbsp;&nbsp; 214783 | &nbsp;&nbsp;&nbsp; 2326161 | &nbsp;&nbsp;&nbsp; 28726515 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (45919 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (87174)<br>| &nbsp;&nbsp;&nbsp; (15049555 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (26472969)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39356156 | &nbsp;&nbsp;&nbsp; 167965815 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 21012 | &nbsp;&nbsp;&nbsp; 127609 | &nbsp;&nbsp;&nbsp; 26632762 | &nbsp;&nbsp;&nbsp; 170219361 |
| Beginning of period | &nbsp;&nbsp; 2462635 | &nbsp;&nbsp;&nbsp; 2335026 | &nbsp;&nbsp;&nbsp; 427186829 | &nbsp;&nbsp;&nbsp; 256967468 |
| End of period | &nbsp;&nbsp; $2483647 | &nbsp;&nbsp;&nbsp; $2462635 | &nbsp;&nbsp;&nbsp; $453819591 | &nbsp;&nbsp;&nbsp; $427186829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Interest Rate Hedged High Yield Bond <br> ETF  | iShares <br>Interest Rate Hedged High Yield Bond <br> ETF  | iShares <br>Interest Rate Hedged Long-Term <br> Corporate Bond ETF  | iShares <br>Interest Rate Hedged Long-Term <br> Corporate Bond ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months <br> Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $12315728 | &nbsp;&nbsp;&nbsp; $14672347 | &nbsp;&nbsp;&nbsp; $2509452 | &nbsp;&nbsp;&nbsp; $4928534 |
| Net realized gain (loss) | &nbsp;&nbsp; 2234558 | &nbsp;&nbsp;&nbsp; (5524111)<br>| &nbsp;&nbsp;&nbsp; (317611)<br>| &nbsp;&nbsp;&nbsp; 699735 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (11583225)<br>| &nbsp;&nbsp;&nbsp; 20049381 | &nbsp;&nbsp;&nbsp; (2605967)<br>| &nbsp;&nbsp;&nbsp; 1639780 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2967061 | &nbsp;&nbsp;&nbsp; 29197617 | &nbsp;&nbsp;&nbsp; (414126)<br>| &nbsp;&nbsp;&nbsp; 7268049 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (14438516 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (20553572)<br>| &nbsp;&nbsp;&nbsp; (3335755 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7608804)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 71323740 | &nbsp;&nbsp;&nbsp; 162471914 | &nbsp;&nbsp;&nbsp; 6609272 | &nbsp;&nbsp;&nbsp; 28499835 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 59852285 | &nbsp;&nbsp;&nbsp; 171115959 | &nbsp;&nbsp;&nbsp; 2859391 | &nbsp;&nbsp;&nbsp; 28159080 |
| Beginning of period | &nbsp;&nbsp; 335786291 | &nbsp;&nbsp;&nbsp; 164670332 | &nbsp;&nbsp;&nbsp; 93279495 | &nbsp;&nbsp;&nbsp; 65120415 |
| End of period | &nbsp;&nbsp; $395638576 | &nbsp;&nbsp;&nbsp; $335786291 | &nbsp;&nbsp;&nbsp; $96138886 | &nbsp;&nbsp;&nbsp; $93279495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Interest Rate Hedged <br> U.S. Aggregate Bond ETF  | iShares <br>Interest Rate Hedged <br> U.S. Aggregate Bond ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $499945 | &nbsp;&nbsp;&nbsp; $176442 |
| Net realized gain (loss) | &nbsp;&nbsp; (481969)<br>| &nbsp;&nbsp;&nbsp; 79672 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (36483)<br>| &nbsp;&nbsp;&nbsp; 97943 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (18507)<br>| &nbsp;&nbsp;&nbsp; 354057 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (546411 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (273111)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 3125002 | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 2560084 | &nbsp;&nbsp;&nbsp; 80946 |
| Beginning of period | &nbsp;&nbsp; 5178765 | &nbsp;&nbsp;&nbsp; 5097819 |
| End of period | &nbsp;&nbsp; $7738849 | &nbsp;&nbsp;&nbsp; $5178765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Inflation Hedged Corporate Bond ETF  | iShares Inflation Hedged Corporate Bond ETF  | iShares Inflation Hedged Corporate Bond ETF  | iShares Inflation Hedged Corporate Bond ETF  | iShares Inflation Hedged Corporate Bond ETF  | iShares Inflation Hedged Corporate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.11 | &nbsp;&nbsp;&nbsp; $24.15 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $30.45 | &nbsp;&nbsp;&nbsp; $27.66 | &nbsp;&nbsp;&nbsp; $26.33 |
| Net investment income<sup>(a)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (5.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net increase (decrease) from investment operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.85 | &nbsp;&nbsp;&nbsp; $26.11 | &nbsp;&nbsp;&nbsp; $24.15 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $30.45 | &nbsp;&nbsp;&nbsp; $27.66 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.24 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp; (16.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Total expenses after fees waived | 0.05 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 4.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $90472 | &nbsp;&nbsp;&nbsp; $53535 | &nbsp;&nbsp;&nbsp; $45889 | &nbsp;&nbsp;&nbsp; $56515 | &nbsp;&nbsp;&nbsp; $73073 | &nbsp;&nbsp;&nbsp; $17979 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Inflation Hedged High Yield Bond ETF  | iShares Inflation Hedged High Yield Bond ETF  | iShares Inflation Hedged High Yield Bond ETF  | iShares Inflation Hedged High Yield Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Period From <br>06/22/22<sup>(a)</sup> <br>to 10/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.67 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $24.99 |
| Net investment income<sup>(b)</sup> | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net increase from investment operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.82 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.71 | &nbsp;&nbsp;&nbsp; $26.67 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $24.97 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 3.25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.05 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(i)</sup><br>|
| Net investment income | 6.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5341 | &nbsp;&nbsp;&nbsp; $2667 | &nbsp;&nbsp;&nbsp; $2463 | &nbsp;&nbsp;&nbsp; $2497 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Inflation Hedged U.S. Aggregate Bond ETF  | iShares Inflation Hedged U.S. Aggregate Bond ETF  | iShares Inflation Hedged U.S. Aggregate Bond ETF  | iShares Inflation Hedged U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Period From <br>06/22/22<sup>(a)</sup> <br>to 10/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $25.20 |
| Net investment income<sup>(b)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>|
| Net increase (decrease) from investment operations | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (1.05)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.46 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.84 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $23.96 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 2.75 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp; (4.21 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.13 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(i)</sup><br>|
| Net investment income | 3.71 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2484 | &nbsp;&nbsp;&nbsp; $2463 | &nbsp;&nbsp;&nbsp; $2335 | &nbsp;&nbsp;&nbsp; $2396 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged Corporate Bond ETF  | iShares Interest Rate Hedged Corporate Bond ETF  | iShares Interest Rate Hedged Corporate Bond ETF  | iShares Interest Rate Hedged Corporate Bond ETF  | iShares Interest Rate Hedged Corporate Bond ETF  | iShares Interest Rate Hedged Corporate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $92.87 | &nbsp;&nbsp;&nbsp; $91.77 | &nbsp;&nbsp;&nbsp; $89.66 | &nbsp;&nbsp;&nbsp; $96.12 | &nbsp;&nbsp;&nbsp; $91.84 | &nbsp;&nbsp;&nbsp; $93.50 |
| Net investment income<sup>(a)</sup> | 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp; (1.69)<br>|
| Net increase (decrease) from investment operations | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.99 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp;&nbsp; (6.34)<br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $90.76 | &nbsp;&nbsp;&nbsp; $92.87 | &nbsp;&nbsp;&nbsp; $91.77 | &nbsp;&nbsp;&nbsp; $89.66 | &nbsp;&nbsp;&nbsp; $96.12 | &nbsp;&nbsp;&nbsp; $91.84 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.94 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.65<br> %<br>| &nbsp;&nbsp;&nbsp; (4.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses after fees waived | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 4.56 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $453820 | &nbsp;&nbsp;&nbsp; $427187 | &nbsp;&nbsp;&nbsp; $256967 | &nbsp;&nbsp;&nbsp; $744181 | &nbsp;&nbsp;&nbsp; $716090 | &nbsp;&nbsp;&nbsp; $450004 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged High Yield Bond ETF  | iShares Interest Rate Hedged High Yield Bond ETF  | iShares Interest Rate Hedged High Yield Bond ETF  | iShares Interest Rate Hedged High Yield Bond ETF  | iShares Interest Rate Hedged High Yield Bond ETF  | iShares Interest Rate Hedged High Yield Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $86.10 | &nbsp;&nbsp;&nbsp; $82.34 | &nbsp;&nbsp;&nbsp; $82.91 | &nbsp;&nbsp;&nbsp; $87.69 | &nbsp;&nbsp;&nbsp; $83.10 | &nbsp;&nbsp;&nbsp; $87.86 |
| Net investment income<sup>(a)</sup> | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (5.53)<br>|
| Net increase (decrease) from investment operations | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp; (1.22)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (3.12 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (3.51)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (3.54)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $84.18 | &nbsp;&nbsp;&nbsp; $86.10 | &nbsp;&nbsp;&nbsp; $82.34 | &nbsp;&nbsp;&nbsp; $82.91 | &nbsp;&nbsp;&nbsp; $87.69 | &nbsp;&nbsp;&nbsp; $83.10 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.37 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.97<br> %<br>| &nbsp;&nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.70<br> %<br>| &nbsp;&nbsp;&nbsp; (1.32)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.65 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Total expenses after fees waived | 0.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 6.16 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $395639 | &nbsp;&nbsp;&nbsp; $335786 | &nbsp;&nbsp;&nbsp; $164670 | &nbsp;&nbsp;&nbsp; $111928 | &nbsp;&nbsp;&nbsp; $135920 | &nbsp;&nbsp;&nbsp; $62325 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Year Ended <br>10/31/22<br>| &nbsp;&nbsp; Year Ended <br>10/31/21<br>| &nbsp;&nbsp; Year Ended <br>10/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.23 | &nbsp;&nbsp;&nbsp; $23.68 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $24.31 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.78 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.45 | &nbsp;&nbsp;&nbsp; $24.23 | &nbsp;&nbsp;&nbsp; $23.68 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp; $23.48 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.06 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.41<br> %<br>| &nbsp;&nbsp;&nbsp; (7.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.01<br> %<br>| &nbsp;&nbsp;&nbsp; (0.69)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Total expenses after fees waived | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 4.86 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $96139 | &nbsp;&nbsp;&nbsp; $93279 | &nbsp;&nbsp;&nbsp; $65120 | &nbsp;&nbsp;&nbsp; $102710 | &nbsp;&nbsp;&nbsp; $830793 | &nbsp;&nbsp;&nbsp; $557715 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged U.S. Aggregate Bond ETF  | iShares Interest Rate Hedged U.S. Aggregate Bond ETF  | iShares Interest Rate Hedged U.S. Aggregate Bond ETF  | iShares Interest Rate Hedged U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Year Ended <br>10/31/23<br>| &nbsp;&nbsp; Period From <br>06/22/22<sup>(a)</sup> <br>to 10/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $25.17 | &nbsp;&nbsp;&nbsp; $25.19 |
| Net investment income<sup>(b)</sup> | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net increase from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.57 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.80 | &nbsp;&nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $25.17 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 1.85 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.13 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.10 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(i)</sup><br>|
| Net investment income | 3.72 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7739 | &nbsp;&nbsp;&nbsp; $5179 | &nbsp;&nbsp;&nbsp; $5098 | &nbsp;&nbsp;&nbsp; $2517 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares U.S. ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust 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* <br>*Classification* <br>|
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; Diversified |
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; Non-diversified |
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; Non-diversified |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; Diversified |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; Diversified |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; Diversified |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; Non-diversified |

---

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on **iShares.com** and should be read in conjunction with the Funds' financial statements.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure 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. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**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) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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. 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. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to 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.

***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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Inflation Hedged Corporate Bond |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $18454753 | &nbsp;&nbsp;&nbsp; $(18454753) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 12791743 | &nbsp;&nbsp;&nbsp; (12791743) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 8734826 | &nbsp;&nbsp;&nbsp; (8734826) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 662889 | &nbsp;&nbsp;&nbsp; (662889) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $40644211 | &nbsp;&nbsp;&nbsp; $(40644211) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Inflation Hedged High Yield Bond |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $2402251 | &nbsp;&nbsp;&nbsp; $(2402251) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Inflation Hedged U.S. Aggregate Bond |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $1118530 | &nbsp;&nbsp;&nbsp; $(1118530) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest Rate Hedged Corporate Bond |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $56836785 | &nbsp;&nbsp;&nbsp; $(56836785) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 113941792 | &nbsp;&nbsp;&nbsp; (113941792) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 11778350 | &nbsp;&nbsp;&nbsp; (11778350) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 1865247 | &nbsp;&nbsp;&nbsp; (1865247) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 16466950 | &nbsp;&nbsp;&nbsp; (16466950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 5399000 | &nbsp;&nbsp;&nbsp; (5399000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $206288124 | &nbsp;&nbsp;&nbsp; $(206288124) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest Rate Hedged High Yield Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $31157040 | &nbsp;&nbsp;&nbsp; $(31157040) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 8523856 | &nbsp;&nbsp;&nbsp; (8523856) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 25286170 | &nbsp;&nbsp;&nbsp; (25286170) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 51117510 | &nbsp;&nbsp;&nbsp; (51117510) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 61677106 | &nbsp;&nbsp;&nbsp; (61677106) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $177761682 | &nbsp;&nbsp;&nbsp; $(177761682) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest Rate Hedged Long-Term Corporate Bond |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $45512680 | &nbsp;&nbsp;&nbsp; $(45512680) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest Rate Hedged U.S. Aggregate Bond |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $2866431 | &nbsp;&nbsp;&nbsp; $(2866431) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, 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 Statements 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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

The iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF and iShares Inflation Hedged U.S. Aggregate Bond ETF use inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF and iShares Interest Rate Hedged U.S. Aggregate Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("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 trustees).

For its investment advisory services to each of the following Funds, 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 Fees* |
| Inflation Hedged Corporate Bond | 0.20% |
| Inflation Hedged High Yield Bond | 0.55 |
| Inflation Hedged U.S. Aggregate Bond | 0.13 |
| Interest Rate Hedged Corporate Bond | 0.30 |
| Interest Rate Hedged High Yield Bond | 0.65 |
| Interest Rate Hedged Long-Term Corporate Bond | 0.35 |
| Interest Rate Hedged U.S. Aggregate Bond | 0.13 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF ("LQD"), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Inflation Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ High Yield Corporate Bond ETF ("HYG"), after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Inflation Hedged U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares Core U.S. Aggregate Bond ETF ("AGG"), after taking into account any fee waivers by AGG, plus 0.10%.

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in HYG, after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Interest Rate Hedged Long-Term Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares 10+ Year Investment Grade Corporate Bond ETF ("IGLB"), after taking into account any fee waivers by IGLB, plus 0.10%.

For the iShares Interest Rate Hedged U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in AGG, after taking into account any fee waivers by AGG, plus 0.10%.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $57487 |
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; 8930 |
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 365 |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; 469305 |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; 1198866 |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; 129204 |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 4032 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Index Provider:** BlackRock Index Services, LLC, an affiliate of BFA, created, sponsors and publishes the underlying index used by each Fund. Each Fund uses its underlying index at no charge pursuant to a license agreement between BlackRock Index Services, LLC (or one or more of its affiliates) and the Trust, on behalf of the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that 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 (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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $27796 |
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; 2470 |
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 49 |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; 177327 |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; 293238 |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; 18221 |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 633 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Other Transactions:** 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 Statements of Operations.

***7. PURCHASES AND SALES***

For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $1916752 | &nbsp;&nbsp;&nbsp; $3679860 |
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19670 |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; 7530460 | &nbsp;&nbsp;&nbsp; 15281527 |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; 5609660 | &nbsp;&nbsp;&nbsp; 4621671 |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; 6461403 | &nbsp;&nbsp;&nbsp; 6614572 |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 1265524 | &nbsp;&nbsp;&nbsp; 297757 |

---

For the six months ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $37486807 | &nbsp;&nbsp;&nbsp; $1227613 |
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; 2563437 | &nbsp;&nbsp;&nbsp; — |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; 122820268 | &nbsp;&nbsp;&nbsp; 85203801 |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; 118105631 | &nbsp;&nbsp;&nbsp; 52119276 |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; 36387745 | &nbsp;&nbsp;&nbsp; 31193917 |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 40330681 | &nbsp;&nbsp;&nbsp; 38869458 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of October 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $(13040181)<br>|
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; (118397)<br>|
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; (145609)<br>|
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; (18242179)<br>|
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; (24065758)<br>|
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; (5056124)<br>|
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; (47495)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of April 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Inflation Hedged Corporate Bond | &nbsp;&nbsp; $131540120 | &nbsp;&nbsp;&nbsp; $2487994 | &nbsp;&nbsp;&nbsp; $(3738595) | &nbsp;&nbsp;&nbsp; $(1250601) |
| Inflation Hedged High Yield Bond | &nbsp;&nbsp; 7571782 | &nbsp;&nbsp;&nbsp; 143406 | &nbsp;&nbsp;&nbsp; (3562) | &nbsp;&nbsp;&nbsp; 139844 |
| Inflation Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 3588991 | &nbsp;&nbsp;&nbsp; 26330 | &nbsp;&nbsp;&nbsp; (44065) | &nbsp;&nbsp;&nbsp; (17735) |
| Interest Rate Hedged Corporate Bond | &nbsp;&nbsp; 662390374 | &nbsp;&nbsp;&nbsp; 15390036 | &nbsp;&nbsp;&nbsp; (275526) | &nbsp;&nbsp;&nbsp; 15114510 |
| Interest Rate Hedged High Yield Bond | &nbsp;&nbsp; 564736805 | &nbsp;&nbsp;&nbsp; 5588577 | &nbsp;&nbsp;&nbsp; (3077484) | &nbsp;&nbsp;&nbsp; 2511093 |
| Interest Rate Hedged Long-Term Corporate Bond | &nbsp;&nbsp; 128641252 | &nbsp;&nbsp;&nbsp; 12578279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12578279 |
| Interest Rate Hedged U.S. Aggregate Bond | &nbsp;&nbsp; 10376361 | &nbsp;&nbsp;&nbsp; 195191 | &nbsp;&nbsp;&nbsp; (117196) | &nbsp;&nbsp;&nbsp; 77995 |

---

***9. 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 each 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class 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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10. 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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Inflation Hedged Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; $39586996 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $10397679 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2594097)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (6518751)<br>|
|  | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; $36992899 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $3878928 |
| Inflation Hedged High Yield Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $2705005 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Interest Rate Hedged Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $130244307 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; $186325233 |
| Shares redeemed | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (90888151)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (18359418)<br>|
|  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $39356156 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; $167965815 |
| Interest Rate Hedged High Yield Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; $125631209 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $212758523 |
| Shares redeemed | &nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (54307469)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (50286609)<br>|
|  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $71323740 | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; $162471914 |
| Interest Rate Hedged Long-Term Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; $40384080 | &nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; $108834501 |
| Shares redeemed | &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (33774808)<br>| &nbsp;&nbsp;&nbsp; (3350000)<br>| &nbsp;&nbsp;&nbsp; (80334666)<br>|
|  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6609272 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $28499835 |
| Interest Rate Hedged U.S. Aggregate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $44193578 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (1600000)<br>| &nbsp;&nbsp;&nbsp; (41068576)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $3125002 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***11. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

On June 10, 2025, the Board approved a proposal to close and liquidate iShares Inflation Hedged High Yield Bond ETF and iShares Inflation Hedged U.S. Aggregate Bond ETF. After market close on August 18, 2025, the Funds will cease the creation and redemption of Creation Units. Trading in the Funds will be halted prior to market open on August 19, 2025. Proceeds of the liquidation are scheduled to be sent to Fund shareholders on or around August 21, 2025.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CPI | Consumer Price Index |
| SOFR | Secured Overnight Financing Rate |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2025

Statements of Assets and Liabilities (Unaudited)

April 30, 2025

---

| |
|:---|
| **iShares Trust** |
| iShares 10+ Year Investment Grade Corporate Bond ETF \| IGLB \| NYSE Arca |
| iShares Core U.S. Aggregate Bond ETF \| AGG \| NYSE Arca |
| iShares iBoxx $ High Yield Corporate Bond ETF \| HYG \| NYSE Arca |
| iShares iBoxx $ Investment Grade Corporate Bond ETF \| LQD \| NYSE Arca |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 3.38%, 03/01/41<sup>(a)</sup> | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $279359 |
| 5.40%, 10/01/48<sup>(a)</sup> | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 348098 |
|  |  | &nbsp;&nbsp; 627457 |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Airbus SE, 3.95%, 04/10/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 535488 |
| BAE Systems Holdings Inc., 4.75%, 10/07/44<sup>(b)</sup> | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 423412 |
| BAE Systems PLC |  |  |
| 3.00%, 09/15/50<sup>(b)</sup> | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 536585 |
| 5.50%, 03/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 563086 |
| 5.80%, 10/11/41<sup>(b)</sup> | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 400991 |
| Boeing Co. (The) |  |  |
| 3.38%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 285634 |
| 3.50%, 03/01/39 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 278021 |
| 3.50%, 03/01/45<sup>(a)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 113229 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 338939 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 260403 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 215911 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 841231 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 234905 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 236548 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 474436 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 642485 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 2764735 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 5296 | &nbsp;&nbsp; 4964009 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 237093 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 3372 | &nbsp;&nbsp; 3110120 |
| 6.63%, 02/15/38 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 380046 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 2531216 |
| 6.88%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 540507 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1566148 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 959 | &nbsp;&nbsp; 913282 |
| General Dynamics Corp. |  |  |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 353793 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 328636 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 621439 |
| 4.25%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 702533 |
| General Electric Co. |  |  |
| 4.35%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 348604 |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 435470 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 658054 |
| 6.15%, 08/07/37<sup>(a)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 279901 |
| 6.88%, 01/10/39<sup>(a)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 837782 |
| Howmet Aerospace Inc., 5.95%, 02/01/37<sup>(a)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 494388 |
| L3Harris Technologies Inc. |  |  |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 508001 |
| 5.50%, 08/15/54 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 344892 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 456403 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 388075 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 457107 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 1006 | &nbsp;&nbsp; 788829 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 869172 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1119145 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 569513 |
| 4.30%, 06/15/62 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 485869 |
| 4.50%, 05/15/36 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 490095 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 1208934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.20%, 02/15/55 | &nbsp;&nbsp; $1035 | &nbsp;&nbsp; $960762 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 644378 |
| 5.70%, 11/15/54 | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 958019 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 364604 |
| 5.90%, 11/15/63<sup>(a)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 681533 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 354803 |
| Northrop Grumman Corp. |  |  |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 503022 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 1746724 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 635376 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 775029 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 493044 |
| 5.15%, 05/01/40<sup>(a)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 454207 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 853701 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 941900 |
| RTX Corp. |  |  |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 583018 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 750812 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 628671 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 820325 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 509074 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 502031 |
| 4.20%, 12/15/44<sup>(a)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 218431 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 950326 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 664768 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 3477 | &nbsp;&nbsp; 3020156 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1423275 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 283434 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 344896 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 668485 |
| 5.38%, 02/27/53<sup>(a)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1000381 |
| 5.40%, 05/01/35 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 310133 |
| 5.70%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 486595 |
| 6.05%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 429400 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 600920 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 1774707 |
|  |  | &nbsp;&nbsp; 62472035 |
| **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
| Altria Group Inc. |  |  |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 842650 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 848205 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1074932 |
| 4.00%, 02/04/61 | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 676014 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 678326 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 366521 |
| 4.50%, 05/02/43 | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 545960 |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; 1573402 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 1611619 |
| 5.95%, 02/14/49<sup>(a)</sup> | &nbsp;&nbsp; 2314 | &nbsp;&nbsp; 2243565 |
| 6.20%, 02/14/59 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 283082 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 473302 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 277186 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 293240 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 499128 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 417830 |
| 5.38%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 342814 |
| 5.77%, 03/01/41<sup>(a)(c)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 63719 |
| BAT Capital Corp. |  |  |
| 3.73%, 09/25/40 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 368908 |
| 3.98%, 09/25/50 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 277577 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.39%, 08/15/37 | &nbsp;&nbsp; $2377 | &nbsp;&nbsp; $2084301 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 2011 | &nbsp;&nbsp; 1582546 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 770243 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 424591 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 501999 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 524898 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 415123 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 731392 |
| 7.08%, 08/02/53<sup>(a)</sup> | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 1035547 |
| Cargill Inc. |  |  |
| 3.13%, 05/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 440387 |
| 3.88%, 05/23/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 273688 |
| 4.38%, 04/22/52<sup>(b)</sup> | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 453058 |
| 4.76%, 11/23/45<sup>(b)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 502082 |
| Philip Morris International Inc. |  |  |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 606479 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 694145 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 998527 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 651293 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 585317 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 449594 |
| 6.38%, 05/16/38<sup>(a)</sup> | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1324475 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 616653 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 2148 | &nbsp;&nbsp; 2012352 |
| 6.15%, 09/15/43<sup>(a)</sup> | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 527860 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 483297 |
|  |  | &nbsp;&nbsp; 32447827 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 911 | &nbsp;&nbsp; 704895 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 396685 |
| 3.38%, 03/27/50<sup>(a)</sup> | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 873818 |
| 3.63%, 05/01/43<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 360573 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 967 | &nbsp;&nbsp; 752807 |
|  |  | &nbsp;&nbsp; 3088778 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| Cummins Inc. |  |  |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 416864 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 434118 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 741318 |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1227840 |
| 5.29%, 12/08/46<sup>(a)</sup> | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 1026317 |
| 7.40%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 473662 |
| General Motors Co. |  |  |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 646015 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 1001237 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 618903 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 807093 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 1319567 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 996164 |
| 6.75%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 697713 |
|  |  | &nbsp;&nbsp; 10406811 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv PLC |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 1499 | &nbsp;&nbsp; 849847 |
| 4.40%, 10/01/46<sup>(a)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 185498 |
| 5.40%, 03/15/49 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 407913 |
| Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 648777 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Aptiv PLC/Aptiv Global Financing DAC, 5.75%, <br> 09/13/54<br>| &nbsp;&nbsp; $550 | &nbsp;&nbsp; $471563 |
| BorgWarner Inc., 4.38%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 374154 |
| Lear Corp. |  |  |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 205729 |
| 5.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 571585 |
|  |  | &nbsp;&nbsp; 3715066 |
| **Banks — 7.8%** | **Banks — 7.8%** | **Banks — 7.8%** |
| Bank of America Corp. |  |  |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(d)</sup> | &nbsp;&nbsp; 5158 | &nbsp;&nbsp; 3655303 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(d)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 540992 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1817 | &nbsp;&nbsp; 1143787 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3659 | &nbsp;&nbsp; 2754334 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1392 | &nbsp;&nbsp; 1066492 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 1437193 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5174 | &nbsp;&nbsp; 3991300 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 1885064 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2573 | &nbsp;&nbsp; 2084457 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2659 | &nbsp;&nbsp; 2224593 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 864131 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1941475 |
| 5.88%, 02/07/42<sup>(a)</sup> | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 1983650 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1819336 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1966155 |
| Series L, 4.75%, 04/21/45<sup>(a)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 446882 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(d)</sup><br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; 622630 |
| Bank of America NA, 6.00%, 10/15/36 | &nbsp;&nbsp; 1321 | &nbsp;&nbsp; 1366243 |
| Barclays PLC |  |  |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 676198 |
| 3.81%, 03/10/42, (1-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 486147 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 1206276 |
| 5.25%, 08/17/45<sup>(a)</sup> | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1279464 |
| 6.04%, 03/12/55, (1-day SOFR + 2.420%)<sup>(d)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 341236 |
| BNP Paribas SA, 2.82%, 01/26/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 542132 |
| BPCE SA |  |  |
| 3.58%, 10/19/42, (1-day SOFR + <br> 1.952%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; 403984 |
| 6.92%, 01/14/46, (1-day SOFR + <br> 2.610%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 575 | &nbsp;&nbsp; 584488 |
| Citigroup Inc. |  |  |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(d)</sup> | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 849645 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 839846 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 919860 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 955745 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 2529 | &nbsp;&nbsp; 2125402 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 2053 | &nbsp;&nbsp; 1699394 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 728808 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(d)</sup> | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 1256455 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(d)</sup> | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1691359 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 1063051 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 567945 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.68%, 09/13/43 | &nbsp;&nbsp; $1050 | &nbsp;&nbsp; $1109051 |
| 6.88%, 03/05/38 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 452365 |
| 6.88%, 02/15/98 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 250810 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1731714 |
| Commonwealth Bank of Australia |  |  |
| 3.31%, 03/11/41<sup>(b)</sup> | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 567018 |
| 3.74%, 09/12/39<sup>(b)</sup> | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1383185 |
| 3.90%, 07/12/47<sup>(b)</sup> | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; 972880 |
| 4.32%, 01/10/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 789231 |
| 5.93%, 03/14/46, (1-year CMT + 1.320%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 541576 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 1386519 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 851974 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 950970 |
| 5.80%<sup>(a)(b)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 176896 |
| Credit Agricole SA, 2.81%, 01/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 455895 |
| Fifth Third Bancorp, 8.25%, 03/01/38 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 544809 |
| Goldman Sachs Group Inc. (The) |  |  |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(d)</sup> | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1062594 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(d)</sup> | &nbsp;&nbsp; 2378 | &nbsp;&nbsp; 1735099 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(d)</sup> | &nbsp;&nbsp; 1771 | &nbsp;&nbsp; 1316931 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2727 | &nbsp;&nbsp; 2321444 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1726 | &nbsp;&nbsp; 1517100 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1295853 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 1673 | &nbsp;&nbsp; 1468010 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; 1758757 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 2960 | &nbsp;&nbsp; 2846765 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(d)</sup> | &nbsp;&nbsp; 2815 | &nbsp;&nbsp; 2741600 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 2606 | &nbsp;&nbsp; 2719535 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 944432 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 5316 | &nbsp;&nbsp; 5711838 |
| HSBC Bank USA NA, 7.00%, 01/15/39 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 741202 |
| HSBC Bank USA NA/New York, 5.63%, <br> 08/15/35<br>| &nbsp;&nbsp; 296 | &nbsp;&nbsp; 297649 |
| HSBC Holdings PLC |  |  |
| 5.25%, 03/14/44<sup>(a)</sup> | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 1218374 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 762776 |
| 6.33%, 03/09/44, (1-day SOFR + 2.650%)<sup>(d)</sup> | &nbsp;&nbsp; 2537 | &nbsp;&nbsp; 2662372 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 2002310 |
| 6.50%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1408202 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 1013253 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 1442 | &nbsp;&nbsp; 1567738 |
| HSBC USA Inc., 7.20%, 07/15/97 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 567478 |
| Intesa Sanpaolo SpA |  |  |
| 7.78%, 06/20/54, (1-year CMT + <br> 3.900%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1395241 |
| 7.80%, 11/28/53<sup>(b)</sup> | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 1447764 |
| JPMorgan Chase & Co. |  |  |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 1142190 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1487473 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(d)</sup> | &nbsp;&nbsp; 2071 | &nbsp;&nbsp; 1367898 |
| 3.16%, 04/22/42, (1-day SOFR + 1.460%)<sup>(d)</sup> | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1537318 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3760 | &nbsp;&nbsp; 2582706 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2411 | &nbsp;&nbsp; 2090083 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1522 | &nbsp;&nbsp; 1175467 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(d)</sup><br>| &nbsp;&nbsp; $3439 | &nbsp;&nbsp; $2687672 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 1311393 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2137 | &nbsp;&nbsp; 1753612 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 993283 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 1899 | &nbsp;&nbsp; 1726717 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 1309257 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 1299 | &nbsp;&nbsp; 1308851 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2373252 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 1813144 |
| 5.63%, 08/16/43<sup>(a)</sup> | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 1278271 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; 2921745 |
| Lloyds Banking Group PLC |  |  |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 517698 |
| 4.34%, 01/09/48<sup>(a)</sup> | &nbsp;&nbsp; 1389 | &nbsp;&nbsp; 1065934 |
| 5.30%, 12/01/45<sup>(a)</sup> | &nbsp;&nbsp; 604 | &nbsp;&nbsp; 542786 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 3.75%, 07/18/39<sup>(a)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1012030 |
| 4.15%, 03/07/39<sup>(a)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 258408 |
| 4.29%, 07/26/38<sup>(a)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 272312 |
| Mizuho Financial Group Inc., 5.42%, 05/13/36, <br> (1-year CMT + 0.980%)<sup>(d)</sup><br>| &nbsp;&nbsp; 385 | &nbsp;&nbsp; 386194 |
| Morgan Stanley |  |  |
| 2.80%, 01/25/52, (1-day SOFR + <br> 1.430%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1954 | &nbsp;&nbsp; 1184670 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(d)</sup> | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 1482094 |
| 3.97%, 07/22/38<sup>(d)</sup> | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 1499256 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 2525 | &nbsp;&nbsp; 2089107 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 2198 | &nbsp;&nbsp; 1830205 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 856 | &nbsp;&nbsp; 783874 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(d)</sup> | &nbsp;&nbsp; 3020 | &nbsp;&nbsp; 2884032 |
| 5.60%, 03/24/51, (1-day SOFR + <br> 4.840%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1939 | &nbsp;&nbsp; 1878256 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 1797 | &nbsp;&nbsp; 1929424 |
| MUFG Bank Ltd., 4.70%, 03/10/44<sup>(b)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 261199 |
| National Australia Bank Ltd., 2.65%, 01/14/41<sup>(b)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 326749 |
| Regions Bank/Birmingham AL, 6.45%, 06/26/37 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 365454 |
| Regions Financial Corp., 7.38%, 12/10/37 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 231925 |
| Santander U.K. Group Holdings PLC, 5.63%, <br> 09/15/45<sup>(b)</sup><br>| &nbsp;&nbsp; 218 | &nbsp;&nbsp; 186497 |
| Societe Generale SA |  |  |
| 3.63%, 03/01/41<sup>(b)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 516197 |
| 4.03%, 01/21/43, (1-year CMT + 1.900%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 383672 |
| 5.63%, 11/24/45<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 174052 |
| 7.13%, 01/19/55, (1-year CMT + 2.950%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 868660 |
| 7.37%, 01/10/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 678845 |
| Standard Chartered PLC |  |  |
| 5.30%, 01/09/43<sup>(b)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 581413 |
| 5.70%, 03/26/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1881 | &nbsp;&nbsp; 1759902 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 323666 |
| 2.93%, 09/17/41<sup>(a)</sup> | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 458796 |
| 3.05%, 01/14/42 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 368817 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 957533 |
| 6.18%, 07/13/43<sup>(a)</sup> | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 795069 |
| UBS AG/London, 4.50%, 06/26/48 | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 863057 |
| UBS Group AG |  |  |
| 3.18%, 02/11/43, (1-year CMT + 1.100%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 718478 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.88%, 05/15/45 | &nbsp;&nbsp; $1813 | &nbsp;&nbsp; $1596602 |
| 5.38%, 09/06/45, (1-year USD ICE Swap + <br> 1.860%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1082145 |
| Wachovia Corp., 5.50%, 08/01/35 | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 690207 |
| Wells Fargo & Co. |  |  |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(d)</sup> | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 2593581 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 2363 | &nbsp;&nbsp; 1840435 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 2442 | &nbsp;&nbsp; 1935900 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(d)</sup> | &nbsp;&nbsp; 3113 | &nbsp;&nbsp; 2577468 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 1896 | &nbsp;&nbsp; 1582200 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 1716391 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; 1955585 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5618 | &nbsp;&nbsp; 4942079 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 1869 | &nbsp;&nbsp; 1724623 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 2188 | &nbsp;&nbsp; 2062617 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 581894 |
| Wells Fargo Bank NA |  |  |
| 5.85%, 02/01/37 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 871068 |
| 5.95%, 08/26/36 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 568464 |
| 6.60%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1332742 |
| Westpac Banking Corp. |  |  |
| 2.96%, 11/16/40 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 616662 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 476253 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 473154 |
|  |  | &nbsp;&nbsp; 197217325 |
| **Beverages — 2.6%** | **Beverages — 2.6%** | **Beverages — 2.6%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 5491 | &nbsp;&nbsp; 5308385 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 9099 | &nbsp;&nbsp; 8295543 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.00%, 01/17/43 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 78334 |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 332791 |
| 4.70%, 02/01/36<sup>(a)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 807230 |
| 4.90%, 02/01/46<sup>(a)</sup> | &nbsp;&nbsp; 1877 | &nbsp;&nbsp; 1696159 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.75%, 07/15/42 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 58823 |
| 4.35%, 06/01/40 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 470870 |
| 4.38%, 04/15/38 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 827104 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 1701265 |
| 4.50%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 313838 |
| 4.60%, 04/15/48 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8796 |
| 4.60%, 06/01/60 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4157 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 650120 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1321069 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2269804 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 4228 | &nbsp;&nbsp; 4183717 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 1859167 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 390874 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 816353 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 1884810 |
| Bacardi Ltd. |  |  |
| 5.15%, 05/15/38<sup>(b)</sup> | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 384071 |
| 5.30%, 05/15/48<sup>(b)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 595185 |
| Bacardi Ltd./Bacardi-Martini BV, 5.90%, <br> 06/15/43<sup>(b)</sup><br>| &nbsp;&nbsp; 448 | &nbsp;&nbsp; 420300 |
| Brown-Forman Corp. |  |  |
| 3.75%, 01/15/43 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 268041 |
| 4.00%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 205809 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.50%, 07/15/45 | &nbsp;&nbsp; $495 | &nbsp;&nbsp; $429160 |
| Coca-Cola Co. (The) |  |  |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 728905 |
| 2.50%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 896325 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 1431 | &nbsp;&nbsp; 874868 |
| 2.75%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 1132 | &nbsp;&nbsp; 661135 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 346189 |
| 3.00%, 03/05/51<sup>(a)</sup> | &nbsp;&nbsp; 1654 | &nbsp;&nbsp; 1092061 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 283481 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1371994 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1038455 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1445055 |
| Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 462412 |
| Constellation Brands Inc. |  |  |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 462412 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 470363 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 373534 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 400700 |
| Diageo Capital PLC |  |  |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 354988 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 522809 |
| Diageo Investment Corp., 4.25%, 05/11/42 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 441100 |
| Embotelladora Andina SA, 3.95%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14800 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 423615 |
| 4.38%, 05/10/43 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 63165 |
| Heineken NV |  |  |
| 4.00%, 10/01/42<sup>(b)</sup> | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 437094 |
| 4.35%, 03/29/47<sup>(b)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 531532 |
| Keurig Dr Pepper Inc. |  |  |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 397608 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 579673 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 473506 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 414813 |
| 4.50%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 752317 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 331462 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1373344 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1093332 |
| PepsiCo Inc. |  |  |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 296693 |
| 2.75%, 10/21/51<sup>(a)</sup> | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 581250 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 646909 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 376016 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 674554 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 273180 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 347179 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 594846 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 431310 |
| 4.00%, 03/05/42 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 415977 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 421522 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 460879 |
| 4.25%, 10/22/44<sup>(a)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 271853 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 660205 |
| 4.60%, 07/17/45 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 277435 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 478338 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 385504 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 825716 |
| 5.50%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 537415 |
| Pernod Ricard International Finance LLC, 2.75%, <br> 10/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; 340266 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Pernod Ricard SA, 5.50%, 01/15/42<sup>(b)</sup> | &nbsp;&nbsp; $993 | &nbsp;&nbsp; $933913 |
|  |  | &nbsp;&nbsp; 64925782 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| Amgen Inc. |  |  |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 770101 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 531066 |
| 3.00%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 756786 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 1009727 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 1723 | &nbsp;&nbsp; 1177049 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 903413 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 1743156 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 885391 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 1204881 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 3642 | &nbsp;&nbsp; 3052838 |
| 4.88%, 03/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 943971 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 597847 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 706471 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 2390481 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 397044 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 4342 | &nbsp;&nbsp; 4167469 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 341495 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; 2505861 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 566158 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 306107 |
| 6.90%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 292639 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 267393 |
| Biogen Inc. |  |  |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 886862 |
| 3.25%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 446744 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 964664 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/42<sup>(b)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 587180 |
| 4.75%, 04/27/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 824299 |
| 4.95%, 04/27/62<sup>(b)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 412409 |
| 5.42%, 04/03/54<sup>(b)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 528191 |
| Gilead Sciences Inc. |  |  |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 713593 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 2029 | &nbsp;&nbsp; 1256317 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 718196 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; 1372868 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 1527564 |
| 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 834362 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 2071 | &nbsp;&nbsp; 1822648 |
| 4.80%, 04/01/44<sup>(a)</sup> | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 1338115 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 812918 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 881370 |
| 5.55%, 10/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1100433 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 737796 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 977398 |
| Regeneron Pharmaceuticals Inc., 2.80%, <br> 09/15/50<br>| &nbsp;&nbsp; 826 | &nbsp;&nbsp; 473102 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 659578 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 492859 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 467541 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 547840 |
|  |  | &nbsp;&nbsp; 46902191 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Carrier Global Corp. |  |  |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1089061 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 3.58%, 04/05/50 | &nbsp;&nbsp; $1641 | &nbsp;&nbsp; $1175404 |
| 6.20%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 650437 |
| CRH America Finance Inc. |  |  |
| 4.40%, 05/09/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 348260 |
| 4.50%, 04/04/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 521544 |
| 5.88%, 01/09/55<sup>(a)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 395108 |
| CRH America Inc., 5.13%, 05/18/45<sup>(b)</sup> | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 254537 |
| Fortune Brands Innovations Inc., 4.50%, <br> 03/25/52<br>| &nbsp;&nbsp; 436 | &nbsp;&nbsp; 338708 |
| Holcim Finance U.S. LLC, 4.75%, 09/22/46<sup>(b)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 272737 |
| Holcim U.S. Finance Luxembourg SA |  |  |
| 6.50%, 09/12/43<sup>(b)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 282937 |
| 6.88%, 09/29/39<sup>(b)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 253256 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 477574 |
| 4.63%, 07/02/44 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 453067 |
| 4.95%, 07/02/64<sup>(c)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 226870 |
| 6.00%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 356723 |
| Lafarge SA, 7.13%, 07/15/36 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 488404 |
| Martin Marietta Materials Inc. |  |  |
| 3.20%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 557223 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 552327 |
| 5.50%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 668495 |
| Masco Corp. |  |  |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 181508 |
| 4.50%, 05/15/47<sup>(a)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 405904 |
| Owens Corning |  |  |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 310045 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 374299 |
| 5.95%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 745347 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 414432 |
| Trane Technologies Financing Ltd. |  |  |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 362758 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 226370 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 451609 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 457599 |
| Votorantim Cimentos International SA, 7.25%, <br> 04/05/41<sup>(b)</sup><br>| &nbsp;&nbsp; 205 | &nbsp;&nbsp; 220309 |
| Vulcan Materials Co. |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 581897 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 339299 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 750204 |
|  |  | &nbsp;&nbsp; 15184252 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Air Liquide Finance SA, 3.50%, 09/27/46<sup>(b)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 468528 |
| Air Products and Chemicals Inc. |  |  |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 561470 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 488334 |
| Albemarle Corp. |  |  |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 329382 |
| 5.65%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 364965 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 672839 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 479369 |
| Dow Chemical Co. (The) |  |  |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 585818 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 948306 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 383413 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 543087 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 651921 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.55%, 11/30/48 | &nbsp;&nbsp; $839 | &nbsp;&nbsp; $750408 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 727431 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 507741 |
| 6.90%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 923010 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 743591 |
| DuPont de Nemours Inc. |  |  |
| 5.32%, 11/15/38<sup>(a)</sup> | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 965860 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 2002522 |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 703017 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 506702 |
| Ecolab Inc. |  |  |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 252652 |
| 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 496227 |
| 2.75%, 08/18/55 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 414963 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 320994 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 487809 |
| FMC Corp. |  |  |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 335817 |
| 6.38%, 05/18/53<sup>(a)</sup> | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 472351 |
| GC Treasury Center Co. Ltd., 4.30%, 03/18/51<sup>(b)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 153123 |
| International Flavors & Fragrances Inc. |  |  |
| 3.27%, 11/15/40<sup>(b)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 558623 |
| 3.47%, 12/01/50<sup>(b)</sup> | &nbsp;&nbsp; 1384 | &nbsp;&nbsp; 890978 |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 335377 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 611494 |
| Linde Inc./CT |  |  |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 189121 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 558505 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 959 | &nbsp;&nbsp; 791932 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 648869 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 561160 |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 913 | &nbsp;&nbsp; 590010 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 375625 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 651027 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 678997 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(a)</sup> | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 732587 |
| Mosaic Co. (The) |  |  |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 335651 |
| 5.63%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 477895 |
| Nutrien Ltd. |  |  |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 370184 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 417700 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 585401 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 407569 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 426909 |
| 5.80%, 03/27/53<sup>(a)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 638991 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 452971 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 374655 |
| Orbia Advance Corp. SAB de CV |  |  |
| 5.50%, 01/15/48<sup>(b)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 379667 |
| 5.88%, 09/17/44<sup>(b)</sup> | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 645024 |
| 6.75%, 09/19/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 341916 |
| PPG Industries Inc., 5.50%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 265051 |
| RPM International Inc. |  |  |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 198357 |
| 5.25%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 277621 |
| Sherwin-Williams Co. (The) |  |  |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 292130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 3.30%, 05/15/50 | &nbsp;&nbsp; $484 | &nbsp;&nbsp; $319977 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 421325 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 340325 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 947923 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 202165 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 3.50%, 09/10/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 600736 |
| 4.25%, 01/22/50<sup>(b)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 243532 |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 279611 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 443700 |
| 3.38%, 08/15/61 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 312181 |
| 4.38%, 11/15/47 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 350866 |
| 5.00%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 553677 |
|  |  | &nbsp;&nbsp; 37319665 |
| **Commercial Services — 1.6%** | **Commercial Services — 1.6%** | **Commercial Services — 1.6%** |
| Adani Ports & Special Economic Zone Ltd., <br> 5.00%, 08/02/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 113261 |
| American University (The), Series 2019, 3.67%, <br> 04/01/49<br>| &nbsp;&nbsp; 395 | &nbsp;&nbsp; 294674 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 328644 |
| California Endowment (The), Series 2021, <br> 2.50%, 04/01/51<br>| &nbsp;&nbsp; 435 | &nbsp;&nbsp; 255218 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 253995 |
| 4.32%, 08/01/45<sup>(a)</sup> | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 353341 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 137928 |
| Case Western Reserve University, 5.41%, <br> 06/01/2122<br>| &nbsp;&nbsp; 235 | &nbsp;&nbsp; 213477 |
| Claremont Mckenna College, 3.78%, <br> 01/01/2122<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; 144277 |
| DP World Ltd./United Arab Emirates |  |  |
| 4.70%, 09/30/49<sup>(b)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 303814 |
| 5.63%, 09/25/48<sup>(b)</sup> | &nbsp;&nbsp; 1096 | &nbsp;&nbsp; 1012035 |
| 6.85%, 07/02/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2310450 |
| Duke University |  |  |
| 3.20%, 10/01/38<sup>(a)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 97880 |
| 3.30%, 10/01/46 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 199353 |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 274043 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 160307 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 341499 |
| Emory University, Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 242858 |
| Equifax Inc., 7.00%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 250128 |
| ERAC USA Finance LLC |  |  |
| 4.20%, 11/01/46<sup>(b)</sup> | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 570827 |
| 4.50%, 02/15/45<sup>(b)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 479130 |
| 5.40%, 05/01/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 773963 |
| 5.63%, 03/15/42<sup>(b)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 412187 |
| 7.00%, 10/15/37<sup>(b)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1328459 |
| Ford Foundation (The) |  |  |
| Series 2017, 3.86%, 06/01/47 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 359712 |
| Series 2020, 2.42%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 250239 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 315543 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 326729 |
| Series 2014, 4.30%, 09/15/44 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 243512 |
| Series 2016, 3.55%, 09/15/46<sup>(a)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 288227 |
| Series 2018, 4.13%, 09/15/48 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 508308 |
| Georgetown University (The) |  |  |
| 5.12%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 166650 |
| Series 20A, 2.94%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 160759 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Series A, 5.22% | &nbsp;&nbsp; $310 | &nbsp;&nbsp; $276564 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 257799 |
| Global Payments Inc. |  |  |
| 4.15%, 08/15/49 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 523435 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 544574 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 197693 |
| ITR Concession Co. LLC, 5.18%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 254744 |
| Johns Hopkins University |  |  |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 257977 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 180280 |
| Leland Stanford Junior University (The) |  |  |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 249729 |
| 3.46%, 05/01/47 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 276744 |
| 3.65%, 05/01/48<sup>(a)</sup> | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 386067 |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 136995 |
| 3.89%, 07/01/2116 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 322359 |
| 3.96%, 07/01/38<sup>(a)</sup> | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 504160 |
| 4.68% | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 391687 |
| 5.60% | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 740517 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 333476 |
| Series G, 2.29%, 07/01/51<sup>(a)</sup> | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 181750 |
| Metropolitan Museum of Art (The), Series 2015, <br> 3.40%, 07/01/45<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 241079 |
| Moody's Corp. |  |  |
| 2.55%, 08/18/60 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 195660 |
| 2.75%, 08/19/41<sup>(a)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 372000 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 256152 |
| 3.25%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 144581 |
| 3.75%, 02/25/52<sup>(a)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 339501 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 333262 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 518902 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; 161720 |
| Northwestern University |  |  |
| 3.69%, 12/01/38 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 163369 |
| 3.87%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 211856 |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 482137 |
| 4.94%, 12/01/35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35078 |
| Series 2017, 3.66%, 12/01/57 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 178903 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 147538 |
| PayPal Holdings Inc. |  |  |
| 3.25%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 476008 |
| 5.05%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 914809 |
| 5.25%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 378399 |
| 5.50%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 285133 |
| Pelabuhan Indonesia Persero PT, 5.38%, <br> 05/05/45<sup>(b)</sup><br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 488831 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 301692 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 355085 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 277952 |
| 3.62%, 10/01/37 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 123590 |
| 3.75%, 11/15/52 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 306654 |
| 4.88%, 10/15/40<sup>(a)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 267570 |
| 6.50%, 01/15/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 183034 |
| Quanta Services Inc., 3.05%, 10/01/41 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 345011 |
| Rockefeller Foundation (The), Series 2020, <br> 2.49%, 10/01/50<br>| &nbsp;&nbsp; 862 | &nbsp;&nbsp; 510037 |
| S&P Global Inc. |  |  |
| 2.30%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 256311 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 3.25%, 12/01/49 | &nbsp;&nbsp; $570 | &nbsp;&nbsp; $396079 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 617397 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 350560 |
| 4.50%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 287684 |
| 6.55%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 312834 |
| Thomas Jefferson University, 3.85%, 11/01/57<sup>(a)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 113456 |
| TR Finance LLC |  |  |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 407313 |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 368356 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 397268 |
| Trustees of Boston College |  |  |
| 3.13%, 07/01/52<sup>(a)</sup> | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 169317 |
| 3.99%, 07/01/47 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 186152 |
| Trustees of Columbia University in the City of <br> New York (The), Series 2024, 4.36%, <br> 10/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 280 | &nbsp;&nbsp; 265346 |
| Trustees of Dartmouth College, 3.47%, 06/01/46 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 206126 |
| Trustees of Princeton University (The) |  |  |
| 4.20%, 03/01/52 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 239983 |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 181335 |
| Series 2020, 2.52%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 266137 |
| Trustees of the University of Pennsylvania (The) |  |  |
| 3.61%, 02/15/2119<sup>(a)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 158247 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 210727 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 133739 |
| Trustees of Tufts College |  |  |
| 3.10%, 08/15/51 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 127048 |
| Series 2012, 5.02%, 04/15/2112<sup>(a)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 246856 |
| University of Chicago (The) |  |  |
| 3.00%, 10/01/52 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 26055 |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 275779 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 137658 |
| Series C, 2.55%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 197731 |
| University of Miami, 4.06%, 04/01/52 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 349649 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 293931 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 345013 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 174328 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 106174 |
| 4.98%, 10/01/53<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 424361 |
| 5.25%, 10/01/2111<sup>(a)</sup> | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 277403 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 322530 |
| Series 21A, 2.95%, 10/01/51 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 183393 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 186457 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 289649 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 376695 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 323410 |
| 4.35% | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 303254 |
| Wesleyan University, 4.78%, 07/01/2116 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 180262 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 252903 |
| 3.77%, 05/15/55 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 193060 |
| Yale University, Series 2020, 2.40%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 271055 |
|  |  | &nbsp;&nbsp; 39872541 |
| **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** |
| Apple Inc. |  |  |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1045856 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 785558 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 2.55%, 08/20/60 | &nbsp;&nbsp; $1634 | &nbsp;&nbsp; $936439 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 1589255 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 1843551 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 1157918 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 984272 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 778785 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 1648 | &nbsp;&nbsp; 1101670 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1422234 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 884179 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1054741 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 2694 | &nbsp;&nbsp; 2233515 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 1619222 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1454522 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 941945 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 972568 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 2077 | &nbsp;&nbsp; 1829453 |
| 4.45%, 05/06/44 | &nbsp;&nbsp; 922 | &nbsp;&nbsp; 837014 |
| 4.50%, 02/23/36 | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 927324 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 3958 | &nbsp;&nbsp; 3598394 |
| 4.85%, 05/10/53<sup>(a)</sup> | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1263081 |
| Dell Inc. |  |  |
| 5.40%, 09/10/40 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 213435 |
| 6.50%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 342516 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 627703 |
| 3.45%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 405657 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 1143728 |
| 8.35%, 07/15/46 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 534146 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1231133 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 717350 |
| 6.35%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; 1593223 |
| HP Inc., 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 853041 |
| IBM International Capital Pte Ltd. |  |  |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 891402 |
| 5.30%, 02/05/54<sup>(a)</sup> | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 1303800 |
| International Business Machines Corp. |  |  |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 430689 |
| 2.95%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 421598 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 469004 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 753064 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; 1623165 |
| 4.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; 2142546 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 491150 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 698708 |
| 5.10%, 02/06/53<sup>(a)</sup> | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 527959 |
| 5.60%, 11/30/39<sup>(a)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 683634 |
| 7.13%, 12/01/96 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 531404 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1008315 |
| Kyndryl Holdings Inc., 4.10%, 10/15/41 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 392745 |
|  |  | &nbsp;&nbsp; 49292611 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Colgate-Palmolive Co. |  |  |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 386409 |
| 4.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 479483 |
| Estee Lauder Companies Inc. (The) |  |  |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 397439 |
| 3.70%, 08/15/42 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 317319 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 453221 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 338886 |
| 5.15%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 571607 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 6.00%, 05/15/37<sup>(a)</sup> | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $208872 |
| Haleon U.S. Capital LLC, 4.00%, 03/24/52<sup>(a)</sup> | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 657351 |
| Kenvue Inc. |  |  |
| 5.05%, 03/22/53<sup>(a)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1346018 |
| 5.10%, 03/22/43<sup>(a)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 520405 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 703989 |
| Procter & Gamble Co. (The) |  |  |
| 3.50%, 10/25/47<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 348567 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 229524 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 352089 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 749233 |
| Unilever Capital Corp., Series 30Y, 2.63%, <br> 08/12/51<br>| &nbsp;&nbsp; 731 | &nbsp;&nbsp; 443124 |
|  |  | &nbsp;&nbsp; 8503536 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 346784 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 402103 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 913117 |
|  |  | &nbsp;&nbsp; 1662004 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.85%, 10/29/41<br>| &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 1292626 |
| American Express Co., 4.05%, 12/03/42<sup>(a)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 333988 |
| Apollo Global Management Inc., 5.80%, <br> 05/21/54<br>| &nbsp;&nbsp; 717 | &nbsp;&nbsp; 687171 |
| Ares Finance Co. IV LLC, 3.65%, 02/01/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 359125 |
| Ares Management Corp., 5.60%, 10/11/54 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 686634 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 2.80%, 09/30/50<sup>(b)</sup> | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 278956 |
| 2.85%, 08/05/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 328805 |
| 3.20%, 01/30/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 445056 |
| 3.50%, 09/10/49<sup>(b)</sup> | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 336303 |
| 4.00%, 10/02/47<sup>(b)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 168142 |
| 4.45%, 07/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 188082 |
| 5.00%, 06/15/44<sup>(b)</sup> | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 582792 |
| 6.25%, 08/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 381779 |
| Blue Owl Finance LLC, 4.13%, 10/07/51 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 288307 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 394690 |
| 3.63%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 508342 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 723146 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 954864 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 580 | &nbsp;&nbsp; 380950 |
| CI Financial Corp., 4.10%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 207555 |
| CME Group Inc. |  |  |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 480937 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 816697 |
| FMR LLC |  |  |
| 5.15%, 02/01/43<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 379765 |
| 6.45%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 541936 |
| 6.50%, 12/14/40<sup>(b)</sup> | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 455022 |
| Franklin Resources Inc., 2.95%, 08/12/51 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 238455 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 398924 |
| Jefferies Financial Group Inc. |  |  |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 370324 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 517612 |
| 6.63%, 10/23/43<sup>(a)</sup> | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 330275 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| KKR Group Finance Co. II LLC, 5.50%, <br> 02/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $576 | &nbsp;&nbsp; $533417 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 679196 |
| LSEGA Financing PLC, 3.20%, 04/06/41<sup>(b)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 678528 |
| Mastercard Inc. |  |  |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 390864 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 804 | &nbsp;&nbsp; 608129 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 568112 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 1089914 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 396624 |
| Nasdaq Inc. |  |  |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 561059 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 362096 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 418644 |
| 5.95%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 538498 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 814131 |
| Neuberger Berman Group LLC/Neuberger <br> Berman Finance Corp., 4.88%, 04/15/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; 280304 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 546218 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 711997 |
| Visa Inc. |  |  |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 846658 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 1067 | &nbsp;&nbsp; 804429 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 612136 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 1381 | &nbsp;&nbsp; 1313810 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 3355 | &nbsp;&nbsp; 2882199 |
| Voya Financial Inc. |  |  |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 283833 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 410926 |
| Western Union Co. (The) |  |  |
| 6.20%, 11/17/36<sup>(a)</sup> | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 435787 |
| 6.20%, 06/21/40<sup>(a)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 179240 |
|  |  | &nbsp;&nbsp; 31004009 |
| **Electric — 13.0%** | **Electric — 13.0%** | **Electric — 13.0%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 3.40%, 04/29/51<sup>(b)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 728983 |
| 4.00%, 10/03/49<sup>(b)</sup> | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 498726 |
| 4.75%, 03/09/37<sup>(b)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 435094 |
| 6.50%, 10/27/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 968065 |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 278410 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 265707 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 391913 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 224212 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 306286 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 207301 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 339765 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 163052 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 325971 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 267680 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 467533 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 638850 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 414530 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 286260 |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 421131 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 373901 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 419450 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 548067 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.85%, 12/01/42 | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $150474 |
| 4.10%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 223858 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 285920 |
| 4.30%, 01/02/46 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 459567 |
| 5.50%, 03/15/41<sup>(a)</sup> | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 256886 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 427660 |
| 6.13%, 05/15/38 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 318463 |
| Series 11-C, 5.20%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 226233 |
| Series A, 4.30%, 07/15/48 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 433365 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 418603 |
| Alfa Desarrollo SpA, 4.55%, 09/27/51<sup>(b)</sup> | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 527401 |
| Ameren Illinois Co. |  |  |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 180581 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 428432 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 351881 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 378603 |
| 4.30%, 07/01/44<sup>(a)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 173279 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 439071 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 244078 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 384425 |
| 5.63%, 03/01/55 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 515753 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 340613 |
| American Electric Power Co. Inc., 3.25%, <br> 03/01/50<br>| &nbsp;&nbsp; 417 | &nbsp;&nbsp; 266359 |
| American Transmission Systems Inc., 5.00%, <br> 09/01/44<sup>(b)</sup><br>| &nbsp;&nbsp; 411 | &nbsp;&nbsp; 370951 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 239715 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 288653 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 483557 |
| Series L, 5.80%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 188651 |
| Series P, 6.70%, 08/15/37<sup>(a)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 228204 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 329197 |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 344124 |
| Arizona Public Service Co. |  |  |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 314469 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 240756 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 196396 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 79746 |
| 4.20%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 244346 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 300514 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 335774 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 324255 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 180084 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 279738 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 137921 |
| Atlantica Transmision Sur SA, 6.88%, <br> 04/30/43<sup>(b)</sup><br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 193640 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 121337 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 368467 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 269310 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 271971 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 522927 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 234443 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 271386 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 459616 |
| 5.40%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 665717 |
| 5.65%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 429332 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 367721 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Basin Electric Power Cooperative, 4.75%, <br> 04/26/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $342 | &nbsp;&nbsp; $286674 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; 945127 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 441681 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 718653 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 796745 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 615046 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 799439 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 650311 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 539679 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 1572 | &nbsp;&nbsp; 1657360 |
| Black Hills Corp. |  |  |
| 3.88%, 10/15/49 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 277009 |
| 4.20%, 09/15/46 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 222824 |
| Buffalo Energy Mexico Holdings/Buffalo Energy <br> Infrastructure/Buffalo Energy, 7.88%, <br> 02/15/39<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202726 |
| Celeo Redes Operacion Chile SA, 5.20%, <br> 06/22/47<sup>(b)</sup><br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 174016 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 417841 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 251695 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 354446 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 461943 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 428024 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 379433 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 167106 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 440844 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 230880 |
| CenterPoint Energy Inc., 3.70%, 09/01/49 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 365606 |
| CEZ A/S, 5.63%, 04/03/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 315342 |
| Cleco Corporate Holdings LLC, 4.97%, 05/01/46 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 346167 |
| Cleco Power LLC |  |  |
| 6.00%, 12/01/40 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 263486 |
| 6.50%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 178924 |
| Cleveland Electric Illuminating Co. (The), 5.95%, <br> 12/15/36<br>| &nbsp;&nbsp; 246 | &nbsp;&nbsp; 253478 |
| CMS Energy Corp. |  |  |
| 4.70%, 03/31/43 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 188165 |
| 4.88%, 03/01/44 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 335648 |
| Cometa Energia SA de CV, 6.38%, 04/24/35<sup>(b)</sup> | &nbsp;&nbsp; 0 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 380 |
| Comision Federal de Electricidad |  |  |
| 4.68%, 02/09/51<sup>(b)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 383201 |
| 5.75%, 02/14/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 557292 |
| 6.13%, 06/16/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 456975 |
| 6.26%, 02/15/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 308527 |
| Commonwealth Edison Co. |  |  |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 441010 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 537595 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 312454 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 288362 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 634033 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 337305 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 353155 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 308650 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 265884 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 546528 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 413562 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 569990 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 461802 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series 127, 3.20%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; $350 | &nbsp;&nbsp; $231192 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 468422 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 288448 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 360770 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 557870 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 377409 |
| 5.25%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 541661 |
| 6.35%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 163073 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 344008 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 383490 |
| 3.60%, 06/15/61<sup>(a)</sup> | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 521611 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 476316 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 438600 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 518858 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 633790 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 550873 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 510300 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 616654 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 340456 |
| 5.70%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 763958 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 815010 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 834568 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 382914 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 421271 |
| Series 06-E, 5.70%, 12/01/36 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 285468 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 560878 |
| Series 08-B, 6.75%, 04/01/38<sup>(a)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 417225 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 584047 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 335132 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 300815 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 936247 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 524579 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 335346 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 238207 |
| Series C, 4.30%, 12/01/56<sup>(a)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 211285 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 542227 |
| Consorcio Transmantaro SA, 5.20%, <br> 04/11/38<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 562 | &nbsp;&nbsp; 534983 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42<sup>(a)</sup> | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 538819 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 365035 |
| 5.75%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1398005 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 755770 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 593917 |
| Consumers Energy Co. |  |  |
| 2.50%, 05/01/60 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 193591 |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 366393 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 460282 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 347100 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 381212 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 384917 |
| 3.95%, 07/15/47 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 287778 |
| 4.05%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 395305 |
| 4.10%, 11/15/45 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 118919 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 276994 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 495351 |
| 4.35%, 08/31/64 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 155113 |
| Dayton Power & Light Co. (The), 3.95%, <br> 06/15/49<br>| &nbsp;&nbsp; 703 | &nbsp;&nbsp; 516159 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Delmarva Power & Light Co. |  |  |
| 4.00%, 06/01/42 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $191418 |
| 4.15%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 316777 |
| Dominion Energy Inc. |  |  |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 370748 |
| 4.85%, 08/15/52 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 529305 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 620382 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 328470 |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 361118 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 496662 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 211066 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 463143 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 377015 |
| 5.10%, 06/01/65<sup>(a)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 377394 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 229588 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 544554 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 564856 |
| DTE Electric Co. |  |  |
| 2.95%, 03/01/50 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 288297 |
| 3.70%, 03/15/45 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 361472 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 221842 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 454626 |
| 3.95%, 06/15/42 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 222922 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 558651 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 306442 |
| 5.40%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 342263 |
| 5.70%, 10/01/37 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 192768 |
| Series A, 4.00%, 04/01/43 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 369125 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 489310 |
| Series A, 6.63%, 06/01/36 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 215550 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 486182 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 446160 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 545354 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 382723 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 505579 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 420717 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 430696 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 446030 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 423328 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 525592 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 600389 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 743677 |
| 5.35%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 876463 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 735754 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 565575 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 479238 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 550728 |
| Duke Energy Corp. |  |  |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 317163 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 521358 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 905184 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 410783 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 461983 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 517365 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 872000 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 742679 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 735665 |
| Duke Energy Florida LLC |  |  |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 384271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.40%, 10/01/46 | &nbsp;&nbsp; $678 | &nbsp;&nbsp; $479122 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 339315 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 353271 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 395712 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 546314 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 765914 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 734089 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 1086987 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 382180 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 413105 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 494461 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 381735 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 587919 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 500115 |
| Series UUU, 4.20%, 03/15/42 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 216548 |
| Series WWW, 4.90%, 07/15/43 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 357945 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 378607 |
| Duke Energy Ohio Inc. |  |  |
| 3.70%, 06/15/46 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 311675 |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 339085 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 446999 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 403830 |
| Duke Energy Progress LLC |  |  |
| 2.50%, 08/15/50 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 379971 |
| 2.90%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 316707 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 413429 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 361910 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 352921 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 413563 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 542272 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 429303 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 802240 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 351468 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 494486 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 434695 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 395827 |
| E.ON International Finance BV, 6.65%, <br> 04/30/38<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 686 | &nbsp;&nbsp; 742423 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 264481 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 265543 |
| Electricite de France SA |  |  |
| 4.75%, 10/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 396609 |
| 4.88%, 09/21/38<sup>(b)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 443800 |
| 4.88%, 01/22/44<sup>(b)</sup> | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 776729 |
| 4.95%, 10/13/45<sup>(b)</sup> | &nbsp;&nbsp; 1151 | &nbsp;&nbsp; 991136 |
| 5.00%, 09/21/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 1044955 |
| 5.25%, 10/13/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 179310 |
| 5.60%, 01/27/40<sup>(b)</sup> | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 834197 |
| 6.00%, 04/22/64<sup>(b)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1177073 |
| 6.00%, 01/22/2114<sup>(a)(b)</sup> | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 540395 |
| 6.38%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 790926 |
| 6.90%, 05/23/53<sup>(b)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 933217 |
| 6.95%, 01/26/39<sup>(b)</sup> | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1749920 |
| Elm Road Generating Station Supercritical LLC, <br> 6.09%, 02/11/40<sup>(b)</sup><br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; 199721 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 974005 |
| Enel Finance America LLC, 2.88%, 07/12/41<sup>(b)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 267953 |
| Enel Finance International NV |  |  |
| 4.75%, 05/25/47<sup>(b)</sup> | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 1068480 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.50%, 06/15/52<sup>(b)</sup> | &nbsp;&nbsp; $920 | &nbsp;&nbsp; $834546 |
| 6.00%, 10/07/39<sup>(b)</sup> | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1387461 |
| 6.80%, 09/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 958059 |
| 7.75%, 10/14/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 1002885 |
| Engie SA, 5.88%, 04/10/54<sup>(b)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19371 |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 414402 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 291576 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 486906 |
| 4.95%, 12/15/44<sup>(a)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 224022 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 378125 |
| Entergy Corp., 3.75%, 06/15/50 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 528995 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 413189 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 335565 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 674610 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 412746 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 437616 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 372865 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 662081 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 690811 |
| Entergy Mississippi LLC |  |  |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 274078 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 318175 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 538025 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 318741 |
| Entergy Texas Inc. |  |  |
| 3.55%, 09/30/49<sup>(a)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 347483 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 230495 |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 293206 |
| 5.15%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 182803 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 349774 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 404195 |
| Evergy Kansas Central Inc. |  |  |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 89267 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 310798 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 332869 |
| 4.13%, 03/01/42 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 220022 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 256330 |
| 4.63%, 09/01/43 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 193198 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 237152 |
| Evergy Kansas South Inc., 4.30%, 07/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 202721 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 218011 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 283028 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 360962 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 322782 |
| Series B, 6.05%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 174369 |
| Eversource Energy, 3.45%, 01/15/50 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 439115 |
| Exelon Corp. |  |  |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 522636 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 362758 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 531954 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 176881 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 588557 |
| 5.60%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 965617 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 183751 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 787805 |
| FIEMEX Energia - Banco Actinver SA Institucion <br> de Banca Multiple, 7.25%, 01/31/41<sup>(b)</sup><br>| &nbsp;&nbsp; 348 | &nbsp;&nbsp; 345204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| FirstEnergy Corp. |  |  |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; $890 | &nbsp;&nbsp; $585912 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 428730 |
| FirstEnergy Pennsylvania Electric Co., 6.15%, <br> 10/01/38<sup>(a)</sup><br>| &nbsp;&nbsp; 209 | &nbsp;&nbsp; 220073 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 464345 |
| 5.45%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 363419 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51<sup>(a)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 836093 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 553057 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 576613 |
| 3.80%, 12/15/42 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 289837 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 808022 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 586195 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 491239 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 229644 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 495741 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 429239 |
| 4.95%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 251881 |
| 5.13%, 06/01/41 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 266286 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 392415 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 715586 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 841489 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 388649 |
| 5.69%, 03/01/40<sup>(a)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 485910 |
| 5.70%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 766363 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 714650 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 602476 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 473594 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 914863 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 335304 |
| 5.13%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 678125 |
| 5.40%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 258817 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 436224 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 485696 |
| Series B, 3.70%, 01/30/50<sup>(a)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 377530 |
| Great River Energy, 6.25%, 07/01/38<sup>(b)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 38005 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 428941 |
| Idaho Power Co. |  |  |
| 3.65%, 03/01/45<sup>(a)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 196188 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 225838 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 484527 |
| 5.80%, 04/01/54 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 83550 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 404909 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 185637 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 459589 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 481420 |
| 6.05%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 351159 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 326364 |
| Series L, 3.75%, 07/01/47<sup>(a)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 231749 |
| Indianapolis Power & Light Co. |  |  |
| 4.05%, 05/01/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 296798 |
| 4.70%, 09/01/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 224681 |
| 5.70%, 04/01/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 369185 |
| Infraestructura Energetica Nova SAPI de CV |  |  |
| 4.75%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 533347 |
| 4.88%, 01/14/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 367742 |
| Interchile SA, 4.50%, 06/30/56<sup>(b)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 851872 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| International Transmission Co., 4.63%, 08/15/43 | &nbsp;&nbsp; $145 | &nbsp;&nbsp; $121884 |
| Interstate Power & Light Co. |  |  |
| 3.10%, 11/30/51 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 128021 |
| 3.50%, 09/30/49 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 357283 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 304640 |
| 4.70%, 10/15/43 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 201872 |
| 6.25%, 07/15/39<sup>(a)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 200973 |
| Interstate Power and Light Co., 5.45%, 09/30/54 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23422 |
| ITC Holdings Corp., 5.30%, 07/01/43 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 277906 |
| Jersey Central Power & Light Co., 6.15%, <br> 06/01/37<sup>(a)</sup><br>| &nbsp;&nbsp; 261 | &nbsp;&nbsp; 277881 |
| Johnsonville Aeroderivative Combustion Turbine <br> Generation LLC, 5.08%, 10/01/54<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 143977 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 217879 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 416615 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 599560 |
| Series 1, 4.65%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 230901 |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(b)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 179748 |
| Louisville Gas & Electric Co. |  |  |
| 4.25%, 04/01/49 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 434796 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 225961 |
| 4.65%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 223816 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 291768 |
| Majapahit Holding BV, 7.88%, 06/29/37<sup>(b)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64333 |
| Massachusetts Electric Co. |  |  |
| 4.00%, 08/15/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 462188 |
| 5.87%, 02/26/54<sup>(b)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 162418 |
| 5.90%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 742806 |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52<sup>(a)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 350174 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 474060 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 694257 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 674550 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 353474 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 866301 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 143567 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 308443 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 666572 |
| 5.75%, 11/01/35 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 322940 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 363446 |
| 5.85%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1238475 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(b)</sup> | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 468399 |
| Mississippi Power Co. |  |  |
| Series 12-A, 4.25%, 03/15/42 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 356528 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 116224 |
| Monongahela Power Co., 5.40%, 12/15/43<sup>(b)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 632489 |
| Narragansett Electric Co. (The) |  |  |
| 4.17%, 12/10/42<sup>(b)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 185219 |
| 5.64%, 03/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 181325 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 251671 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 256899 |
| Nevada Power Co. |  |  |
| 5.38%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 232849 |
| 5.45%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 237466 |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 431547 |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 561828 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 244258 |
| Series N, 6.65%, 04/01/36 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 393765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $378956 |
| New England Power Co. |  |  |
| 2.81%, 10/06/50<sup>(b)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 379512 |
| 3.80%, 12/05/47<sup>(b)</sup> | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 278271 |
| 5.94%, 11/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 250183 |
| New York State Electric & Gas Corp., 3.30%, <br> 09/15/49<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; 158091 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 355452 |
| 5.11%, 09/29/57<sup>(b)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13339 |
| 5.25%, 02/28/53<sup>(a)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 917095 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 713293 |
| 5.90%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 900740 |
| Niagara Mohawk Power Corp. |  |  |
| 3.03%, 06/27/50<sup>(b)</sup> | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 254307 |
| 4.12%, 11/28/42<sup>(b)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 281547 |
| 5.66%, 01/17/54<sup>(b)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 594659 |
| 5.78%, 09/16/52<sup>(b)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 593498 |
| Northern States Power Co./MN |  |  |
| 2.60%, 06/01/51 | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 358083 |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 531717 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 350872 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 345866 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 94751 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 435342 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 252114 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 243489 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 504557 |
| 4.85%, 08/15/40<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 230972 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 617859 |
| 5.25%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 227445 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 269849 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 750153 |
| 5.65%, 05/15/55 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 332118 |
| 6.20%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 310299 |
| 6.25%, 06/01/36 | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 385695 |
| Northern States Power Co./WI, 5.65%, 06/15/54 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 381061 |
| NorthWestern Corp., 4.18%, 11/15/44 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 370344 |
| NSTAR Electric Co. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 287777 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 231311 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 132196 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 562685 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 197337 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 233904 |
| 4.20%, 12/01/42 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 158235 |
| 4.25%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 177357 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 229609 |
| 4.55%, 06/01/44 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 213565 |
| 5.05%, 10/01/48<sup>(a)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 418771 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 114212 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 514731 |
| 5.80%, 06/01/54<sup>(b)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 764527 |
| 5.90%, 02/01/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 195463 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 275326 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 290547 |
| Ohio Edison Co. |  |  |
| 6.88%, 07/15/36 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 325116 |
| 8.25%, 10/15/38<sup>(a)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 282451 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; $467 | &nbsp;&nbsp; $347033 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 320200 |
| Series F, 5.85%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 190770 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 357985 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 225018 |
| 3.90%, 05/01/43 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 163892 |
| 4.00%, 12/15/44 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 191052 |
| 4.15%, 04/01/47<sup>(a)</sup> | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 259447 |
| 4.55%, 03/15/44 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 197043 |
| 5.25%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 229490 |
| 5.60%, 04/01/53 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 506961 |
| 5.85%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 242641 |
| Oklahoma Gas and Electric Co., 5.80%, <br> 04/01/55<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 245971 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 321205 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 469549 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 274638 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 425483 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 252320 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 350179 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 362727 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 130439 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 423298 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 901 | &nbsp;&nbsp; 793844 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 441785 |
| 5.30%, 06/01/42<sup>(a)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 297059 |
| 5.35%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 325953 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 534185 |
| 5.80%, 04/01/55<sup>(b)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 696307 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 218911 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 502167 |
| 3.50%, 08/01/50<sup>(a)</sup> | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 1333403 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 284425 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 804 | &nbsp;&nbsp; 563420 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 470889 |
| 4.20%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 349883 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 351698 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 450351 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 312107 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 1522217 |
| 4.50%, 12/15/41<sup>(a)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 193860 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 329135 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 687164 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2497134 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 604770 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 523498 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 937182 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 1037418 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1630821 |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 780976 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 537056 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 208917 |
| 4.13%, 01/15/49 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 470598 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 454572 |
| 5.25%, 06/15/35 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 284467 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 1397 | &nbsp;&nbsp; 1246197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.50%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $1140057 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 563837 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 1257295 |
| 6.00%, 01/15/39 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 551790 |
| 6.10%, 08/01/36 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 332771 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 613646 |
| 6.35%, 07/15/38 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 310007 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 241414 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 272883 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 239922 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 233701 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 300470 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 521700 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 238649 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 386313 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 399894 |
| 4.80%, 10/15/43<sup>(a)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 222563 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 220173 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 280645 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.00%, 06/30/50<sup>(b)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 620108 |
| 4.38%, 02/05/50<sup>(b)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 374596 |
| 4.88%, 07/17/49<sup>(b)</sup> | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 458347 |
| 5.25%, 10/24/42<sup>(b)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 832437 |
| 5.25%, 05/15/47<sup>(b)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 441537 |
| 6.15%, 05/21/48<sup>(b)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 782969 |
| 6.25%, 01/25/49<sup>(b)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 717800 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 445206 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 333691 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 498795 |
| 7.90%, 12/15/38<sup>(a)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 286476 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 264483 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 405090 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 247528 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 309545 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 411737 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 290067 |
| 5.20%, 07/15/41 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 224963 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 640127 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 191489 |
| Progress Energy Inc., 6.00%, 12/01/39 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 566216 |
| Public Service Co. of Colorado |  |  |
| 3.55%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 248804 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 336236 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 308473 |
| 3.95%, 03/15/43 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 195654 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 286814 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 383644 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 256976 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 372141 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 864227 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1113474 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 687372 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 243951 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 363708 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 479406 |
| Series 36, 2.70%, 01/15/51 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 262907 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $241656 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 212556 |
| Public Service Co. of Oklahoma |  |  |
| Series G, 6.63%, 11/15/37 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 200569 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 295309 |
| Public Service Electric & Gas Co. |  |  |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 173726 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 254250 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 290633 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 205218 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 271313 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 266735 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 175414 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 310457 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 395215 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 272650 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 382139 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 261044 |
| 4.15%, 11/01/45<sup>(a)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 199530 |
| 5.13%, 03/15/53 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 494559 |
| 5.30%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 448853 |
| 5.38%, 11/01/39<sup>(a)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 218412 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 269228 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 318129 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 284259 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 191222 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 271406 |
| Series D, 5.25%, 07/01/35<sup>(a)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70389 |
| Series I, 4.00%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 204666 |
| Series K, 4.05%, 05/01/45<sup>(a)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 214009 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 63179 |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 186060 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 297480 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 475068 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 356609 |
| 4.43%, 11/15/41 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 196298 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 293620 |
| 5.48%, 06/01/35 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 153809 |
| 5.64%, 04/15/41 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24415 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 585510 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 276005 |
| 5.76%, 07/15/40<sup>(a)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 409755 |
| 5.80%, 03/15/40 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 238051 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 225215 |
| 6.72%, 06/15/36 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 148056 |
| Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 778715 |
| RWE Finance U.S. LLC, 6.25%, 04/16/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1147619 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 382968 |
| 3.95%, 11/15/41 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 115880 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 342591 |
| 4.30%, 04/01/42 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 208284 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 401058 |
| 5.35%, 05/15/35 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 198123 |
| 5.35%, 05/15/40<sup>(a)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 231664 |
| 5.35%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 731485 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 571682 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 306857 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series FFF, 6.13%, 09/15/37 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $177598 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 368874 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 317010 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 304113 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 353681 |
| Saudi Electricity Global Sukuk Co. 2, 5.06%, <br> 04/08/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 955 | &nbsp;&nbsp; 896067 |
| Saudi Electricity Global Sukuk Co. 3, 5.50%, <br> 04/08/44<sup>(b)</sup><br>| &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1127725 |
| Sempra |  |  |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 895729 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 373871 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 821196 |
| Sierra Pacific Power Co. |  |  |
| 5.90%, 03/15/54 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 418446 |
| Series P, 6.75%, 07/01/37 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 286395 |
| Solar Star Funding LLC, 5.38%, 06/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 251044 |
| Southern California Edison Co. |  |  |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 457030 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 793872 |
| 3.90%, 12/01/41 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 203999 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1239319 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 285730 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 257904 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 599779 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 395219 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 371788 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 438319 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 356090 |
| 5.88%, 12/01/53<sup>(a)</sup> | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 614114 |
| 5.90%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 344617 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 471109 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 607930 |
| Series 05-B, 5.55%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 228779 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 318731 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 364398 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 614800 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 365053 |
| Series 20A, 2.95%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 299392 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 503156 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 265181 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 843747 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 303881 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 568362 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 219236 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 2064 | &nbsp;&nbsp; 1671658 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 480941 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 287437 |
| Series F, 4.95%, 12/15/46 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 152572 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 703487 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 124384 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 264030 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 326809 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 228834 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 296050 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 462753 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 325797 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.00%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $234859 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 525813 |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 244084 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 554031 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(b)</sup><br>| &nbsp;&nbsp; 635 | &nbsp;&nbsp; 589601 |
| State Grid Overseas Investment 2013 Ltd., <br> 4.38%, 05/22/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 427901 |
| State Grid Overseas Investment 2014 Ltd., <br> 4.85%, 05/07/44<sup>(b)</sup><br>| &nbsp;&nbsp; 680 | &nbsp;&nbsp; 661676 |
| State Grid Overseas Investment BVI Ltd., 4.00%, <br> 05/04/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 415 | &nbsp;&nbsp; 357157 |
| Tampa Electric Co. |  |  |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 156046 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 227892 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 188716 |
| 4.20%, 05/15/45 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15610 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 296274 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 248745 |
| 4.45%, 06/15/49<sup>(a)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 355323 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 118718 |
| 6.15%, 05/15/37 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 188512 |
| 6.55%, 05/15/36 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 221373 |
| Tierra Mojada Luxembourg II SARL, 5.75%, <br> 12/01/40<sup>(b)</sup><br>| &nbsp;&nbsp; 308 | &nbsp;&nbsp; 282096 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 59439 |
| Tri-State Generation & Transmission <br> Association Inc.<br>|  |  |
| 4.70%, 11/01/44<sup>(a)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 170385 |
| 6.00%, 06/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 486515 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/01/51<sup>(a)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 143787 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 168191 |
| 4.85%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 302990 |
| 5.50%, 04/15/53 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 287117 |
| 5.90%, 04/15/55<sup>(a)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 514495 |
| Union Electric Co. |  |  |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 471809 |
| 3.25%, 10/01/49<sup>(a)</sup> | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 247640 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 397905 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 387972 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 492036 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 140128 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 397275 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 317406 |
| 5.30%, 08/01/37 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 162783 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 374611 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 110170 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 533341 |
| 2.95%, 11/15/51 | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 600269 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 185413 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 414047 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 526977 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 850553 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 596023 |
| 5.45%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 721165 |
| 5.55%, 08/15/54 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 602111 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 740732 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 467934 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 833023 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; $623 | &nbsp;&nbsp; $649791 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 383459 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 314441 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 552027 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 551972 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 542320 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 573139 |
| Virginia Electric and Power Co., 5.65%, <br> 03/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; 460 | &nbsp;&nbsp; 440882 |
| Wisconsin Electric Power Co. |  |  |
| 3.65%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 241335 |
| 4.25%, 06/01/44 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 162779 |
| 4.30%, 12/15/45<sup>(a)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 147989 |
| 4.30%, 10/15/48<sup>(a)</sup> | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 237075 |
| 5.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 26674 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 204383 |
| Wisconsin Power and Light Co. |  |  |
| 3.65%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 242354 |
| 4.10%, 10/15/44 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 201370 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 210870 |
| 7.60%, 10/01/38 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 178330 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 548219 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 67261 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 286486 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 402809 |
| Xcel Energy Inc. |  |  |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 271041 |
| 4.80%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 198888 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 292270 |
|  |  | &nbsp;&nbsp; 327316986 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Emerson Electric Co. |  |  |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 330401 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 581366 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 316308 |
| 6.13%, 04/15/39<sup>(a)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 215249 |
|  |  | &nbsp;&nbsp; 1443324 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Amphenol Corp., 5.38%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 247676 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 511566 |
| Honeywell International Inc. |  |  |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 463201 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 426287 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1682995 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 649609 |
| 5.38%, 03/01/41<sup>(a)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 376494 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 340004 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 482590 |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 505291 |
|  |  | &nbsp;&nbsp; 5685713 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Sweihan PV Power Co. PJSC, 3.63%, <br> 01/31/49<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 461 | &nbsp;&nbsp; 378129 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Aeropuerto Internacional de Tocumen SA |  |  |
| 4.00%, 08/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 382968 |
| 5.13%, 08/11/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 831931 |
| Cellnex Finance Co. SA, 3.88%, 07/07/41<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 153807 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| LBJ Infrastructure Group LLC, 3.80%, <br> 12/31/57<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $332 | &nbsp;&nbsp; $224106 |
| Mexico City Airport Trust |  |  |
| 5.50%, 10/31/46<sup>(b)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 520237 |
| 5.50%, 07/31/47<sup>(b)</sup> | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 1408680 |
|  |  | &nbsp;&nbsp; 3521729 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Warnermedia Holdings Inc. |  |  |
| 5.05%, 03/15/42 | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 3071586 |
| 5.14%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 6548 | &nbsp;&nbsp; 4476620 |
| 5.39%, 03/15/62 | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 1227183 |
|  |  | &nbsp;&nbsp; 8775389 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 352 | &nbsp;&nbsp; 276755 |
| Republic Services Inc. |  |  |
| 3.05%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 344564 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 355608 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 430902 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 488814 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 329737 |
| Waste Management Inc. |  |  |
| 2.50%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 287405 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 325236 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 158016 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 580132 |
| 5.35%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 983572 |
|  |  | &nbsp;&nbsp; 4560741 |
| **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** |
| Bimbo Bakeries USA Inc. |  |  |
| 4.00%, 05/17/51<sup>(b)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 498601 |
| 5.38%, 01/09/36<sup>(b)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 434131 |
| Cencosud SA, 6.63%, 02/12/45<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202907 |
| Conagra Brands Inc. |  |  |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 854810 |
| 5.40%, 11/01/48<sup>(a)</sup> | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 849403 |
| Flowers Foods Inc., 6.20%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14931 |
| General Mills Inc. |  |  |
| 3.00%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 416810 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 413728 |
| 4.55%, 04/17/38 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 261031 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 370485 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 355317 |
| Gruma SAB de CV, 5.76%, 12/09/54<sup>(b)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 167400 |
| Grupo Bimbo SAB de CV |  |  |
| 4.00%, 09/06/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 431931 |
| 4.70%, 11/10/47<sup>(b)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 552350 |
| 4.88%, 06/27/44<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 345789 |
| Hershey Co. (The) |  |  |
| 2.65%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 250696 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 271985 |
| 3.38%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 263180 |
| Hormel Foods Corp., 3.05%, 06/03/51 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 380359 |
| Ingredion Inc. |  |  |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 278618 |
| 6.63%, 04/15/37 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 218051 |
| J.M. Smucker Co. (The) |  |  |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 487323 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 740780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; $930 | &nbsp;&nbsp; $988818 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 724891 |
| 6.50%, 12/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1600897 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 845408 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(b)</sup><br>| &nbsp;&nbsp; 770 | &nbsp;&nbsp; 782297 |
| Kellanova |  |  |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 537860 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 394974 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 514095 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2142769 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 336626 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 1444 | &nbsp;&nbsp; 1234543 |
| 5.00%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 564634 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1244686 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 1576 | &nbsp;&nbsp; 1428461 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 679335 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 710987 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 835944 |
| 7.13%, 08/01/39<sup>(b)</sup> | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 911042 |
| Kroger Co. (The) |  |  |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 429820 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 404701 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 809551 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 439593 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 315117 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 141326 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 311294 |
| 5.40%, 01/15/49<sup>(a)</sup> | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 591536 |
| 5.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 1987745 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 1358818 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 260522 |
| Mars Inc. |  |  |
| 2.38%, 07/16/40<sup>(b)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 639402 |
| 2.45%, 07/16/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 233435 |
| 3.88%, 04/01/39<sup>(b)</sup> | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 529356 |
| 3.95%, 04/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 298717 |
| 3.95%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 680130 |
| 4.13%, 04/01/54<sup>(b)</sup> | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 410002 |
| 4.20%, 04/01/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 565493 |
| 5.65%, 05/01/45<sup>(b)</sup> | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2219559 |
| 5.70%, 05/01/55<sup>(b)</sup> | &nbsp;&nbsp; 3579 | &nbsp;&nbsp; 3527685 |
| 5.80%, 05/01/65<sup>(b)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 389102 |
| McCormick & Co. Inc./MD, 4.20%, 08/15/47 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 282233 |
| Mondelez International Inc., 2.63%, 09/04/50 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 677635 |
| Nestle Capital Corp., 5.10%, 03/12/54<sup>(b)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 630331 |
| Nestle Holdings Inc. |  |  |
| 2.50%, 09/14/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 385112 |
| 2.63%, 09/14/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 298344 |
| 3.90%, 09/24/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 958095 |
| 4.00%, 09/24/48<sup>(b)</sup> | &nbsp;&nbsp; 1737 | &nbsp;&nbsp; 1396210 |
| 4.70%, 01/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 814690 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 471252 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 411746 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 216524 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 418389 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 438882 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.38%, 09/21/35 | &nbsp;&nbsp; $330 | &nbsp;&nbsp; $331850 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 637879 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 1202170 |
| Tesco PLC, 6.15%, 11/15/37<sup>(b)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 284805 |
| The Campbell's Co. |  |  |
| 3.13%, 04/24/50<sup>(a)</sup> | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 343209 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 560035 |
| 5.25%, 10/13/54 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 345440 |
| Tyson Foods Inc. |  |  |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 631845 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 1370628 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 261695 |
|  |  | &nbsp;&nbsp; 55450786 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 5.15%, 01/29/50<sup>(b)</sup> | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 393651 |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 277903 |
| 5.50%, 04/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 446425 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 665773 |
| 4.40%, 08/15/47<sup>(a)</sup> | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 572126 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 448777 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 103697 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 601140 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 660355 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 420834 |
| Suzano Austria GmbH, 7.00%, 03/16/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1181852 |
|  |  | &nbsp;&nbsp; 5772533 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| APA Infrastructure Ltd., 5.75%, 09/16/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 249762 |
| Atmos Energy Corp. |  |  |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 402191 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 340828 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 582172 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 319199 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 427592 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 473302 |
| 5.00%, 12/15/54 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 570802 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 421380 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 382 | &nbsp;&nbsp; 380277 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 466347 |
| Boston Gas Co. |  |  |
| 4.49%, 02/15/42<sup>(b)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 373721 |
| 6.12%, 07/20/53<sup>(b)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 383663 |
| Brooklyn Union Gas Co. (The) |  |  |
| 4.27%, 03/15/48<sup>(b)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 505693 |
| 4.49%, 03/04/49<sup>(b)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 343108 |
| 4.50%, 03/10/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 319760 |
| 6.42%, 07/18/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 449984 |
| CenterPoint Energy Resources Corp. |  |  |
| 4.10%, 09/01/47<sup>(a)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 257689 |
| 5.85%, 01/15/41 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 318249 |
| 6.63%, 11/01/37<sup>(a)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 276275 |
| Centrica PLC, 5.38%, 10/16/43<sup>(b)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 370615 |
| East Ohio Gas Co. (The), 3.00%, 06/15/50<sup>(b)</sup> | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 485164 |
| KeySpan Gas East Corp. |  |  |
| 3.59%, 01/18/52<sup>(b)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 256864 |
| 5.82%, 04/01/41<sup>(b)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 437328 |
| Korea Gas Corp., 6.25%, 01/20/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 707351 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Mega Advance Investments Ltd., 6.38%, <br> 05/12/41<sup>(b)</sup><br>| &nbsp;&nbsp; $385 | &nbsp;&nbsp; $416276 |
| NiSource Inc. |  |  |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 580187 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 824995 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 653633 |
| 5.00%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 530002 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 412942 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 486555 |
| 5.80%, 02/01/42 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 270527 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 137167 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 387652 |
| ONE Gas Inc. |  |  |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 349045 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 565157 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 273479 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 227468 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 380720 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 338086 |
| Southern California Gas Co. |  |  |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 235813 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 205484 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 336708 |
| 5.60%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 482248 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 597040 |
| 6.35%, 11/15/52 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 389747 |
| Series KK, 5.75%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 301915 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 310452 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 484480 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 279059 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.95%, 10/01/46 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 415461 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 429532 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 363527 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 710602 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 280553 |
| Southwest Gas Corp. |  |  |
| 3.18%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 204564 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 175558 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 280843 |
| Spire Inc., 4.70%, 08/15/44 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 288894 |
| Spire Missouri Inc., 3.30%, 06/01/51 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 229101 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 312418 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 317530 |
|  |  | &nbsp;&nbsp; 24584736 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 285627 |
| 4.10%, 03/01/48 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 240494 |
| Stanley Black & Decker Inc. |  |  |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 366229 |
| 4.85%, 11/15/48 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 412046 |
| 5.20%, 09/01/40 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 342266 |
|  |  | &nbsp;&nbsp; 1646662 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp; 1478972 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 594622 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 4.90%, 11/30/46 | &nbsp;&nbsp; $3063 | &nbsp;&nbsp; $2873652 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 475174 |
| 6.00%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 493831 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 537887 |
| Alcon Finance Corp. |  |  |
| 3.80%, 09/23/49<sup>(b)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 349488 |
| 5.75%, 12/06/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 465409 |
| Baxter International Inc. |  |  |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 490739 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 453610 |
| 4.50%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 247494 |
| 6.25%, 12/01/37<sup>(a)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 158250 |
| Boston Scientific Corp. |  |  |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 379251 |
| 4.70%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 375075 |
| 6.50%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 409161 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 402254 |
| Covidien International Finance SA, 6.55%, <br> 10/15/37<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 222984 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 453912 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 1084 | &nbsp;&nbsp; 664872 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 445035 |
| DH Europe Finance II SARL |  |  |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 599333 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 598235 |
| GE HealthCare Technologies Inc., 6.38%, <br> 11/22/52<br>| &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1101132 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 486020 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 679426 |
| Medtronic Inc. |  |  |
| 4.00%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 323163 |
| 4.63%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1431916 |
| Revvity Inc., 3.63%, 03/15/51 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 288055 |
| Solventum Corp. |  |  |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1231126 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 500427 |
| STERIS Irish FinCo Unlimited Co., 3.75%, <br> 03/15/51<br>| &nbsp;&nbsp; 628 | &nbsp;&nbsp; 436710 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 411439 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 353381 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 417654 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 821234 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 635419 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 567729 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 381323 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 685146 |
| Zimmer Biomet Holdings Inc. |  |  |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 151056 |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 250809 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 248431 |
|  |  | &nbsp;&nbsp; 24570836 |
| **Health Care - Services — 4.9%** | **Health Care - Services — 4.9%** | **Health Care - Services — 4.9%** |
| AdventHealth Obligated Group, Series E, 2.80%, <br> 11/15/51<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; 136020 |
| Adventist Health System/West, 3.63%, <br> 03/01/49<sup>(a)</sup><br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 232753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49 | &nbsp;&nbsp; $248 | &nbsp;&nbsp; $174965 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 186008 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 94210 |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 86276 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 409951 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 301644 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 739455 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 517696 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 386470 |
| Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 131417 |
| Allina Health System |  |  |
| 2.90%, 11/15/51 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 254076 |
| 4.81%, 11/15/45 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 222970 |
| Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 262583 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 904102 |
| 4.85%, 11/15/53 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 435871 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 497626 |
| Banner Health |  |  |
| 2.91%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 171530 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 198413 |
| Series 2020, 3.18%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 259072 |
| Baptist Health South Florida Inc., Series 2017, <br> 4.34%, 11/15/41<br>| &nbsp;&nbsp; 193 | &nbsp;&nbsp; 164626 |
| Baptist Health South Florida Obligated Group, <br> Series 2021, 3.12%, 11/15/71<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5704 |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<br>| &nbsp;&nbsp; 235 | &nbsp;&nbsp; 160549 |
| BayCare Health System Inc., Series 2020, <br> 3.83%, 11/15/50<br>| &nbsp;&nbsp; 411 | &nbsp;&nbsp; 311976 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 291043 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 255542 |
| Series 2021, 2.84%, 11/15/50 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 487501 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 122663 |
| Bon Secours Mercy Health Inc., Series 20-2, <br> 3.21%, 06/01/50<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; 175798 |
| Catholic Health Services of Long Island <br> Obligated Group, Series 2020, 3.37%, <br> 07/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 128197 |
| Children's Health System of Texas, 2.51%, <br> 08/15/50<br>| &nbsp;&nbsp; 377 | &nbsp;&nbsp; 219095 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 210690 |
| Series 2020, 2.59%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 176279 |
| Children's Hospital Medical Center/Cincinnati <br> OH, 4.27%, 05/15/44<br>| &nbsp;&nbsp; 226 | &nbsp;&nbsp; 197838 |
| Children's Hospital of Philadelphia (The), Series <br> 2020, 2.70%, 07/01/50<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; 150222 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 49514 |
| Cigna Group (The) |  |  |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 442106 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 1277 | &nbsp;&nbsp; 851424 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 1423 | &nbsp;&nbsp; 938145 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 770894 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 2077 | &nbsp;&nbsp; 1929136 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.80%, 07/15/46 | &nbsp;&nbsp; $1345 | &nbsp;&nbsp; $1158685 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 2637 | &nbsp;&nbsp; 2272988 |
| 5.38%, 02/15/42 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 154352 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1366225 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 473110 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 361626 |
| Series 2018, 4.38%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 247659 |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<sup>(a)</sup><br>| &nbsp;&nbsp; 435 | &nbsp;&nbsp; 363456 |
| CommonSpirit Health |  |  |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 372756 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 356770 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 627520 |
| 4.35%, 11/01/42 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 578617 |
| 5.55%, 12/01/54 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 302174 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 225153 |
| Community Health Network Inc., Series 20-A, <br> 3.10%, 05/01/50<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 87235 |
| Corewell Health Obligated Group, Series 19A, <br> 3.49%, 07/15/49<br>| &nbsp;&nbsp; 306 | &nbsp;&nbsp; 215450 |
| Cottage Health Obligated Group, Series 2020, <br> 3.30%, 11/01/49<br>| &nbsp;&nbsp; 459 | &nbsp;&nbsp; 321586 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; 314 | &nbsp;&nbsp; 244158 |
| Dignity Health |  |  |
| 4.50%, 11/01/42 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 190746 |
| 5.27%, 11/01/64 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 138682 |
| Duke University Health System Inc., Series 2017, <br> 3.92%, 06/01/47<br>| &nbsp;&nbsp; 459 | &nbsp;&nbsp; 358291 |
| Elevance Health Inc. |  |  |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 792428 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 1005770 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 400833 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 1126493 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 721209 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 702026 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 748218 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 871511 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 437492 |
| 4.85%, 08/15/54 | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 345731 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 500397 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1077214 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 987357 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 1436 | &nbsp;&nbsp; 1374706 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 339362 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 672627 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 885327 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 91594 |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<sup>(a)</sup><br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 114481 |
| Fred Hutchinson Cancer Center, 4.97%, <br> 01/01/52<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; 107533 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48<sup>(a)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 346703 |
| 4.50%, 07/01/57 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 291670 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 363122 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 336393 |
| Hartford HealthCare Corp., 3.45%, 07/01/54 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 57436 |
| HCA Inc. |  |  |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 1010184 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.38%, 03/15/42 | &nbsp;&nbsp; $550 | &nbsp;&nbsp; $447732 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1512603 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 941587 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 2086 | &nbsp;&nbsp; 1809711 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1123294 |
| 5.90%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 980310 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 988749 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1492781 |
| 6.10%, 04/01/64<sup>(a)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 692643 |
| 6.20%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 769126 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co.<br>|  |  |
| 3.20%, 06/01/50<sup>(b)</sup> | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 552102 |
| 5.88%, 06/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 861819 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 357 | &nbsp;&nbsp; 266404 |
| Humana Inc. |  |  |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 356157 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 303383 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 302538 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 583054 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 452751 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 894418 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 61798 |
| 8.15%, 06/15/38 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 244686 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 309796 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 127597 |
| Inova Health System Foundation, 4.07%, <br> 05/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 234560 |
| Integris Baptist Medical Center Inc., Series A, <br> 3.88%, 08/15/50<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 174519 |
| Iowa Health System, Series 2020, 3.67%, <br> 02/15/50<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp; 136210 |
| Johns Hopkins Health System Corp. (The), <br> 3.84%, 05/15/46<br>| &nbsp;&nbsp; 526 | &nbsp;&nbsp; 410399 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1215141 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 568334 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 743654 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 960817 |
| Series 2021, 3.00%, 06/01/51 | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; 878249 |
| Laboratory Corp. of America Holdings, 4.70%, <br> 02/01/45<br>| &nbsp;&nbsp; 909 | &nbsp;&nbsp; 773490 |
| Mass General Brigham Inc. |  |  |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 106970 |
| Series 2020, 3.19%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 60284 |
| Series 2020, 3.34%, 07/01/60 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 257657 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 162086 |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 117490 |
| Series 2016, 4.13%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 321515 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 325985 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; 272636 |
| MedStar Health Inc., Series 20A, 3.63%, <br> 08/15/49<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 55947 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 238816 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52<sup>(a)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 124164 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 377929 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Series 2015, 4.20%, 07/01/55<sup>(a)</sup> | &nbsp;&nbsp; $470 | &nbsp;&nbsp; $378893 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 32510 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 431 | &nbsp;&nbsp; 261725 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 92007 |
| Series 18-C, 5.25%, 11/01/48 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 134265 |
| Mount Nittany Medical Center Obligated Group, <br> 3.80%, 11/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 144952 |
| Mount Sinai Hospital (The) |  |  |
| Series 2017, 3.98%, 07/01/48<sup>(a)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 145074 |
| Series 2019, 3.74%, 07/01/49 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 350680 |
| Series 2020, 3.39%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 216930 |
| MultiCare Health System, 2.80%, 08/15/50 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 113679 |
| MyMichigan Health, Series 2020, 3.41%, <br> 06/01/50<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; 185764 |
| Nationwide Children's Hospital Inc., 4.56%, <br> 11/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; 235031 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40<sup>(a)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 126078 |
| 2.61%, 08/01/60<sup>(a)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 84686 |
| 3.56%, 08/01/36 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 150611 |
| 4.02%, 08/01/45 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 248592 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 152032 |
| 4.76%, 08/01/2116<sup>(a)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 146373 |
| Series 2019, 3.95% | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 169907 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 435706 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 253958 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 538084 |
| 6.15%, 11/01/43 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 329809 |
| Northwestern Memorial Healthcare Obligated <br> Group, Series 2021, 2.63%, 07/15/51<br>| &nbsp;&nbsp; 284 | &nbsp;&nbsp; 169262 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 232514 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 469191 |
| 3.32%, 11/01/61 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 289774 |
| 4.37%, 11/01/43 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 203620 |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series <br> 2020, 2.67%, 10/01/50<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 32273 |
| NYU Langone Hospitals |  |  |
| 5.75%, 07/01/43 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81263 |
| Series 2020, 3.38%, 07/01/55<sup>(a)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 286312 |
| Ochsner Clinic Foundation, 5.90%, 05/15/45 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 227850 |
| OhioHealth Corp. |  |  |
| 2.83%, 11/15/41<sup>(a)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 224049 |
| Series 2020, 3.04%, 11/15/50 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 127690 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 106851 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 204052 |
| 5.48%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 61521 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 255331 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 336009 |
| Piedmont Healthcare Inc. |  |  |
| 2.86%, 01/01/52 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 281424 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 149707 |
| Presbyterian Healthcare Services, 4.88%, <br> 08/01/52<br>| &nbsp;&nbsp; 272 | &nbsp;&nbsp; 239390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Providence St. Joseph Health Obligated Group |  |  |
| Series 21A, 2.70%, 10/01/51 | &nbsp;&nbsp; $832 | &nbsp;&nbsp; $467521 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 70622 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 348434 |
| Queen's Health Systems (The), 4.81%, <br> 07/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 185 | &nbsp;&nbsp; 165369 |
| Quest Diagnostics Inc., 4.70%, 03/30/45<sup>(a)</sup> | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 301234 |
| Rady Children's Hospital-San Diego, Series 21A, <br> 3.15%, 08/15/51<br>| &nbsp;&nbsp; 230 | &nbsp;&nbsp; 151347 |
| Roche Holdings Inc. |  |  |
| 2.61%, 12/13/51<sup>(b)</sup> | &nbsp;&nbsp; 1941 | &nbsp;&nbsp; 1159882 |
| 4.00%, 11/28/44<sup>(b)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 554751 |
| 5.22%, 03/08/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1441295 |
| 7.00%, 03/01/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 1000772 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 303976 |
| Sentara Health, 2.93%, 11/01/51 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 132732 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 122428 |
| Southern Baptist Hospital of Florida Inc., 4.86%, <br> 07/15/45<br>| &nbsp;&nbsp; 305 | &nbsp;&nbsp; 272659 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 115036 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 484174 |
| Summa Health, 3.51%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 152697 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9665 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 156123 |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 112406 |
| Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 266792 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 124039 |
| 4.33%, 11/15/55 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 168803 |
| Toledo Hospital (The), 5.75%, 11/15/38<sup>(a)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 169198 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 206380 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 162972 |
| Series 2021, 2.63%, 12/01/40 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 271903 |
| UMass Memorial Health Care Obligated Group, <br> 5.36%, 07/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 101112 |
| UnitedHealth Group Inc. |  |  |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 651634 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 1114506 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 1154868 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 605280 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp; 1792313 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 887253 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 810278 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 760079 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 874330 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 650398 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 673103 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 857226 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 589579 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 1446 | &nbsp;&nbsp; 1154102 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 560579 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 956629 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 901476 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 659248 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1700815 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 1803597 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 824262 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.05%, 04/15/53 | &nbsp;&nbsp; $1692 | &nbsp;&nbsp; $1495603 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1478748 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1679050 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1581224 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1073757 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 2942678 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 379934 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1707556 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 838944 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 2295 | &nbsp;&nbsp; 2283087 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 525390 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 1093532 |
| 6.50%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 570908 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 743850 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1169920 |
| UPMC, 5.38%, 05/15/43 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 221230 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 59926 |
| West Virginia United Health System Obligated <br> Group, Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; 120581 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 245882 |
| Series 2021, 3.07%, 03/01/51 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 281662 |
| Yale-New Haven Health Services Corp., Series <br> 2020, 2.50%, 07/01/50<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 62994 |
|  |  | &nbsp;&nbsp; 123796759 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Alfa SAB de CV, 6.88%, 03/25/44<sup>(b)</sup> | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 510206 |
| CK Hutchison International 19 II Ltd., 3.38%, <br> 09/06/49<sup>(b)</sup><br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; 535001 |
| JAB Holdings BV |  |  |
| 3.75%, 05/28/51<sup>(b)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 286540 |
| 4.50%, 04/08/52<sup>(b)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 485793 |
|  |  | &nbsp;&nbsp; 1817540 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc., 5.50%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 685711 |
| MDC Holdings Inc. |  |  |
| 3.97%, 08/06/61<sup>(a)</sup> | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 144305 |
| 6.00%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 410849 |
|  |  | &nbsp;&nbsp; 1240865 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Leggett & Platt Inc., 3.50%, 11/15/51 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 290325 |
| Whirlpool Corp. |  |  |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 351885 |
| 4.60%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 418752 |
| 5.15%, 03/01/43<sup>(a)</sup> | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 240733 |
|  |  | &nbsp;&nbsp; 1301695 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Church & Dwight Co. Inc. |  |  |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 136277 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 462703 |
| Kimberly-Clark Corp. |  |  |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 281473 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 349051 |
| 3.70%, 06/01/43<sup>(a)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 178129 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 267492 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 482541 |
| 6.63%, 08/01/37<sup>(a)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 653514 |
| SC Johnson & Son Inc. |  |  |
| 4.00%, 05/15/43<sup>(b)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 332909 |
| 4.35%, 09/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 203599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares (continued)** | **Household Products & Wares (continued)** | **Household Products & Wares (continued)** |
| 4.75%, 10/15/46<sup>(b)</sup> | &nbsp;&nbsp; $815 | &nbsp;&nbsp; $697686 |
| 4.80%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 583749 |
|  |  | &nbsp;&nbsp; 4629123 |
| **Insurance — 4.9%** | **Insurance — 4.9%** | **Insurance — 4.9%** |
| Aflac Inc. |  |  |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 262422 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 385589 |
| 6.45%, 08/15/40 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 251641 |
| AIA Group Ltd. |  |  |
| 3.20%, 09/16/40<sup>(b)</sup> | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1249369 |
| 4.50%, 03/16/46<sup>(b)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 589499 |
| 4.88%, 03/11/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 376129 |
| 5.40%, 09/30/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 472482 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 340508 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 260957 |
| Allstate Corp. (The) |  |  |
| 3.85%, 08/10/49 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 352198 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 560041 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 387676 |
| 5.55%, 05/09/35<sup>(a)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 504382 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 545029 |
| 6.50%, 05/15/67<sup>(d)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 406299 |
| American Financial Group Inc./OH, 4.50%, <br> 06/15/47<br>| &nbsp;&nbsp; 650 | &nbsp;&nbsp; 523191 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 885853 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 516041 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1025808 |
| 4.80%, 07/10/45 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 247234 |
| 6.25%, 05/01/36 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 199184 |
| AmFam Holdings Inc., 3.83%, 03/11/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 275078 |
| Aon Corp., 6.25%, 09/30/40 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 464905 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 387524 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 732047 |
| Aon Global Ltd. |  |  |
| 4.25%, 12/12/42 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 210617 |
| 4.45%, 05/24/43<sup>(a)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 181925 |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 266243 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 519501 |
| Aon North America Inc., 5.75%, 03/01/54 | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1726060 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 517414 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 606883 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 445111 |
| Arthur J Gallagher & Co. |  |  |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 283549 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 585317 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1563649 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 563575 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 522270 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 681314 |
| Assured Guaranty Municipal Holdings Inc., <br> 6.40%, 12/15/66<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 220875 |
| Assured Guaranty U.S. Holdings Inc., 3.60%, <br> 09/15/51<br>| &nbsp;&nbsp; 430 | &nbsp;&nbsp; 289647 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 359441 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 325710 |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 876837 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Augustar Life Insurance Co., 6.88%, <br> 06/15/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $230 | &nbsp;&nbsp; $209326 |
| AXA SA, 6.38%, (1-day SOFR Index + <br> 2.256%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 270494 |
| Axis Specialty Finance PLC, 5.15%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 145602 |
| Beacon Funding Trust, 6.27%, 08/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1300001 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 464777 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 984806 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 1949625 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 1918847 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1466153 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 365634 |
| 4.40%, 05/15/42<sup>(a)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 719156 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 530668 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(a)</sup> | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 834438 |
| Brighthouse Financial Inc. |  |  |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 209853 |
| 4.70%, 06/22/47<sup>(a)</sup> | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 684583 |
| Brown & Brown Inc., 4.95%, 03/17/52 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 493738 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 647745 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 651335 |
| Chubb INA Holdings LLC |  |  |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 480118 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 513149 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 363833 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1268521 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 328524 |
| Corebridge Financial Inc. |  |  |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 354954 |
| 4.40%, 04/05/52<sup>(a)</sup> | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 822972 |
| Empower Finance 2020 LP, 3.08%, 09/17/51<sup>(b)</sup> | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 471098 |
| Equitable Holdings Inc., 5.00%, 04/20/48 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1151357 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 600946 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 638758 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 439248 |
| Fairfax Financial Holdings Ltd. |  |  |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 516177 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 901744 |
| Farmers Insurance Exchange, 4.75%, <br> 11/01/57<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 232 | &nbsp;&nbsp; 189815 |
| Fidelity National Financial Inc., 3.20%, 09/17/51 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 294694 |
| Five Corners Funding Trust IV, 6.00%, <br> 02/15/53<sup>(b)</sup><br>| &nbsp;&nbsp; 736 | &nbsp;&nbsp; 743301 |
| Global Atlantic Fin Co., 6.75%, 03/15/54<sup>(b)</sup> | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 658824 |
| Great-West Lifeco Finance 2018 LP, 4.58%, <br> 05/17/48<sup>(b)</sup><br>| &nbsp;&nbsp; 618 | &nbsp;&nbsp; 518382 |
| Great-West Lifeco Finance Delaware LP, 4.15%, <br> 06/03/47<sup>(b)</sup><br>| &nbsp;&nbsp; 771 | &nbsp;&nbsp; 611828 |
| Guardian Life Insurance Co. of America (The) |  |  |
| 3.70%, 01/22/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 177680 |
| 4.85%, 01/24/77<sup>(b)</sup> | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 456567 |
| 4.88%, 06/19/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 326270 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.90%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 366975 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 590641 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 265196 |
| 4.40%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 421282 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 255473 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.10%, 10/01/41 | &nbsp;&nbsp; $398 | &nbsp;&nbsp; $405873 |
| 6.63%, 03/30/40 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 299651 |
| High Street Funding Trust III, 5.81%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 97120 |
| Jackson Financial Inc., 4.00%, 11/23/51 | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 359448 |
| Liberty Mutual Group Inc. |  |  |
| 3.95%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 875547 |
| 3.95%, 05/15/60<sup>(b)</sup> | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 349834 |
| 4.85%, 08/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 103211 |
| 5.50%, 06/15/52<sup>(b)</sup> | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 878934 |
| 6.50%, 05/01/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 198193 |
| Liberty Mutual Insurance Co., 7.70%, 10/15/97<sup>(b)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 245240 |
| Lincoln National Corp. |  |  |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 333562 |
| 4.38%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 218950 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 319183 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 511631 |
| Loews Corp., 4.13%, 05/15/43 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 444320 |
| Manulife Financial Corp., 5.38%, 03/04/46 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 630564 |
| Maple Grove Funding Trust I, 4.16%, 08/15/51<sup>(b)</sup> | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 316616 |
| Markel Group Inc. |  |  |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 399801 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 454016 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 250107 |
| 5.00%, 03/30/43<sup>(a)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 194325 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 460758 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 513798 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 381380 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.90%, 12/15/51 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 211157 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 672538 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 564848 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 414237 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 1175845 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 501171 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1327910 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 565289 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 533378 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 955818 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 504319 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 3.20%, 12/01/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 234312 |
| 3.38%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 464472 |
| 3.73%, 10/15/70<sup>(b)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 534627 |
| 4.50%, 04/15/65<sup>(b)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 272440 |
| 4.90%, 04/01/77<sup>(b)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 362287 |
| 5.08%, 02/15/69<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 672163 |
| 5.38%, 12/01/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 224446 |
| 5.67%, 12/01/52<sup>(b)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 469366 |
| MetLife Capital Trust IV, 7.88%, 12/15/67<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 657675 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 787169 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 565381 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 765933 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 449520 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 881812 |
| 5.00%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 919497 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 902758 |
| 5.70%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 895468 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 757400 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1065913 |
| 9.25%, 04/08/68<sup>(a)(b)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 452156 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 10.75%, 08/01/69 | &nbsp;&nbsp; $398 | &nbsp;&nbsp; $518492 |
| Mutual of Omaha Insurance Co. |  |  |
| 6.14%, 01/16/64, (10-year CMT + <br> 2.950%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 332 | &nbsp;&nbsp; 326475 |
| 6.80%, 06/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 100651 |
| National Life Insurance Co., 5.25%, <br> 07/19/68<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; 183192 |
| Nationwide Financial Services Inc. |  |  |
| 3.90%, 11/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 758978 |
| 5.30%, 11/18/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 149149 |
| 6.75%, 05/15/87 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 284547 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.35%, 04/30/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 910080 |
| 4.95%, 04/22/44<sup>(b)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 302117 |
| 9.38%, 08/15/39<sup>(b)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 617174 |
| New York Life Insurance Co. |  |  |
| 3.75%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 865090 |
| 4.45%, 05/15/69<sup>(b)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 652996 |
| 6.75%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 843803 |
| Northwestern Mutual Life Insurance Co. (The) |  |  |
| 3.45%, 03/30/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 628978 |
| 3.63%, 09/30/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 811411 |
| 3.85%, 09/30/47<sup>(b)</sup> | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 916629 |
| 6.06%, 03/30/40<sup>(b)</sup> | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 1272744 |
| Old Republic International Corp., 3.85%, <br> 06/11/51<br>| &nbsp;&nbsp; 707 | &nbsp;&nbsp; 487122 |
| OneAmerica Financial Partners Inc., 4.25%, <br> 10/15/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; 190560 |
| Pacific Life Insurance Co. |  |  |
| 4.30%, 10/24/67<sup>(b)(d)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 717954 |
| 9.25%, 06/15/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 352686 |
| Pacific LifeCorp. |  |  |
| 3.35%, 09/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 486837 |
| 5.13%, 01/30/43<sup>(b)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 361416 |
| 5.40%, 09/15/52<sup>(b)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 682906 |
| Penn Mutual Life Insurance Co. (The), 3.80%, <br> 04/29/61<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 360 | &nbsp;&nbsp; 233346 |
| Pine Street Trust II, 5.57%, 02/15/49<sup>(b)</sup> | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 367608 |
| Pine Street Trust III, 6.22%, 05/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 416103 |
| Principal Financial Group Inc. |  |  |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 311940 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 267090 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 296405 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 322243 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 487924 |
| Progressive Corp. (The) |  |  |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 302770 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 345843 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 390885 |
| 4.13%, 04/15/47<sup>(a)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 498954 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 514538 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 279876 |
| Protective Life Corp., 5.35%, 08/10/52<sup>(b)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9311 |
| Prudential Financial Inc. |  |  |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 352939 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 985125 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 492998 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 889188 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 835063 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 354094 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 635941 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.70%, 12/14/36<sup>(a)</sup> | &nbsp;&nbsp; $647 | &nbsp;&nbsp; $673835 |
| 6.63%, 12/01/37<sup>(a)</sup> | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 522491 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 138024 |
| Securian Financial Group Inc., 4.80%, <br> 04/15/48<sup>(b)</sup><br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 207319 |
| Selective Insurance Group Inc., 5.38%, 03/01/49 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 258725 |
| Swiss RE Subordinated Finance PLC, 6.19%, <br> 04/01/46, (3-mo. CME Term SOFR + <br> 2.125%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 396325 |
| Swiss Re Treasury U.S. Corp., 4.25%, <br> 12/06/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; 142136 |
| Teachers Insurance & Annuity Association <br> of America<br>|  |  |
| 3.30%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 806189 |
| 4.27%, 05/15/47<sup>(b)</sup> | &nbsp;&nbsp; 1952 | &nbsp;&nbsp; 1567166 |
| 4.90%, 09/15/44<sup>(b)</sup> | &nbsp;&nbsp; 1571 | &nbsp;&nbsp; 1394954 |
| 6.85%, 12/16/39<sup>(b)</sup> | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1113464 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 375277 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 303970 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 485825 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 387248 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 560745 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 395643 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 417258 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 287399 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 388057 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 702109 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 753623 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 760407 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 406060 |
| Trinity Acquisition PLC, 6.13%, 08/15/43 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 343969 |
| Unum Group |  |  |
| 4.05%, 08/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 380190 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 435636 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 446393 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 272544 |
| 6.00%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 360867 |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 158325 |
| 3.55%, 03/30/52 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 266649 |
| 4.00%, 05/12/50<sup>(a)</sup> | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 385874 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 271944 |
| Western & Southern Life Insurance Co. (The) |  |  |
| 3.75%, 04/28/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 310405 |
| 5.15%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 299147 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 227321 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 382491 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 648988 |
| WR Berkley Corp., 6.25%, 02/15/37 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210756 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 264770 |
|  |  | &nbsp;&nbsp; 122648188 |
| **Internet — 2.1%** | **Internet — 2.1%** | **Internet — 2.1%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.70%, 02/09/41<sup>(a)</sup> | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 627593 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 835907 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 558049 |
| 4.00%, 12/06/37<sup>(a)</sup> | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 813297 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1382574 |
| 4.40%, 12/06/57<sup>(a)</sup> | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 700199 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 5.63%, 11/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; $615 | &nbsp;&nbsp; $584182 |
| Alphabet Inc. |  |  |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; 744257 |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 2249 | &nbsp;&nbsp; 1258620 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 916621 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 562599 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 632304 |
| Amazon.com Inc. |  |  |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 1504805 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 1994 | &nbsp;&nbsp; 1135704 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 1353837 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 3656 | &nbsp;&nbsp; 2460129 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 1709 | &nbsp;&nbsp; 1106721 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 1973376 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 2591 | &nbsp;&nbsp; 2042462 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 3407 | &nbsp;&nbsp; 2805677 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 949307 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 1712177 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 1248 | &nbsp;&nbsp; 1199743 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 746852 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 526645 |
| JD.com Inc., 4.13%, 01/14/50 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 157068 |
| Meta Platforms Inc. |  |  |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 2889 | &nbsp;&nbsp; 2403145 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1444983 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 3368 | &nbsp;&nbsp; 3240714 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 2736734 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 2563788 |
| 5.75%, 05/15/63<sup>(a)</sup> | &nbsp;&nbsp; 1881 | &nbsp;&nbsp; 1880557 |
| Netflix Inc., 5.40%, 08/15/54 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 722839 |
| Prosus NV |  |  |
| 3.83%, 02/08/51<sup>(b)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 809521 |
| 4.03%, 08/03/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 566519 |
| 4.99%, 01/19/52<sup>(b)</sup> | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 668591 |
| Tencent Holdings Ltd. |  |  |
| 3.24%, 06/03/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 1243793 |
| 3.29%, 06/03/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 413851 |
| 3.68%, 04/22/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 624946 |
| 3.84%, 04/22/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1076886 |
| 3.93%, 01/19/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 568276 |
| 3.94%, 04/22/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 911 | &nbsp;&nbsp; 652746 |
| 4.53%, 04/11/49<sup>(b)</sup> | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 380246 |
| Uber Technologies Inc., 5.35%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1082561 |
|  |  | &nbsp;&nbsp; 52371401 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/54<sup>(a)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 546409 |
| 6.75%, 03/01/41 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 492990 |
| 7.00%, 10/15/39<sup>(a)</sup> | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 693209 |
| GUSAP III LP, 7.25%, 04/16/44<sup>(b)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 445367 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 295986 |
| 3.85%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 374431 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 306607 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 302963 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 536574 |
| Reliance Inc., 6.85%, 11/15/36 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 250716 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 273587 |
| 5.75%, 05/15/55 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 341770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; $1595 | &nbsp;&nbsp; $1540510 |
| 6.88%, 11/21/36 | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 622644 |
| 6.88%, 11/10/39 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 417195 |
| Vale SA, 5.63%, 09/11/42<sup>(a)</sup> | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 397833 |
|  |  | &nbsp;&nbsp; 7838791 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp., 5.10%, 04/01/52 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 274839 |
| Harley-Davidson Inc., 4.63%, 07/28/45<sup>(a)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 264398 |
|  |  | &nbsp;&nbsp; 539237 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Marriott International Inc./MD, 5.50%, 04/15/37 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 745324 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| ABB Finance USA Inc., 4.38%, 05/08/42 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 499362 |
| Caterpillar Inc. |  |  |
| 3.25%, 09/19/49<sup>(a)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 655476 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 832322 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1283045 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 426008 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 356448 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 684519 |
| 5.30%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 310685 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 486396 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49<sup>(a)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 413578 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 451214 |
| 3.90%, 06/09/42<sup>(a)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 937156 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 781875 |
| Dover Corp. |  |  |
| 5.38%, 10/15/35 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 308323 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 303802 |
| 6.60%, 03/15/38<sup>(a)</sup> | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 424620 |
| Ingersoll Rand Inc., 5.70%, 06/15/54 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 424030 |
| Otis Worldwide Corp. |  |  |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 379410 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 559212 |
| Rockwell Automation Inc. |  |  |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 232196 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 385616 |
| 6.25%, 12/01/37<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 267807 |
| Xylem Inc./New York, 4.38%, 11/01/46 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 309108 |
|  |  | &nbsp;&nbsp; 11712208 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
| 3M Co. |  |  |
| 3.13%, 09/19/46 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 381163 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 688140 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 326131 |
| 3.70%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 423132 |
| 3.88%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 232456 |
| 4.00%, 09/14/48<sup>(a)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 864780 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 550335 |
| Eaton Corp. |  |  |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 329409 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 783363 |
| 4.70%, 08/23/52<sup>(a)</sup> | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 563770 |
| Illinois Tool Works Inc. |  |  |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 814258 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 586119 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| Parker-Hannifin Corp. |  |  |
| 4.00%, 06/14/49 | &nbsp;&nbsp; $794 | &nbsp;&nbsp; $615008 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 489565 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 393402 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 319590 |
| Siemens Financieringsmaatschappij NV |  |  |
| 2.88%, 03/11/41<sup>(b)</sup> | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 864649 |
| 3.30%, 09/15/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 791668 |
| 4.20%, 03/16/47<sup>(b)</sup> | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1072693 |
| 4.40%, 05/27/45<sup>(b)</sup> | &nbsp;&nbsp; 1758 | &nbsp;&nbsp; 1514514 |
| Textron Inc., 5.50%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 670017 |
|  |  | &nbsp;&nbsp; 13274162 |
| **Media — 3.8%** | **Media — 3.8%** | **Media — 3.8%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 932859 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 1406 | &nbsp;&nbsp; 943348 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 1244116 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1017397 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 2317 | &nbsp;&nbsp; 1467527 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 809150 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; 909732 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 2779 | &nbsp;&nbsp; 2070006 |
| 5.13%, 07/01/49 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; 1001794 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; 1167492 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 822562 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 2011297 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 801947 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 1635703 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 2018 | &nbsp;&nbsp; 2042709 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 3138972 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 519438 |
| Comcast Corp. |  |  |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 1767 | &nbsp;&nbsp; 954530 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 1447 | &nbsp;&nbsp; 749857 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 1257246 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 5056 | &nbsp;&nbsp; 3041217 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 5838 | &nbsp;&nbsp; 3388922 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 4006 | &nbsp;&nbsp; 2249796 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 854755 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 1202 | &nbsp;&nbsp; 930213 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 1086866 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 1342682 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 1236646 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 1034066 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 2032 | &nbsp;&nbsp; 1542797 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 1159817 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; 873871 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1504278 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 563138 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 773500 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 629351 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 460684 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 228165 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 1988 | &nbsp;&nbsp; 1691075 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 389197 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 962043 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1665007 |
| 5.50%, 05/15/64<sup>(a)</sup> | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 1343738 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 821741 |
| 5.65%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; 991576 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 6.40%, 03/01/40 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $324959 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 730836 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 827432 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 374580 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 536185 |
| Cox Communications Inc. |  |  |
| 2.95%, 10/01/50<sup>(b)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 361646 |
| 3.60%, 06/15/51<sup>(b)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 385252 |
| 4.50%, 06/30/43<sup>(b)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 288358 |
| 4.60%, 08/15/47<sup>(b)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 170853 |
| 4.70%, 12/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 258313 |
| 5.80%, 12/15/53<sup>(b)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 456012 |
| 5.95%, 09/01/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 766455 |
| 8.38%, 03/01/39<sup>(b)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 331951 |
| Discovery Communications LLC |  |  |
| 4.00%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 66528 |
| 4.65%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 109850 |
| 5.00%, 09/20/37 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 724050 |
| 5.20%, 09/20/47<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 343516 |
| 5.30%, 05/15/49 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 165957 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 724611 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 1028386 |
| 5.58%, 01/25/49<sup>(a)</sup> | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1146276 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 363208 |
| 5.25%, 05/24/49<sup>(a)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 356658 |
| 6.13%, 01/31/46<sup>(a)</sup> | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 630303 |
| 6.63%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 374714 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 700584 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 417603 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 215583 |
| Paramount Global |  |  |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 1308 | &nbsp;&nbsp; 942212 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 367121 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 278810 |
| 4.90%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 154315 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 379033 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 213763 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 954505 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 186730 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 585382 |
| Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 540582 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 855984 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1055367 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 977767 |
| 6.55%, 05/01/37<sup>(a)</sup> | &nbsp;&nbsp; 1502 | &nbsp;&nbsp; 1477892 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 1481567 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 1557244 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 417315 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 343406 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 542613 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 230044 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 506781 |
| Walt Disney Co. (The) |  |  |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 1908 | &nbsp;&nbsp; 1184903 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1329625 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 1975475 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 3.80%, 05/13/60 | &nbsp;&nbsp; $370 | &nbsp;&nbsp; $265214 |
| 4.63%, 03/23/40<sup>(a)</sup> | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1165167 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1560402 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 519555 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 445963 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 497638 |
| 5.40%, 10/01/43 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 656269 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 314574 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 667329 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 1031049 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 1034424 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 505921 |
|  |  | &nbsp;&nbsp; 96645423 |
| **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 379016 |
| 4.20%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 265478 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 180309 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44<sup>(a)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 385160 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 241816 |
|  |  | &nbsp;&nbsp; 1451779 |
| **Mining — 1.7%** | **Mining — 1.7%** | **Mining — 1.7%** |
| Anglo American Capital PLC |  |  |
| 3.95%, 09/10/50<sup>(b)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 313181 |
| 4.75%, 03/16/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 631489 |
| 6.00%, 04/05/54<sup>(b)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 442291 |
| Barrick Gold Corp. |  |  |
| 5.25%, 04/01/42 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 251165 |
| 6.45%, 10/15/35 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 303086 |
| Barrick International Barbados Corp., 6.35%, <br> 10/15/36<sup>(b)</sup><br>| &nbsp;&nbsp; 594 | &nbsp;&nbsp; 635480 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 796271 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 846908 |
| 7.50%, 09/15/38<sup>(a)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 282254 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 685 | &nbsp;&nbsp; 696087 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 812901 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 2183251 |
| 5.50%, 09/08/53<sup>(a)</sup> | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 723487 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.15%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 260784 |
| 3.70%, 01/30/50<sup>(b)</sup> | &nbsp;&nbsp; 2503 | &nbsp;&nbsp; 1693630 |
| 4.25%, 07/17/42<sup>(b)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 871424 |
| 4.38%, 02/05/49<sup>(b)</sup> | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 937188 |
| 4.50%, 08/01/47<sup>(b)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 836742 |
| 4.88%, 11/04/44<sup>(b)</sup> | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 614703 |
| 5.63%, 09/21/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 340791 |
| 5.63%, 10/18/43<sup>(b)</sup> | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 1126327 |
| 6.15%, 10/24/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 599634 |
| 6.30%, 09/08/53<sup>(b)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1115838 |
| 6.44%, 01/26/36<sup>(b)</sup> | &nbsp;&nbsp; 1532 | &nbsp;&nbsp; 1587362 |
| 6.78%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 524709 |
| Freeport Indonesia PT, 6.20%, 04/14/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 676335 |
| Freeport-McMoRan Inc., 5.45%, 03/15/43 | &nbsp;&nbsp; 1747 | &nbsp;&nbsp; 1615215 |
| Fresnillo PLC, 4.25%, 10/02/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 470923 |
| Glencore Canada Corp., 6.20%, 06/15/35 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 241229 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Glencore Finance Canada Ltd. |  |  |
| 5.55%, 10/25/42<sup>(b)</sup> | &nbsp;&nbsp; $463 | &nbsp;&nbsp; $427837 |
| 6.00%, 11/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 497784 |
| 6.90%, 11/15/37<sup>(b)</sup> | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 847234 |
| Glencore Funding LLC |  |  |
| 3.38%, 09/23/51<sup>(b)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 304267 |
| 3.88%, 04/27/51<sup>(b)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 343144 |
| 5.89%, 04/04/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 396103 |
| 6.14%, 04/01/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 968965 |
| Indonesia Asahan Aluminium PT/Mineral Industri <br> Indonesia Persero PT<br>|  |  |
| 5.80%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 256924 |
| 6.76%, 11/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 528545 |
| Industrias Penoles SAB de CV |  |  |
| 4.75%, 08/06/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 385125 |
| 5.65%, 09/12/49<sup>(b)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 437895 |
| Kinross Gold Corp., 6.88%, 09/01/41<sup>(a)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 325212 |
| Minera Mexico SA de CV, 4.50%, 01/26/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 523528 |
| Newmont Corp. |  |  |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 796285 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 430617 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 706148 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 4.20%, 05/13/50 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 365919 |
| 5.75%, 11/15/41 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 490734 |
| Rio Tinto Alcan Inc., 5.75%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 275350 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 751474 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 1093615 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 626382 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 446852 |
| 5.13%, 03/09/53<sup>(a)</sup> | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 1048015 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1712145 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 306169 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 1271624 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 1176736 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 1009386 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 1047455 |
|  |  | &nbsp;&nbsp; 42228154 |
| **Oil & Gas — 5.8%** | **Oil & Gas — 5.8%** | **Oil & Gas — 5.8%** |
| Adnoc Murban Rsc Ltd., 5.13%, 09/11/54<sup>(b)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 445130 |
| Aker BP ASA, 5.80%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 682607 |
| APA Corp. |  |  |
| 4.75%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 52891 |
| 5.10%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 275663 |
| 5.35%, 07/01/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 258000 |
| 6.00%, 01/15/37<sup>(b)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33336 |
| 6.75%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 573238 |
| Apache Corp. |  |  |
| 5.25%, 02/01/42 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 143228 |
| 6.00%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 183823 |
| BG Energy Capital PLC, 5.13%, 10/15/41<sup>(b)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 661069 |
| BP Capital Markets America Inc. |  |  |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 909844 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 2441 | &nbsp;&nbsp; 1498065 |
| 3.00%, 02/24/50<sup>(a)</sup> | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1344243 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 810640 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 1112679 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 1322391 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| BP Capital Markets PLC, 6.13%, , (5-year CMT + <br> 1.924%)<sup>(a)(d)(f)</sup><br>| &nbsp;&nbsp; $105 | &nbsp;&nbsp; $101353 |
| Burlington Resources LLC, 5.95%, 10/15/36 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 371505 |
| Canadian Natural Resources Ltd. |  |  |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 667040 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 860296 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 457207 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 363458 |
| Cenovus Energy Inc. |  |  |
| 3.75%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 490947 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 354988 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 537256 |
| 6.75%, 11/15/39 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 425042 |
| Chevron Corp. |  |  |
| 2.98%, 05/11/40<sup>(a)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 231210 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 648825 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 449015 |
| 5.25%, 11/15/43 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 414093 |
| 6.00%, 03/01/41 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 388612 |
| CNOOC Finance 2011 Ltd., 5.75%, 01/26/41<sup>(b)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 535048 |
| CNOOC Finance 2012 Ltd., 5.00%, 05/02/42<sup>(b)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247088 |
| CNOOC Finance 2013 Ltd. |  |  |
| 3.30%, 09/30/49 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 353086 |
| 4.25%, 05/09/43 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 197304 |
| CNOOC Finance 2014 ULC, 4.88%, 04/30/44<sup>(a)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 587916 |
| CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, <br> 05/05/45<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 411567 |
| CNPC HK Overseas Capital Ltd., 5.95%, <br> 04/28/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 615 | &nbsp;&nbsp; 666073 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 629532 |
| 3.80%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 813605 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1269179 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 594106 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 164326 |
| 5.30%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 1099277 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1010224 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 938336 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 443968 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 701128 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 357221 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 382909 |
| 6.50%, 02/01/39<sup>(a)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1511518 |
| 6.60%, 10/01/37<sup>(b)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 100381 |
| Continental Resources Inc./OK, 4.90%, <br> 06/01/44<br>| &nbsp;&nbsp; 570 | &nbsp;&nbsp; 440203 |
| Coterra Energy Inc., 5.90%, 02/15/55 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 577377 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 603104 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 658610 |
| 5.60%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1073744 |
| 5.75%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 941666 |
| Diamondback Energy Inc. |  |  |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 565480 |
| 4.40%, 03/24/51<sup>(a)</sup> | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 563726 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1326925 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 873406 |
| 6.25%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 597634 |
| Empresa Nacional del Petroleo, 4.50%, <br> 09/14/47<sup>(b)</sup><br>| &nbsp;&nbsp; 591 | &nbsp;&nbsp; 443337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Eni SpA |  |  |
| 5.70%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $313543 |
| 5.95%, 05/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1054074 |
| EOG Resources Inc. |  |  |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 747045 |
| 5.10%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 182458 |
| 5.65%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 962507 |
| Equinor ASA |  |  |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 613072 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 381155 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 804453 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 574836 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 483041 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 585205 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 552553 |
| Exxon Mobil Corp. |  |  |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 496218 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 1015360 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 2513 | &nbsp;&nbsp; 1757499 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 718040 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 2461 | &nbsp;&nbsp; 2001677 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 1479371 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 2599 | &nbsp;&nbsp; 2129948 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 1315131 |
| 5.80%, 04/01/47<sup>(a)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 635727 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 668583 |
| KazMunayGas National Co. JSC |  |  |
| 5.75%, 04/19/47<sup>(b)</sup> | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1101097 |
| 6.38%, 10/24/48<sup>(b)</sup> | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1163228 |
| Marathon Petroleum Corp. |  |  |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 414514 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 629824 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 348970 |
| 5.85%, 12/15/45<sup>(a)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 269452 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1232952 |
| Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(b)</sup> | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 750445 |
| Occidental Petroleum Corp. |  |  |
| 0.00%, 10/10/36<sup>(a)(g)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 258414 |
| 4.10%, 02/15/47 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 203036 |
| 4.20%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 392225 |
| 4.40%, 04/15/46<sup>(a)</sup> | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 303149 |
| 4.40%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 192471 |
| 4.63%, 06/15/45 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 259564 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 819560 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 569812 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 1481726 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 908995 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 400528 |
| Ovintiv Inc. |  |  |
| 6.50%, 02/01/38<sup>(a)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 358635 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 340606 |
| 7.10%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 402763 |
| Pertamina Persero PT |  |  |
| 4.15%, 02/25/60<sup>(b)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 416077 |
| 4.18%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 606796 |
| 4.70%, 07/30/49<sup>(b)</sup> | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 549657 |
| 5.63%, 05/20/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 1510014 |
| 6.00%, 05/03/42<sup>(b)</sup> | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1378481 |
| 6.45%, 05/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1326122 |
| 6.50%, 05/27/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 569979 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.50%, 11/07/48<sup>(b)</sup> | &nbsp;&nbsp; $599 | &nbsp;&nbsp; $606928 |
| Petronas Capital Ltd. |  |  |
| 3.40%, 04/28/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1089161 |
| 4.50%, 03/18/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 1268648 |
| 4.55%, 04/21/50<sup>(b)</sup> | &nbsp;&nbsp; 2306 | &nbsp;&nbsp; 1941397 |
| 4.80%, 04/21/60<sup>(b)</sup> | &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 1076616 |
| Phillips 66 |  |  |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 559724 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1184659 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 1541181 |
| Phillips 66 Co. |  |  |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 355055 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 578907 |
| 5.50%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 502439 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 476066 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51011 |
| PTT Treasury Center Co. Ltd. |  |  |
| 3.70%, 07/16/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 465809 |
| 4.50%, 10/25/42<sup>(b)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 122483 |
| PTTEP Treasury Center Co. Ltd. |  |  |
| 3.90%, 12/06/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 504312 |
| 6.35%, 06/12/42<sup>(b)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 404332 |
| Qatar Energy |  |  |
| 3.13%, 07/12/41<sup>(b)</sup> | &nbsp;&nbsp; 3192 | &nbsp;&nbsp; 2344818 |
| 3.30%, 07/12/51<sup>(b)</sup> | &nbsp;&nbsp; 4308 | &nbsp;&nbsp; 2904919 |
| Raizen Fuels Finance SA |  |  |
| 6.70%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 655569 |
| 6.95%, 03/05/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 1440856 |
| Reliance Industries Ltd. |  |  |
| 3.63%, 01/12/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1862 | &nbsp;&nbsp; 1274875 |
| 3.75%, 01/12/62<sup>(a)(b)</sup> | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 524293 |
| Saudi Arabian Oil Co. |  |  |
| 3.25%, 11/24/50<sup>(b)</sup> | &nbsp;&nbsp; 2656 | &nbsp;&nbsp; 1702857 |
| 3.50%, 11/24/70<sup>(b)</sup> | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 1335855 |
| 4.25%, 04/16/39<sup>(b)</sup> | &nbsp;&nbsp; 2833 | &nbsp;&nbsp; 2436405 |
| 4.38%, 04/16/49<sup>(b)</sup> | &nbsp;&nbsp; 2343 | &nbsp;&nbsp; 1848147 |
| 5.75%, 07/17/54<sup>(b)</sup> | &nbsp;&nbsp; 2082 | &nbsp;&nbsp; 1934178 |
| 5.88%, 07/17/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1740010 |
| Shell Finance U.S. Inc. |  |  |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 1171308 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 853920 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 1377257 |
| 4.13%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1068235 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 2093359 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 947 | &nbsp;&nbsp; 820722 |
| Shell International Finance BV |  |  |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 356647 |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 665273 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 918252 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 171049 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 364795 |
| 4.00%, 05/10/46<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 365999 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 316597 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 12995 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 983566 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 2436 | &nbsp;&nbsp; 2674044 |
| Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(b)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 348732 |
| Sinopec Group Overseas Development 2012 <br> Ltd., 4.88%, 05/17/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 1519038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Sinopec Group Overseas Development 2013 <br> Ltd., 5.38%, 10/17/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $490 | &nbsp;&nbsp; $504562 |
| Sinopec Group Overseas Development 2015 <br> Ltd., 4.10%, 04/28/45<sup>(b)</sup><br>| &nbsp;&nbsp; 670 | &nbsp;&nbsp; 584978 |
| Sinopec Group Overseas Development 2016 <br> Ltd., 4.25%, 05/03/46<sup>(b)</sup><br>| &nbsp;&nbsp; 410 | &nbsp;&nbsp; 365791 |
| Sinopec Group Overseas Development 2017 <br> Ltd.<br>|  |  |
| 4.00%, 09/13/47<sup>(b)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 345336 |
| 4.25%, 04/12/47<sup>(b)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 310437 |
| Sinopec Group Overseas Development 2018 <br> Ltd.<br>|  |  |
| 3.10%, 01/08/51<sup>(b)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 457882 |
| 3.35%, 05/13/50<sup>(b)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 319689 |
| 3.44%, 11/12/49<sup>(b)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 304133 |
| 3.68%, 08/08/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 339374 |
| 4.60%, 09/12/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 412291 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51<sup>(a)</sup> | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 541003 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 478584 |
| 6.50%, 06/15/38 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 311032 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 490041 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 688182 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 3.50%, 10/17/49<sup>(b)</sup> | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 465466 |
| 3.75%, 06/18/50<sup>(b)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 350989 |
| 4.88%, 01/23/43<sup>(b)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3928 |
| 5.38%, 11/20/48<sup>(b)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 408995 |
| TotalEnergies Capital International SA |  |  |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 414385 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 1539405 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 486151 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 761919 |
| TotalEnergies Capital SA |  |  |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 921440 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 1140390 |
| 5.49%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 1658 | &nbsp;&nbsp; 1566295 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1025677 |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 515876 |
| 4.00%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 372260 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 554049 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1254383 |
| Woodside Finance Ltd., 5.70%, 09/12/54<sup>(a)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 698738 |
| XTO Energy Inc., 6.75%, 08/01/37 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 248443 |
|  |  | &nbsp;&nbsp; 145512688 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 1004520 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc., 4.08%, 12/15/47<br>| &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 978240 |
| Halliburton Co. |  |  |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 377160 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 683527 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 877169 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1613061 |
| 6.70%, 09/15/38<sup>(a)</sup> | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 724869 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 938839 |
| NOV Inc., 3.95%, 12/01/42<sup>(a)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 735250 |
|  |  | &nbsp;&nbsp; 7932635 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Packaging Corp. of America |  |  |
| 3.05%, 10/01/51 | &nbsp;&nbsp; $700 | &nbsp;&nbsp; $430350 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 345339 |
| Smurfit Kappa Treasury ULC, 5.78%, <br> 04/03/54<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 705 | &nbsp;&nbsp; 675861 |
| Sonoco Products Co., 5.75%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 549517 |
| Stora Enso OYJ, 7.25%, 04/15/36<sup>(b)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 284608 |
|  |  | &nbsp;&nbsp; 2285675 |
| **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** |
| AbbVie Inc. |  |  |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 3954 | &nbsp;&nbsp; 3425360 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 5562 | &nbsp;&nbsp; 4510849 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 1124985 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 2413 | &nbsp;&nbsp; 2100461 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 2001 | &nbsp;&nbsp; 1704963 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; 2369485 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 374848 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 2531619 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 768408 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 926518 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 2005 | &nbsp;&nbsp; 1803660 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 768924 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 2788239 |
| 5.50%, 03/15/64<sup>(a)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1378965 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 982652 |
| AstraZeneca PLC |  |  |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 304948 |
| 3.00%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 376991 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 649754 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 957 | &nbsp;&nbsp; 823722 |
| 4.38%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 561852 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 2470 | &nbsp;&nbsp; 2755292 |
| Bayer U.S. Finance II LLC |  |  |
| 3.95%, 04/15/45<sup>(b)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 305081 |
| 4.40%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 723547 |
| 4.63%, 06/25/38<sup>(b)</sup> | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 827755 |
| 4.65%, 11/15/43<sup>(b)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 247765 |
| 4.70%, 07/15/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 497273 |
| 4.88%, 06/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1893 | &nbsp;&nbsp; 1491430 |
| 5.50%, 07/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 226008 |
| Bayer U.S. Finance LLC, 6.88%, 11/21/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 862131 |
| Becton Dickinson & Co. |  |  |
| 3.79%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 442624 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; 1187848 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 644905 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 443493 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1004899 |
| 3.25%, 08/01/42<sup>(a)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 377955 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 940968 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 1977 | &nbsp;&nbsp; 1420586 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 687252 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1508942 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 3594 | &nbsp;&nbsp; 2877592 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1096978 |
| 4.50%, 03/01/44<sup>(a)</sup> | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 388005 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1100624 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 662331 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 1474 | &nbsp;&nbsp; 1355909 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 475439 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 2733 | &nbsp;&nbsp; 2632982 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.65%, 02/22/64 | &nbsp;&nbsp; $1668 | &nbsp;&nbsp; $1602104 |
| 5.88%, 11/15/36 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 250239 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1387021 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1284995 |
| Cardinal Health Inc. |  |  |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 272572 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 150454 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 307946 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 398993 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 641644 |
| Cencora Inc. |  |  |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 463848 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 222606 |
| CVS Health Corp. |  |  |
| 2.70%, 08/21/40 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 295185 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 545984 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 512580 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 4960 | &nbsp;&nbsp; 4473295 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 688255 |
| 5.05%, 03/25/48<sup>(a)</sup> | &nbsp;&nbsp; 7997 | &nbsp;&nbsp; 6796538 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 3816 | &nbsp;&nbsp; 3309189 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 610137 |
| 5.63%, 02/21/53<sup>(a)</sup> | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 1100916 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 1118261 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 698353 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 605017 |
| 6.05%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 915066 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 546405 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 767264 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 497658 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 376853 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 254356 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 738367 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 497534 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 1130680 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 962948 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 1385803 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1104555 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1288388 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 695179 |
| 5.50%, 02/12/55<sup>(a)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002609 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 384916 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1107707 |
| 5.95%, 11/15/37 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 224213 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 464216 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 2633 | &nbsp;&nbsp; 2898471 |
| Johnson & Johnson |  |  |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 703303 |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 467029 |
| 2.45%, 09/01/60<sup>(a)</sup> | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 587610 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 816548 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 365925 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 982230 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1228508 |
| 3.70%, 03/01/46<sup>(a)</sup> | &nbsp;&nbsp; 2324 | &nbsp;&nbsp; 1866332 |
| 3.75%, 03/03/47<sup>(a)</sup> | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 777116 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 477621 |
| 4.50%, 12/05/43<sup>(a)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 270097 |
| 4.85%, 05/15/41 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 366506 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.25%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; $955 | &nbsp;&nbsp; $943795 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 750495 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 823462 |
| McKesson Corp., 4.88%, 03/15/44 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 260427 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 436637 |
| 5.90%, 11/01/39 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 269198 |
| Merck & Co. Inc. |  |  |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 717062 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 737197 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 1220507 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 1447 | &nbsp;&nbsp; 831291 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 426374 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1492146 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 820855 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1115558 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 876834 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 719072 |
| 5.00%, 05/17/53<sup>(a)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1271955 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 856440 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 376200 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 367449 |
| 5.85%, 06/30/39 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 301203 |
| Mylan Inc. |  |  |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 270901 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 409509 |
| Novartis Capital Corp. |  |  |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 1308 | &nbsp;&nbsp; 827889 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 449839 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1003592 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1422695 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 673263 |
| Pfizer Inc. |  |  |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 674619 |
| 2.70%, 05/28/50<sup>(a)</sup> | &nbsp;&nbsp; 1238 | &nbsp;&nbsp; 751821 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 977832 |
| 4.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 919998 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 1251 | &nbsp;&nbsp; 967588 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 627249 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1006531 |
| 4.20%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 683782 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 626025 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 860991 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 502071 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2983976 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 2846 | &nbsp;&nbsp; 2673423 |
| 5.30%, 05/19/53<sup>(a)</sup> | &nbsp;&nbsp; 5785 | &nbsp;&nbsp; 5357011 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 3817 | &nbsp;&nbsp; 3463835 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1143704 |
| 3.18%, 07/09/50<sup>(a)</sup> | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; 1263466 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 606441 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 615909 |
| 5.65%, 07/05/54<sup>(a)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 597699 |
| 5.80%, 07/05/64 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 510174 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46 | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 689432 |
| Viatris Inc. |  |  |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 948848 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 1683 | &nbsp;&nbsp; 1059173 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; $1911 | &nbsp;&nbsp; $2013507 |
| 6.00%, 02/15/36 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 540692 |
| Zoetis Inc. |  |  |
| 3.00%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 343773 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 380174 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 157270 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 1043255 |
|  |  | &nbsp;&nbsp; 167013076 |
| **Pipelines — 4.6%** | **Pipelines — 4.6%** | **Pipelines — 4.6%** |
| Abu Dhabi Crude Oil Pipeline LLC, 4.60%, <br> 11/02/47<sup>(b)</sup><br>| &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 1590205 |
| Cameron LNG LLC |  |  |
| 3.40%, 01/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 370223 |
| 3.70%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 687819 |
| Cheniere Corpus Christi Holdings LLC, 2.74%, <br> 12/31/39<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; 155572 |
| Colonial Pipeline Co. |  |  |
| 4.20%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 280650 |
| 4.25%, 04/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 492410 |
| 6.38%, 08/01/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 273495 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 646272 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.70%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 422020 |
| 5.96%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 93319 |
| 6.50%, 08/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 735569 |
| 6.54%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1290436 |
| 6.71%, 08/15/63<sup>(b)</sup> | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 614141 |
| DCP Midstream Operating LP |  |  |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 396280 |
| 6.45%, 11/03/36<sup>(b)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 297973 |
| 6.75%, 09/15/37<sup>(b)</sup> | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 451150 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 710354 |
| 6.20%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 157046 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 265252 |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 468596 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 304864 |
| EIG Pearl Holdings SARL |  |  |
| 3.55%, 08/31/36<sup>(b)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 258760 |
| 4.39%, 11/30/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1031693 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 587377 |
| 7.38%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 502413 |
| Series B, 7.50%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 387799 |
| Enbridge Inc. |  |  |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 739936 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 479125 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 423950 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 662268 |
| 5.95%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 762616 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1125414 |
| Energy Transfer LP |  |  |
| 4.95%, 01/15/43 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 296225 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 731844 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 1607275 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 404656 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 677435 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 585163 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 896821 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.35%, 05/15/45 | &nbsp;&nbsp; $990 | &nbsp;&nbsp; $857985 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1218267 |
| 5.95%, 10/01/43 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 479792 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 1600939 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1058985 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 671080 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1157284 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 314272 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 1069466 |
| 6.20%, 04/01/55 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 309622 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 1744594 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 890842 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 407395 |
| 6.85%, 02/15/40<sup>(a)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 201728 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 349040 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 525698 |
| EnLink Midstream Partners LP |  |  |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 399322 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 535174 |
| 5.60%, 04/01/44<sup>(a)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 311734 |
| Enterprise Products Operating LLC |  |  |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 531623 |
| 3.30%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 646436 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 906933 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 710081 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 871155 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 967269 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 1113 | &nbsp;&nbsp; 935211 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; 1064593 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 637426 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; 1189933 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 919877 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 330114 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1043870 |
| 5.55%, 02/16/55 | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1263449 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 581515 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 761631 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 742775 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 620800 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 421229 |
| Flex Intermediate Holdco LLC, 4.32%, <br> 12/30/39<sup>(b)</sup><br>| &nbsp;&nbsp; 298 | &nbsp;&nbsp; 231820 |
| FLNG Liquefaction 2 LLC, 4.13%, 03/31/38<sup>(b)</sup> | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 355760 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.63%, 03/31/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1109572 |
| 2.94%, 09/30/40<sup>(b)</sup> | &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 894797 |
| 3.25%, 09/30/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 837115 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.13%, 02/23/38<sup>(b)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 612694 |
| 6.51%, 02/23/42<sup>(b)</sup> | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1174677 |
| Gulfstream Natural Gas System LLC, 5.95%, <br> 10/15/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 232 | &nbsp;&nbsp; 200928 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 405962 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 553612 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 398806 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 470987 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 704968 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 382610 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 629982 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 369891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.50%, 09/01/39 | &nbsp;&nbsp; $551 | &nbsp;&nbsp; $569965 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 367211 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1134802 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 382248 |
| Kinder Morgan Inc. |  |  |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 370138 |
| 3.60%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; 713111 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 638033 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 712262 |
| 5.45%, 08/01/52<sup>(a)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 526435 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 1823 | &nbsp;&nbsp; 1668976 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 639024 |
| MPLX LP |  |  |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1332001 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 1544 | &nbsp;&nbsp; 1208056 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 429719 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 1138987 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 898710 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 432581 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1202665 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 444352 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 860424 |
| NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)</sup> | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 535381 |
| Northern Natural Gas Co. |  |  |
| 3.40%, 10/16/51<sup>(b)</sup> | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 437826 |
| 4.10%, 09/15/42<sup>(b)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 196541 |
| 4.30%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 601554 |
| 5.63%, 02/01/54<sup>(b)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 567128 |
| ONEOK Inc. |  |  |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 466189 |
| 4.20%, 12/01/42<sup>(a)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 196150 |
| 4.20%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 234160 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 416748 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 361904 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 468305 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 372961 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 418886 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 604 | &nbsp;&nbsp; 488165 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 483961 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 731492 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1384246 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 749052 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 371344 |
| 6.40%, 05/01/37<sup>(a)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 231568 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 1698 | &nbsp;&nbsp; 1690346 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 316716 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 591700 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 420566 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 585169 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 574474 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 665448 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 174917 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 565340 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 517884 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 424055 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 685549 |
| Sabal Trail Transmission LLC |  |  |
| 4.68%, 05/01/38<sup>(b)</sup> | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 442432 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.83%, 05/01/48<sup>(a)(b)</sup> | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $387714 |
| Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 301400 |
| South Bow USA Infrastructure Holdings LLC, <br> 6.18%, 10/01/54<sup>(b)</sup><br>| &nbsp;&nbsp; 635 | &nbsp;&nbsp; 587209 |
| Southern Natural Gas Co. LLC, 4.80%, <br> 03/15/47<sup>(b)</sup><br>| &nbsp;&nbsp; 640 | &nbsp;&nbsp; 527589 |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 564838 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 390293 |
| Targa Resources Corp. |  |  |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 599940 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 862557 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 557789 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 786623 |
| Tennessee Gas Pipeline Co. LLC, 7.63%, <br> 04/01/37<br>| &nbsp;&nbsp; 620 | &nbsp;&nbsp; 704084 |
| Texas Eastern Transmission LP, 4.15%, <br> 01/15/48<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 568 | &nbsp;&nbsp; 434943 |
| TransCanada PipeLines Ltd. |  |  |
| 4.88%, 05/15/48 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8606 |
| 5.00%, 10/16/43<sup>(a)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 464376 |
| 5.10%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 701545 |
| 5.85%, 03/15/36<sup>(a)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 485601 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 604768 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 954056 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 631820 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1295794 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 425548 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 274120 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 479248 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 346121 |
| Western Midstream Operating LP |  |  |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 785745 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 582440 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 470429 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 322178 |
| Williams Companies Inc. (The) |  |  |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 305555 |
| 4.85%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 699233 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 467919 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 841381 |
| 5.30%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 683280 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 476139 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 572690 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 411307 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 796195 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 491216 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1158573 |
|  |  | &nbsp;&nbsp; 116926455 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| Apollo Management Holdings LP, 5.00%, <br> 03/15/48<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 261926 |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 370188 |
| Carlyle Finance LLC, 5.65%, 09/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 303176 |
| Carlyle Holdings II Finance LLC, 5.63%, <br> 03/30/43<sup>(b)</sup><br>| &nbsp;&nbsp; 784 | &nbsp;&nbsp; 737326 |
| KKR Group Finance Co. III LLC, 5.13%, <br> 06/01/44<sup>(b)</sup><br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 969439 |
| KKR Group Finance Co. VII LLC, 3.63%, <br> 02/25/50<sup>(b)</sup><br>| &nbsp;&nbsp; 493 | &nbsp;&nbsp; 333909 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Private Equity (continued)** | **Private Equity (continued)** | **Private Equity (continued)** |
| KKR Group Finance Co. VIII LLC, 3.50%, <br> 08/25/50<sup>(b)</sup><br>| &nbsp;&nbsp; $731 | &nbsp;&nbsp; $483997 |
| KKR Group Finance Co. X LLC, 3.25%, <br> 12/15/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 716 | &nbsp;&nbsp; 442820 |
|  |  | &nbsp;&nbsp; 3902781 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Sinochem Overseas Capital Co. Ltd., 6.30%, <br> 11/12/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 532131 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 519823 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 616098 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 530367 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 299881 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 380427 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 284740 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 658158 |
| 5.63%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 512358 |
| American Homes 4 Rent LP |  |  |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 230411 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 271345 |
| American Tower Corp. |  |  |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 558265 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 597222 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 486758 |
| AvalonBay Communities Inc. |  |  |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 313085 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 246400 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 59855 |
| Camden Property Trust, 3.35%, 11/01/49<sup>(a)</sup> | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 242819 |
| Crown Castle Inc. |  |  |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; 676320 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 524467 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 194359 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 595465 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 257871 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 406795 |
| Equinix Inc. |  |  |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 307517 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 283145 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 247455 |
| ERP Operating LP |  |  |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 302154 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 415473 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 238134 |
| Essex Portfolio LP |  |  |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 255076 |
| 4.50%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 238892 |
| Federal Realty OP LP |  |  |
| 3.63%, 08/01/46<sup>(a)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 203990 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 461311 |
| GLP Capital LP/GLP Financing II Inc., 6.25%, <br> 09/15/54<br>| &nbsp;&nbsp; 470 | &nbsp;&nbsp; 443241 |
| Goodman U.S. Finance Four LLC, 4.50%, <br> 10/15/37<sup>(b)</sup><br>| &nbsp;&nbsp; 218 | &nbsp;&nbsp; 198015 |
| Healthpeak OP LLC, 6.75%, 02/01/41 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 327630 |
| Kilroy Realty LP, 6.25%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 275839 |
| Kimco Realty OP LLC |  |  |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 237053 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 276122 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.25%, 04/01/45 | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $395661 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 301516 |
| Mid-America Apartments LP, 2.88%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 299145 |
| NNN REIT Inc. |  |  |
| 3.00%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 271884 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 212738 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 301705 |
| 4.80%, 10/15/48 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 250333 |
| Prologis LP |  |  |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 287908 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 436967 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 227009 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 278914 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 878577 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 729843 |
| Public Storage Operating Co., 5.35%, 08/01/53 | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 868929 |
| Realty Income Corp. |  |  |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 473180 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 564102 |
| Regency Centers LP |  |  |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 349768 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 268197 |
| Simon Property Group LP |  |  |
| 3.25%, 09/13/49 | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 784113 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 574159 |
| 4.25%, 10/01/44<sup>(a)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 335764 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 408166 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 434727 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 636921 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 345741 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 639872 |
| Trust Fibra Uno |  |  |
| 6.39%, 01/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 492018 |
| 6.95%, 01/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 573361 |
| 8.25%, 01/23/37<sup>(b)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 87441 |
| Ventas Realty LP |  |  |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 234845 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 286716 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 328552 |
| VICI Properties LP |  |  |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 539116 |
| 6.13%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 509635 |
| WEA Finance LLC, 4.63%, 09/20/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 396637 |
| WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC, 4.75%, 09/17/44<sup>(b)</sup><br>| &nbsp;&nbsp; 432 | &nbsp;&nbsp; 344204 |
| Welltower OP LLC |  |  |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 481198 |
| 5.13%, 03/15/43 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 242771 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 406272 |
| Weyerhaeuser Co., 4.00%, 03/09/52 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 351338 |
|  |  | &nbsp;&nbsp; 31004279 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| 7-Eleven Inc. |  |  |
| 2.50%, 02/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 419554 |
| 2.80%, 02/10/51<sup>(b)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 648977 |
| Alimentation Couche-Tard Inc. |  |  |
| 3.44%, 05/13/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 445227 |
| 3.63%, 05/13/51<sup>(b)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 517426 |
| 3.80%, 01/25/50<sup>(b)</sup> | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 571173 |
| 4.50%, 07/26/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 504096 |
| 5.62%, 02/12/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 602360 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| CK Hutchison International 20 Ltd., 3.38%, <br> 05/08/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $795 | &nbsp;&nbsp; $536896 |
| CK Hutchison International 21 Ltd., 3.13%, <br> 04/15/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 635 | &nbsp;&nbsp; 457532 |
| Darden Restaurants Inc., 4.55%, 02/15/48 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 256642 |
| Dick's Sporting Goods Inc., 4.10%, 01/15/52 | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 577604 |
| Dollar General Corp. |  |  |
| 4.13%, 04/03/50<sup>(a)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 332347 |
| 5.50%, 11/01/52<sup>(a)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 228454 |
| Dollar Tree Inc., 3.38%, 12/01/51 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 317405 |
| El Puerto de Liverpool SAB de CV, 6.66%, <br> 01/22/37<sup>(b)</sup><br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 135915 |
| Home Depot Inc. (The) |  |  |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 770438 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 670010 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 819927 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 893196 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1034887 |
| 3.50%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 517629 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1066748 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 901550 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 856497 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 1329159 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 759462 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1259273 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 964554 |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 932178 |
| 5.30%, 06/25/54<sup>(a)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1476129 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 294647 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 450860 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 2493 | &nbsp;&nbsp; 2654810 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 1043501 |
| Lowe's Companies Inc. |  |  |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 675987 |
| 3.00%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1717 | &nbsp;&nbsp; 1047688 |
| 3.50%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 333027 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 1339 | &nbsp;&nbsp; 973991 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1099176 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1120135 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 413167 |
| 4.45%, 04/01/62<sup>(a)</sup> | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 939780 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 495938 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 491994 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 559538 |
| 5.00%, 09/15/43 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 171115 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 415637 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 236662 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1339296 |
| 5.75%, 07/01/53<sup>(a)</sup> | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 558927 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 118827 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 767637 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 482838 |
| Marks & Spencer PLC, 7.13%, 12/01/37<sup>(b)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5304 |
| McDonald's Corp. |  |  |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 298327 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 1723 | &nbsp;&nbsp; 1238154 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 389403 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 622951 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 895355 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 656898 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 506205 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.70%, 12/09/35 | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $647522 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 293682 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 1371433 |
| 5.15%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 638566 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 910474 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 312699 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 665785 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 703975 |
| Starbucks Corp. |  |  |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 346334 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 834657 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 399591 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 305129 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 822683 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 772777 |
| Target Corp. |  |  |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 650541 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 462341 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 566253 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 692008 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1073006 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 187372 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 293077 |
| Tiffany & Co., 4.90%, 10/01/44 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 272409 |
| TJX Companies Inc. (The), 4.50%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 387795 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 487772 |
| 2.65%, 09/22/51 | &nbsp;&nbsp; 1444 | &nbsp;&nbsp; 895591 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 274411 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 454406 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 466623 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 396830 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1411216 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 305441 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 851474 |
| 4.50%, 04/15/53 | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 1264564 |
| 4.88%, 07/08/40<sup>(a)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 333482 |
| 5.00%, 10/25/40 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 357570 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 1059583 |
| 5.63%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 582857 |
| 5.63%, 04/15/41<sup>(a)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 633186 |
| 6.20%, 04/15/38 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 819186 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1242868 |
|  |  | &nbsp;&nbsp; 67548189 |
| **Semiconductors — 2.3%** | **Semiconductors — 2.3%** | **Semiconductors — 2.3%** |
| Advanced Micro Devices Inc., 4.39%, <br> 06/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 506 | &nbsp;&nbsp; 416807 |
| Analog Devices Inc. |  |  |
| 2.80%, 10/01/41<sup>(a)</sup> | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 484934 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 480995 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 318157 |
| 5.30%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 497814 |
| Applied Materials Inc. |  |  |
| 2.75%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 440161 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 640705 |
| 5.10%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 276916 |
| 5.85%, 06/15/41<sup>(a)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 538254 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 3149 | &nbsp;&nbsp; 2609125 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 2100541 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 1997568 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.75%, 02/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; $1516 | &nbsp;&nbsp; $1104568 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 2242 | &nbsp;&nbsp; 2147266 |
| Foundry JV Holdco LLC |  |  |
| 6.10%, 01/25/36<sup>(b)</sup> | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1400921 |
| 6.20%, 01/25/37<sup>(b)</sup> | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1474486 |
| 6.30%, 01/25/39<sup>(b)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 1011892 |
| 6.40%, 01/25/38<sup>(b)</sup> | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 808630 |
| Intel Corp. |  |  |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 507956 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 859054 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 570765 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 448937 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 1021325 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 1289556 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 1264 | &nbsp;&nbsp; 916204 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 777780 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 426412 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 623495 |
| 4.75%, 03/25/50<sup>(a)</sup> | &nbsp;&nbsp; 2333 | &nbsp;&nbsp; 1830283 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 594608 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 719872 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1470851 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 830910 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 516596 |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 831256 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 774901 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 1617532 |
| 5.90%, 02/10/63<sup>(a)</sup> | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 966788 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 325084 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1159208 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 462869 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 666567 |
| Lam Research Corp. |  |  |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 393629 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 263378 |
| 4.88%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 647732 |
| Micron Technology Inc. |  |  |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 323818 |
| 3.48%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 258848 |
| NVIDIA Corp. |  |  |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 799570 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 1876 | &nbsp;&nbsp; 1387496 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 325142 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.13%, 02/15/42<sup>(a)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 310486 |
| 3.25%, 05/11/41<sup>(a)</sup> | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; 742096 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 252188 |
| Qualcomm Inc. |  |  |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 484755 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1178102 |
| 4.50%, 05/20/52<sup>(a)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 823818 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 862467 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1239794 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 1193176 |
| Texas Instruments Inc. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 325561 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 577526 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 261896 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 1382 | &nbsp;&nbsp; 1124348 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 532950 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.05%, 05/18/63 | &nbsp;&nbsp; $1612 | &nbsp;&nbsp; $1442011 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 636815 |
| TSMC Arizona Corp. |  |  |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 662443 |
| 3.25%, 10/25/51<sup>(a)</sup> | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 1007296 |
| 4.50%, 04/22/52<sup>(a)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 682600 |
|  |  | &nbsp;&nbsp; 57698490 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| AppLovin Corp., 5.95%, 12/01/54 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 219635 |
| Electronic Arts Inc., 2.95%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 226577 |
| Fidelity National Information Services Inc. |  |  |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 486021 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 275874 |
| 5.63%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 279208 |
| Series 30Y, 4.75%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 198009 |
| Fiserv Inc., 4.40%, 07/01/49 | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1451238 |
| Intuit Inc., 5.50%, 09/15/53 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1092834 |
| Microsoft Corp. |  |  |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; 1033535 |
| 2.53%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 6086 | &nbsp;&nbsp; 3770271 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 3346 | &nbsp;&nbsp; 1975302 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 6184 | &nbsp;&nbsp; 4104142 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 1194751 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1526255 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 366989 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; 1367446 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 390995 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 401068 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 465912 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 599110 |
| 4.20%, 11/03/35<sup>(a)</sup> | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 892699 |
| 4.25%, 02/06/47<sup>(a)</sup> | &nbsp;&nbsp; 1769 | &nbsp;&nbsp; 1582994 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 873358 |
| 4.50%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 281333 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 202786 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 632113 |
| 4.75%, 11/03/55<sup>(a)</sup> | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 278781 |
| 5.20%, 06/01/39 | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 570760 |
| 5.30%, 02/08/41<sup>(a)</sup> | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 741675 |
| Oracle Corp. |  |  |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2270500 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 4397 | &nbsp;&nbsp; 2990795 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 2192 | &nbsp;&nbsp; 1675300 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 1771 | &nbsp;&nbsp; 1478808 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 947 | &nbsp;&nbsp; 815286 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 3548 | &nbsp;&nbsp; 2374217 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1081622 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 3650 | &nbsp;&nbsp; 2635527 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 2714 | &nbsp;&nbsp; 2037382 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 2237 | &nbsp;&nbsp; 1658920 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 861806 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 1608182 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1187800 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 659503 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 2044551 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 2141 | &nbsp;&nbsp; 1897604 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1732104 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 819890 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 2522 | &nbsp;&nbsp; 2309872 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1877330 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1320853 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 6.13%, 08/03/65 | &nbsp;&nbsp; $1015 | &nbsp;&nbsp; $990159 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 1096628 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 2960538 |
| Salesforce Inc. |  |  |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 805039 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 1895 | &nbsp;&nbsp; 1202596 |
| 3.05%, 07/15/61<sup>(a)</sup> | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 540208 |
| Synopsys Inc., 5.70%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 855404 |
|  |  | &nbsp;&nbsp; 71270095 |
| **Telecommunications — 5.5%** | **Telecommunications — 5.5%** | **Telecommunications — 5.5%** |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 719868 |
| 4.38%, 04/22/49<sup>(a)</sup> | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 751282 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 246215 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 1904 | &nbsp;&nbsp; 1963706 |
| AT&T Inc. |  |  |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 487468 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 768657 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 2413 | &nbsp;&nbsp; 1852738 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 7278 | &nbsp;&nbsp; 4871360 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 597356 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 7211 | &nbsp;&nbsp; 4829037 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 3108 | &nbsp;&nbsp; 2174504 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 7295 | &nbsp;&nbsp; 4825123 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 6153 | &nbsp;&nbsp; 4235481 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 862630 |
| 4.30%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 1756 | &nbsp;&nbsp; 1464697 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 940933 |
| 4.50%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2132194 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1309840 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 840633 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 479539 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1583728 |
| 4.80%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 454265 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 835473 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 284045 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 619713 |
| 5.15%, 03/15/42 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 337674 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 635198 |
| 5.15%, 02/15/50 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 464542 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 889715 |
| 5.35%, 09/01/40 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 347497 |
| 5.45%, 03/01/47<sup>(a)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 555218 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 585918 |
| 5.65%, 02/15/47<sup>(a)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 608650 |
| 5.70%, 03/01/57 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 550349 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 487406 |
| 6.25%, 03/29/41 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 367100 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 527422 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 420193 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 322606 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 343302 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 360406 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 859925 |
| 5.55%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 326243 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 265914 |
| British Telecommunications PLC, 4.25%, <br> 11/08/49<sup>(b)</sup><br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 261129 |
| Cisco Systems Inc. |  |  |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 1797912 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.35%, 02/26/64 | &nbsp;&nbsp; $899 | &nbsp;&nbsp; $852138 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1905518 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 758403 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 1892 | &nbsp;&nbsp; 2018795 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 318985 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 511510 |
| 4.70%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 235203 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 367754 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 509107 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 854415 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 347369 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 299616 |
| 7.25%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 199269 |
| Deutsche Telekom AG, 3.63%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 669618 |
| Deutsche Telekom International Finance BV |  |  |
| 4.75%, 06/21/38<sup>(b)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 334314 |
| 4.88%, 03/06/42<sup>(b)</sup> | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 797293 |
| Juniper Networks Inc., 5.95%, 03/15/41 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 368616 |
| Motorola Solutions Inc., 5.50%, 09/01/44 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 337019 |
| Nokia OYJ, 6.63%, 05/15/39 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 346500 |
| Ooredoo International Finance Ltd., 4.50%, <br> 01/31/43<sup>(b)</sup><br>| &nbsp;&nbsp; 543 | &nbsp;&nbsp; 485702 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 742211 |
| 5.50%, 02/06/44<sup>(a)</sup> | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 654633 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 685771 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 584851 |
| 4.35%, 05/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 971602 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 666094 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 380690 |
| 4.55%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 1507961 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 918863 |
| 5.45%, 10/01/43<sup>(a)</sup> | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 587539 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 306651 |
| SES Global Americas Holdings Inc., 5.30%, <br> 03/25/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 289 | &nbsp;&nbsp; 206874 |
| SES SA, 5.30%, 04/04/43<sup>(b)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 164024 |
| Telefonica Emisiones SA |  |  |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 481778 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1078098 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; 2220699 |
| 5.52%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1258778 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 1618 | &nbsp;&nbsp; 1792118 |
| TELUS Corp. |  |  |
| 4.30%, 06/15/49 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 318429 |
| 4.60%, 11/16/48 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 414440 |
| T-Mobile USA Inc. |  |  |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 2349 | &nbsp;&nbsp; 1680617 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 3337 | &nbsp;&nbsp; 2191711 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; 2132229 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 998871 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1484319 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 2966 | &nbsp;&nbsp; 2406185 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 563701 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 798650 |
| 5.65%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1947359 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1530050 |
| 5.80%, 09/15/62<sup>(a)</sup> | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 617785 |
| 5.88%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1207119 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 6.00%, 06/15/54 | &nbsp;&nbsp; $930 | &nbsp;&nbsp; $928934 |
| Verizon Communications Inc. |  |  |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 1883933 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 1029722 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 1254604 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; 2172863 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 1228782 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 2837 | &nbsp;&nbsp; 2163965 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 2468784 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2174326 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 595173 |
| 3.88%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1271523 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 959 | &nbsp;&nbsp; 724168 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 922 | &nbsp;&nbsp; 727927 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1174327 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1016238 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 659834 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 315801 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1078093 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 2132641 |
| 5.01%, 04/15/49<sup>(a)</sup> | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 891525 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 650651 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1057015 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 609143 |
| 5.50%, 02/23/54<sup>(a)</sup> | &nbsp;&nbsp; 1748 | &nbsp;&nbsp; 1676770 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 501401 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 920445 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 1539 | &nbsp;&nbsp; 1170185 |
| 4.38%, 02/19/43 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 387407 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 1417831 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 587056 |
| 5.13%, 06/19/59<sup>(a)</sup> | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 153271 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 1361 | &nbsp;&nbsp; 1235515 |
| 5.63%, 02/10/53<sup>(a)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 656697 |
| 5.75%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; 1949 | &nbsp;&nbsp; 1842271 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 165103 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 882873 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 1156767 |
| Xiaomi Best Time International Ltd., 4.10%, <br> 07/14/51<sup>(b)</sup><br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 304127 |
|  |  | &nbsp;&nbsp; 138730339 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Hasbro Inc. |  |  |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 343561 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 522391 |
| Mattel Inc. |  |  |
| 5.45%, 11/01/41 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 317997 |
| 6.20%, 10/01/40 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 315699 |
|  |  | &nbsp;&nbsp; 1499648 |
| **Transportation — 3.2%** | **Transportation — 3.2%** | **Transportation — 3.2%** |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 482639 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 331511 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 633660 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 702503 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 624574 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 673519 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 658849 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 791356 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.15%, 12/15/48 | &nbsp;&nbsp; $799 | &nbsp;&nbsp; $644558 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 559500 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 380782 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 686242 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 850825 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 692599 |
| 4.70%, 09/01/45 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 464426 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 967 | &nbsp;&nbsp; 886903 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 138081 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 464046 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 614626 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 1437308 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 430934 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1104764 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 710317 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 744925 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 312992 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 347424 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 533730 |
| 3.50%, 11/15/42<sup>(a)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 147786 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 542722 |
| 4.40%, 08/05/52<sup>(a)</sup> | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 534098 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 469465 |
| 4.50%, 11/07/43<sup>(a)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 156998 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 273935 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 522666 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 397359 |
| 6.71%, 07/15/36 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 217834 |
| Canadian Pacific Railway Co. |  |  |
| 3.00%, 12/02/41 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 730349 |
| 3.10%, 12/02/51<sup>(a)</sup> | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1055549 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 336355 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 196041 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 366353 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 489939 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 329524 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 573783 |
| 4.95%, 08/15/45 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 445396 |
| 5.75%, 01/15/42 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 220631 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 500591 |
| 6.13% | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 753783 |
| Central Japan Railway Co., 4.25%, 11/24/45<sup>(b)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 169954 |
| CSX Corp. |  |  |
| 2.50%, 05/15/51 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 320750 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 576919 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 687820 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 296205 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 471666 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 687215 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 347567 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 551934 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 243213 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 390852 |
| 4.50%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 731223 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 308188 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 345747 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 329330 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 652509 |
| 4.90%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 467141 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 517502 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 6.00%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp; $598 | &nbsp;&nbsp; $636509 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 757177 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 738622 |
| Empresa de los Ferrocarriles del Estado |  |  |
| 3.07%, 08/18/50<sup>(b)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 224744 |
| 3.83%, 09/14/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 419734 |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| 3.69%, 09/13/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 480186 |
| 4.70%, 05/07/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 851878 |
| 5.00%, 01/25/47<sup>(b)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 292481 |
| ENA Master Trust, 4.00%, 05/19/48 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 290246 |
| FedEx Corp. |  |  |
| 3.25%, 05/15/41 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 428229 |
| 3.88%, 08/01/42 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 358681 |
| 4.05%, 02/15/48 | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 661374 |
| 4.10%, 04/15/43 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 400554 |
| 4.10%, 02/01/45 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 423429 |
| 4.40%, 01/15/47 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 595147 |
| 4.50%, 02/01/65 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 130645 |
| 4.55%, 04/01/46 | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 623524 |
| 4.75%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 978648 |
| 4.95%, 10/17/48<sup>(a)</sup> | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 689307 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 369878 |
| 5.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 728018 |
| Norfolk Southern Corp. |  |  |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 392221 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 557754 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 376339 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 412046 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 296606 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 745169 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 485324 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 441950 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 398995 |
| 4.10%, 05/15/2121<sup>(a)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 273076 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 626297 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 625197 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 632143 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 739376 |
| 4.80%, 08/15/43 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 213345 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 251391 |
| 5.10%, 12/31/49 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 327843 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 880091 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 597602 |
| Polar Tankers Inc., 5.95%, 05/10/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 185314 |
| TTX Co. |  |  |
| 3.90%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 195046 |
| 4.20%, 07/01/46<sup>(b)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 372431 |
| 4.60%, 02/01/49<sup>(b)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 483070 |
| 5.65%, 12/01/52<sup>(b)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248251 |
| Union Pacific Corp. |  |  |
| 2.89%, 04/06/36<sup>(a)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 709553 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 550889 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 573332 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 873 | &nbsp;&nbsp; 657198 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1076272 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 282299 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 347273 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 889299 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 443407 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 418432 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.60%, 09/15/37 | &nbsp;&nbsp; $288 | &nbsp;&nbsp; $247485 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 405448 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 808307 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 639918 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1282850 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 349440 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 332713 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 357588 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 427551 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 385583 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 452808 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 358543 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 552929 |
| 4.50%, 09/10/48<sup>(a)</sup> | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 362826 |
| 4.95%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 704778 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 417397 |
| 5.15%, 01/20/63 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 430056 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1110323 |
| United Parcel Service Inc. |  |  |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 372051 |
| 3.40%, 09/01/49<sup>(a)</sup> | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 529552 |
| 3.63%, 10/01/42 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 220958 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 841211 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 673985 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 479605 |
| 5.05%, 03/03/53<sup>(a)</sup> | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 914162 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 646841 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1402 | &nbsp;&nbsp; 1309610 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 790824 |
| 5.60%, 05/22/64 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 350671 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 1383319 |
|  |  | &nbsp;&nbsp; 80183659 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 325243 |
| 4.50%, 03/30/45 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 195199 |
| 5.20%, 03/15/44 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 461446 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 594775 |
| 6.05%, 06/05/54<sup>(a)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 600667 |
|  |  | &nbsp;&nbsp; 2177330 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| American Water Capital Corp. |  |  |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 355340 |
| 3.45%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 327215 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 669876 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 265102 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 499168 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 4.20%, 09/01/48 | &nbsp;&nbsp; $765 | &nbsp;&nbsp; $612141 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 363327 |
| 4.30%, 09/01/45<sup>(a)</sup> | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 540881 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 599862 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 608823 |
| Essential Utilities Inc. |  |  |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 311729 |
| 4.28%, 05/01/49<sup>(a)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 603732 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 396300 |
|  |  | &nbsp;&nbsp; 6153496 |
| **Total Long-Term Investments — 97.4%** <br>**(Cost: $2,902,238,530)** | **Total Long-Term Investments — 97.4%** <br>**(Cost: $2,902,238,530)** | &nbsp;&nbsp; 2450961069 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 11.0%** | **Money Market Funds — 11.0%** | **Money Market Funds — 11.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp; 243618407 | &nbsp;&nbsp; 243715854 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(h)(i)</sup><br>| &nbsp;&nbsp; 33610000 | &nbsp;&nbsp; 33610000 |
| **Total Short-Term Securities — 11.0%** <br>**(Cost: $277,245,580)** | **Total Short-Term Securities — 11.0%** <br>**(Cost: $277,245,580)** | &nbsp;&nbsp; 277325854 |
| **Total Investments — 108.4%** <br>**(Cost: $3,179,484,110)** | **Total Investments — 108.4%** <br>**(Cost: $3,179,484,110)** | &nbsp;&nbsp; 2728286923 |
| **Liabilities in Excess of Other Assets — (8.4)%** | **Liabilities in Excess of Other Assets — (8.4)%** | &nbsp;&nbsp; (210649523)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $2517637400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Rounds to less than 1,000.

<sup>(f)</sup> Perpetual security with no stated maturity date.

<sup>(g)</sup> Zero-coupon bond.

<sup>(h)</sup> Affiliate of the Fund.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2450961069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2450961069 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 277325854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 277325854 |
|  | &nbsp;&nbsp; $277325854 | &nbsp;&nbsp; $2450961069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2728286923 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Ally Auto Receivables Trust, 4.14%, 07/16/29 | &nbsp;&nbsp; $4600 | $4591548 |
| American Express Credit Account Master Trust |  |  |
| 4.87%, 05/15/28 | &nbsp;&nbsp; 6840 | 6879260 |
| 5.15%, 09/15/30 | &nbsp;&nbsp; 9000 | 9272028 |
| 4.65%, 07/15/29 | &nbsp;&nbsp; 5560 | 5623567 |
| 4.56%, 12/15/29 | &nbsp;&nbsp; 5000 | 5046087 |
| AmeriCredit Automobile Receivables Trust, <br> 5.62%, 11/18/27<br>| &nbsp;&nbsp; 7430 | 7457205 |
| BA Credit Card Trust, 4.98%, 11/15/28 | &nbsp;&nbsp; 59311 | 59997342 |
| BMW Vehicle Owner Trust |  |  |
| 4.56%, 09/25/29 | &nbsp;&nbsp; 3800 | 3831451 |
| 4.66%, 12/27/32 | &nbsp;&nbsp; 1250 | 1263416 |
| Capital One Multi-Asset Execution Trust |  |  |
| 3.92%, 09/15/29 | &nbsp;&nbsp; 15000 | 14873044 |
| Class A2, 1.39%, 07/15/30 | &nbsp;&nbsp; 11000 | 10075965 |
| Capital One Prime Auto Receivables Trust, <br> 4.62%, 07/16/29<br>| &nbsp;&nbsp; 4200 | 4239066 |
| CarMax Auto Owner Trust |  |  |
| 4.65%, 01/16/29 | &nbsp;&nbsp; 8300 | 8335137 |
| 6.00%, 07/17/28 | &nbsp;&nbsp; 6137 | 6236028 |
| 4.64%, 04/15/30 | &nbsp;&nbsp; 2560 | 2583821 |
| 4.84%, 01/15/30 | &nbsp;&nbsp; 2260 | 2288733 |
| 4.89%, 03/15/30 | &nbsp;&nbsp; 2400 | 2413675 |
| 5.60%, 11/15/30 | &nbsp;&nbsp; 1000 | 1007642 |
| Carvana Auto Receivables Trust, 4.26%, <br> 10/10/29<br>| &nbsp;&nbsp; 2330 | 2326398 |
| Chase Issuance Trust |  |  |
| 5.08%, 09/15/30 | &nbsp;&nbsp; 2885 | 2976367 |
| 4.60%, 01/16/29 | &nbsp;&nbsp; 44830 | 45142890 |
| 4.63%, 01/15/31 | &nbsp;&nbsp; 8935 | 9054704 |
| Citibank Credit Card Issuance Trust |  |  |
| 3.96%, 10/13/30 | &nbsp;&nbsp; 2000 | 1982186 |
| 6.15%, 06/15/39 | &nbsp;&nbsp; 3000 | 3272410 |
| CNH Equipment Trust |  |  |
| 5.19%, 09/17/29 | &nbsp;&nbsp; 5360 | 5436571 |
| 4.03%, 01/15/30 | &nbsp;&nbsp; 10000 | 9940493 |
| 5.23%, 11/17/31 | &nbsp;&nbsp; 2000 | 2051888 |
| Drive Auto Receivables Trust |  |  |
| 4.52%, 07/16/29 | &nbsp;&nbsp; 500 | 499202 |
| 4.67%, 05/17/32 | &nbsp;&nbsp; 890 | 883524 |
| 4.94%, 05/17/32 | &nbsp;&nbsp; 2000 | 1983957 |
| Exeter Automobile Receivables Trust |  |  |
| 5.82%, 02/15/28 | &nbsp;&nbsp; 7810 | 7823856 |
| 5.61%, 04/17/28 | &nbsp;&nbsp; 4609 | 4618740 |
| 5.92%, 02/15/30 | &nbsp;&nbsp; 5000 | 5074571 |
| 5.06%, 02/18/31 | &nbsp;&nbsp; 1900 | 1879159 |
| First National Master Note Trust, 4.85%, <br> 02/15/30<br>| &nbsp;&nbsp; 5000 | 5073659 |
| Ford Credit Auto Lease Trust |  |  |
| 5.29%, 06/15/27 | &nbsp;&nbsp; 4640 | 4666706 |
| 4.99%, 12/15/27 | &nbsp;&nbsp; 7330 | 7380532 |
| Ford Credit Auto Owner Trust |  |  |
| 4.07%, 07/15/29 | &nbsp;&nbsp; 6000 | 5985176 |
| 4.88%, 09/15/30 | &nbsp;&nbsp; 2000 | 2022309 |
| 4.45%, 10/15/29 | &nbsp;&nbsp; 4250 | 4273393 |
| GM Financial Automobile Leasing Trust, <br> 4.66%, 02/21/28<br>| &nbsp;&nbsp; 3200 | 3219660 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| 4.59%, 07/17/28 | &nbsp;&nbsp; 3500 | 3515105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 4.47%, 02/16/28 | &nbsp;&nbsp; $5550 | $5549012 |
| 4.43%, 10/16/28 | &nbsp;&nbsp; 13000 | 13033247 |
| 5.71%, 02/16/29 | &nbsp;&nbsp; 9710 | 10004698 |
| 4.40%, 08/16/29 | &nbsp;&nbsp; 2500 | 2513640 |
| 4.44%, 04/16/30 | &nbsp;&nbsp; 1000 | 1005727 |
| 4.62%, 12/17/29 | &nbsp;&nbsp; 2500 | 2525135 |
| 4.73%, 08/16/30 | &nbsp;&nbsp; 1780 | 1807434 |
| Honda Auto Receivables Owner Trust |  |  |
| 5.21%, 08/15/28 | &nbsp;&nbsp; 1900 | 1920508 |
| 4.57%, 03/21/29 | &nbsp;&nbsp; 7300 | 7346316 |
| 4.65%, 10/15/29 | &nbsp;&nbsp; 2600 | 2599710 |
| Hyundai Auto Receivables Trust |  |  |
| 4.58%, 04/15/27 | &nbsp;&nbsp; 4327 | 4323844 |
| 4.48%, 07/17/28 | &nbsp;&nbsp; 13000 | 13011573 |
| 4.84%, 03/15/29 | &nbsp;&nbsp; 4625 | 4673229 |
| 4.32%, 10/15/29 | &nbsp;&nbsp; 5300 | 5305460 |
| 4.40%, 04/15/31 | &nbsp;&nbsp; 1100 | 1102246 |
| John Deere Owner Trust |  |  |
| 4.96%, 11/15/28 | &nbsp;&nbsp; 3290 | 3314721 |
| 4.91%, 02/18/31 | &nbsp;&nbsp; 1850 | 1876466 |
| 4.06%, 06/15/29 | &nbsp;&nbsp; 2140 | 2138065 |
| 4.23%, 09/17/29 | &nbsp;&nbsp; 3900 | 3893963 |
| Mercedes-Benz Auto Receivables Trust, <br> 4.78%, 12/17/29<br>| &nbsp;&nbsp; 8000 | 8100230 |
| Nissan Auto Lease Trust |  |  |
| 4.91%, 04/15/27 | &nbsp;&nbsp; 0 |  |
| 5.21%, 12/15/28 | &nbsp;&nbsp; 2000 | 2019581 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.09%, 05/15/30 | &nbsp;&nbsp; 17060 | 17111453 |
| 5.23%, 12/15/28 | &nbsp;&nbsp; 6440 | 6471066 |
| 5.25%, 04/17/28 | &nbsp;&nbsp; 6000 | 6007540 |
| 5.45%, 03/15/30 | &nbsp;&nbsp; 1670 | 1683029 |
| 5.64%, 08/15/30 | &nbsp;&nbsp; 3500 | 3561601 |
| 4.62%, 11/15/28 | &nbsp;&nbsp; 1460 | 1462260 |
| 5.14%, 02/17/32 | &nbsp;&nbsp; 4100 | 4073074 |
| 4.87%, 05/15/31 | &nbsp;&nbsp; 1000 | 1007213 |
| 5.43%, 03/17/31 | &nbsp;&nbsp; 500 | 501401 |
| Synchrony Card Funding LLC, 5.04%, <br> 03/15/30<br>| &nbsp;&nbsp; 9330 | 9474219 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.40%, 06/15/29 | &nbsp;&nbsp; 4620 | 4643724 |
| 4.77%, 11/15/29 | &nbsp;&nbsp; 600 | 603468 |
| 4.94%, 06/17/30 | &nbsp;&nbsp; 600 | 604965 |
| 4.76%, 05/15/30 | &nbsp;&nbsp; 1000 | 1016059 |
| Verizon Master Trust |  |  |
| 4.17%, 08/20/30 | &nbsp;&nbsp; 6300 | 6291216 |
| 4.62%, 11/20/30 | &nbsp;&nbsp; 7700 | 7778373 |
| Verizon Master Trust Series, 5.21%, 06/20/29 | &nbsp;&nbsp; 14250 | 14365804 |
| Volkswagen Auto Loan Enhanced Trust, <br> 5.01%, 01/22/30<br>| &nbsp;&nbsp; 6000 | 6080510 |
| World Omni Auto Receivables Trust |  |  |
| 5.09%, 12/17/29 | &nbsp;&nbsp; 2000 | 2030564 |
| 4.86%, 11/15/30 | &nbsp;&nbsp; 2000 | 2039676 |
| **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $490,207,470)** | **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $490,207,470)** | 491970491 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** |
| 3650R 2021-PF1 Commercial Mortgage Trust, <br> 5.47%, 11/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1022772 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Bank |  |  |
| 2.29%, 06/15/64 | &nbsp;&nbsp; $7260 | $6266237 |
| 3.35%, 01/15/63<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1193577 |
| 3.50%, 03/15/64<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 857943 |
| 4.47%, 05/15/61<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 966688 |
| 4.79%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1887 | 1680839 |
| 5.72%, 06/15/57 | &nbsp;&nbsp; 4450 | 4663692 |
| Series 2017-BNK8, Class A3, 3.23%, <br> 11/15/50<br>| &nbsp;&nbsp; 3416 | 3310985 |
| Series 2018-BN15, Class A4, 4.41%, <br> 11/15/61<sup>(a)</sup><br>| &nbsp;&nbsp; 4500 | 4473167 |
| Series 2019-BN16, Class AS, 4.27%, <br> 02/15/52<br>| &nbsp;&nbsp; 1000 | 966808 |
| Series 2019-BN21, Class A5, 2.85%, <br> 10/17/52<br>| &nbsp;&nbsp; 15310 | 14164286 |
| Series 2020, Class A5, 2.65%, 01/15/63 | &nbsp;&nbsp; 6500 | 5904907 |
| Series 2020-BN27, Class A5, 2.14%, <br> 04/15/63<br>| &nbsp;&nbsp; 23610 | 20610498 |
| Series 2020-BN29, Class A4, 2.00%, <br> 11/15/53<br>| &nbsp;&nbsp; 5760 | 4909916 |
| Series 21-BN36, Class A5, 2.47%, <br> 09/15/64<br>| &nbsp;&nbsp; 8930 | 7775912 |
| Bank5 |  |  |
| 5.64%, 10/15/57 | &nbsp;&nbsp; 2000 | 2037710 |
| 5.77%, 06/15/57 | &nbsp;&nbsp; 9520 | 9890052 |
| 5.79%, 06/15/57 | &nbsp;&nbsp; 2000 | 2070134 |
| 5.89%, 11/15/57 | &nbsp;&nbsp; 5000 | 5260210 |
| 6.42%, 08/15/57<sup>(a)</sup> | &nbsp;&nbsp; 650 | 646810 |
| 6.49%, 06/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 3096983 |
| 7.38%, 07/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1949 | 2079053 |
| Bank5 Trust |  |  |
| 6.23%, 05/15/57 | &nbsp;&nbsp; 3000 | 3159774 |
| 6.97%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2580 | 2709277 |
| 6.97%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1027818 |
| Barclays Commercial Mortgage Trust |  |  |
| Series 2019-C3, Class A4, 3.58%, 05/15/52 | &nbsp;&nbsp; 2200 | 2101639 |
| Series 2019-C4, Class A5, 2.92%, 08/15/52 | &nbsp;&nbsp; 8750 | 8189251 |
| Series 2019-C5, Class A4, 3.06%, 11/15/52 | &nbsp;&nbsp; 1000 | 940653 |
| BBCMS Mortgage Trust |  |  |
| 2.69%, 11/15/54 | &nbsp;&nbsp; 3000 | 2642432 |
| 3.19%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 500 | 415110 |
| 4.05%, 12/15/51 | &nbsp;&nbsp; 4000 | 3948860 |
| 4.60%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 5390 | 5269702 |
| 5.14%, 12/15/57 | &nbsp;&nbsp; 5400 | 5472116 |
| 5.40%, 09/15/57 | &nbsp;&nbsp; 2500 | 2564044 |
| 5.45%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 470966 |
| 5.45%, 04/15/56 | &nbsp;&nbsp; 1000 | 1029633 |
| 5.53%, 11/15/57 | &nbsp;&nbsp; 1500 | 1550206 |
| 5.55%, 07/15/57 | &nbsp;&nbsp; 1000 | 1027117 |
| 5.63%, 09/15/57 | &nbsp;&nbsp; 5100 | 5189901 |
| 5.71%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 3160 | 3317234 |
| 5.72%, 02/15/57 | &nbsp;&nbsp; 1386 | 1367887 |
| 5.72%, 02/15/62 | &nbsp;&nbsp; 5000 | 5242205 |
| 5.83%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1009777 |
| 5.84%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3055329 |
| 5.84%, 03/15/58 | &nbsp;&nbsp; 500 | 523465 |
| 5.87%, 02/15/57 | &nbsp;&nbsp; 1000 | 1036500 |
| 5.89%, 09/15/57 | &nbsp;&nbsp; 1250 | 1300916 |
| 5.94%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2210 | 2218400 |
| 5.95%, 03/15/57 | &nbsp;&nbsp; 3000 | 3132707 |
| 5.97%, 07/15/56<sup>(a)</sup> | &nbsp;&nbsp; 500 | 513925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; $18820 | $20041007 |
| 6.13%, 11/15/57 | &nbsp;&nbsp; 900 | 938300 |
| 6.15%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 2849570 |
| 6.30%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3164845 |
| 6.35%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1488299 |
| 6.36%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1043396 |
| 6.64%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1660 | 1674789 |
| 6.70%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1010976 |
| 6.80%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 3970 | 4460033 |
| 7.45%, 12/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1322 | 1433520 |
| Series 2017-C1, Class A4, 3.67%, 02/15/50 | &nbsp;&nbsp; 18450 | 18067723 |
| Series 2020-C6, Class A4, 2.64%, 02/15/53 | &nbsp;&nbsp; 10000 | 9070714 |
| Series 2020-C7, Class A5, 2.04%, 04/15/53 | &nbsp;&nbsp; 16670 | 14652675 |
| Series 2021-C11, Class A5, 2.32%, <br> 09/15/54<br>| &nbsp;&nbsp; 5765 | 4938259 |
| Series 2022-C15, Class A5, 3.66%, <br> 04/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; 3745 | 3443045 |
| BBCMS Trust |  |  |
| 2.27%, 07/15/54 | &nbsp;&nbsp; 2500 | 2320112 |
| Series 2021-C10, Class A5, 2.49%, <br> 07/15/54<br>| &nbsp;&nbsp; 18590 | 16601011 |
| Benchmark Mortgage Trust |  |  |
| 2.91%, 09/15/43<sup>(a)</sup> | &nbsp;&nbsp; 750 | 608699 |
| 3.18%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 859076 |
| 3.73%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 350 | 301329 |
| 5.33%, 02/15/58 | &nbsp;&nbsp; 6000 | 6093174 |
| 5.36%, 05/15/55 | &nbsp;&nbsp; 2000 | 2032083 |
| 5.60%, 08/15/57 | &nbsp;&nbsp; 3700 | 3794036 |
| 5.66%, 04/15/57 | &nbsp;&nbsp; 2000 | 2078708 |
| 5.77%, 05/15/56 | &nbsp;&nbsp; 1000 | 1034084 |
| 5.91%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2097774 |
| 6.06%, 01/10/57<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1628637 |
| 6.06%, 08/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1562613 |
| 6.38%, 03/15/57 | &nbsp;&nbsp; 4460 | 4669663 |
| 6.67%, 03/15/57 | &nbsp;&nbsp; 1770 | 1784150 |
| 6.79%, 03/15/57 | &nbsp;&nbsp; 3730 | 3875484 |
| 6.86%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1060920 |
| 7.08%, 05/15/56<sup>(a)</sup> | &nbsp;&nbsp; 500 | 521333 |
| 7.18%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2102385 |
| 7.18%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2054363 |
| 7.20%, 01/10/57<sup>(a)</sup> | &nbsp;&nbsp; 1850 | 1881938 |
| Series 2018-B1, Class A5, 3.67%, <br> 01/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3250 | 3166013 |
| Series 2018-B2, Class A5, 3.88%, <br> 02/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 10616 | 10386967 |
| Series 2018-B3, Class A5, 4.03%, 04/10/51 | &nbsp;&nbsp; 5000 | 4905020 |
| Series 2018-B5, Class A4, 4.21%, 07/15/51 | &nbsp;&nbsp; 6150 | 6048642 |
| Series 2018-B7, Class A4, 4.51%, <br> 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; 10093 | 9995284 |
| Series 2018-B7, Class B, 4.84%, <br> 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; 1100 | 1040318 |
| Series 2018-B8, Class A5, 4.23%, 01/15/52 | &nbsp;&nbsp; 17000 | 16617778 |
| Series 2019-B11, Class A4, 3.28%, <br> 05/15/52<br>| &nbsp;&nbsp; 20650 | 19490589 |
| Series 2019-B11, Class A5, 3.54%, <br> 05/15/52<br>| &nbsp;&nbsp; 20000 | 18998199 |
| Series 2020-B19, Class B, 2.35%, 09/15/53 | &nbsp;&nbsp; 2700 | 2081962 |
| Series 2020-B21, Class A4, 1.70%, <br> 12/17/53<br>| &nbsp;&nbsp; 7000 | 6049803 |
| Series 2020-B21, Class A5, 1.98%, <br> 12/17/53<br>| &nbsp;&nbsp; 8616 | 7400491 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series 2020-B23, Class A5, 2.07%, <br> 02/15/54<br>| &nbsp;&nbsp; $25000 | $21258727 |
| Series 2021-B24, Class A4, 2.26%, <br> 03/15/54<br>| &nbsp;&nbsp; 456 | 401776 |
| Series 2023-B38, Class A2, 5.63%, <br> 04/15/56<br>| &nbsp;&nbsp; 10000 | 10233519 |
| BMARK, 7.71%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1097 | 1154178 |
| BMO Mortgage Trust |  |  |
| 1.00%, 05/15/58<sup>(a)</sup> | &nbsp;&nbsp; 500 | 502014 |
| 4.97%, 07/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1975 | 1983912 |
| 5.31%, 09/15/54 | &nbsp;&nbsp; 1200 | 1220369 |
| 5.32%, 09/15/57 | &nbsp;&nbsp; 500 | 511121 |
| 5.63%, 12/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1139191 |
| 5.74%, 02/15/57 | &nbsp;&nbsp; 1000 | 1033743 |
| 5.74%, 12/15/57<sup>(a)</sup> | &nbsp;&nbsp; 900 | 878357 |
| 5.75%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1025068 |
| 5.78%, 04/15/58<sup>(a)</sup> | &nbsp;&nbsp; 950 | 990236 |
| 5.86%, 02/15/57 | &nbsp;&nbsp; 3730 | 3889311 |
| 5.88%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 486520 |
| 5.89%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3611714 |
| 5.91%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 4122623 |
| 5.96%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 30000 | 31811320 |
| 6.09%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 750 | 757556 |
| 6.14%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2330 | 2345737 |
| 6.23%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1429308 |
| 6.26%, 04/15/58<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1000020 |
| 6.29%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 5310 | 5524838 |
| 6.36%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 260 | 272545 |
| 6.41%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 4700 | 4799998 |
| 6.60%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 495077 |
| 7.09%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 687 | 693818 |
| 7.49%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 11200 | 11982371 |
| CD Mortgage Trust |  |  |
| 3.91%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 995 | 932080 |
| 4.66%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1188 | 1134456 |
| Series 2017-CD3, Class A4, 3.63%, <br> 02/10/50<br>| &nbsp;&nbsp; 5500 | 5265146 |
| Series 2017-CD5, Class A4, 3.43%, <br> 08/15/50<br>| &nbsp;&nbsp; 1020 | 992028 |
| Citigroup Commercial Mortgage Trust |  |  |
| 3.42%, 12/15/72 | &nbsp;&nbsp; 2000 | 1812374 |
| 3.74%, 03/10/51 | &nbsp;&nbsp; 1932 | 1895228 |
| 4.05%, 12/15/72<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1335791 |
| Series 2016-P5, Class A4, 2.94%, 10/10/49 | &nbsp;&nbsp; 10000 | 9634708 |
| Series 2017-P7, Class A4, 3.71%, 04/14/50 | &nbsp;&nbsp; 13900 | 13531536 |
| Series 2017-P8, Class A3, 3.20%, 09/15/50 | &nbsp;&nbsp; 2000 | 1938598 |
| Series 2018-B2, Class A4, 4.01%, 03/10/51 | &nbsp;&nbsp; 20020 | 19653431 |
| Series 2019-C7, Class A4, 3.10%, 12/15/72 | &nbsp;&nbsp; 5800 | 5387710 |
| Commission Mortgage Trust, Series <br> 2016-DC2, Class A5, 3.77%, 02/10/49<br>| &nbsp;&nbsp; 4000 | 3972304 |
| CSAIL Commercial Mortgage Trust |  |  |
| 2.72%, 12/15/52 | &nbsp;&nbsp; 500 | 464025 |
| 4.45%, 04/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1443334 |
| Series 2015-C4, Class A4, 3.81%, 11/15/48 | &nbsp;&nbsp; 17519 | 17442511 |
| Series 2016-C7, Class A5, 3.50%, 11/15/49 | &nbsp;&nbsp; 5200 | 5090661 |
| Series 2018-CX11, Class A5, 4.03%, <br> 04/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 27000 | 26583603 |
| Series 2019-C18, Class A4, 2.97%, <br> 12/15/52<br>| &nbsp;&nbsp; 10000 | 9242207 |
| Series 2020-C19, Class A3, 2.56%, <br> 03/15/53<br>| &nbsp;&nbsp; 5500 | 4927260 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| DBJPM Mortgage Trust |  |  |
| 3.56%, 06/10/50<sup>(a)</sup> | &nbsp;&nbsp; $5500 | $5240711 |
| Series 2016-C3, Class A5, 2.89%, 08/10/49 | &nbsp;&nbsp; 1000 | 974870 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.26%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 9390586 |
| 2.36%, 10/25/36 | &nbsp;&nbsp; 2500 | 1974081 |
| 3.00%, 09/25/29 | &nbsp;&nbsp; 20868 | 20011482 |
| 3.53%, 09/25/32 | &nbsp;&nbsp; 1000 | 938567 |
| 3.78%, 01/25/32 | &nbsp;&nbsp; 10797 | 10609935 |
| 3.78%, 11/25/32<sup>(a)</sup> | &nbsp;&nbsp; 17795 | 17052721 |
| 3.80%, 03/25/32 | &nbsp;&nbsp; 1941 | 1909195 |
| 3.82%, 12/25/32<sup>(a)</sup> | &nbsp;&nbsp; 21500 | 20636174 |
| 4.05%, 07/25/33 | &nbsp;&nbsp; 35000 | 33957933 |
| 4.20%, 05/25/33 | &nbsp;&nbsp; 48000 | 47112754 |
| 4.25%, 04/25/33 | &nbsp;&nbsp; 40000 | 39414158 |
| 4.28%, 07/25/30 | &nbsp;&nbsp; 10500 | 10542139 |
| 4.35%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp; 33140 | 32902169 |
| 4.46%, 08/25/31 | &nbsp;&nbsp; 5000 | 5034530 |
| 4.51%, 07/25/29 | &nbsp;&nbsp; 5700 | 5777193 |
| 4.57%, 12/25/28 | &nbsp;&nbsp; 3253 | 3300652 |
| 4.74%, 08/25/28<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 15283674 |
| 4.80%, 09/25/28<sup>(a)</sup> | &nbsp;&nbsp; 3920 | 4001919 |
| 4.85%, 09/25/28 | &nbsp;&nbsp; 5000 | 5113494 |
| 5.20%, 02/25/31 | &nbsp;&nbsp; 5560 | 5806765 |
| 5.36%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 14300 | 14863430 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 15000 | 15624190 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 8000 | 8316230 |
| Federal National Mortgage Association, <br> 2.68%, 06/25/32<sup>(a)</sup><br>| &nbsp;&nbsp; 1048 | 933575 |
| Federal National Mortgage Association-ACES |  |  |
| 1.27%, 07/25/30 | &nbsp;&nbsp; 10000 | 8654683 |
| 1.81%, 10/25/31<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 2587828 |
| 2.40%, 11/25/31 | &nbsp;&nbsp; 5000 | 4448351 |
| 4.19%, 07/25/28<sup>(a)</sup> | &nbsp;&nbsp; 19104 | 19156278 |
| Series 2017, Class A2, 3.07%, 09/25/27<sup>(a)</sup> | &nbsp;&nbsp; 1579 | 1544315 |
| Series 2020-M20, Class A2, 1.44%, <br> 10/25/29<br>| &nbsp;&nbsp; 2000 | 1783712 |
| FIVE Mortgage Trust, 5.67%, 02/10/56<sup>(a)</sup> | &nbsp;&nbsp; 475 | 487358 |
| GS Mortgage Securities Trust |  |  |
| 2.91%, 02/13/53 | &nbsp;&nbsp; 1000 | 920432 |
| 3.57%, 05/12/53<sup>(a)</sup> | &nbsp;&nbsp; 1840 | 1604521 |
| 3.57%, 05/12/53<sup>(a)</sup> | &nbsp;&nbsp; 526 | 439456 |
| 3.70%, 02/10/52 | &nbsp;&nbsp; 1000 | 965114 |
| 4.38%, 07/10/51<sup>(a)</sup> | &nbsp;&nbsp; 2433 | 2290853 |
| Series 2017-GS7, Class A3, 3.17%, <br> 08/10/50<br>| &nbsp;&nbsp; 13000 | 12568756 |
| Series 2018-GS10, Class A5, 4.16%, <br> 07/10/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3000 | 2933050 |
| Series 2018-GS9, Class A4, 3.99%, <br> 03/10/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3000 | 2944980 |
| Series 2019-GC38, Class A4, 3.97%, <br> 02/10/52<br>| &nbsp;&nbsp; 2500 | 2430375 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| 3.12%, 06/13/52 | &nbsp;&nbsp; 2000 | 1910014 |
| 4.03%, 03/10/52 | &nbsp;&nbsp; 3500 | 3324405 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust<br>|  |  |
| 5.64%, 03/15/58 | &nbsp;&nbsp; 400 | 415164 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series 2016-C28, Class A4, 3.54%, <br> 01/15/49<br>| &nbsp;&nbsp; $16420 | $16204795 |
| Series 2016-C28, Class AS, 3.95%, <br> 01/15/49<br>| &nbsp;&nbsp; 2000 | 1939047 |
| Series 2016-C32, Class A3, 3.46%, <br> 12/15/49<br>| &nbsp;&nbsp; 9522 | 9312431 |
| Morgan Stanley Capital I Trust |  |  |
| 2.70%, 07/15/53 | &nbsp;&nbsp; 200 | 164783 |
| 2.73%, 05/15/54 | &nbsp;&nbsp; 1275 | 1136041 |
| 2.75%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1677612 |
| 2.88%, 02/15/53 | &nbsp;&nbsp; 1264 | 1135175 |
| 3.57%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 783991 |
| 3.77%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 500 | 450582 |
| 4.85%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 928334 |
| Series 2017-H1, Class A5, 3.53%, 06/15/50 | &nbsp;&nbsp; 12000 | 11722707 |
| Series 2018, Class A3, 4.14%, 10/15/51 | &nbsp;&nbsp; 21700 | 21293804 |
| Series 2018-H3, Class A4, 3.91%, 07/15/51 | &nbsp;&nbsp; 687 | 672342 |
| Series 2018-H3, Class A5, 4.18%, 07/15/51 | &nbsp;&nbsp; 2538 | 2494925 |
| Series 2019-H6, Class A4, 3.42%, 06/15/52 | &nbsp;&nbsp; 7660 | 7265662 |
| Series 2020-L4, Class A3, 2.70%, 02/15/53 | &nbsp;&nbsp; 20000 | 18398017 |
| Series 2021-L7, Class A5, 2.57%, 10/15/54 | &nbsp;&nbsp; 10430 | 9069225 |
| UBS Commercial Mortgage Trust |  |  |
| 3.17%, 08/15/50 | &nbsp;&nbsp; 4626 | 4531246 |
| 4.03%, 08/15/51 | &nbsp;&nbsp; 5496 | 5394685 |
| 4.73%, 12/15/50<sup>(a)</sup> | &nbsp;&nbsp; 528 | 491279 |
| Series 2018-C08, Class A4, 3.98%, <br> 02/15/51<br>| &nbsp;&nbsp; 18150 | 17783698 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 1.85%, 07/15/53 | &nbsp;&nbsp; 2000 | 1873174 |
| 2.70%, 07/15/53 | &nbsp;&nbsp; 375 | 306523 |
| 3.31%, 11/15/54 | &nbsp;&nbsp; 500 | 406646 |
| 4.15%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1749 | 1701173 |
| 4.19%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 110 | 104804 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 1000 | 952161 |
| 4.67%, 09/15/61<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 2928893 |
| 5.93%, 07/15/57 | &nbsp;&nbsp; 3000 | 3135941 |
| 6.10%, 01/15/58 | &nbsp;&nbsp; 1500 | 1583355 |
| Class A4, 2.34%, 08/15/54 | &nbsp;&nbsp; 4600 | 3998410 |
| Class ASB, 4.17%, 05/15/51 | &nbsp;&nbsp; 494 | 491662 |
| Series 2016-C35, Class A4, 2.93%, <br> 07/15/48<br>| &nbsp;&nbsp; 550 | 537728 |
| Series 2019-C54, Class A4, 3.15%, <br> 12/15/52<br>| &nbsp;&nbsp; 5000 | 4689402 |
| Series 2020-C56, Class A5, 2.45%, <br> 06/15/53<br>| &nbsp;&nbsp; 6480 | 5860361 |
| Series 2020-C58, Class A4, 2.09%, <br> 07/15/53<br>| &nbsp;&nbsp; 17680 | 15367133 |
| Series 2021-C59, Class A5, 2.63%, <br> 04/15/54<br>| &nbsp;&nbsp; 5200 | 4552547 |
|  |  | 1265402836 |
| **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $1,305,768,250)** | **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $1,305,768,250)** | 1265402836 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; 2978 | 2605471 |
| 3.38%, 03/01/41 | &nbsp;&nbsp; 2202 | 1592092 |
| 4.65%, 10/01/28 | &nbsp;&nbsp; 3071 | 3083542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| 4.75%, 03/30/30 | &nbsp;&nbsp; $3888 | $3892267 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 2738 | 2735301 |
| 5.40%, 10/01/48 | &nbsp;&nbsp; 1950 | 1767885 |
| Omnicom Group Inc. |  |  |
| 2.45%, 04/30/30 | &nbsp;&nbsp; 3297 | 2957035 |
| 2.60%, 08/01/31 | &nbsp;&nbsp; 4044 | 3538815 |
| 4.20%, 06/01/30 | &nbsp;&nbsp; 3212 | 3137477 |
| 5.30%, 11/01/34 | &nbsp;&nbsp; 3695 | 3678025 |
|  |  | 28987910 |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Boeing Co. (The) |  |  |
| 2.25%, 06/15/26 | &nbsp;&nbsp; 3129 | 3039947 |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 4762 | 4600509 |
| 2.80%, 03/01/27 | &nbsp;&nbsp; 1639 | 1579952 |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 5159 | 4724329 |
| 3.10%, 05/01/26 | &nbsp;&nbsp; 4956 | 4874886 |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 4531 | 4277372 |
| 3.25%, 02/01/28 | &nbsp;&nbsp; 3670 | 3533665 |
| 3.25%, 03/01/28 | &nbsp;&nbsp; 2734 | 2618667 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 3379 | 2780497 |
| 3.38%, 06/15/46 | &nbsp;&nbsp; 2618 | 1732050 |
| 3.45%, 11/01/28 | &nbsp;&nbsp; 2603 | 2487418 |
| 3.50%, 03/01/39 | &nbsp;&nbsp; 2054 | 1553004 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 1688 | 1304234 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 3881 | 3337566 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 4187 | 3912391 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 2703 | 1784640 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 2201 | 1484537 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 6466 | 4483612 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 2257 | 1449471 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 2394 | 1650924 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 4771 | 3337703 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 5223 | 3474745 |
| 5.04%, 05/01/27 | &nbsp;&nbsp; 8594 | 8651186 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 15423 | 15569484 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 10772 | 10465879 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 22196 | 20812564 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 2138 | 2088140 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 14552 | 13479565 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 2018 | 2091173 |
| 6.26%, 05/01/27 | &nbsp;&nbsp; 4870 | 5017077 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 5525 | 5814170 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 2745 | 2929134 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 10825 | 11651565 |
| 6.63%, 02/15/38 | &nbsp;&nbsp; 1789 | 1878938 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 6795 | 7255814 |
| 6.88%, 03/15/39<sup>(b)</sup> | &nbsp;&nbsp; 2331 | 2501798 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 3390 | 3617058 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | &nbsp;&nbsp; 3032 | 2983479 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 4419 | 4206472 |
| General Dynamics Corp. |  |  |
| 1.15%, 06/01/26<sup>(b)</sup> | &nbsp;&nbsp; 4240 | 4108240 |
| 2.13%, 08/15/26 | &nbsp;&nbsp; 4423 | 4313723 |
| 2.25%, 06/01/31 | &nbsp;&nbsp; 2185 | 1925934 |
| 2.63%, 11/15/27 | &nbsp;&nbsp; 3169 | 3060757 |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 3269 | 2346947 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 3297 | 3270864 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 1283 | 1013545 |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 5127 | 4973205 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 5583 | 5531146 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.25%, 04/01/40 | &nbsp;&nbsp; $4024 | $3560731 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 4065 | 3373912 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 980 | 982722 |
| General Electric Co. |  |  |
| 4.35%, 05/01/50 | &nbsp;&nbsp; 1485 | 1227560 |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 1600 | 1388548 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 2247 | 2365032 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 3065 | 3431194 |
| 6.88%, 01/10/39 | &nbsp;&nbsp; 1530 | 1764572 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/28 | &nbsp;&nbsp; 1560 | 1591582 |
| 5.35%, 08/01/33 | &nbsp;&nbsp; 1720 | 1739819 |
| Hexcel Corp. |  |  |
| 4.20%, 02/15/27 | &nbsp;&nbsp; 2635 | 2604673 |
| 5.88%, 02/26/35 | &nbsp;&nbsp; 965 | 959140 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | &nbsp;&nbsp; 710 | 675215 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 1270 | 1277749 |
| 5.90%, 02/01/27 | &nbsp;&nbsp; 390 | 399775 |
| 5.95%, 02/01/37 | &nbsp;&nbsp; 1675 | 1746932 |
| 6.75%, 01/15/28 | &nbsp;&nbsp; 1300 | 1368779 |
| L3Harris Technologies Inc. |  |  |
| 1.80%, 01/15/31 | &nbsp;&nbsp; 3710 | 3155885 |
| 2.90%, 12/15/29 | &nbsp;&nbsp; 2756 | 2550200 |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 4067 | 4026868 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 9374 | 9346299 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 1876 | 1811015 |
| 5.05%, 06/01/29 | &nbsp;&nbsp; 2450 | 2487226 |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 2523 | 2307463 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 2150 | 2196719 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 3065 | 3094891 |
| 5.40%, 01/15/27 | &nbsp;&nbsp; 6025 | 6118820 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 6080 | 6164909 |
| 5.50%, 08/15/54 | &nbsp;&nbsp; 2770 | 2616478 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 2390 | 2297136 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 1455 | 1530248 |
| Lockheed Martin Corp. |  |  |
| 1.85%, 06/15/30 | &nbsp;&nbsp; 3100 | 2740098 |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 4678 | 2889304 |
| 3.60%, 03/01/35 | &nbsp;&nbsp; 2398 | 2140287 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 5270 | 4120830 |
| 3.90%, 06/15/32 | &nbsp;&nbsp; 3515 | 3351594 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 4083 | 3384379 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 7801 | 6039745 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 4860 | 3786745 |
| 4.30%, 06/15/62 | &nbsp;&nbsp; 4360 | 3393954 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 1555 | 1570530 |
| 4.50%, 02/15/29 | &nbsp;&nbsp; 2255 | 2276983 |
| 4.50%, 05/15/36 | &nbsp;&nbsp; 2240 | 2129671 |
| 4.70%, 12/15/31 | &nbsp;&nbsp; 1550 | 1562930 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 5484 | 4849048 |
| 4.75%, 02/15/34 | &nbsp;&nbsp; 3565 | 3518465 |
| 4.80%, 08/15/34 | &nbsp;&nbsp; 2650 | 2623019 |
| 5.10%, 11/15/27 | &nbsp;&nbsp; 5080 | 5217904 |
| 5.20%, 02/15/55 | &nbsp;&nbsp; 3610 | 3351992 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 2500 | 2269855 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 4085 | 4217949 |
| 5.70%, 11/15/54 | &nbsp;&nbsp; 3325 | 3317229 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 2412 | 2495876 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 2635 | 2680844 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 2930 | 3194622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | &nbsp;&nbsp; $3341 | $3281331 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 9798 | 9535545 |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 2989 | 2314645 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 9526 | 7437810 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 2637 | 2623487 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; 2360 | 2385859 |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 3740 | 3699452 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 4374 | 3882107 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 3290 | 3264054 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 3885 | 3427670 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 1553 | 1464679 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 2515 | 2414997 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 4955 | 4542839 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; 4518 | 4172637 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 4361 | 3682835 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 4710 | 4216747 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 4367 | 3746384 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 2608 | 2545657 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 4294 | 2582976 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 5517 | 3454443 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 5821 | 5689399 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 5190 | 3356081 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; 5930 | 5843612 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 5099 | 3810096 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 2973 | 2319953 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 11614 | 11521154 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 4380 | 3522219 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 4861 | 3981501 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 3525 | 3198256 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 15267 | 13268484 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 7143 | 6034546 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 2410 | 2133775 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 2479 | 2201565 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 1939 | 1794315 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 5200 | 5256154 |
| 5.38%, 02/27/53 | &nbsp;&nbsp; 4555 | 4282802 |
| 5.40%, 05/01/35 | &nbsp;&nbsp; 902 | 916814 |
| 5.70%, 04/15/40<sup>(b)</sup> | &nbsp;&nbsp; 880 | 911167 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 7050 | 7186129 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 3215 | 3359565 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 4425 | 4729228 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 690 | 731398 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 6515 | 7003848 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 1920 | 2035486 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 5175 | 5561184 |
| 7.20%, 08/15/27 | &nbsp;&nbsp; 2383 | 2528653 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 2818 | 3133616 |
|  |  | 563853075 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 7735 | 6557756 |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 3180 | 3101425 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 3894 | 3662730 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 6627 | 4769282 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 5452 | 3674069 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 6702 | 4809967 |
| 4.00%, 02/04/61<sup>(b)</sup> | &nbsp;&nbsp; 4275 | 2900031 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 4049 | 3203433 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 2403 | 1830421 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.50%, 05/02/43 | &nbsp;&nbsp; $2983 | $2415648 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 6489 | 6523242 |
| 4.88%, 02/04/28 | &nbsp;&nbsp; 780 | 788808 |
| 5.38%, 01/31/44 | &nbsp;&nbsp; 7912 | 7355130 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 610 | 616078 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 8962 | 8883242 |
| 5.95%, 02/14/49 | &nbsp;&nbsp; 9692 | 9393612 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; 2960 | 3123311 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 1980 | 2179609 |
| Archer-Daniels-Midland Co. |  |  |
| 2.50%, 08/11/26 | &nbsp;&nbsp; 6470 | 6325306 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 3430 | 2060732 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 3435 | 3068353 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 5546 | 5258967 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 1989 | 1494752 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 1557 | 1274117 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 1670 | 1614612 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 2604 | 2187757 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 2007 | 1779579 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 1956 | 2001111 |
| 5.94%, 10/01/32 | &nbsp;&nbsp; 1882 | 2014277 |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; 4255 | 4001072 |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 5128 | 4554047 |
| 3.22%, 09/06/26 | &nbsp;&nbsp; 5171 | 5085549 |
| 3.46%, 09/06/29 | &nbsp;&nbsp; 2627 | 2500121 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 4748 | 4660327 |
| 3.73%, 09/25/40 | &nbsp;&nbsp; 1490 | 1140505 |
| 3.98%, 09/25/50 | &nbsp;&nbsp; 830 | 574725 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 11334 | 9950427 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 7560 | 5939258 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; 5079 | 5100354 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 4230 | 4126522 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 4433 | 3543976 |
| 4.91%, 04/02/30 | &nbsp;&nbsp; 4653 | 4677022 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 2337 | 2001423 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 2860 | 2876318 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 2850 | 2863952 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; 2725 | 2454047 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 3545 | 3691810 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 3605 | 3769345 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 4875 | 5210342 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 5430 | 5810645 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 3500 | 3751393 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 4520 | 4882885 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 2716 | 3105833 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | &nbsp;&nbsp; 5930 | 5931245 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; 4970 | 5199545 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 5405 | 4835994 |
| 3.25%, 08/15/26 | &nbsp;&nbsp; 4468 | 4396671 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 3191 | 3146063 |
| 4.10%, 01/07/28 | &nbsp;&nbsp; 3040 | 3015301 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 2950 | 2914158 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 2315 | 2242169 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(c)</sup><br>| &nbsp;&nbsp; 3350 | 3456391 |
| Philip Morris International Inc. |  |  |
| 0.88%, 05/01/26 | &nbsp;&nbsp; 3154 | 3051380 |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 4738 | 4100682 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 2.10%, 05/01/30 | &nbsp;&nbsp; $3288 | $2934166 |
| 3.13%, 08/17/27 | &nbsp;&nbsp; 2900 | 2838475 |
| 3.13%, 03/02/28 | &nbsp;&nbsp; 3076 | 2989736 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 7181 | 6895388 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 3461 | 2747237 |
| 4.13%, 04/28/28 | &nbsp;&nbsp; 2535 | 2531057 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 4309 | 3527318 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 3838 | 3181718 |
| 4.38%, 11/01/27 | &nbsp;&nbsp; 3350 | 3365349 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 2100 | 2090043 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 3732 | 3184834 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 3580 | 3091892 |
| 4.63%, 11/01/29 | &nbsp;&nbsp; 2990 | 3012743 |
| 4.75%, 02/12/27 | &nbsp;&nbsp; 4535 | 4583446 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 3220 | 3226964 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; 7530 | 7664318 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 3265 | 3315815 |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 2015 | 1975591 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 3305 | 2963648 |
| 4.90%, 11/01/34<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 2759691 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 7212 | 7365424 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 6360 | 6527631 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 4795 | 4912263 |
| 5.25%, 09/07/28 | &nbsp;&nbsp; 2275 | 2344118 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 7365 | 7439791 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 8520 | 8722667 |
| 5.50%, 09/07/30 | &nbsp;&nbsp; 2350 | 2455491 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 8410 | 8822255 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 3155 | 3276988 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 5281 | 5536776 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 6423 | 6980800 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | &nbsp;&nbsp; 3404 | 3419151 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 9663 | 9054775 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; 2581 | 2541106 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 2475 | 2708515 |
|  |  | 394416034 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 3.70%, 04/01/28 | &nbsp;&nbsp; 1361 | 1314442 |
| Series 2015-1, Class A, 3.38%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2020 | 1949259 |
| Series 2015-2, Class AA, 3.60%, <br> 03/22/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2254 | 2178250 |
| Series 2016-1, Class AA, 3.58%, 07/15/29 | &nbsp;&nbsp; 1498 | 1438963 |
| Series 2016-2, Class AA, 3.20%, 12/15/29 | &nbsp;&nbsp; 2144 | 2030260 |
| Series 2016-3, Class AA, 3.00%, <br> 04/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1066 | 998973 |
| Series 2017-1, Class AA, 3.65%, 02/15/29 | &nbsp;&nbsp; 2178 | 2071387 |
| Series 2017-2, Class AA, 3.35%, 04/15/31 | &nbsp;&nbsp; 2145 | 2024507 |
| Series 2019-1, Class AA, 3.15%, 08/15/33 | &nbsp;&nbsp; 2611 | 2354731 |
| Series A, Class A, 2.88%, 01/11/36 | &nbsp;&nbsp; 3486 | 3019710 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29 | &nbsp;&nbsp; 2320 | 2154589 |
| 4.38%, 04/19/28 | &nbsp;&nbsp; 1280 | 1257213 |
| Delta Air Lines Pass-Through Trust, Series <br> 2020, Class AA, 2.00%, 12/10/29<sup>(b)</sup><br>| &nbsp;&nbsp; 4064 | 3807572 |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2735 | 2518754 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | &nbsp;&nbsp; 2370 | 2031026 |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; 2918 | 2609227 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| 3.00%, 11/15/26 | &nbsp;&nbsp; $2225 | $2163538 |
| 3.45%, 11/16/27 | &nbsp;&nbsp; 2053 | 1992482 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 8397 | 8420045 |
| United Airlines Pass-Through Trust |  |  |
| 5.80%, 07/15/37 | &nbsp;&nbsp; 5661 | 5616752 |
| Series 2014-1, Class A, 4.00%, 10/11/27 | &nbsp;&nbsp; 0 | 0 |
| Series 2014-2, Class A, 3.75%, 03/03/28<sup>(b)</sup> | &nbsp;&nbsp; 3291 | 3225900 |
| Series 2016-1, Class AA, 3.10%, 01/07/30 | &nbsp;&nbsp; 2728 | 2579089 |
| Series 2016-2, Class AA, 2.88%, 04/07/30 | &nbsp;&nbsp; 2295 | 2137538 |
| Series 2018-1, Class AA, 3.50%, 09/01/31 | &nbsp;&nbsp; 2718 | 2543932 |
| Series 2019, Class AA, 4.15%, 02/25/33 | &nbsp;&nbsp; 2094 | 1986995 |
| Series 2019-2, Class AA, 2.70%, 11/01/33 | &nbsp;&nbsp; 3397 | 2973555 |
| Series 2020-1, 5.88%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4011 | 4061158 |
| Series 24-A, 5.88%, 08/15/38 | &nbsp;&nbsp; 1829 | 1792879 |
| Series AA, 5.45%, 08/15/38 | &nbsp;&nbsp; 4168 | 4091871 |
|  |  | 77344597 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26 | &nbsp;&nbsp; 5048 | 4923466 |
| 2.75%, 03/27/27 | &nbsp;&nbsp; 5748 | 5610047 |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 7410 | 6929558 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 4960 | 3832973 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 2975 | 2123607 |
| 3.38%, 03/27/50 | &nbsp;&nbsp; 5807 | 4031940 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 2989 | 2337347 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 4983 | 3876516 |
| Ralph Lauren Corp., 2.95%, 06/15/30 | &nbsp;&nbsp; 2909 | 2688687 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2503 | 2162404 |
| 4.13%, 07/15/27 | &nbsp;&nbsp; 2031 | 2016902 |
| 5.10%, 03/11/30 | &nbsp;&nbsp; 1475 | 1480332 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 685 | 667457 |
|  |  | 42681236 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| American Honda Finance Corp. |  |  |
| 1.30%, 09/09/26 | &nbsp;&nbsp; 4370 | 4193651 |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 2632 | 2238787 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 3840 | 3597132 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 3225 | 2974530 |
| 2.30%, 09/09/26 | &nbsp;&nbsp; 3461 | 3365728 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 2646 | 2563585 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 2806 | 2742699 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 2220 | 2219045 |
| 4.40%, 09/05/29 | &nbsp;&nbsp; 3630 | 3607800 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 3385 | 3398063 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 2240 | 2252543 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 3290 | 3285298 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 2770 | 2794187 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 2020 | 2036129 |
| 4.85%, 10/23/31 | &nbsp;&nbsp; 2905 | 2898556 |
| 4.90%, 03/12/27 | &nbsp;&nbsp; 3335 | 3370742 |
| 4.90%, 07/09/27 | &nbsp;&nbsp; 2055 | 2079069 |
| 4.90%, 03/13/29<sup>(b)</sup> | &nbsp;&nbsp; 3635 | 3683680 |
| 4.90%, 01/10/34<sup>(b)</sup> | &nbsp;&nbsp; 2375 | 2331551 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 3145 | 3194468 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 3355 | 3426516 |
| 5.20%, 03/05/35<sup>(b)</sup> | &nbsp;&nbsp; 1625 | 1621236 |
| 5.25%, 07/07/26 | &nbsp;&nbsp; 2465 | 2489297 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 3485 | 3622002 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 2520 | 2661104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; $4549 | $3935500 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 5145 | 3017216 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 2621 | 2434081 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 1455 | 1486396 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 1450 | 1470265 |
| 5.45%, 02/20/54 | &nbsp;&nbsp; 1380 | 1313034 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 10955 | 8954592 |
| 4.35%, 12/08/26 | &nbsp;&nbsp; 2090 | 2049978 |
| 4.75%, 01/15/43 | &nbsp;&nbsp; 9380 | 7012106 |
| 5.29%, 12/08/46<sup>(b)</sup> | &nbsp;&nbsp; 5610 | 4393137 |
| 6.10%, 08/19/32 | &nbsp;&nbsp; 7355 | 7055572 |
| 6.63%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 402 | 415630 |
| 7.40%, 11/01/46 | &nbsp;&nbsp; 3075 | 3061991 |
| 7.45%, 07/16/31 | &nbsp;&nbsp; 4500 | 4746277 |
| 9.63%, 04/22/30 | &nbsp;&nbsp; 1640 | 1856340 |
| Ford Motor Credit Co. LLC |  |  |
| 2.70%, 08/10/26 | &nbsp;&nbsp; 5265 | 5054600 |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 2270 | 2078773 |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 2730 | 2427988 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 4440 | 3799704 |
| 3.82%, 11/02/27 | &nbsp;&nbsp; 2181 | 2065068 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 7400 | 6585938 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 4580 | 4391872 |
| 4.27%, 01/09/27 | &nbsp;&nbsp; 2345 | 2277560 |
| 4.54%, 08/01/26 | &nbsp;&nbsp; 5571 | 5476431 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 4715 | 4612365 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 10035 | 9622306 |
| 5.13%, 11/05/26 | &nbsp;&nbsp; 3150 | 3118379 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 2650 | 2553843 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; 8620 | 8574034 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 4250 | 4172440 |
| 5.85%, 05/17/27 | &nbsp;&nbsp; 5070 | 5045545 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 2200 | 2163585 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; 2400 | 2384902 |
| 6.05%, 03/05/31 | &nbsp;&nbsp; 4380 | 4277371 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 3160 | 3062508 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 7225 | 6822063 |
| 6.50%, 02/07/35 | &nbsp;&nbsp; 2820 | 2728111 |
| 6.53%, 03/19/32 | &nbsp;&nbsp; 1800 | 1781990 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 6435 | 6531841 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 5500 | 5609434 |
| 6.95%, 06/10/26 | &nbsp;&nbsp; 6079 | 6133030 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 5375 | 5412973 |
| 7.20%, 06/10/30 | &nbsp;&nbsp; 3270 | 3369445 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 8550 | 8787482 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 5120 | 5296485 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 3934 | 3866038 |
| 5.00%, 10/01/28 | &nbsp;&nbsp; 5425 | 5431041 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 3573 | 3272276 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 4390 | 3943634 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 5442 | 4475180 |
| 5.40%, 10/15/29 | &nbsp;&nbsp; 2740 | 2762188 |
| 5.40%, 04/01/48<sup>(b)</sup> | &nbsp;&nbsp; 3386 | 2823528 |
| 5.60%, 10/15/32 | &nbsp;&nbsp; 5905 | 5854938 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 4242 | 3786967 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 6625 | 6248761 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 5545 | 5694887 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 3337 | 3291126 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 6.80%, 10/01/27 | &nbsp;&nbsp; $5246 | $5450862 |
| General Motors Financial Co. Inc. |  |  |
| 1.50%, 06/10/26 | &nbsp;&nbsp; 6550 | 6308710 |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 4540 | 4336226 |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 2900 | 2463927 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 4920 | 4572155 |
| 2.40%, 10/15/28 | &nbsp;&nbsp; 5372 | 4922943 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 3264 | 3102931 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 5350 | 4586966 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 4312 | 3697295 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 3571 | 3286010 |
| 3.85%, 01/05/28 | &nbsp;&nbsp; 2549 | 2473213 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 3530 | 3487512 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 3130 | 3024744 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 5659 | 5608759 |
| 4.90%, 10/06/29 | &nbsp;&nbsp; 2865 | 2818669 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 5530 | 5535159 |
| 5.05%, 04/04/28 | &nbsp;&nbsp; 3200 | 3209325 |
| 5.35%, 07/15/27 | &nbsp;&nbsp; 850 | 858925 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 2615 | 2623123 |
| 5.40%, 05/08/27 | &nbsp;&nbsp; 3310 | 3343482 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 2735 | 2625108 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 3950 | 3984136 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 1470 | 1474143 |
| 5.63%, 04/04/32 | &nbsp;&nbsp; 1585 | 1576161 |
| 5.65%, 01/17/29 | &nbsp;&nbsp; 2629 | 2662012 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 2645 | 2669758 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 3415 | 3484771 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 4700 | 4801885 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 3790 | 3855398 |
| 5.90%, 01/07/35<sup>(b)</sup> | &nbsp;&nbsp; 3845 | 3813164 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 5590 | 5566444 |
| 6.00%, 01/09/28 | &nbsp;&nbsp; 4240 | 4344423 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 6722 | 6764445 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 4148 | 4276977 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | &nbsp;&nbsp; 2650 | 2567752 |
| 2.97%, 03/10/32 | &nbsp;&nbsp; 3900 | 3459776 |
| Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>| &nbsp;&nbsp; 6789 | 8004081 |
| PACCAR Financial Corp. |  |  |
| 1.10%, 05/11/26<sup>(b)</sup> | &nbsp;&nbsp; 2634 | 2550712 |
| 2.00%, 02/04/27 | &nbsp;&nbsp; 2145 | 2070045 |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 1630 | 1612989 |
| 4.45%, 08/06/27 | &nbsp;&nbsp; 2790 | 2819785 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 2125 | 2153884 |
| 4.60%, 01/10/28 | &nbsp;&nbsp; 1825 | 1852165 |
| 4.60%, 01/31/29<sup>(b)</sup> | &nbsp;&nbsp; 1825 | 1847093 |
| 4.95%, 08/10/28 | &nbsp;&nbsp; 1050 | 1075064 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 3260 | 3322668 |
| 5.00%, 03/22/34 | &nbsp;&nbsp; 1540 | 1552586 |
| 5.05%, 08/10/26<sup>(b)</sup> | &nbsp;&nbsp; 1530 | 1548230 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 1595 | 1622195 |
| Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 2800 | 2821985 |
| Toyota Motor Corp. |  |  |
| 2.36%, 03/25/31 | &nbsp;&nbsp; 2505 | 2219606 |
| 2.76%, 07/02/29 | &nbsp;&nbsp; 2168 | 2044882 |
| 3.67%, 07/20/28 | &nbsp;&nbsp; 3130 | 3100516 |
| 5.12%, 07/13/28 | &nbsp;&nbsp; 2648 | 2714761 |
| 5.12%, 07/13/33 | &nbsp;&nbsp; 1580 | 1617464 |
| 5.28%, 07/13/26 | &nbsp;&nbsp; 1415 | 1431592 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Toyota Motor Credit Corp. |  |  |
| 1.13%, 06/18/26 | &nbsp;&nbsp; $6069 | $5866208 |
| 1.15%, 08/13/27 | &nbsp;&nbsp; 3432 | 3211551 |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 3000 | 2574852 |
| 1.90%, 01/13/27 | &nbsp;&nbsp; 4170 | 4017360 |
| 1.90%, 04/06/28 | &nbsp;&nbsp; 3959 | 3713591 |
| 1.90%, 09/12/31 | &nbsp;&nbsp; 2615 | 2218821 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 5219 | 4707293 |
| 2.40%, 01/13/32 | &nbsp;&nbsp; 1165 | 1007800 |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 6750 | 6615909 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 2915 | 2832597 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 4152 | 4088796 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 4609 | 4385510 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 4495 | 4387089 |
| 4.35%, 10/08/27 | &nbsp;&nbsp; 4930 | 4950027 |
| 4.45%, 05/18/26 | &nbsp;&nbsp; 4735 | 4745254 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 3710 | 3721147 |
| 4.55%, 08/07/26 | &nbsp;&nbsp; 4130 | 4147004 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 3785 | 3816966 |
| 4.55%, 08/09/29 | &nbsp;&nbsp; 4230 | 4258893 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 3415 | 3423526 |
| 4.60%, 01/08/27<sup>(b)</sup> | &nbsp;&nbsp; 2015 | 2031607 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 3625 | 3612029 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 4880 | 4933300 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 2210 | 2233045 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 3145 | 3126453 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 1180 | 1172133 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 2685 | 2741815 |
| 5.00%, 08/14/26 | &nbsp;&nbsp; 4115 | 4153578 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 2275 | 2331637 |
| 5.10%, 03/21/31 | &nbsp;&nbsp; 3050 | 3122397 |
| 5.20%, 05/15/26 | &nbsp;&nbsp; 2295 | 2317333 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 2065 | 2129364 |
| 5.35%, 01/09/35 | &nbsp;&nbsp; 1880 | 1927188 |
| 5.40%, 11/20/26 | &nbsp;&nbsp; 4300 | 4376196 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 3680 | 3791716 |
| 5.55%, 11/20/30 | &nbsp;&nbsp; 4540 | 4767492 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 3310 | 3360417 |
|  |  | 625955629 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Aptiv PLC |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 6595 | 3733376 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 1700 | 1664662 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 1562 | 1159222 |
| 5.40%, 03/15/49 | &nbsp;&nbsp; 2002 | 1666416 |
| Aptiv PLC/Aptiv Corp. |  |  |
| 3.25%, 03/01/32 | &nbsp;&nbsp; 3735 | 3244287 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 4575 | 3116406 |
| Aptiv PLC/Aptiv Global Financing DAC |  |  |
| 4.65%, 09/13/29 | &nbsp;&nbsp; 1420 | 1400381 |
| 5.15%, 09/13/34 | &nbsp;&nbsp; 1960 | 1832934 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 2380 | 2041236 |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27 | &nbsp;&nbsp; 5313 | 5109247 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 2890 | 2303284 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 2065 | 2072180 |
| 5.40%, 08/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1245 | 1231765 |
| Lear Corp. |  |  |
| 2.60%, 01/15/32 | &nbsp;&nbsp; 1830 | 1546250 |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 2010 | 1868276 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 1880 | 1173333 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| 3.80%, 09/15/27 | &nbsp;&nbsp; $2389 | $2327656 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 2345 | 2280839 |
| 5.25%, 05/15/49<sup>(b)</sup> | &nbsp;&nbsp; 2410 | 2009267 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30 | &nbsp;&nbsp; 2183 | 1943585 |
| 5.05%, 03/14/29 | &nbsp;&nbsp; 2700 | 2736029 |
| 5.50%, 03/21/33 | &nbsp;&nbsp; 1960 | 1971636 |
|  |  | 48432267 |
| **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** |
| Associated Banc-Corp, 6.46%, 08/29/30, <br> (1-day SOFR +3.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 455 | 457511 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27 | &nbsp;&nbsp; 3555 | 3539751 |
| 4.42%, 12/16/26 | &nbsp;&nbsp; 3420 | 3440077 |
| 4.62%, 12/16/29 | &nbsp;&nbsp; 3620 | 3670019 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 5745 | 5807613 |
| 4.90%, 07/16/27 | &nbsp;&nbsp; 3655 | 3718145 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29 | &nbsp;&nbsp; 3350 | 3437884 |
| 6.03%, 03/13/35, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 4040 | 4130968 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(a)</sup> | &nbsp;&nbsp; 3590 | 3711622 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3180 | 3560415 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5603 | 5377435 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 5560 | 4867377 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 4390 | 3953499 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 4860 | 4211142 |
| 3.31%, 06/27/29 | &nbsp;&nbsp; 4882 | 4636597 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 4773 | 4479637 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 4409 | 4308586 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 5603 | 5554001 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 6243 | 6204783 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 5054 | 5018592 |
| 5.29%, 08/18/27 | &nbsp;&nbsp; 6263 | 6345000 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 6990 | 7115989 |
| 5.44%, 07/15/31 | &nbsp;&nbsp; 5760 | 5936659 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(a)</sup> | &nbsp;&nbsp; 3240 | 3323469 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2233884 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 2360 | 2434783 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 7160 | 7378385 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 3590 | 3722899 |
| 6.35%, 03/14/34 | &nbsp;&nbsp; 5460 | 5568979 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4763670 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 3450 | 3679212 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 8625 | 9191232 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 6310 | 7086503 |
| Bank of America Corp. |  |  |
| 1.73%, 07/22/27, (1-day SOFR + <br> 0.960%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22658 | 21906027 |
| 1.90%, 07/23/31, (1-day SOFR + <br> 1.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8395 | 7279927 |
| 1.92%, 10/24/31, (1-day SOFR + <br> 1.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13106 | 11300099 |
| 2.09%, 06/14/29, (1-day SOFR + <br> 1.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12855 | 11974525 |
| 2.30%, 07/21/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16695 | 14348940 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 10545 | 8784703 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR <br> + 1.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17405 | 15750950 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.55%, 02/04/28, (1-day SOFR + <br> 1.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; $10750 | $10401333 |
| 2.57%, 10/20/32, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12755 | 11081699 |
| 2.59%, 04/29/31, (1-day SOFR + <br> 2.150%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14684 | 13259702 |
| 2.68%, 06/19/41, (1-day SOFR + <br> 1.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22397 | 15864701 |
| 2.69%, 04/22/32, (1-day SOFR + <br> 1.320%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17074 | 15097093 |
| 2.83%, 10/24/51, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5129 | 3131426 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR <br> + 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6348 | 5890237 |
| 2.97%, 02/04/33, (1-day SOFR + <br> 1.330%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19090 | 16786219 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9655 | 6083091 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR <br> + 1.442%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10834 | 10216317 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 11510 | 11258927 |
| 3.31%, 04/22/42, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15750 | 11795665 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR <br> + 1.302%)<sup>(a)</sup><br>| &nbsp;&nbsp; 24702 | 24029348 |
| 3.50%, 04/19/26 | &nbsp;&nbsp; — |  |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR <br> + 1.632%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10266 | 10073276 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR <br> + 1.774%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9789 | 9651250 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR <br> + 1.837%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12073 | 11937007 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 6555 | 5838319 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR <br> + 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6000 | 4583758 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR <br> + 1.332%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10745 | 10592068 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR <br> + 1.472%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9318 | 9120823 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR <br> + 1.582%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6459 | 5526969 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR <br> + 3.412%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22558 | 17404093 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR <br> + 2.076%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9573 | 8551491 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 10818 | 10799417 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9344 | 9279660 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR <br> + 1.782%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12261 | 9921319 |
| 4.38%, 04/27/28, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9296 | 9280757 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR <br> + 2.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9116 | 7619860 |
| 4.57%, 04/27/33, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14910 | 14453505 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 2873 | 2602318 |
| 4.95%, 07/22/28, (1-day SOFR + <br> 2.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11715 | 11840973 |
| 4.98%, 01/24/29, (1-day SOFR + <br> 0.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12445 | 12608969 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.00%, 01/21/44 | &nbsp;&nbsp; $9295 | $8600328 |
| 5.02%, 07/22/33, (1-day SOFR + <br> 2.160%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19040 | 18989743 |
| 5.16%, 01/24/31, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15780 | 16072623 |
| 5.20%, 04/25/29, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12350 | 12614383 |
| 5.29%, 04/25/34, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 28765 | 28837857 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(a)</sup> | &nbsp;&nbsp; 9990 | 9760450 |
| 5.47%, 01/23/35, (1-day SOFR + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17310 | 17544270 |
| 5.51%, 01/24/36, (1-day SOFR + <br> 1.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10950 | 11101167 |
| 5.52%, 10/25/35, (1-day SOFR + <br> 1.738%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13805 | 13509662 |
| 5.74%, 02/12/36, (1-day SOFR + <br> 1.697%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9260 | 9193439 |
| 5.82%, 09/15/29, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16435 | 17117718 |
| 5.87%, 09/15/34, (1-day SOFR + <br> 1.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15040 | 15667916 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 7237 | 7452542 |
| 5.93%, 09/15/27, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7900 | 8049750 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 9492 | 9814541 |
| 6.20%, 11/10/28, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8299 | 8629157 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 3979 | 4063503 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 7824 | 9173922 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 8763 | 8714546 |
| Series L, 4.75%, 04/21/45<sup>(b)</sup> | &nbsp;&nbsp; 3287 | 2876986 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10991 | 9745609 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5295 | 3691712 |
| Bank of America NA |  |  |
| 5.53%, 08/18/26 | &nbsp;&nbsp; 7815 | 7944396 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 6268 | 6483913 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; 7406 | 7105892 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 6700 | 6505931 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 4240 | 3586150 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5466 | 5280646 |
| 4.64%, 09/10/30, (1-day SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2230 | 2233099 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2980 | 3026853 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 5470 | 5590236 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 5845 | 5932269 |
| 5.30%, 06/05/26 | &nbsp;&nbsp; 5115 | 5164508 |
| 5.37%, 06/04/27<sup>(b)</sup> | &nbsp;&nbsp; 3510 | 3582957 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 4590 | 4775894 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 5100 | 5308523 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2910 | 2913006 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 4640 | 4678503 |
| Bank of New York Mellon (The), 4.73%, <br> 04/20/29, (1-day SOFR + 1.135%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2030 | 2057699 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; $3401 | $3254519 |
| 1.65%, 07/14/28 | &nbsp;&nbsp; 2240 | 2076283 |
| 1.65%, 01/28/31 | &nbsp;&nbsp; 2307 | 1980542 |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 2545 | 2177036 |
| 2.05%, 01/26/27 | &nbsp;&nbsp; 4500 | 4344628 |
| 2.45%, 08/17/26 | &nbsp;&nbsp; 4666 | 4558683 |
| 2.50%, 01/26/32 | &nbsp;&nbsp; 2285 | 1996484 |
| 2.80%, 05/04/26 | &nbsp;&nbsp; 4072 | 4012426 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 2659 | 2538476 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 4912 | 4837504 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 3924 | 3737491 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 4794 | 4704815 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR <br> + 1.331%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4811 | 4744047 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 5630 | 5605075 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 2585 | 2552499 |
| 3.99%, 06/13/28, (1-day SOFR + <br> 1.151%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2867 | 2850299 |
| 4.29%, 06/13/33, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3672 | 3528517 |
| 4.54%, 02/01/29, (1-day SOFR + <br> 1.169%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4145 | 4170816 |
| 4.60%, 07/26/30, (1-day SOFR + <br> 1.755%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2935 | 2952214 |
| 4.71%, 02/01/34, (1-day SOFR + <br> 1.512%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3155 | 3090196 |
| 4.89%, 07/21/28, (1-day SOFR + <br> 0.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3465 | 3505787 |
| 4.94%, 02/11/31, (1-day SOFR + <br> 0.887%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2545 | 2589487 |
| 4.97%, 04/26/34, (1-day SOFR + <br> 1.606%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4425 | 4397134 |
| 4.98%, 03/14/30, (1-day SOFR + <br> 1.085%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5040 | 5144763 |
| 5.06%, 07/22/32, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5010 | 5079098 |
| 5.19%, 03/14/35, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4595 | 4640496 |
| 5.23%, 11/20/35, (1-day SOFR + <br> 1.253%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3995 | 4038594 |
| 5.61%, 07/21/39, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2480 | 2488167 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5004 | 5181667 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6730 | 7102054 |
| 6.32%, 10/25/29, (1-day SOFR + <br> 1.598%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4525 | 4805836 |
| 6.47%, 10/25/34, (1-day SOFR + <br> 1.845%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5070 | 5539310 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 2658 | 2441361 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 4675 | 4489091 |
| 1.35%, 06/24/26 | &nbsp;&nbsp; 4195 | 4057175 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 3860 | 3719377 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 3096 | 2661570 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 3875 | 3325281 |
| 2.70%, 08/03/26<sup>(b)</sup> | &nbsp;&nbsp; 6306 | 6188268 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 3550 | 3467332 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.40%, 09/08/28, (1-day SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2210 | $2207242 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 5387 | 4974567 |
| 4.74%, 11/10/32, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1820 | 1801333 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 5585 | 5646618 |
| 4.93%, 02/14/29, (1-day SOFR + <br> 0.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3250 | 3286474 |
| 5.13%, 02/14/31, (1-day SOFR + <br> 1.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3600 | 3654574 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 3290 | 3380969 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 4755 | 4826656 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 3770 | 3857978 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 3310 | 3429805 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 3180 | 3287734 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME <br> Term SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 995 | 857597 |
| BankUnited Inc., 5.13%, 06/11/30 | &nbsp;&nbsp; 1359 | 1307924 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 8381 | 8074611 |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 3949 | 3535414 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 3955 | 3470018 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 6113 | 5315172 |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 6025 | 4301966 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5005 | 4556174 |
| 3.81%, 03/10/42, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 3513 | 2684074 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 6225 | 6181606 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 8888 | 8867945 |
| 4.84%, 09/10/28, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1790 | 1791995 |
| 4.94%, 09/10/30, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5700 | 5695943 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 7735 | 6821993 |
| 4.97%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp; 8130 | 8167903 |
| 5.09%, 02/25/29, (1-day SOFR + <br> 0.960%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7590 | 7640987 |
| 5.09%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 6783 | 6712924 |
| 5.20%, 05/12/26 | &nbsp;&nbsp; 9163 | 9178711 |
| 5.25%, 08/17/45<sup>(b)</sup> | &nbsp;&nbsp; 7518 | 7051371 |
| 5.34%, 09/10/35, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9160 | 8891017 |
| 5.37%, 02/25/31, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7460 | 7558934 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(a)</sup> | &nbsp;&nbsp; 8910 | 9049527 |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 4813982 |
| 5.69%, 03/12/30, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6965 | 7161504 |
| 5.75%, 08/09/33, (1-year CMT + 3.000%)<sup>(a)</sup> | &nbsp;&nbsp; 4195 | 4270650 |
| 5.79%, 02/25/36, (1-day SOFR + <br> 1.590%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7100 | 7103596 |
| 5.83%, 05/09/27, (1-day SOFR + <br> 2.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7370 | 7446023 |
| 6.04%, 03/12/55, (1-day SOFR + <br> 2.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1150 | 1138911 |
| 6.22%, 05/09/34, (1-day SOFR + <br> 2.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8165 | 8500201 |
| 6.49%, 09/13/29, (1-day SOFR + <br> 2.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2585 | 2721147 |
| 6.50%, 09/13/27, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2655 | 2714915 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.69%, 09/13/34, (1-day SOFR + <br> 2.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; $6080 | $6485819 |
| 7.12%, 06/27/34, (1-day SOFR + <br> 3.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6865 | 7363993 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3906 | 4144013 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(a)</sup> | &nbsp;&nbsp; 8235 | 9196352 |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; 1905 | 1865819 |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; 2463 | 2429901 |
| Canadian Imperial Bank of Commerce |  |  |
| 1.25%, 06/22/26 | &nbsp;&nbsp; 3810 | 3683922 |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 4235 | 4170348 |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 4125 | 3789758 |
| 4.51%, 09/11/27, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3335 | 3337929 |
| 4.63%, 09/11/30, (1-day SOFR + <br> 1.335%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2865 | 2855189 |
| 4.86%, 01/13/28, (1-day SOFR + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2775 | 2794183 |
| 4.86%, 03/30/29, (1-day SOFR + 1.03%)<sup>(a)</sup> | &nbsp;&nbsp; 3365 | 3395277 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 5155 | 5258251 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 3525 | 3588124 |
| 5.25%, 01/13/31, (1-day SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2845 | 2901780 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 4565 | 4682537 |
| 5.62%, 07/17/26 | &nbsp;&nbsp; 2995 | 3039457 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 3835 | 3916373 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 3955 | 4144817 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 4315 | 4579556 |
| Citibank NA |  |  |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 8790 | 8946472 |
| 4.88%, 11/19/27, (1-day SOFR + <br> 0.712%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5390 | 5426493 |
| 4.93%, 08/06/26 | &nbsp;&nbsp; 5260 | 5304696 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 8980 | 9151858 |
| 5.57%, 04/30/34 | &nbsp;&nbsp; 5680 | 5858632 |
| 5.80%, 09/29/28 | &nbsp;&nbsp; 6730 | 7043483 |
| Citigroup Inc. |  |  |
| 1.46%, 06/09/27, (1-day SOFR + <br> 0.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11523 | 11127893 |
| 2.52%, 11/03/32, (1-day SOFR + <br> 1.177%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5430 | 4676893 |
| 2.56%, 05/01/32, (1-day SOFR + <br> 1.167%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12470 | 10892839 |
| 2.57%, 06/03/31, (1-day SOFR + <br> 2.107%)<sup>(a)</sup><br>| &nbsp;&nbsp; 18760 | 16794101 |
| 2.67%, 01/29/31, (1-day SOFR + <br> 1.146%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11522 | 10458259 |
| 2.90%, 11/03/42, (1-day SOFR + <br> 1.379%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6955 | 4796212 |
| 2.98%, 11/05/30, (1-day SOFR + <br> 1.422%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9402 | 8719457 |
| 3.06%, 01/25/33, (1-day SOFR + <br> 1.351%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15320 | 13464261 |
| 3.07%, 02/24/28, (1-day SOFR + <br> 1.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11150 | 10869929 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 13238 | 13022924 |
| 3.40%, 05/01/26 | &nbsp;&nbsp; 9330 | 9240875 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR <br> + 1.413%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11523 | 11236484 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR <br> + 1.652%)<sup>(a)</sup><br>| &nbsp;&nbsp; $9760 | $9575626 |
| 3.79%, 03/17/33, (1-day SOFR + <br> 1.939%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12520 | 11493304 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR <br> + 1.430%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5906 | 4956670 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR <br> + 1.825%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12022 | 11894294 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR <br> + 1.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8509 | 8277558 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.454%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9326 | 9218511 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 9249 | 9139841 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR <br> + 2.101%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5859 | 4678491 |
| 4.30%, 11/20/26 | &nbsp;&nbsp; 5528 | 5511938 |
| 4.41%, 03/31/31, (1-day SOFR + <br> 3.914%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15559 | 15274019 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 15692 | 15645655 |
| 4.54%, 09/19/30, (1-day SOFR + <br> 1.338%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15795 | 15636329 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 5610 | 4828643 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 9408 | 7911812 |
| 4.66%, 05/24/28, (1-day SOFR + <br> 1.887%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5170 | 5186536 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 9628 | 7985566 |
| 4.79%, 03/04/29, (1-day SOFR + <br> 0.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10270 | 10320865 |
| 4.91%, 05/24/33, (1-day SOFR + <br> 2.086%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5370 | 5277490 |
| 5.17%, 02/13/30, (1-day SOFR + <br> 1.364%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6955 | 7053717 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 4935 | 4505707 |
| 5.32%, 03/26/41, (1-day SOFR + <br> 4.548%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6872 | 6585458 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 1665751 |
| 5.45%, 06/11/35, (1-day SOFR + <br> 1.447%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11360 | 11377538 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(a)</sup> | &nbsp;&nbsp; 1670 | 1677547 |
| 5.61%, 03/04/56, (1-day SOFR + <br> 1.746%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6065 | 5797215 |
| 5.83%, 02/13/35, (1-day SOFR + <br> 2.056%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9085 | 9009965 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 2742 | 2824832 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 5609 | 5676154 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 8080 | 8370683 |
| 6.02%, 01/24/36, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5230 | 5242481 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 3788 | 3856666 |
| 6.17%, 05/25/34, (1-day SOFR + <br> 2.661%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8690 | 8880135 |
| 6.27%, 11/17/33, (1-day SOFR + <br> 2.338%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12620 | 13381990 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 4817 | 5103944 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 6085 | 6562873 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 5264 | 5555565 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 9208 | 11352719 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8560 | 8501039 |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day <br> SOFR + 2.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2838 | 2833063 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; $1371 | $1226411 |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 2442 | 1981236 |
| 2.85%, 07/27/26 | &nbsp;&nbsp; 2375 | 2314084 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 4213 | 3866857 |
| 5.25%, 03/05/31, (1-day SOFR + <br> 1.259%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2400 | 2401575 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 1680 | 1630455 |
| 5.72%, 07/23/32, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5405 | 5491303 |
| 5.84%, 01/23/30, (1-day SOFR + <br> 2.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 670 | 685414 |
| 6.65%, 04/25/35, (1-day SOFR + <br> 2.325%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3115 | 3285381 |
| Comerica Bank, 5.33%, 08/25/33, (1-day <br> SOFR + 2.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1695 | 1604108 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 3841 | 3679583 |
| 5.98%, 01/30/30, (1-day SOFR + <br> 2.155%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2770 | 2803515 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 3610 | 3646412 |
| 4.58%, 11/27/26 | &nbsp;&nbsp; 4760 | 4802161 |
| Cooperatieve Rabobank UA |  |  |
| 3.75%, 07/21/26 | &nbsp;&nbsp; 6473 | 6402959 |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 7081 | 6841104 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 5325 | 4880101 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 5620 | 5448698 |
| Cooperatieve Rabobank UA/New York |  |  |
| 4.33%, 08/28/26 | &nbsp;&nbsp; 2315 | 2319017 |
| 4.49%, 10/17/29 | &nbsp;&nbsp; 3550 | 3568582 |
| 4.80%, 01/09/29 | &nbsp;&nbsp; 1470 | 1492617 |
| 5.04%, 03/05/27 | &nbsp;&nbsp; 2940 | 2990827 |
| 5.50%, 10/05/26 | &nbsp;&nbsp; 3080 | 3134920 |
| Cooperatieve Rabobank UA/NY, 4.88%, <br> 01/21/28<br>| &nbsp;&nbsp; 2620 | 2669277 |
| Deutsche Bank AG/New York |  |  |
| 2.31%, 11/16/27, (1-day SOFR + <br> 1.219%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7253 | 6983763 |
| 2.55%, 01/07/28, (1-day SOFR + <br> 1.318%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5755 | 5545908 |
| 3.04%, 05/28/32, (1-day SOFR + <br> 1.718%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3124 | 2757317 |
| 3.55%, 09/18/31, (1-day SOFR + <br> 3.043%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7237 | 6689845 |
| 3.73%, 01/14/32, (1-day SOFR + <br> 2.757%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5795 | 5209654 |
| 3.74%, 01/07/33, (1-day SOFR + <br> 2.257%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5615 | 4956238 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4015 | 3922724 |
| 5.00%, 09/11/30, (1-day SOFR + <br> 1.700%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4710 | 4715412 |
| 5.37%, 09/09/27 | &nbsp;&nbsp; 3644 | 3732168 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5120 | 4993640 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 3165 | 3260887 |
| 5.71%, 02/08/28, (1-day SOFR + <br> 1.594%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2355 | 2390545 |
| 5.88%, 07/08/31, (1-day SOFR + <br> 5.438%)<sup>(a)</sup><br>| &nbsp;&nbsp; 900 | 905101 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.72%, 01/18/29, (1-day SOFR + <br> 3.180%)<sup>(a)</sup><br>| &nbsp;&nbsp; $5095 | $5340023 |
| 6.82%, 11/20/29, (1-day SOFR + <br> 2.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6640 | 7053223 |
| 7.08%, 02/10/34, (1-day SOFR + <br> 3.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5980 | 6239334 |
| 7.15%, 07/13/27, (1-day SOFR + <br> 2.520%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6315 | 6478966 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2940 | 2978475 |
| Discover Bank |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 2128 | 1916198 |
| 3.45%, 07/27/26 | &nbsp;&nbsp; 4498 | 4426536 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 4042 | 4032055 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + <br> 0.685%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3159 | 3022236 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 3934 | 3785297 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 4685 | 4620274 |
| 4.06%, 04/25/28, (1-day SOFR + <br> 1.355%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1938 | 1920740 |
| 4.34%, 04/25/33, (1-day SOFR + <br> 1.660%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2321 | 2174955 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5685 | 5670738 |
| 4.90%, 09/06/30, (1-day SOFR + <br> 1.486%)<sup>(a)</sup><br>| &nbsp;&nbsp; 710 | 708320 |
| 5.63%, 01/29/32, (1-day SOFR + <br> 1.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2140 | 2189848 |
| 6.34%, 07/27/29, (1-day SOFR + <br> 2.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1410 | 1477672 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5200 | 5402870 |
| 8.25%, 03/01/38 | &nbsp;&nbsp; 5257 | 6187969 |
| Fifth Third Bank NA |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 3401 | 3279234 |
| 4.97%, 01/28/28, (1-day SOFR + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2415 | 2428741 |
| First Citizens BancShares Inc./NC, 6.25%, <br> 03/12/40, (5-year CMT + 1.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 95 | 90940 |
| First Horizon Bank, 5.75%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1636 | 1639541 |
| First-Citizens Bank & Trust Co., 6.13%, <br> 03/09/28<br>| &nbsp;&nbsp; 1195 | 1233797 |
| FNB Corp./PA, 5.72%, 12/11/30, (1-day SOFR <br> Index + 1.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 265 | 264341 |
| Goldman Sachs Bank USA/New York, 5.41%, <br> 05/21/27, (1-day SOFR + 0.750%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9475 | 9563294 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 6093 | 6232239 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + <br> 0.818%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13468 | 12931301 |
| 1.95%, 10/21/27, (1-day SOFR + <br> 0.913%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19250 | 18544783 |
| 1.99%, 01/27/32, (1-day SOFR + <br> 1.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11575 | 9864445 |
| 2.38%, 07/21/32, (1-day SOFR + <br> 1.248%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12147 | 10444516 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 11641 | 10623684 |
| 2.62%, 04/22/32, (1-day SOFR + <br> 1.281%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15320 | 13455329 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.64%, 02/24/28, (1-day SOFR + <br> 1.114%)<sup>(a)</sup><br>| &nbsp;&nbsp; $14000 | $13538782 |
| 2.65%, 10/21/32, (1-day SOFR + <br> 1.264%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13565 | 11765870 |
| 2.91%, 07/21/42, (1-day SOFR + <br> 1.472%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6885 | 4780040 |
| 3.10%, 02/24/33, (1-day SOFR + <br> 1.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17220 | 15188575 |
| 3.21%, 04/22/42, (1-day SOFR + <br> 1.513%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10303 | 7497132 |
| 3.44%, 02/24/43, (1-day SOFR + <br> 1.632%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8700 | 6454299 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 6856 | 6767219 |
| 3.62%, 03/15/28, (1-day SOFR + <br> 1.846%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15320 | 15075076 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR <br> + 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10747 | 10574795 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 11647 | 11226751 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11319 | 11102428 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 9774 | 9692830 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR <br> + 1.635%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14166 | 12051454 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR <br> + 1.563%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14606 | 14466003 |
| 4.39%, 06/15/27, (1-day SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4336 | 4328573 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR <br> + 1.692%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7553 | 6638170 |
| 4.48%, 08/23/28, (1-day SOFR + <br> 1.725%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11305 | 11297230 |
| 4.69%, 10/23/30, (1-day SOFR + <br> 1.135%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7225 | 7207789 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 8494 | 7361700 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 7934 | 6936884 |
| 4.94%, 04/23/28, (1-day SOFR + <br> 1.319%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1630 | 1644224 |
| 5.02%, 10/23/35, (1-day SOFR + <br> 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12325 | 11933369 |
| 5.05%, 07/23/30, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20090 | 20314991 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 9052 | 8009647 |
| 5.21%, 01/28/31, (1-day SOFR + <br> 1.078%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6885 | 6999153 |
| 5.22%, 04/23/31, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14375 | 14640316 |
| 5.33%, 07/23/35, (1-day SOFR + <br> 1.550%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12740 | 12664894 |
| 5.54%, 01/28/36, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15280 | 15434558 |
| 5.56%, 11/19/45, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2090 | 2011206 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(a)</sup> | &nbsp;&nbsp; 10850 | 11246748 |
| 5.73%, 01/28/56, (1-day SOFR + <br> 1.696%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15340 | 14951546 |
| 5.85%, 04/25/35, (1-day SOFR + <br> 1.552%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13420 | 13827992 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 4563 | 4687646 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 7793 | 8390668 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 11006 | 11475683 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 3819 | 4019769 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.48%, 10/24/29, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; $11730 | $12443194 |
| 6.56%, 10/24/34, (1-day SOFR + <br> 1.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2965 | 3232174 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 23551 | 25315022 |
| HSBC Bank USA NA, 7.00%, 01/15/39 | &nbsp;&nbsp; 4405 | 4983384 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 1675 | 1683293 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 2385 | 2456051 |
| HSBC Holdings PLC |  |  |
| 1.59%, 05/24/27, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 470 | 455167 |
| 2.01%, 09/22/28, (1-day SOFR + <br> 1.732%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5140 | 4833129 |
| 2.21%, 08/17/29, (1-day SOFR + <br> 1.285%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6330 | 5843400 |
| 2.25%, 11/22/27, (1-day SOFR + <br> 1.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1180 | 1135844 |
| 2.36%, 08/18/31, (1-day SOFR + <br> 1.947%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6568 | 5766952 |
| 2.80%, 05/24/32, (1-day SOFR + <br> 1.187%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13095 | 11528584 |
| 2.85%, 06/04/31, (1-day SOFR + <br> 2.387%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6878 | 6217912 |
| 2.87%, 11/22/32, (1-day SOFR + <br> 1.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7790 | 6812189 |
| 3.90%, 05/25/26 | &nbsp;&nbsp; 700 | 696665 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR <br> + 1.872%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13630 | 13170123 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR <br> + 1.808%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11971 | 11853916 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR <br> + 1.796%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14167 | 14107405 |
| 4.76%, 06/09/28, (1-day SOFR + <br> 2.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11685 | 11709991 |
| 4.76%, 03/29/33, (1-day SOFR + <br> 2.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7790 | 7460996 |
| 4.90%, 03/03/29, (1-day SOFR + <br> 1.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7650 | 7685029 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 11520 | 11642890 |
| 5.13%, 11/19/28, (1-day SOFR + <br> 1.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5000 | 5050655 |
| 5.13%, 03/03/31, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5165 | 5204173 |
| 5.21%, 08/11/28, (1-day SOFR + <br> 2.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4540 | 4593946 |
| 5.25%, 03/14/44 | &nbsp;&nbsp; 6859 | 6369369 |
| 5.29%, 11/19/30, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8240 | 8367641 |
| 5.40%, 08/11/33, (1-day SOFR + <br> 2.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10935 | 11066179 |
| 5.45%, 03/03/36, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7600 | 7547310 |
| 5.55%, 03/04/30, (1-day SOFR + <br> 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6900 | 7072287 |
| 5.60%, 05/17/28, (1-day SOFR + <br> 1.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6850 | 6969999 |
| 5.72%, 03/04/35, (1-day SOFR + <br> 1.780%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6470 | 6616474 |
| 5.73%, 05/17/32, (1-day SOFR + <br> 1.520%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6485 | 6695496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.87%, 11/18/35, (1-day SOFR + <br> 1.900%)<sup>(a)</sup><br>| &nbsp;&nbsp; $7310 | $7210478 |
| 5.89%, 08/14/27, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8325 | 8454353 |
| 6.10%, 01/14/42 | &nbsp;&nbsp; 3542 | 3728349 |
| 6.16%, 03/09/29, (1-day SOFR + <br> 1.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9170 | 9509859 |
| 6.25%, 03/09/34, (1-day SOFR + <br> 2.390%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10180 | 10751454 |
| 6.33%, 03/09/44, (1-day SOFR + <br> 2.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11945 | 12563188 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 8687 | 9120043 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 10957 | 11425170 |
| 6.55%, 06/20/34, (1-day SOFR + <br> 2.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5620 | 5863457 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 6635 | 7114623 |
| 7.39%, 11/03/28, (1-day SOFR + <br> 3.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9490 | 10091743 |
| 7.40%, 11/13/34, (1-day SOFR + <br> 3.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7480 | 8232535 |
| 8.11%, 11/03/33, (1-day SOFR + <br> 4.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9280 | 10569553 |
| HSBC USA Inc., 5.29%, 03/04/27 | &nbsp;&nbsp; 2915 | 2969833 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 2640 | 2170100 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 3752 | 3384185 |
| 4.44%, 08/04/28, (1-day SOFR + <br> 1.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3370 | 3348195 |
| 5.02%, 05/17/33, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1844 | 1780589 |
| 5.27%, 01/15/31, (1-day SOFR + <br> 1.276%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2610 | 2629014 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5250 | 5257292 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 3013743 |
| 6.21%, 08/21/29, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4390 | 4561831 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3600 | 3591649 |
| 4.87%, 04/12/28, (1-day SOFR + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3120 | 3132697 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 4500 | 4643965 |
| Industrial & Commercial Bank of China <br> Ltd./New York, 3.54%, 11/08/27<br>| &nbsp;&nbsp; 2465 | 2435358 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + <br> 1.316%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4413 | 3906457 |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 7810 | 7748389 |
| 4.02%, 03/28/28, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5998 | 5946874 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 6975 | 6833907 |
| 4.25%, 03/28/33, (1-day SOFR + <br> 2.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3655 | 3480045 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 5726 | 5723546 |
| 4.86%, 03/25/29, (1-day SOFR + <br> 1.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3230 | 3251103 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3220 | 3250863 |
| 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4865 | 4971382 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.53%, 03/25/36, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; $1545 | $1554092 |
| 5.55%, 03/19/35, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6215 | 6282119 |
| 6.08%, 09/11/27, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3230 | 3294414 |
| 6.11%, 09/11/34, (1-day SOFR + <br> 2.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5050 | 5314656 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + <br> 0.765%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9973 | 9575369 |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5765 | 4939987 |
| 1.95%, 02/04/32, (1-day SOFR + <br> 1.065%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13065 | 11216512 |
| 2.07%, 06/01/29, (1-day SOFR + <br> 1.015%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10186 | 9501652 |
| 2.18%, 06/01/28, (1-day SOFR + <br> 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4175 | 3994114 |
| 2.52%, 04/22/31, (1-day SOFR + <br> 2.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13916 | 12600267 |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11205 | 7749043 |
| 2.55%, 11/08/32, (1-day SOFR + <br> 1.180%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10050 | 8765190 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR <br> + 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10964 | 9716065 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR <br> + 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20491 | 18967717 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 14296 | 14047820 |
| 2.95%, 02/24/28, (1-day SOFR + <br> 1.170%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7159 | 6975066 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR <br> + 2.515%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9691 | 8839836 |
| 2.96%, 01/25/33, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14360 | 12709878 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8423 | 6358523 |
| 3.11%, 04/22/51, (1-day SOFR + <br> 2.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11760 | 7738823 |
| 3.16%, 04/22/42, (1-day SOFR + <br> 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8859 | 6603774 |
| 3.20%, 06/15/26 | &nbsp;&nbsp; 8885 | 8798064 |
| 3.30%, 04/01/26 | &nbsp;&nbsp; — |  |
| 3.33%, 04/22/52, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13840 | 9504315 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR <br> + 1.207%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8253 | 8046360 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR <br> + 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11070 | 10868483 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 7441 | 7326130 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR <br> + 1.422%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16221 | 15685426 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR <br> + 1.599%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8441 | 8350357 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR <br> + 1.622%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12391 | 10716211 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR <br> + 1.482%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9728 | 7523851 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19415 | 15162739 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.382%)<sup>(a)</sup><br>| &nbsp;&nbsp; $8814 | $8731943 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR <br> + 1.722%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8361 | 6607411 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 12211 | 12190489 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR <br> + 1.522%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12147 | 12052390 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 7263 | 7286233 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR <br> + 1.842%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13089 | 10730286 |
| 4.32%, 04/26/28, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15858 | 15841082 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR <br> + 1.592%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10896 | 10884470 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR <br> + 3.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13600 | 13502930 |
| 4.51%, 10/22/28, (1-day SOFR + <br> 0.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5675 | 5690764 |
| 4.57%, 06/14/30, (1-day SOFR + <br> 1.750%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7426 | 7419113 |
| 4.59%, 04/26/33, (1-day SOFR + <br> 1.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8970 | 8754803 |
| 4.60%, 10/22/30, (1-day SOFR + <br> 1.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11405 | 11386351 |
| 4.85%, 07/25/28, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10280 | 10390245 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 6201 | 5684900 |
| 4.91%, 07/25/33, (1-day SOFR + <br> 2.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13460 | 13392499 |
| 4.92%, 01/24/29, (1-day SOFR + <br> 0.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10195 | 10337950 |
| 4.95%, 10/22/35, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7520 | 7343404 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 7251 | 6585965 |
| 4.98%, 07/22/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8135 | 8232344 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(a)</sup> | &nbsp;&nbsp; 10110 | 10258488 |
| 5.01%, 01/23/30, (1-day SOFR + <br> 1.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11185 | 11371056 |
| 5.04%, 01/23/28, (1-day SOFR + <br> 1.190%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8895 | 8980077 |
| 5.10%, 04/22/31, (1-day SOFR + <br> 1.435%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8270 | 8423210 |
| 5.14%, 01/24/31, (1-day SOFR + <br> 1.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15780 | 16092536 |
| 5.29%, 07/22/35, (1-day SOFR + <br> 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9460 | 9466370 |
| 5.30%, 07/24/29, (1-day SOFR + <br> 1.450%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14960 | 15332481 |
| 5.34%, 01/23/35, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8335 | 8401637 |
| 5.35%, 06/01/34, (1-day SOFR + <br> 1.845%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17010 | 17273153 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 7469 | 7395375 |
| 5.50%, 01/24/36, (1-day SOFR + <br> 1.315%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6250 | 6356507 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 6889 | 6931775 |
| 5.53%, 11/29/45, (1-day SOFR + <br> 1.550%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6280 | 6170218 |
| 5.57%, 04/22/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10930 | 11185269 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.57%, 04/22/36, (1-day SOFR + <br> 1.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; $8289 | $8474879 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(a)</sup> | &nbsp;&nbsp; 11540 | 11959501 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 6485 | 6547362 |
| 5.63%, 08/16/43 | &nbsp;&nbsp; 6448 | 6400279 |
| 5.72%, 09/14/33, (1-day SOFR + <br> 2.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16625 | 17132143 |
| 5.77%, 04/22/35, (1-day SOFR + <br> 1.490%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15185 | 15729166 |
| 6.07%, 10/22/27, (1-day SOFR + <br> 1.330%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9700 | 9942745 |
| 6.09%, 10/23/29, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6980 | 7334750 |
| 6.25%, 10/23/34, (1-day SOFR + <br> 1.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13395 | 14392623 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 12101 | 13299682 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 6901 | 7227474 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 10731 | 11476538 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 3494 | 4122289 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 9535 | 9673640 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 3963 | 3822319 |
| KeyBank NA/Cleveland OH |  |  |
| 3.40%, 05/20/26 | &nbsp;&nbsp; 3575 | 3523839 |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 1803 | 1710088 |
| 4.39%, 12/14/27 | &nbsp;&nbsp; 1370 | 1364397 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 3145 | 2931470 |
| 5.85%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4288 | 4406245 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 790 | 835424 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 3704 | 3545405 |
| 2.55%, 10/01/29 | &nbsp;&nbsp; 3341 | 3032832 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 2891 | 2851168 |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3048 | 2898854 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)</sup><br>| &nbsp;&nbsp; 210 | 209712 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4235 | 4436251 |
| Korea Development Bank (The) |  |  |
| 0.80%, 07/19/26 | &nbsp;&nbsp; 2030 | 1949506 |
| 1.00%, 09/09/26 | &nbsp;&nbsp; 1390 | 1332163 |
| 1.63%, 01/19/31 | &nbsp;&nbsp; 3620 | 3120102 |
| 2.00%, 09/12/26 | &nbsp;&nbsp; 1125 | 1092661 |
| 2.00%, 10/25/31 | &nbsp;&nbsp; 4320 | 3742477 |
| 2.25%, 02/24/27 | &nbsp;&nbsp; 1495 | 1446507 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 04/18/36<sup>(d)</sup> | &nbsp;&nbsp; 10740 | 6702505 |
| 0.00%, 06/29/37<sup>(b)(d)</sup> | &nbsp;&nbsp; 14383 | 8485719 |
| 0.75%, 09/30/30 | &nbsp;&nbsp; 5599 | 4769624 |
| 1.00%, 10/01/26 | &nbsp;&nbsp; 7384 | 7107117 |
| 1.75%, 09/14/29 | &nbsp;&nbsp; 9927 | 9137470 |
| 2.88%, 04/03/28 | &nbsp;&nbsp; 11462 | 11222407 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 3255 | 3211271 |
| 3.50%, 08/27/27 | &nbsp;&nbsp; 1900 | 1894423 |
| 3.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 5890 | 5910417 |
| 3.75%, 07/15/30 | &nbsp;&nbsp; 2060 | 2057414 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 7528 | 7580823 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 6770 | 6846507 |
| 4.13%, 07/15/33 | &nbsp;&nbsp; 17095 | 17027518 |
| 4.38%, 03/01/27 | &nbsp;&nbsp; 7008 | 7093729 |
| 4.38%, 02/28/34 | &nbsp;&nbsp; 2990 | 3028906 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.63%, 08/07/26 | &nbsp;&nbsp; $15142 | $15297617 |
| 4.63%, 03/18/30 | &nbsp;&nbsp; 6585 | 6839890 |
| 4.75%, 10/29/30 | &nbsp;&nbsp; 3575 | 3738421 |
| Series GLOB, 3.88%, 05/15/28 | &nbsp;&nbsp; 25 | 25181 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30 | &nbsp;&nbsp; 6653 | 5712286 |
| 1.75%, 07/27/26 | &nbsp;&nbsp; 3845 | 3750071 |
| 3.88%, 09/28/27<sup>(b)</sup> | &nbsp;&nbsp; 2430 | 2442960 |
| 3.88%, 06/14/28 | &nbsp;&nbsp; 903 | 908934 |
| 4.63%, 04/17/29 | &nbsp;&nbsp; 1800 | 1861349 |
| 5.00%, 10/24/33 | &nbsp;&nbsp; 1900 | 2002928 |
| Series 37, 2.50%, 11/15/27 | &nbsp;&nbsp; 1067 | 1037855 |
| Lloyds Banking Group PLC |  |  |
| 1.63%, 05/11/27, (1-year CMT + 0.850%)<sup>(a)</sup> | &nbsp;&nbsp; 3850 | 3731514 |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 5692 | 3969588 |
| 3.57%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 6917 | 6739089 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 6349 | 6276914 |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 5105 | 5026861 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 7159 | 5494919 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 4883 | 4870678 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 7273 | 7263464 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 2605 | 2555550 |
| 5.09%, 11/26/28, (1-year CMT + 0.850%)<sup>(a)</sup> | &nbsp;&nbsp; 5450 | 5513001 |
| 5.30%, 12/01/45<sup>(b)</sup> | &nbsp;&nbsp; 4239 | 3805130 |
| 5.46%, 01/05/28, (1-year CMT + 1.375%)<sup>(a)</sup> | &nbsp;&nbsp; 6090 | 6173899 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 4300 | 4305992 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 8470 | 8563090 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 4240 | 4391629 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 1565 | 1617590 |
| 5.99%, 08/07/27, (1-year CMT + 1.480%)<sup>(a)</sup> | &nbsp;&nbsp; 7290 | 7405199 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(a)</sup> | &nbsp;&nbsp; 4665 | 5307393 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2885 | 2871756 |
| 4.83%, 01/16/29, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1480 | 1481658 |
| 5.05%, 01/27/34, (1-day SOFR + <br> 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4095 | 3942872 |
| 5.39%, 01/16/36, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1755 | 1707769 |
| 6.08%, 03/13/32, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4680 | 4864284 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3365 | 3620580 |
| Manufacturers & Traders Trust Co. |  |  |
| 3.40%, 08/17/27 | &nbsp;&nbsp; 3335 | 3235163 |
| 4.70%, 01/27/28 | &nbsp;&nbsp; 5465 | 5484393 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.54%, 07/20/27, (1-year CMT + 0.750%)<sup>(a)</sup> | &nbsp;&nbsp; 9390 | 9066106 |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(a)</sup> | &nbsp;&nbsp; 5950 | 5711001 |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 4715 | 4130377 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 8384 | 7225142 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 6525 | 6292099 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(a)</sup> | &nbsp;&nbsp; 3764 | 3261156 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 5260 | 4784412 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 4015 | 3932502 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 4660 | 4062162 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 7539 | 7132628 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 3867 | 3785728 |
| 3.68%, 02/22/27 | &nbsp;&nbsp; 4359 | 4313363 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 6309 | 6152454 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.75%, 07/18/39 | &nbsp;&nbsp; $7465 | $6298641 |
| 3.96%, 03/02/28 | &nbsp;&nbsp; 5548 | 5493308 |
| 4.05%, 09/11/28 | &nbsp;&nbsp; 4486 | 4442024 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 4055 | 4025629 |
| 4.15%, 03/07/39<sup>(b)</sup> | &nbsp;&nbsp; 2701 | 2404388 |
| 4.29%, 07/26/38<sup>(b)</sup> | &nbsp;&nbsp; 2847 | 2580561 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp; 3335 | 3175382 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 5840 | 5904099 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 6535 | 6536058 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 1842037 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(a)</sup> | &nbsp;&nbsp; 4170 | 4249006 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 2935 | 2993341 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(a)</sup> | &nbsp;&nbsp; 4220 | 4310271 |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5050 | 5151342 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3245 | 3295154 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 4485 | 4596634 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 7210 | 7267880 |
| 5.44%, 02/22/34, (1-year CMT + <br> 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3920 | 3987572 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 3270 | 3338480 |
| 5.48%, 02/22/31, (1-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 2535 | 2611561 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4715923 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 2653662 |
| Mizuho Financial Group Inc. |  |  |
| 1.23%, 05/22/27, (1-year CMT + 0.670%)<sup>(a)</sup> | &nbsp;&nbsp; 4253 | 4108412 |
| 1.55%, 07/09/27, (1-year CMT + 0.750%)<sup>(a)</sup> | &nbsp;&nbsp; 4563 | 4404844 |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR <br> + 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4070 | 3518331 |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(a)</sup> | &nbsp;&nbsp; 2328 | 1992035 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR <br> + 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4705 | 4134618 |
| 2.26%, 07/09/32, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 2660 | 2279746 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 4235 | 3636362 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR <br> + 1.332%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2733 | 2460794 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 3607 | 3537789 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2470 | 2286668 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR <br> + 1.392%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3542 | 3329601 |
| 3.17%, 09/11/27 | &nbsp;&nbsp; 4893 | 4760306 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 2780 | 2632726 |
| 3.66%, 02/28/27 | &nbsp;&nbsp; 2862 | 2829203 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 6155 | 6095232 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4720 | 4668267 |
| 5.10%, 05/13/31, (1-year CMT + 0.820%)<sup>(a)</sup> | &nbsp;&nbsp; 1630 | 1653153 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(a)</sup> | &nbsp;&nbsp; 3690 | 3776438 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2668613 |
| 5.41%, 09/13/28, (1-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 4340 | 4427944 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1404681 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3605 | 3672255 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3130 | 3180815 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3093191 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(a)</sup> | &nbsp;&nbsp; 3115 | 3193816 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 3140 | 3266246 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 3735 | 3835157 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 4550 | 4680026 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 7453117 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27, (1-day SOFR + <br> 0.858%)<sup>(a)</sup><br>| &nbsp;&nbsp; $12454 | $12024410 |
| 1.59%, 05/04/27, (1-day SOFR + <br> 0.879%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10753 | 10440632 |
| 1.79%, 02/13/32, (1-day SOFR + <br> 1.034%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9180 | 7734968 |
| 1.93%, 04/28/32, (1-day SOFR + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13480 | 11355713 |
| 2.24%, 07/21/32, (1-day SOFR + <br> 1.178%)<sup>(a)</sup><br>| &nbsp;&nbsp; 26632 | 22692872 |
| 2.48%, 01/21/28, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10295 | 9948298 |
| 2.48%, 09/16/36, (1-day SOFR + <br> 1.360%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14713 | 12253456 |
| 2.51%, 10/20/32, (1-day SOFR + <br> 1.200%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11578 | 9991619 |
| 2.70%, 01/22/31, (1-day SOFR + <br> 1.143%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20352 | 18573995 |
| 2.80%, 01/25/52, (1-day SOFR + <br> 1.430%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9939 | 6008756 |
| 2.94%, 01/21/33, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9863 | 8646862 |
| 3.13%, 07/27/26 | &nbsp;&nbsp; 14182 | 13980039 |
| 3.22%, 04/22/42, (1-day SOFR + <br> 1.485%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7641 | 5628709 |
| 3.59%, 07/22/28<sup>(a)</sup> | &nbsp;&nbsp; 17712 | 17332078 |
| 3.62%, 04/01/31, (1-day SOFR + <br> 3.120%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8454 | 8022313 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 13345 | 13217181 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR <br> + 1.402%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10104 | 9922886 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 10360 | 10273133 |
| 3.97%, 07/22/38<sup>(a)</sup> | &nbsp;&nbsp; 10335 | 8890495 |
| 4.21%, 04/20/28, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9690 | 9638461 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 11504 | 9531442 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 11154 | 11128224 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 10485 | 8720660 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR <br> + 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8523 | 8459940 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR <br> + 1.693%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5527 | 5036037 |
| 4.65%, 10/18/30, (1-day SOFR + <br> 1.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16135 | 16080445 |
| 4.89%, 07/20/33, (1-day SOFR + <br> 2.076%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7585 | 7470921 |
| 5.04%, 07/19/30, (1-day SOFR + <br> 1.215%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12265 | 12400343 |
| 5.12%, 02/01/29, (1-day SOFR + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12915 | 13119560 |
| 5.16%, 04/20/29, (1-day SOFR + <br> 1.590%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8840 | 9002129 |
| 5.17%, 01/16/30, (1-day SOFR + <br> 1.450%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11615 | 11827316 |
| 5.19%, 04/17/31, (1-day SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13685 | 13927869 |
| 5.23%, 01/15/31, (1-day SOFR + <br> 1.108%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9140 | 9315324 |
| 5.25%, 04/21/34, (1-day SOFR + <br> 1.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13715 | 13713999 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.30%, 04/20/37, (1-day SOFR + <br> 2.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; $8370 | $8162069 |
| 5.32%, 07/19/35, (1-day SOFR + <br> 1.555%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10355 | 10309782 |
| 5.42%, 07/21/34, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9405 | 9503111 |
| 5.45%, 07/20/29, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8810 | 9036581 |
| 5.47%, 01/18/35, (1-day SOFR + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9295 | 9391181 |
| 5.52%, 11/19/55, (1-day SOFR + <br> 1.710%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10010 | 9565975 |
| 5.59%, 01/18/36, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6485 | 6580631 |
| 5.60%, 03/24/51, (1-day SOFR + <br> 4.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9360 | 9069760 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(a)</sup> | &nbsp;&nbsp; 9530 | 9735084 |
| 5.66%, 04/18/30, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13480 | 13945102 |
| 5.66%, 04/17/36, (1-day SOFR + <br> 1.757%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7065 | 7216535 |
| 5.83%, 04/19/35, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14555 | 15034302 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 6150 | 6187183 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(a)</sup> | &nbsp;&nbsp; 9140 | 9201100 |
| 6.25%, 08/09/26 | &nbsp;&nbsp; 5696 | 5824288 |
| 6.30%, 10/18/28, (1-day SOFR + <br> 2.240%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7883 | 8212166 |
| 6.34%, 10/18/33, (1-day SOFR + <br> 2.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13440 | 14377317 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 9203 | 9860240 |
| 6.41%, 11/01/29, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3805 | 4026893 |
| 6.63%, 11/01/34, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8500 | 9236662 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 6204 | 7070335 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3415 | 3461537 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + <br> 0.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12780 | 12797121 |
| 4.95%, 01/14/28, (1-day SOFR + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6350 | 6401940 |
| 4.97%, 07/14/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3535 | 3567214 |
| 5.02%, 01/12/29, (1-day SOFR + <br> 0.906%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10860 | 11016951 |
| 5.50%, 05/26/28, (1-day SOFR + <br> 0.865%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9290 | 9471457 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 8625 | 8828673 |
| National Australia Bank Ltd./New York |  |  |
| 2.50%, 07/12/26 | &nbsp;&nbsp; 5331 | 5234039 |
| 3.91%, 06/09/27 | &nbsp;&nbsp; 955 | 953376 |
| 4.50%, 10/26/27 | &nbsp;&nbsp; 3565 | 3595044 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 4490 | 4573134 |
| 4.90%, 06/13/28 | &nbsp;&nbsp; 3620 | 3702040 |
| 4.90%, 01/14/30 | &nbsp;&nbsp; 3020 | 3097207 |
| 4.94%, 01/12/28 | &nbsp;&nbsp; 4715 | 4810278 |
| 5.09%, 06/11/27 | &nbsp;&nbsp; 3980 | 4060119 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 3070 | 3055129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.95%, 02/01/28, (1-day SOFR + <br> 0.795%)<sup>(a)</sup><br>| &nbsp;&nbsp; $3475 | $3500483 |
| 5.60%, 07/02/27, (1-day SOFR + <br> 1.036%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4055 | 4102372 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 3860 | 4002153 |
| NatWest Group PLC |  |  |
| 1.64%, 06/14/27, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 7680 | 7424615 |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(a)</sup> | &nbsp;&nbsp; 4343 | 3838724 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(a)</sup> | &nbsp;&nbsp; 5517 | 5354020 |
| 4.45%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; 4574 | 4508622 |
| 4.89%, 05/18/29<sup>(a)</sup> | &nbsp;&nbsp; 7405 | 7450744 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 6380 | 6410343 |
| 5.08%, 01/27/30<sup>(a)</sup> | &nbsp;&nbsp; 8920 | 8992682 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 4334328 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 2910 | 2959543 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 6160 | 6266344 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 3020 | 3123218 |
| 6.02%, 03/02/34, (1-year CMT + 2.100%)<sup>(a)</sup> | &nbsp;&nbsp; 3995 | 4162396 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(a)</sup> | &nbsp;&nbsp; 3640 | 3767720 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 5631 | 5002952 |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 2947 | 2828914 |
| 3.38%, 05/08/32<sup>(a)</sup> | &nbsp;&nbsp; 3696 | 3572105 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 2200 | 2165946 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 12380 | 12356754 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 3541 | 3809014 |
| Oesterreichische Kontrollbank AG |  |  |
| 3.63%, 09/09/27 | &nbsp;&nbsp; 1720 | 1718022 |
| 3.75%, 09/05/29 | &nbsp;&nbsp; 2910 | 2903146 |
| 4.13%, 01/18/29<sup>(b)</sup> | &nbsp;&nbsp; 4655 | 4717011 |
| 4.25%, 03/01/28 | &nbsp;&nbsp; 1570 | 1593897 |
| 4.50%, 01/24/30 | &nbsp;&nbsp; 4770 | 4906109 |
| 4.75%, 05/21/27 | &nbsp;&nbsp; 4270 | 4353816 |
| 5.00%, 10/23/26<sup>(b)</sup> | &nbsp;&nbsp; 2990 | 3041703 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; 4567 | 4199310 |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 5558 | 5412425 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 4269 | 4157430 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 6859 | 6753457 |
| PNC Financial Services Group Inc. (The) |  |  |
| 1.15%, 08/13/26 | &nbsp;&nbsp; 3366 | 3236180 |
| 2.31%, 04/23/32, (1-day SOFR + <br> 0.979%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4958 | 4282869 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 11665 | 10656125 |
| 2.60%, 07/23/26 | &nbsp;&nbsp; 4961 | 4859560 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 4467 | 4361680 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 8225 | 7949036 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4982 | 4707543 |
| 4.81%, 10/21/32, (1-day SOFR + <br> 1.259%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5760 | 5706202 |
| 5.07%, 01/24/34, (1-day SOFR + <br> 1.933%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7070 | 6985694 |
| 5.10%, 07/23/27, (1-day SOFR + <br> 0.796%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4475 | 4499375 |
| 5.22%, 01/29/31, (1-day SOFR + <br> 1.072%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4515 | 4619549 |
| 5.30%, 01/21/28, (1-day SOFR + <br> 1.342%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4460 | 4524806 |
| 5.35%, 12/02/28, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4970 | 5073994 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.40%, 07/23/35, (1-day SOFR + <br> 1.599%)<sup>(a)</sup><br>| &nbsp;&nbsp; $3910 | $3907474 |
| 5.49%, 05/14/30, (1-day SOFR + <br> 1.198%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7915 | 8139293 |
| 5.58%, 06/12/29, (1-day SOFR + <br> 1.841%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5680 | 5855977 |
| 5.58%, 01/29/36, (1-day SOFR + <br> 1.394%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1945 | 1966673 |
| 5.68%, 01/22/35, (1-day SOFR + <br> 1.902%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4000 | 4078695 |
| 5.94%, 08/18/34, (1-day SOFR + <br> 1.946%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4355 | 4506737 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5930 | 6201739 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5520 | 5684684 |
| 6.88%, 10/20/34, (1-day SOFR + <br> 2.284%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10045 | 11045710 |
| Regions Bank/Birmingham AL, 6.45%, <br> 06/26/37<br>| &nbsp;&nbsp; 2765 | 2794668 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | &nbsp;&nbsp; 2390 | 2180185 |
| 5.50%, 09/06/35, (1-day SOFR +2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 1105572 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 3355 | 3429019 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 2573 | 2841727 |
| Royal Bank of Canada |  |  |
| 1.15%, 07/14/26 | &nbsp;&nbsp; 6862 | 6623687 |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 4913 | 4721217 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 2825 | 2732168 |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 7935 | 6884322 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 5224 | 5173958 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 4120 | 3883620 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 6624 | 6636175 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4690 | 4695497 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3050 | 3056066 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8080 | 8068235 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5125 | 5158149 |
| 4.88%, 01/19/27 | &nbsp;&nbsp; 6730 | 6812493 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 4160 | 4230705 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 3770 | 3842331 |
| 4.97%, 01/24/29, (1-day SOFR + <br> 0.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6405 | 6495366 |
| 4.97%, 08/02/30, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6890 | 6977713 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5125 | 5180878 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 7055 | 7090401 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 3700 | 3710085 |
| 5.07%, 07/23/27, (1-day SOFR + <br> 0.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6860 | 6915983 |
| 5.15%, 02/04/31, (1-day SOFR + <br> 1.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7475 | 7606880 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 5050 | 5123070 |
| 5.20%, 07/20/26 | &nbsp;&nbsp; 6805 | 6890316 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 4120 | 4229628 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 6525 | 6793394 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + <br> 1.249%)<sup>(a)</sup><br>| &nbsp;&nbsp; $4545 | $4359404 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 4164 | 4074689 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 4973 | 4938142 |
| 5.35%, 09/06/30, (1-day SOFR + <br> 1.940%)<sup>(a)</sup><br>| &nbsp;&nbsp; 810 | 811988 |
| 5.47%, 03/20/29, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2785 | 2795965 |
| 5.74%, 03/20/31, (1-day SOFR + <br> 1.878%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2575 | 2600376 |
| 6.12%, 05/31/27, (1-day SOFR + <br> 1.232%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1975 | 1996746 |
| 6.17%, 01/09/30, (1-day SOFR + <br> 2.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2985 | 3074240 |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2915 | 2975432 |
| 6.50%, 03/09/29, (1-day SOFR + <br> 2.356%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4495 | 4662363 |
| 6.57%, 06/12/29, (1-day SOFR + <br> 2.700%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2625 | 2724390 |
| 7.66%, 11/09/31, (1-day SOFR + <br> 3.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2885 | 3175306 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.67%, 06/14/27, (1-day SOFR + <br> 0.989%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5682 | 5483446 |
| 2.47%, 01/11/28, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4708 | 4525734 |
| 2.90%, 03/15/32, (1-day SOFR + <br> 1.475%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2345 | 2069808 |
| 3.82%, 11/03/28<sup>(a)</sup> | &nbsp;&nbsp; 4986 | 4866617 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3750 | 3718538 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3060 | 3137133 |
| 6.53%, 01/10/29, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3135 | 3265251 |
| Standard Chartered Bank/New York, 4.85%, <br> 12/03/27<br>| &nbsp;&nbsp; 225 | 227557 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | &nbsp;&nbsp; 2570 | 2592690 |
| 4.78%, 11/23/29 | &nbsp;&nbsp; 3270 | 3324619 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + <br> 0.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2045 | 1962227 |
| 2.20%, 02/07/28, (1-day SOFR + <br> 0.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3475 | 3348650 |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 3950 | 3444862 |
| 2.40%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 4948 | 4553685 |
| 2.62%, 02/07/33, (1-day SOFR + <br> 1.002%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2815 | 2444220 |
| 2.65%, 05/19/26 | &nbsp;&nbsp; 3806 | 3749159 |
| 3.03%, 11/01/34, (1-day SOFR + <br> 1.490%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2855 | 2606701 |
| 3.15%, 03/30/31, (1-day SOFR + <br> 2.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2851 | 2671905 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR <br> + 1.292%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3328 | 3298663 |
| 4.16%, 08/04/33, (1-day SOFR + <br> 1.726%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3520 | 3344765 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 5685 | 5712268 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.42%, 05/13/33, (1-day SOFR + <br> 1.605%)<sup>(a)</sup><br>| &nbsp;&nbsp; $2475 | $2401851 |
| 4.53%, 02/20/29, (1-day SOFR + <br> 1.018%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4550 | 4574076 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 2700 | 2728319 |
| 4.54%, 04/24/28, (1-day SOFR + <br> 0.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1460 | 1470360 |
| 4.68%, 10/22/32, (1-day SOFR + <br> 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3880 | 3862838 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 2660 | 2691345 |
| 4.82%, 01/26/34, (1-day SOFR + <br> 1.567%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3175 | 3119040 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 3415 | 3464917 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 5590 | 5673800 |
| 5.15%, 02/28/36, (1-day SOFR + <br> 1.217%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2650 | 2659509 |
| 5.16%, 05/18/34, (1-day SOFR + <br> 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4025 | 4061408 |
| 5.27%, 08/03/26 | &nbsp;&nbsp; 5795 | 5872835 |
| 5.68%, 11/21/29, (1-day SOFR + <br> 1.484%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4145 | 4314322 |
| 5.82%, 11/04/28, (1-day SOFR + <br> 1.715%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2175 | 2256225 |
| 6.12%, 11/21/34, (1-day SOFR + <br> 1.958%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2190 | 2287598 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 9110 | 8756471 |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 2625 | 2226138 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 8870 | 8176519 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 6145 | 5426190 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 4166 | 3623424 |
| 2.17%, 01/14/27 | &nbsp;&nbsp; 2559 | 2468356 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 3415 | 2933034 |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 2620 | 1745926 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 2225 | 2071779 |
| 2.63%, 07/14/26 | &nbsp;&nbsp; 9463 | 9278686 |
| 2.72%, 09/27/29 | &nbsp;&nbsp; 2136 | 1974046 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 5680 | 5225432 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 4060 | 2894557 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 6818 | 6692499 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 10835 | 10197643 |
| 3.05%, 01/14/42<sup>(b)</sup> | &nbsp;&nbsp; 2415 | 1778953 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 4129 | 4038790 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 3336 | 3275055 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 4072 | 4018405 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 3816 | 3740646 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 3954 | 3909671 |
| 4.31%, 10/16/28<sup>(b)</sup> | &nbsp;&nbsp; 3232 | 3223975 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 2500 | 2561893 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 3555 | 3649626 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 3590 | 3696463 |
| 5.45%, 01/15/32 | &nbsp;&nbsp; 1990 | 2047292 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 8300 | 8546550 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 4800 | 4911926 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 3070 | 3160880 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 6080 | 6344696 |
| 5.72%, 09/14/28 | &nbsp;&nbsp; 5145 | 5347277 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 8310 | 8629858 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 3105 | 3218834 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 3140 | 3268557 |
| 5.81%, 09/14/33<sup>(b)</sup> | &nbsp;&nbsp; 4120 | 4310066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.84%, 07/09/44 | &nbsp;&nbsp; $2935 | $2932726 |
| 5.85%, 07/13/30 | &nbsp;&nbsp; 3300 | 3470925 |
| 5.88%, 07/13/26 | &nbsp;&nbsp; 3580 | 3643555 |
| 6.18%, 07/13/43 | &nbsp;&nbsp; 1960 | 2065203 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 3122 | 3154952 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 1445 | 1449842 |
| Synovus Financial Corp., 6.17%, 11/01/30, <br> (1-day SOFR +2.347%)<sup>(a)</sup><br>| &nbsp;&nbsp; 325 | 327480 |
| Toronto-Dominion Bank (The) |  |  |
| 1.20%, 06/03/26 | &nbsp;&nbsp; 6945 | 6719471 |
| 1.25%, 09/10/26 | &nbsp;&nbsp; 7258 | 6970672 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 4250 | 4090446 |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 4813 | 4151864 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 3020 | 2599352 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 5395 | 5249443 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 6930 | 6215363 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6986 | 6847168 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 7315 | 7284809 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 7030 | 6832856 |
| 4.57%, 12/17/26 | &nbsp;&nbsp; 5170 | 5190094 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 7655 | 7722318 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 2950 | 2978222 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 3150 | 3194449 |
| 4.98%, 04/05/27<sup>(b)</sup> | &nbsp;&nbsp; 4310 | 4362230 |
| 4.99%, 04/05/29<sup>(b)</sup> | &nbsp;&nbsp; 5655 | 5770665 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 2380 | 2367182 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 6035 | 6161260 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 2960 | 3002745 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 3800 | 3870389 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 6450 | 6681227 |
| 5.53%, 07/17/26 | &nbsp;&nbsp; 6425 | 6513217 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 7305 | 6434101 |
| 3.30%, 05/15/26 | &nbsp;&nbsp; 6614 | 6532075 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 6516 | 6443757 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 3962 | 3697558 |
| 1.89%, 06/07/29, (1-day SOFR + <br> 0.862%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5610 | 5175494 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 3730 | 3250352 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 4406 | 4258144 |
| 4.12%, 06/06/28, (1-day SOFR + <br> 1.368%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4495 | 4471230 |
| 4.87%, 01/26/29, (1-day SOFR + <br> 1.435%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4900 | 4933541 |
| 4.92%, 07/28/33, (1-day SOFR + <br> 2.240%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4560 | 4359539 |
| 5.12%, 01/26/34, (1-day SOFR + <br> 1.852%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4830 | 4731034 |
| 5.15%, 08/05/32, (1-day SOFR + <br> 1.571%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5250 | 5273360 |
| 5.44%, 01/24/30, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4355 | 4448901 |
| 5.71%, 01/24/35, (1-day SOFR + <br> 1.922%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8755 | 8903642 |
| 5.87%, 06/08/34, (1-day SOFR + <br> 2.361%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7615 | 7796796 |
| 6.05%, 06/08/27, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5125 | 5209189 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.12%, 10/28/33, (1-day SOFR + <br> 2.300%)<sup>(a)</sup><br>| &nbsp;&nbsp; $3378 | $3530718 |
| 7.16%, 10/30/29, (1-day SOFR + <br> 2.446%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5525 | 5965820 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 7468 | 6358316 |
| 2.22%, 01/27/28, (1-day SOFR + <br> 0.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5490 | 5280981 |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 6895 | 5697008 |
| 2.68%, 01/27/33, (1-day SOFR + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5563 | 4791206 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 6029 | 5637451 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 6364 | 6324176 |
| 4.55%, 07/22/28, (1-day SOFR + <br> 1.660%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7650 | 7668330 |
| 4.65%, 02/01/29, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5985 | 6004115 |
| 4.84%, 02/01/34, (1-day SOFR + <br> 1.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6115 | 5932380 |
| 4.97%, 07/22/33, (1-day SOFR + <br> 2.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6895 | 6662241 |
| 5.05%, 02/12/31, (1-day SOFR + <br> 1.061%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3290 | 3329079 |
| 5.10%, 07/23/30, (1-day SOFR + <br> 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7165 | 7276804 |
| 5.38%, 01/23/30, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3890 | 3982398 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2710 | 2717749 |
| 5.68%, 01/23/35, (1-day SOFR + <br> 1.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9970 | 10151806 |
| 5.78%, 06/12/29, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5835 | 6034777 |
| 5.84%, 06/12/34, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5250 | 5417600 |
| 5.85%, 10/21/33, (1-day SOFR + <br> 2.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8035 | 8319222 |
| 6.79%, 10/26/27, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4235 | 4376639 |
| Series V, 2.38%, 07/22/26 | &nbsp;&nbsp; 6237 | 6113302 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 3077 | 3019098 |
| U.S. Bank NA/Cincinnati OH, 4.51%, 10/22/27, <br> (1-day SOFR + 0.690%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2540 | 2541193 |
| UBS AG/London |  |  |
| 1.25%, 06/01/26 | &nbsp;&nbsp; 1909 | 1849249 |
| 4.50%, 06/26/48 | &nbsp;&nbsp; 4525 | 3804367 |
| 5.65%, 09/11/28 | &nbsp;&nbsp; 5050 | 5248529 |
| UBS AG/Stamford CT |  |  |
| 1.25%, 08/07/26 | &nbsp;&nbsp; 6533 | 6285753 |
| 4.86%, 01/10/28, (1-day SOFR + <br> 0.720%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 670 | 674115 |
| 5.00%, 07/09/27 | &nbsp;&nbsp; 6140 | 6234004 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 10335 | 11180754 |
| UBS Group AG, 4.88%, 05/15/45 | &nbsp;&nbsp; 8912 | 7832190 |
| Wachovia Corp. |  |  |
| 5.50%, 08/01/35 | &nbsp;&nbsp; 5665 | 5670073 |
| 7.57%, 08/01/26<sup>(e)</sup> | &nbsp;&nbsp; 1135 | 1177407 |
| Webster Financial Corp., 4.10%, 03/25/29 | &nbsp;&nbsp; 1435 | 1386658 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + <br> 2.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14381 | 13781772 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)</sup><br>| &nbsp;&nbsp; $15013 | $13583415 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR <br> + 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16022 | 14849141 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 15483 | 15195245 |
| 3.07%, 04/30/41, (1-day SOFR + <br> 2.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 18390 | 13513124 |
| 3.20%, 06/17/27, (3-mo. CME Term SOFR <br> + 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11013 | 10859642 |
| 3.35%, 03/02/33, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14330 | 12876526 |
| 3.53%, 03/24/28, (1-day SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14365 | 14121810 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14739 | 14472230 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 9791 | 7624177 |
| 4.10%, 06/03/26 | &nbsp;&nbsp; 10597 | 10561476 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 14187 | 14035889 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 12341 | 12331884 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 9512 | 7551390 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR <br> + 4.032%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7482 | 7380114 |
| 4.61%, 04/25/53, (1-day SOFR + <br> 2.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14825 | 12285809 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 9333 | 7789878 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 9040 | 7472840 |
| 4.81%, 07/25/28, (1-day SOFR + <br> 1.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7855 | 7904780 |
| 4.90%, 07/25/33, (1-day SOFR + <br> 2.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15745 | 15459344 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 9363 | 7977195 |
| 4.97%, 04/23/29, (1-day SOFR + <br> 1.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12885 | 13045822 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR <br> + 4.502%)<sup>(a)</sup><br>| &nbsp;&nbsp; 23811 | 20912521 |
| 5.15%, 04/23/31, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12675 | 12873551 |
| 5.20%, 01/23/30, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11545 | 11779133 |
| 5.21%, 12/03/35, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11180 | 11038898 |
| 5.24%, 01/24/31, (1-day SOFR + <br> 1.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6310 | 6439026 |
| 5.38%, 02/07/35 | &nbsp;&nbsp; 3490 | 3541549 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 8988 | 8296966 |
| 5.39%, 04/24/34, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14120 | 14187109 |
| 5.50%, 01/23/35, (1-day SOFR + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14575 | 14669669 |
| 5.56%, 07/25/34, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22339 | 22636191 |
| 5.57%, 07/25/29, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13890 | 14292639 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7085 | 7195290 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 11000 | 10369528 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 15105 | 15442001 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 2421 | 2419416 |
| 6.30%, 10/23/29, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7710 | 8140498 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.49%, 10/23/34, (1-day SOFR + <br> 2.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; $14220 | $15281468 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 2289 | 2575663 |
| Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9920 | 9984503 |
| Wells Fargo Bank NA |  |  |
| 5.25%, 12/11/26 | &nbsp;&nbsp; 9985 | 10137431 |
| 5.45%, 08/07/26 | &nbsp;&nbsp; 9850 | 9992442 |
| 5.85%, 02/01/37 | &nbsp;&nbsp; 4919 | 5046433 |
| 5.95%, 08/26/36 | &nbsp;&nbsp; 2782 | 2869898 |
| 6.60%, 01/15/38 | &nbsp;&nbsp; 6311 | 6893380 |
| Westpac Banking Corp. |  |  |
| 1.15%, 06/03/26 | &nbsp;&nbsp; 6505 | 6300434 |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 5590 | 5187870 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 4840 | 4262478 |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 3364 | 3127583 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 6749 | 5886673 |
| 2.70%, 08/19/26 | &nbsp;&nbsp; 4631 | 4550110 |
| 2.85%, 05/13/26 | &nbsp;&nbsp; 6855 | 6766854 |
| 2.96%, 11/16/40 | &nbsp;&nbsp; 4413 | 3203047 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 5815 | 5016007 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 5154 | 3635161 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 4675 | 4622625 |
| 3.40%, 01/25/28 | &nbsp;&nbsp; 4655 | 4575065 |
| 4.04%, 08/26/27 | &nbsp;&nbsp; 2196 | 2197720 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 5318 | 5083232 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6628 | 6574635 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 4431 | 3939935 |
| 4.60%, 10/20/26 | &nbsp;&nbsp; 2135 | 2152295 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 3440 | 3538975 |
| 5.41%, 08/10/33, (1-year CMT + 2.680%)<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 3123905 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 6492 | 6709236 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 4665 | 4878938 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 6450 | 6394505 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 3435 | 3734873 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 1032 | 998544 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/29 | &nbsp;&nbsp; 2081 | 1860068 |
| 6.82%, 11/19/35, (1-day SOFR + <br> 2.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 988528 |
|  |  | 6706345553 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 23398 | 22628700 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 39041 | 35557688 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 2963 | 2636217 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 3316 | 3203401 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 6434 | 5810916 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 7791 | 7487162 |
| 4.00%, 04/13/28 | &nbsp;&nbsp; 9215 | 9247311 |
| 4.38%, 04/15/38 | &nbsp;&nbsp; 3873 | 3539108 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 7810 | 6581894 |
| 4.60%, 04/15/48 | &nbsp;&nbsp; 410 | 359699 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 18868 | 19158447 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 2445 | 2107646 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 4034 | 4137772 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.95%, 01/15/42 | &nbsp;&nbsp; $6125 | $5699157 |
| 5.00%, 06/15/34 | &nbsp;&nbsp; 4518 | 4558213 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 8715 | 8823233 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 16770 | 16591304 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 8516 | 8618861 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 2145 | 2297203 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 3060 | 3823671 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 6161 | 7821752 |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38 | &nbsp;&nbsp; 1604 | 1398634 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 2540 | 2192144 |
| 4.75%, 04/15/33 | &nbsp;&nbsp; 3010 | 2995093 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 6834 | 6327015 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 5020 | 4276957 |
| 1.45%, 06/01/27 | &nbsp;&nbsp; 5102 | 4855100 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 4522 | 4241740 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 6449 | 5695061 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 4396 | 3883853 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 6073 | 5617078 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 9475 | 8329023 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 5098 | 3673402 |
| 2.50%, 03/15/51<sup>(b)</sup> | &nbsp;&nbsp; 6995 | 4140484 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 7134 | 4358231 |
| 2.75%, 06/01/60<sup>(b)</sup> | &nbsp;&nbsp; 4931 | 2871632 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 3770 | 2783532 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 4432 | 4352944 |
| 3.00%, 03/05/51 | &nbsp;&nbsp; 5555 | 3676291 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 6707 | 6644387 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 6373 | 6188524 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 3556 | 2895366 |
| 4.65%, 08/14/34 | &nbsp;&nbsp; 3105 | 3099838 |
| 5.00%, 05/13/34 | &nbsp;&nbsp; 4245 | 4350623 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 3485 | 3316583 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 4155 | 4016188 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 4915 | 4744428 |
| Coca-Cola Consolidated Inc. |  |  |
| 5.25%, 06/01/29 | &nbsp;&nbsp; 3020 | 3101197 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 2285 | 2349936 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32 | &nbsp;&nbsp; 3938 | 3211689 |
| 2.75%, 01/22/30 | &nbsp;&nbsp; 5298 | 4899632 |
| 5.25%, 11/26/43 | &nbsp;&nbsp; 1992 | 1897499 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 1560 | 1332613 |
| 2.88%, 05/01/30 | &nbsp;&nbsp; 3475 | 3184757 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 3972 | 3736941 |
| 3.50%, 05/09/27 | &nbsp;&nbsp; 3260 | 3197675 |
| 3.60%, 02/15/28 | &nbsp;&nbsp; 2785 | 2716303 |
| 3.70%, 12/06/26 | &nbsp;&nbsp; 3605 | 3562816 |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 2895 | 2048184 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 2701 | 2046197 |
| 4.35%, 05/09/27 | &nbsp;&nbsp; 2895 | 2888875 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 2355 | 1911455 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 2757 | 2764149 |
| 4.75%, 05/09/32 | &nbsp;&nbsp; 1105 | 1080568 |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 1995 | 2007549 |
| 4.80%, 05/01/30 | &nbsp;&nbsp; 1050 | 1051952 |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3735 | 3641397 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 2280 | 2035445 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; $6096 | $5419299 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 3798 | 3186569 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 3705 | 3415349 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 3169 | 3133727 |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 2532 | 1983545 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 5435 | 5566129 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 4060 | 4121833 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 3647 | 3745028 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 3540 | 3677239 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 2370 | 2516824 |
| Diageo Investment Corp. |  |  |
| 4.25%, 05/11/42 | &nbsp;&nbsp; 1212 | 1005442 |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 300 | 307620 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 420 | 432350 |
| 7.45%, 04/15/35 | &nbsp;&nbsp; 2740 | 3222788 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 665 | 476851 |
| 4.38%, 05/10/43<sup>(b)</sup> | &nbsp;&nbsp; 340 | 290432 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 3093 | 2694007 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 2778 | 2712325 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 2844 | 2662418 |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 2405 | 1586141 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 3498 | 3436240 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 3250 | 2356596 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 5635 | 5509348 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 3805 | 3626186 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 1665 | 1668892 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 1957 | 1576243 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 2810 | 2327621 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 4440 | 3615342 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 3390 | 3406457 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 1525 | 1525712 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 2245 | 2285884 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 1860 | 1625099 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 2005 | 2029292 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 1525 | 1522029 |
| 5.30%, 03/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1870 | 1900470 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 2665 | 2728112 |
| Molson Coors Beverage Co. |  |  |
| 3.00%, 07/15/26 | &nbsp;&nbsp; 7656 | 7528906 |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 8222 | 6557023 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 5102 | 4629017 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31 | &nbsp;&nbsp; 3940 | 3355573 |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 5028 | 4434046 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 5685 | 4900676 |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 5047 | 4937613 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 3478 | 3398819 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 5398 | 5089314 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 3200 | 2240746 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 7208 | 6734136 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 4440 | 2756041 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 4277 | 2769507 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 6866 | 6707044 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 2190 | 1558510 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 3949 | 2931527 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 1845 | 1503354 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 4605 | 4569870 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 1670 | 1319882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 3.63%, 03/19/50 | &nbsp;&nbsp; $3834 | $2853729 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 1085 | 808903 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 6550 | 6292592 |
| 4.00%, 03/05/42 | &nbsp;&nbsp; 2330 | 1944994 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 2565 | 2078853 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 2355 | 1913827 |
| 4.25%, 10/22/44 | &nbsp;&nbsp; 990 | 852540 |
| 4.40%, 02/07/27 | &nbsp;&nbsp; 1740 | 1755404 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 1860 | 1882539 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 3620 | 3675169 |
| 4.45%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 3620 | 3629892 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 4085 | 3548280 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 4235 | 4306727 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 1880 | 1913455 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 2635 | 2298448 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 3620 | 3616899 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 1295 | 1239019 |
| 5.00%, 02/07/35 | &nbsp;&nbsp; 1850 | 1868515 |
| 5.13%, 11/10/26 | &nbsp;&nbsp; 3835 | 3895273 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 3035 | 2931308 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1490 | 1538234 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 3215 | 3546478 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |
| 4.55%, 02/16/29 | &nbsp;&nbsp; 2000 | 2022729 |
| 4.65%, 02/16/27 | &nbsp;&nbsp; 2290 | 2313962 |
| 4.70%, 02/16/34 | &nbsp;&nbsp; 1960 | 1941214 |
|  |  | 582166361 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 6238 | 5732189 |
| 2.00%, 01/15/32 | &nbsp;&nbsp; 5520 | 4630659 |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 4377 | 4220851 |
| 2.30%, 02/25/31 | &nbsp;&nbsp; 6006 | 5283934 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 5042 | 4585154 |
| 2.60%, 08/19/26 | &nbsp;&nbsp; 7830 | 7669764 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 3935 | 2269106 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 3325 | 2343795 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 2395 | 2277330 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 3717 | 2320018 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 8072 | 6099304 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 5587 | 5450806 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 3521 | 3216875 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 7445 | 5079835 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 5980 | 5880742 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 4080 | 3864417 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 3549 | 2734115 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 9649 | 8046929 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 5271 | 4011221 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 6429 | 5325832 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 12770 | 10650857 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 4825 | 4130874 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 3317 | 3017885 |
| 5.15%, 03/02/28 | &nbsp;&nbsp; 16915 | 17284685 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 3765 | 3471557 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 12235 | 12579731 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 16795 | 16970351 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 12460 | 12131562 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 2270 | 2216114 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 16570 | 15882654 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 1250 | 1255951 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 10560 | 10060986 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 6.38%, 06/01/37 | &nbsp;&nbsp; $1795 | $1951485 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 2655 | 2844263 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 2358 | 2174507 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 7760 | 6899524 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 6956 | 4233853 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 3616 | 2251889 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 4562 | 4012545 |
| Bio-Rad Laboratories Inc. |  |  |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 2821 | 2749346 |
| 3.70%, 03/15/32 | &nbsp;&nbsp; 4200 | 3791311 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 4387 | 4099162 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 5248 | 4542458 |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 5496 | 3890263 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 7425 | 4606964 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 6449 | 6327514 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 4383 | 3948320 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 8290 | 6723638 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 6660 | 5722714 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 5293 | 5090750 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 9673 | 8512573 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 3160 | 3215846 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 5931 | 5317594 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 3900 | 3913449 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 2945 | 3008054 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 3590 | 3484451 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 3730 | 3628948 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 3255 | 3138930 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 4437 | 4439437 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 915 | 786852 |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 2180 | 2180062 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 3485 | 3562054 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 6782 | 5792466 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 4293 | 2455835 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 4566 | 4283492 |
| 2.15%, 09/02/31 | &nbsp;&nbsp; 2989 | 2513888 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 4109 | 3567075 |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 4342 | 3180673 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 3250 | 2016911 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 4207 | 2756216 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 3210 | 3243829 |
| 5.40%, 09/02/34<sup>(b)</sup> | &nbsp;&nbsp; 2515 | 2491982 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 2340 | 2206413 |
|  |  | 356253619 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; 3238 | 3142347 |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 3710 | 3334773 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 9238 | 8531961 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 7465 | 5825288 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 5638 | 4043076 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 2902 | 3050425 |
| 6.20%, 03/15/54 | &nbsp;&nbsp; 1689 | 1771715 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 1650 | 1667734 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 2810 | 2852681 |
| 5.88%, 01/09/55<sup>(b)</sup> | &nbsp;&nbsp; 940 | 928447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; $2560 | $2608324 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 1800 | 1837992 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 2590 | 2261430 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 3977 | 3737507 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 2195 | 2031269 |
| 4.50%, 03/25/52 | &nbsp;&nbsp; 2942 | 2288610 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 2564 | 2636359 |
| Holcim Finance U.S. LLC |  |  |
| 4.60%, 04/07/27<sup>(c)</sup> | &nbsp;&nbsp; 800 | 802996 |
| 4.70%, 04/07/28<sup>(c)</sup> | &nbsp;&nbsp; 800 | 805591 |
| 4.95%, 04/07/30<sup>(c)</sup> | &nbsp;&nbsp; 320 | 323931 |
| 5.40%, 04/07/35<sup>(c)</sup> | &nbsp;&nbsp; 400 | 399904 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 2812 | 2307720 |
| 4.63%, 07/02/44 | &nbsp;&nbsp; 2515 | 2134396 |
| 4.95%, 07/02/64<sup>(e)</sup> | &nbsp;&nbsp; 1977 | 1625014 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 1249 | 1315598 |
| Johnson Controls International PLC/Tyco Fire <br> & Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 3055 | 2638167 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 2395 | 2025807 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 2520 | 2488207 |
| 5.50%, 04/19/29 | &nbsp;&nbsp; 2905 | 3003879 |
| Lafarge SA, 7.13%, 07/15/36 | &nbsp;&nbsp; 1070 | 1201091 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 1803 | 1693121 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 2370 | 2433250 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 2260 | 1959687 |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 4900 | 3132046 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 2053 | 2011775 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 3604 | 3516571 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 3315 | 2631725 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 1380 | 1370660 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 1720 | 1601083 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 3516 | 3190284 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | &nbsp;&nbsp; 3547 | 3257958 |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 2094 | 1796936 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2600 | 2204353 |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 2021 | 1246598 |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 2328 | 2273312 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 2230 | 1768933 |
| Mohawk Industries Inc. |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 1700 | 1605783 |
| 5.85%, 09/18/28 | &nbsp;&nbsp; 1825 | 1891181 |
| Owens Corning |  |  |
| 3.40%, 08/15/26 | &nbsp;&nbsp; 3338 | 3290964 |
| 3.50%, 02/15/30 | &nbsp;&nbsp; 540 | 509379 |
| 3.88%, 06/01/30 | &nbsp;&nbsp; 2095 | 2003353 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 3713 | 3609055 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 3546 | 2796387 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 2324 | 1847557 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 1900 | 1936032 |
| 5.70%, 06/15/34 | &nbsp;&nbsp; 3580 | 3671890 |
| 5.95%, 06/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1095 | 1076933 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 1605 | 1790422 |
| Trane Technologies Financing Ltd. |  |  |
| 3.50%, 03/21/26 | &nbsp;&nbsp; — |  |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 3.80%, 03/21/29 | &nbsp;&nbsp; $4430 | $4341455 |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 1815 | 1487022 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 1493 | 1291361 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 2735 | 2744109 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 1175 | 1197715 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 3293 | 3236382 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 1698 | 1361041 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 2597 | 2596512 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 4165 | 3944147 |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 2660 | 2630828 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 3634 | 3001314 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 3138 | 2661056 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 2175 | 2195618 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 2990 | 3014165 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 2965 | 2838130 |
|  |  | 174280322 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 6887 | 6599808 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 4447 | 3978946 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 3731 | 2692324 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 5022 | 3161184 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 5555 | 5634724 |
| 4.75%, 02/08/31 | &nbsp;&nbsp; 3525 | 3575777 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 3565 | 3568671 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 4480 | 4461774 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | &nbsp;&nbsp; 3355 | 3274450 |
| 5.05%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 2440 | 2247085 |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 1830 | 1482524 |
| 5.65%, 06/01/52<sup>(b)</sup> | &nbsp;&nbsp; 2180 | 1759030 |
| Cabot Corp. |  |  |
| 4.00%, 07/01/29 | &nbsp;&nbsp; 1710 | 1653843 |
| 5.00%, 06/30/32 | &nbsp;&nbsp; 2415 | 2387439 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 4120 | 3513772 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 3656 | 3535092 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 3072 | 2760816 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 1921 | 1666787 |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 3521 | 2305210 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 2374 | 2119307 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 6076 | 4784682 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 3465 | 2768732 |
| 4.80%, 11/30/28 | &nbsp;&nbsp; 4317 | 4364109 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 3515 | 2795201 |
| 5.15%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1751322 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 4041 | 3590386 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 2125 | 2066522 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 4238 | 3782929 |
| 5.60%, 02/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1895 | 1675372 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 2125 | 1974090 |
| 6.30%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1105 | 1174392 |
| 6.90%, 05/15/53 | &nbsp;&nbsp; 2600 | 2720772 |
| 7.38%, 11/01/29 | &nbsp;&nbsp; 3771 | 4146406 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 2567 | 3273724 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 10787 | 10896213 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 4729 | 4841771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.42%, 11/15/48 | &nbsp;&nbsp; $8464 | $8263842 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 2046 | 2037032 |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 4353 | 3576756 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 2537 | 2164006 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 2695 | 2716219 |
| 5.63%, 02/20/34 | &nbsp;&nbsp; 2020 | 2011613 |
| 5.75%, 03/08/33 | &nbsp;&nbsp; 2195 | 2246623 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 3320 | 2784232 |
| 1.65%, 02/01/27 | &nbsp;&nbsp; 3477 | 3341097 |
| 2.13%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 3390 | 2886148 |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 2308 | 1235756 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 6232 | 6115617 |
| 2.70%, 12/15/51 | &nbsp;&nbsp; 5125 | 3074899 |
| 2.75%, 08/18/55 | &nbsp;&nbsp; 5679 | 3360492 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 2895 | 2842070 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 1000 | 793489 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 3438 | 3508885 |
| 5.25%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3540 | 3654461 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 805 | 803217 |
| EIDP Inc. |  |  |
| 2.30%, 07/15/30 | &nbsp;&nbsp; 3852 | 3475738 |
| 4.50%, 05/15/26 | &nbsp;&nbsp; 3300 | 3304829 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 1340 | 1315528 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 3188 | 3115285 |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 2866 | 2633359 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 2405 | 1727714 |
| 5.15%, 05/18/26 | &nbsp;&nbsp; 2745 | 2748923 |
| 5.65%, 05/18/33<sup>(b)</sup> | &nbsp;&nbsp; 2495 | 2409075 |
| 6.38%, 05/18/53 | &nbsp;&nbsp; 2370 | 2172842 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 | &nbsp;&nbsp; 2175 | 1791745 |
| 4.50%, 05/01/29 | &nbsp;&nbsp; 3715 | 3501592 |
| 5.70%, 10/15/34 | &nbsp;&nbsp; 1430 | 1288582 |
| International Flavors & Fragrances Inc. |  |  |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 2719 | 2057905 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 1725 | 1716076 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 3027 | 2520488 |
| Linde Inc./CT |  |  |
| 1.10%, 08/10/30 | &nbsp;&nbsp; 5412 | 4637130 |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 3075 | 1590132 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 2642 | 2062481 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | &nbsp;&nbsp; 2097 | 2350012 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 4410 | 3643629 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 2224 | 1934345 |
| LYB International Finance II BV, 3.50%, <br> 03/02/27<br>| &nbsp;&nbsp; 2320 | 2277629 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 3092 | 2697469 |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 4018 | 2884757 |
| 3.63%, 04/01/51 | &nbsp;&nbsp; 4826 | 3116883 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 3331 | 2073990 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 4218 | 3021674 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 4552 | 3269249 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 3405 | 3312803 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 3180 | 3192625 |
| LyondellBasell Industries NV, 4.63%, <br> 02/26/55<sup>(b)</sup><br>| &nbsp;&nbsp; 3827 | 2905546 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; $1160 | $1146502 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 1090 | 960003 |
| 5.38%, 11/15/28 | &nbsp;&nbsp; 1500 | 1534261 |
| 5.45%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1817 | 1815256 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 923 | 876291 |
| NewMarket Corp., 2.70%, 03/18/31 | &nbsp;&nbsp; 2181 | 1917307 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 2259 | 2085128 |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 2525 | 1848410 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 3114 | 3089976 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 2280 | 2040550 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 4685 | 4628300 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 1725 | 1729957 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 3287 | 3333938 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 2979 | 2653626 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 3034 | 2660600 |
| 5.20%, 06/21/27 | &nbsp;&nbsp; 2440 | 2477018 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 2575 | 2592636 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 2647 | 2411479 |
| 5.40%, 06/21/34<sup>(b)</sup> | &nbsp;&nbsp; 2150 | 2157640 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 1401 | 1374947 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 2380 | 2309034 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 2419 | 2474849 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 615 | 624108 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 2277 | 2072256 |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 2075 | 1934476 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 4811 | 4736276 |
| RPM International Inc. |  |  |
| 2.95%, 01/15/32 | &nbsp;&nbsp; 2000 | 1731611 |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 3040 | 2996035 |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 1426 | 1167198 |
| 4.55%, 03/01/29 | &nbsp;&nbsp; 2459 | 2441288 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 2120 | 1962667 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 2947 | 2485928 |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 2703 | 2417968 |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 2440 | 1455132 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 4677 | 4378171 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 2275 | 1503651 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 8495 | 8343164 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 2655 | 1910701 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 1420 | 1117686 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 5508 | 4568127 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 500 | 502602 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 1822 | 1507387 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 1580 | 1581563 |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; 1933 | 1270032 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 2680 | 1616209 |
| 3.38%, 06/15/30 | &nbsp;&nbsp; 2245 | 2100066 |
| 3.38%, 08/15/61 | &nbsp;&nbsp; 2504 | 1456911 |
| 3.60%, 08/15/26 | &nbsp;&nbsp; 4354 | 4298482 |
| 4.38%, 11/15/47 | &nbsp;&nbsp; 2275 | 1742307 |
| 5.00%, 08/15/46 | &nbsp;&nbsp; 3190 | 2713707 |
|  |  | 371905092 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| American University (The), Series 2019, <br> 3.67%, 04/01/49<br>| &nbsp;&nbsp; 2830 | 2096834 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; $7032 | $6064322 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 5560 | 5200055 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 3425 | 3330841 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2933 | 2726719 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 3163 | 2983917 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 2425 | 1591926 |
| California Endowment (The), Series 2021, <br> 2.50%, 04/01/51<br>| &nbsp;&nbsp; 3488 | 2047973 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; 1094 | 680021 |
| 4.32%, 08/01/45 | &nbsp;&nbsp; 1292 | 1107703 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 1769 | 1426204 |
| Case Western Reserve University, 5.41%, <br> 06/01/2122<br>| &nbsp;&nbsp; 1453 | 1333827 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 6147 | 6092711 |
| 4.00%, 05/01/32 | &nbsp;&nbsp; 2515 | 2404146 |
| 4.20%, 05/01/28 | &nbsp;&nbsp; 1675 | 1680614 |
| Claremont Mckenna College, 3.78%, <br> 01/01/2122<br>| &nbsp;&nbsp; 830 | 531397 |
| Cornell University, 4.84%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2070 | 2052482 |
| Duke University |  |  |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 2001 | 1417979 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 1628 | 1022881 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 2710 | 1676370 |
| Emory University |  |  |
| Series 2020, 2.14%, 09/01/30 | &nbsp;&nbsp; 358 | 319027 |
| Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 2063 | 1334320 |
| Equifax Inc. |  |  |
| 2.35%, 09/15/31 | &nbsp;&nbsp; 5005 | 4319276 |
| 3.10%, 05/15/30 | &nbsp;&nbsp; 3236 | 2987726 |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 3120 | 3132119 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 4260 | 4310224 |
| 5.10%, 06/01/28 | &nbsp;&nbsp; 3390 | 3445251 |
| Ford Foundation (The) |  |  |
| Series 2020, 2.42%, 06/01/50 | &nbsp;&nbsp; 2760 | 1600373 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 3122 | 1707668 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45 | &nbsp;&nbsp; 1735 | 1579107 |
| Series 2014, 4.30%, 09/15/44 | &nbsp;&nbsp; 1470 | 1241005 |
| Series 2018, 4.13%, 09/15/48 | &nbsp;&nbsp; 3631 | 2887334 |
| Georgetown University (The) |  |  |
| 5.12%, 04/01/53<sup>(b)</sup> | &nbsp;&nbsp; 160 | 148376 |
| Series 20A, 2.94%, 04/01/50 | &nbsp;&nbsp; 1744 | 1131804 |
| Series A, 5.22% | &nbsp;&nbsp; 1256 | 1125167 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 1793 | 1458691 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 4207 | 4031843 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 3909 | 3520699 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 3609 | 3130206 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 5832 | 5432141 |
| 4.15%, 08/15/49 | &nbsp;&nbsp; 3419 | 2438389 |
| 4.45%, 06/01/28 | &nbsp;&nbsp; 2540 | 2518736 |
| 4.95%, 08/15/27 | &nbsp;&nbsp; 2629 | 2640893 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 2620 | 2641211 |
| 5.40%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3385 | 3369624 |
| 5.95%, 08/15/52<sup>(b)</sup> | &nbsp;&nbsp; 3125 | 2860892 |
| GXO Logistics Inc. |  |  |
| 1.65%, 07/15/26 | &nbsp;&nbsp; 3969 | 3803227 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 2.65%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; $2852 | $2408308 |
| 6.25%, 05/06/29 | &nbsp;&nbsp; 2870 | 2916608 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 2510 | 2505479 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 978 | 861746 |
| Johns Hopkins University |  |  |
| 4.71%, 07/01/32 | &nbsp;&nbsp; 1450 | 1449428 |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 2283 | 1801281 |
| Series A, 2.81%, 01/01/60<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1015974 |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 1305643 |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 2355 | 1382329 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 3541 | 2712887 |
| 4.68%, 03/01/35 | &nbsp;&nbsp; 2100 | 2072809 |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; 2428 | 1617004 |
| 3.89%, 07/01/2116 | &nbsp;&nbsp; 708 | 482489 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 819 | 744136 |
| 4.68% | &nbsp;&nbsp; 2478 | 2044305 |
| 5.60% | &nbsp;&nbsp; 3070 | 3051929 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 2596 | 1721240 |
| Series G, 2.29%, 07/01/51<sup>(b)</sup> | &nbsp;&nbsp; 1824 | 1026213 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31 | &nbsp;&nbsp; 3652 | 3126179 |
| 2.75%, 08/19/41 | &nbsp;&nbsp; 2985 | 2054450 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 2345 | 1426780 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 3534 | 3452189 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 1443 | 954037 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 2100 | 1545176 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 3246 | 3231583 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 3110 | 3001463 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 1865 | 1620000 |
| 5.00%, 08/05/34 | &nbsp;&nbsp; 2425 | 2411049 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 2861 | 2673971 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<br>| &nbsp;&nbsp; 1541 | 1003026 |
| Northwestern University |  |  |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 1900 | 1760271 |
| 4.94%, 12/01/35 | &nbsp;&nbsp; 2175 | 2181504 |
| Series 2017, 3.66%, 12/01/57<sup>(b)</sup> | &nbsp;&nbsp; 1729 | 1250134 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 2684 | 1637218 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 5474 | 4944636 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 4726 | 4638912 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 6319 | 5935807 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 4527 | 3005295 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 1790 | 1781650 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 4865 | 4746523 |
| 4.45%, 03/06/28 | &nbsp;&nbsp; 500 | 505535 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 4500 | 4014876 |
| 5.10%, 04/01/35 | &nbsp;&nbsp; 1625 | 1616517 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 3940 | 3952486 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 2980 | 2662375 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 1310 | 1238977 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50 | &nbsp;&nbsp; 3164 | 1885644 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 2150 | 1522416 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 2006 | 1363494 |
| 3.75%, 11/15/52 | &nbsp;&nbsp; 1030 | 779832 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 895 | 870548 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 2286 | 1927050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 2.90%, 10/01/30 | &nbsp;&nbsp; $3635 | $3293363 |
| 3.05%, 10/01/41 | &nbsp;&nbsp; 2660 | 1842311 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 2050 | 2059846 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 2050 | 2019024 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 4619 | 4315681 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 6092 | 6022997 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 1680 | 1699462 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 1680 | 1670527 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 470 | 473551 |
| Rockefeller Foundation (The), Series 2020, <br> 2.49%, 10/01/50<br>| &nbsp;&nbsp; 5399 | 3186172 |
| Rollins Inc., 5.25%, 02/24/35<sup>(c)</sup> | &nbsp;&nbsp; 640 | 639184 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30 | &nbsp;&nbsp; 4398 | 3752111 |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 2885 | 1459305 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 5265 | 5117657 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 2847 | 2635512 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 5765 | 5441740 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 3921 | 3509475 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 4246 | 4165136 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 3203 | 2224953 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 4640 | 3463476 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 2189 | 1612796 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 4490 | 4476549 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 3850 | 3909638 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 2327 | 2382439 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 1469 | 1026490 |
| TR Finance LLC |  |  |
| 3.35%, 05/15/26 | &nbsp;&nbsp; 4448 | 4383365 |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 3042 | 3050235 |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 1826 | 1725058 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 2699 | 2757259 |
| Triton Container International Ltd./TAL <br> International Container Corp., 3.25%, <br> 03/15/32<br>| &nbsp;&nbsp; 2744 | 2289904 |
| Trustees of Boston College, 3.13%, 07/01/52 | &nbsp;&nbsp; 1803 | 1208848 |
| Trustees of Columbia University in the City of <br> New York (The), Series 2024, 4.36%, <br> 10/01/35<br>| &nbsp;&nbsp; 650 | 620621 |
| Trustees of Princeton University (The) |  |  |
| 4.20%, 03/01/52 | &nbsp;&nbsp; 1440 | 1203060 |
| 4.65%, 07/01/30 | &nbsp;&nbsp; 290 | 294175 |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 2490 | 2679383 |
| Series 2020, 2.52%, 07/01/50 | &nbsp;&nbsp; 3232 | 1979220 |
| Trustees of the University of Pennsylvania <br> (The)<br>|  |  |
| 3.61%, 02/15/2119 | &nbsp;&nbsp; 2318 | 1496322 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 390 | 322321 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 1863 | 1078789 |
| UL Solutions Inc., 6.50%, 10/20/28<sup>(c)</sup> | &nbsp;&nbsp; 1150 | 1209758 |
| University of Chicago (The) |  |  |
| 3.00%, 10/01/52 | &nbsp;&nbsp; 240 | 156073 |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 2064 | 1609791 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 1477 | 1122041 |
| Series C, 2.55%, 04/01/50<sup>(b)</sup> | &nbsp;&nbsp; 1696 | 1084050 |
| University of Miami, 4.06%, 04/01/52 | &nbsp;&nbsp; 2027 | 1571273 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 2400 | 1819262 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 2154 | 1583506 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| University of Southern California |  |  |
| 2.81%, 10/01/50<sup>(b)</sup> | &nbsp;&nbsp; $1360 | $855668 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 3714 | 2987854 |
| 4.98%, 10/01/53<sup>(b)</sup> | &nbsp;&nbsp; 1425 | 1313521 |
| 5.25%, 10/01/2111 | &nbsp;&nbsp; 1128 | 1037805 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 2173 | 1712927 |
| Series 21A, 2.95%, 10/01/51<sup>(b)</sup> | &nbsp;&nbsp; 2735 | 1747130 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 979 | 556227 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50 | &nbsp;&nbsp; 2571 | 1798790 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 4453 | 4389273 |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 2690 | 2708176 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 1500 | 1487222 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 1940 | 1857535 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 2870 | 2978851 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54 | &nbsp;&nbsp; 2816 | 2018427 |
| 4.35% | &nbsp;&nbsp; 1599 | 1206632 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 1415 | 1119419 |
| 3.77%, 05/15/55 | &nbsp;&nbsp; 1695 | 1272501 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | &nbsp;&nbsp; 1479 | 1304350 |
| Series 2020, 2.40%, 04/15/50 | &nbsp;&nbsp; 1868 | 1098448 |
|  |  | 369520127 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; 3950 | 3945617 |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 4155 | 4126358 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 4825 | 4772493 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 3075 | 2962813 |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp; 3521 | 3126260 |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 8557 | 7964582 |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 8092 | 7002065 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 9335 | 8632982 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 8673 | 7713640 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 7260 | 6339379 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 5748 | 4984233 |
| 2.05%, 09/11/26 | &nbsp;&nbsp; 4667 | 4553484 |
| 2.20%, 09/11/29 | &nbsp;&nbsp; 6955 | 6463773 |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 4920 | 3404315 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 4471 | 2620346 |
| 2.45%, 08/04/26 | &nbsp;&nbsp; 6631 | 6515421 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 11802 | 6731445 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 9991 | 6215021 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 10080 | 6221585 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 8874 | 5509056 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 6053 | 3578260 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 5245 | 3142625 |
| 2.90%, 09/12/27 | &nbsp;&nbsp; 9696 | 9499916 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 6553 | 4360842 |
| 3.00%, 06/20/27 | &nbsp;&nbsp; 2170 | 2132962 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 7637 | 7482984 |
| 3.20%, 05/11/27 | &nbsp;&nbsp; 9362 | 9250182 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 4500 | 4382040 |
| 3.35%, 02/09/27 | &nbsp;&nbsp; 5460 | 5413340 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 7395 | 6968789 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 8616 | 6616845 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 6049 | 4747792 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 6552 | 5109077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 3.85%, 05/04/43 | &nbsp;&nbsp; $12998 | $10775222 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 9419 | 7583798 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 8040 | 6384727 |
| 4.00%, 05/10/28 | &nbsp;&nbsp; 4160 | 4192251 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 5295 | 4183449 |
| 4.15%, 05/10/30 | &nbsp;&nbsp; 2950 | 2994741 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 4486 | 3817863 |
| 4.30%, 05/10/33<sup>(b)</sup> | &nbsp;&nbsp; 4855 | 4855640 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 8174 | 7189326 |
| 4.45%, 05/06/44 | &nbsp;&nbsp; 3672 | 3326108 |
| 4.50%, 02/23/36 | &nbsp;&nbsp; 7843 | 7775839 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 14959 | 13577713 |
| 4.85%, 05/10/53<sup>(b)</sup> | &nbsp;&nbsp; 4350 | 4092537 |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | &nbsp;&nbsp; 1377 | 1388650 |
| 5.95%, 04/15/35 | &nbsp;&nbsp; 1500 | 1492307 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26 | &nbsp;&nbsp; 2991 | 2869551 |
| 2.30%, 09/14/31 | &nbsp;&nbsp; 2883 | 2474383 |
| 4.95%, 03/14/30<sup>(c)</sup> | &nbsp;&nbsp; 1530 | 1537119 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 2005 | 2095278 |
| 7.10%, 04/15/28 | &nbsp;&nbsp; 3505 | 3735917 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 5015 | 3603038 |
| 3.45%, 12/15/51 | &nbsp;&nbsp; 4259 | 2813907 |
| 4.35%, 02/01/30 | &nbsp;&nbsp; 2540 | 2495249 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 1255 | 1264999 |
| 4.85%, 02/01/35 | &nbsp;&nbsp; 3835 | 3614327 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 8994 | 9031707 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 1700 | 1710253 |
| 5.25%, 02/01/28 | &nbsp;&nbsp; 2330 | 2378839 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 7165 | 7311329 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 3200 | 3207562 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 3900 | 3895365 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 3790 | 3717196 |
| 5.75%, 02/01/33 | &nbsp;&nbsp; 2940 | 3043183 |
| 6.02%, 06/15/26 | &nbsp;&nbsp; 5593 | 5658515 |
| 6.10%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 3354842 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 3043 | 3222830 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 4562 | 5368294 |
| 8.35%, 07/15/46 | &nbsp;&nbsp; 2035 | 2473137 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 3505 | 3364369 |
| 2.38%, 09/15/28 | &nbsp;&nbsp; 3717 | 3405274 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 3689 | 3217243 |
| Genpact Luxembourg SARL/Genpact <br> USA Inc., 6.00%, 06/04/29<br>| &nbsp;&nbsp; 1770 | 1832296 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 6210 | 6206077 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 6770 | 6768338 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 6990 | 6928397 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 4230 | 4181838 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 5290 | 5106974 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 3285 | 3354136 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 5060 | 4666383 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 4235 | 4395524 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 7432 | 7365217 |
| HP Inc. |  |  |
| 1.45%, 06/17/26 | &nbsp;&nbsp; 1201 | 1157893 |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 5325 | 4613050 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 3.00%, 06/17/27 | &nbsp;&nbsp; $4914 | $4756377 |
| 3.40%, 06/17/30 | &nbsp;&nbsp; 80 | 73933 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 5240 | 5082224 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 3120 | 2916579 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 4455 | 4471616 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 1250 | 1261943 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 5175 | 5149747 |
| 6.00%, 09/15/41 | &nbsp;&nbsp; 5647 | 5507676 |
| 6.10%, 04/25/35 | &nbsp;&nbsp; 1250 | 1263973 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 3005 | 3021379 |
| 4.60%, 02/05/29 | &nbsp;&nbsp; 4500 | 4523448 |
| 4.75%, 02/05/31 | &nbsp;&nbsp; 3405 | 3419297 |
| 4.90%, 02/05/34 | &nbsp;&nbsp; 4580 | 4500832 |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 3150 | 2968777 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 6580 | 6032633 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27 | &nbsp;&nbsp; 5934 | 5649311 |
| 1.95%, 05/15/30 | &nbsp;&nbsp; 6590 | 5824391 |
| 2.20%, 02/09/27 | &nbsp;&nbsp; 3725 | 3595912 |
| 2.72%, 02/09/32 | &nbsp;&nbsp; 2285 | 2010221 |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 2578 | 1856913 |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 3069 | 1915390 |
| 3.30%, 05/15/26 | &nbsp;&nbsp; 11544 | 11420112 |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 2968 | 2921544 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 4470 | 3018116 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 12875 | 12460622 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 3901 | 3180789 |
| 4.15%, 07/27/27 | &nbsp;&nbsp; 4288 | 4282058 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 9274 | 8049878 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 11945 | 9512180 |
| 4.40%, 07/27/32 | &nbsp;&nbsp; 3725 | 3617507 |
| 4.50%, 02/06/28 | &nbsp;&nbsp; 4550 | 4590379 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 3000 | 3035963 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 3474 | 3011089 |
| 4.75%, 02/06/33 | &nbsp;&nbsp; 3667 | 3637287 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 3000 | 2619086 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 3095 | 2779336 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 3630 | 3673276 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 2904 | 3101614 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 2762 | 2883407 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 1830 | 1936001 |
| 7.13%, 12/01/96 | &nbsp;&nbsp; 1529 | 1819016 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 3000 | 3036159 |
| Series .., 5.00%, 02/10/32 | &nbsp;&nbsp; 3000 | 3031548 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 3010 | 3015438 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 3000 | 2908305 |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; 3710 | 3575391 |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 2942 | 2749543 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 3740 | 3284808 |
| 4.10%, 10/15/41 | &nbsp;&nbsp; 2595 | 1956532 |
| 6.35%, 02/20/34<sup>(b)</sup> | &nbsp;&nbsp; 1175 | 1212003 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 4138 | 3573783 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 1553 | 1509973 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 180 | 184446 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27 | &nbsp;&nbsp; 2421 | 2308523 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 2719 | 2446394 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 2150 | 2172098 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 5.70%, 03/17/35 | &nbsp;&nbsp; $1990 | $1999669 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 2341 | 2086036 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 2009 | 1833389 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 2713 | 2313685 |
|  |  | 626110077 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | &nbsp;&nbsp; 1750 | 1723795 |
| 3.25%, 08/15/32 | &nbsp;&nbsp; 2860 | 2648576 |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 2075 | 1607427 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 3218 | 2660712 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 2060 | 2069567 |
| 4.60%, 03/01/28 | &nbsp;&nbsp; 1374 | 1405946 |
| 4.60%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 1744 | 1763437 |
| Conopco Inc., Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 1607 | 1680299 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31 | &nbsp;&nbsp; 2985 | 2551032 |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 3613 | 3291074 |
| 2.60%, 04/15/30 | &nbsp;&nbsp; 3764 | 3430502 |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 3217 | 2001547 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 3672 | 3591653 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 2255 | 1737902 |
| 4.38%, 05/15/28 | &nbsp;&nbsp; 4375 | 4384638 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 1968 | 1562804 |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 2080 | 2009969 |
| 5.00%, 02/14/34<sup>(b)</sup> | &nbsp;&nbsp; 2145 | 2099697 |
| 5.15%, 05/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2915 | 2657326 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 1542 | 1645346 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | &nbsp;&nbsp; 9395 | 9247988 |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 6160 | 5925270 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 6850 | 6356121 |
| 4.00%, 03/24/52 | &nbsp;&nbsp; 5200 | 3960541 |
| Kenvue Inc. |  |  |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 6110 | 6185794 |
| 5.00%, 03/22/30 | &nbsp;&nbsp; 4950 | 5105717 |
| 5.05%, 03/22/28 | &nbsp;&nbsp; 3945 | 4059121 |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 6730 | 6232970 |
| 5.10%, 03/22/43 | &nbsp;&nbsp; 3480 | 3321663 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 3080 | 2842828 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30 | &nbsp;&nbsp; 5715 | 4901071 |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 2440 | 2364072 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 3292 | 2912645 |
| 2.30%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 4330 | 3860355 |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 1811 | 1774239 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 4432 | 4345176 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 5131 | 5017828 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 8140 | 7771158 |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 2415 | 1833941 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 2795 | 2366042 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 2592 | 1955164 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 4035 | 4069323 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 3150 | 3158580 |
| 4.05%, 01/26/33 | &nbsp;&nbsp; 3770 | 3696153 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 2725 | 2750512 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 3280 | 3334030 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 3380 | 3371063 |
| 4.55%, 10/24/34 | &nbsp;&nbsp; 2295 | 2281403 |
| 4.60%, 05/01/35 | &nbsp;&nbsp; 3150 | 3145327 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 5.55%, 03/05/37 | &nbsp;&nbsp; $2350 | $2499727 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 1860 | 2013730 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30 | &nbsp;&nbsp; 3291 | 2828283 |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 4335 | 3721991 |
| 2.00%, 07/28/26 | &nbsp;&nbsp; 5752 | 5619124 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 5460 | 5031048 |
| 2.90%, 05/05/27 | &nbsp;&nbsp; 7750 | 7591012 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 6374 | 6289881 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 2350 | 2361696 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 2680 | 2647325 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 2440 | 2506417 |
| 5.00%, 12/08/33 | &nbsp;&nbsp; 2841 | 2902666 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 5375 | 5838728 |
| Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 2830 | 1715235 |
|  |  | 218236207 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 250 | 255393 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 315 | 325051 |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 2581 | 1996142 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 2500 | 2037123 |
| 4.45%, 09/15/34 | &nbsp;&nbsp; 2125 | 2061760 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 4425 | 3878799 |
|  |  | 10554268 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 13748 | 13298727 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 15923 | 15032427 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 16964 | 14987330 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 7297 | 6272353 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 5765 | 5630793 |
| 3.85%, 10/29/41<sup>(b)</sup> | &nbsp;&nbsp; 4788 | 3709267 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 3907 | 3823306 |
| 4.45%, 04/03/26 | &nbsp;&nbsp; — |  |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 3796 | 3787306 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 4530 | 4491396 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 2570 | 2582139 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 5415 | 5180511 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 3505 | 3538705 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 3745 | 3689803 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 3190 | 3195437 |
| 5.75%, 06/06/28<sup>(b)</sup> | &nbsp;&nbsp; 4820 | 4961514 |
| 6.10%, 01/15/27 | &nbsp;&nbsp; 4000 | 4084785 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 3635 | 3836096 |
| 6.45%, 04/15/27 | &nbsp;&nbsp; 2560 | 2639807 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(a)</sup> | &nbsp;&nbsp; 3180 | 3188218 |
| Affiliated Managers Group Inc. |  |  |
| 3.30%, 06/15/30 | &nbsp;&nbsp; 2581 | 2398444 |
| 5.50%, 08/20/34 | &nbsp;&nbsp; 1530 | 1491777 |
| Air Lease Corp. |  |  |
| 1.88%, 08/15/26 | &nbsp;&nbsp; 4083 | 3938400 |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 2310 | 2127842 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 2645 | 2542416 |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 4523 | 3927552 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 2906 | 2675810 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 2518 | 2288375 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 2221 | 2086271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.63%, 04/01/27 | &nbsp;&nbsp; $4028 | $3968976 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 2504 | 2444346 |
| 3.75%, 06/01/26 | &nbsp;&nbsp; 5798 | 5734690 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 2354 | 2353626 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 2000 | 2027132 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 1590 | 1598624 |
| 5.30%, 06/25/26 | &nbsp;&nbsp; 2565 | 2580558 |
| 5.30%, 02/01/28 | &nbsp;&nbsp; 3480 | 3540528 |
| 5.85%, 12/15/27 | &nbsp;&nbsp; 1770 | 1823103 |
| Aircastle Ltd., 4.25%, 06/15/26 | &nbsp;&nbsp; 4067 | 4028328 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28 | &nbsp;&nbsp; 4270 | 3871842 |
| 4.75%, 06/09/27 | &nbsp;&nbsp; 3725 | 3706766 |
| 5.54%, 01/17/31, (1-day SOFR Index + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 950 | 941625 |
| 6.18%, 07/26/35, (1-day SOFR + <br> 2.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2930 | 2883732 |
| 6.85%, 01/03/30, (1-day SOFR + <br> 2.282%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3160 | 3279601 |
| 6.99%, 06/13/29, (1-day SOFR + <br> 3.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2545 | 2644451 |
| 7.10%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3355 | 3515175 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 11225 | 12416695 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 5314 | 5110865 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 9465 | 9181671 |
| 3.13%, 05/20/26 | &nbsp;&nbsp; 5690 | 5627778 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 8435 | 8293493 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 5295 | 5264532 |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 6525 | 5441191 |
| 4.42%, 08/03/33, (1-day SOFR + <br> 1.760%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5406 | 5220388 |
| 4.73%, 04/25/29, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6575 | 6634870 |
| 4.99%, 05/26/33, (1-day SOFR + <br> 2.255%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3135 | 3063479 |
| 5.02%, 04/25/31, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6575 | 6680640 |
| 5.04%, 07/26/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3695 | 3744839 |
| 5.04%, 05/01/34, (1-day SOFR + <br> 1.835%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7265 | 7250242 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3775 | 3843164 |
| 5.10%, 02/16/28, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4565 | 4621887 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6240 | 6397399 |
| 5.28%, 07/26/35, (1-day SOFR + <br> 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6530 | 6506073 |
| 5.39%, 07/28/27, (1-day SOFR + <br> 0.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3625 | 3662828 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3905 | 3934802 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5975 | 6179118 |
| 5.63%, 07/28/34, (1-day SOFR + <br> 1.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1060 | 1066666 |
| 5.67%, 04/25/36, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4650 | 4764215 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 7625 | 7922947 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.92%, 04/25/35, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; $2010 | $2061323 |
| 6.49%, 10/30/31, (1-day SOFR + <br> 1.940%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4380 | 4744601 |
| American Express Credit Corp., 3.30%, <br> 05/03/27<br>| &nbsp;&nbsp; 2662 | 2616947 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 3343 | 3286115 |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 2905 | 2845198 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 2765 | 2795300 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 2125 | 2127304 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 3050 | 3194070 |
| Andrew W Mellon Foundation (The), Series <br> 2020, 0.95%, 08/01/27<br>| &nbsp;&nbsp; 3490 | 3262134 |
| Apollo Global Management Inc. |  |  |
| 5.80%, 05/21/54 | &nbsp;&nbsp; 1820 | 1739773 |
| 6.00%, 12/15/54, (5-year CMT + 2.168%)<sup>(a)</sup> | &nbsp;&nbsp; 2240 | 2101345 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 2014 | 2176400 |
| Ares Management Corp. |  |  |
| 5.60%, 10/11/54 | &nbsp;&nbsp; 1925 | 1758023 |
| 6.38%, 11/10/28 | &nbsp;&nbsp; 600 | 633636 |
| BGC Group Inc. |  |  |
| 6.15%, 04/02/30<sup>(c)</sup> | &nbsp;&nbsp; 1075 | 1073840 |
| 6.60%, 06/10/29 | &nbsp;&nbsp; 1540 | 1576055 |
| 8.00%, 05/25/28 | &nbsp;&nbsp; 1715 | 1816657 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 2780 | 2427053 |
| 4.13%, 10/07/51 | &nbsp;&nbsp; 560 | 378188 |
| 4.38%, 02/15/32 | &nbsp;&nbsp; 1570 | 1446587 |
| 6.25%, 04/18/34 | &nbsp;&nbsp; 4090 | 4131032 |
| Brookfield Asset Management Ltd., 5.80%, <br> 04/24/35<br>| &nbsp;&nbsp; 1635 | 1661295 |
| Brookfield Capital Finance LLC, 6.09%, <br> 06/14/33<br>| &nbsp;&nbsp; 1870 | 1942105 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 4850 | 4038035 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31 | &nbsp;&nbsp; 2885 | 2561789 |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 2946 | 1942563 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 2197 | 1470338 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 6451 | 6345127 |
| 4.25%, 06/02/26 | &nbsp;&nbsp; 3159 | 3146773 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 4614 | 4505300 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 4466 | 3659662 |
| 4.85%, 03/29/29<sup>(b)</sup> | &nbsp;&nbsp; 5102 | 5125463 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 2160 | 2179556 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 2275 | 2209592 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 2965 | 3131166 |
| Brookfield Finance LLC/Brookfield <br> Finance Inc., 3.45%, 04/15/50<br>| &nbsp;&nbsp; 3250 | 2125960 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + <br> 0.855%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5735 | 5501290 |
| 2.36%, 07/29/32, (1-day SOFR + <br> 1.337%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4623 | 3805989 |
| 2.62%, 11/02/32, (1-day SOFR + <br> 1.265%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2750 | 2344328 |
| 3.27%, 03/01/30, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3955 | 3725833 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 4557 | 4484035 |
| 3.75%, 07/28/26 | &nbsp;&nbsp; 6712 | 6632097 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.75%, 03/09/27 | &nbsp;&nbsp; $5989 | $5914429 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 6115 | 5997009 |
| 4.93%, 05/10/28, (1-day SOFR + <br> 2.057%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6840 | 6874253 |
| 5.25%, 07/26/30, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4125 | 4163372 |
| 5.27%, 05/10/33, (1-day SOFR + <br> 2.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5040 | 4955591 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 2535 | 2576054 |
| 5.47%, 02/01/29, (1-day SOFR + <br> 2.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4252 | 4333312 |
| 5.70%, 02/01/30, (1-day SOFR + <br> 1.905%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3915 | 4011318 |
| 5.82%, 02/01/34, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5630 | 5679304 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 4505 | 4560125 |
| 6.05%, 02/01/35, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4570 | 4670544 |
| 6.18%, 01/30/36, (1-day SOFR + <br> 2.036%)<sup>(a)</sup><br>| &nbsp;&nbsp; 50 | 49272 |
| 6.31%, 06/08/29, (1-day SOFR + <br> 2.640%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7110 | 7409323 |
| 6.38%, 06/08/34, (1-day SOFR + <br> 2.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7715 | 8056063 |
| 7.15%, 10/29/27, (1-day SOFR + <br> 2.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3490 | 3611206 |
| 7.62%, 10/30/31, (1-day SOFR + <br> 3.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4935 | 5498445 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 3550 | 3037546 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 1670 | 1498046 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 4459 | 4421490 |
| Charles Schwab Corp. (The) |  |  |
| 1.15%, 05/13/26 | &nbsp;&nbsp; 6043 | 5848023 |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 3654 | 3095834 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 3866 | 3248507 |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 4792 | 4511338 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 3538 | 3115276 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 5820 | 5644732 |
| 2.75%, 10/01/29 | &nbsp;&nbsp; 3249 | 3037526 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 4508 | 3969362 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 4297 | 4221157 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 4593 | 4476349 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 3295 | 3156016 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 4665 | 4587462 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 3578 | 3547938 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 3048 | 3087035 |
| 5.64%, 05/19/29, (1-day SOFR + <br> 2.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2460 | 2550004 |
| 5.85%, 05/19/34, (1-day SOFR + <br> 2.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5220 | 5451989 |
| 5.88%, 08/24/26 | &nbsp;&nbsp; 4313 | 4396927 |
| 6.14%, 08/24/34, (1-day SOFR + <br> 2.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4885 | 5188053 |
| 6.20%, 11/17/29, (1-day SOFR + <br> 1.878%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4560 | 4839189 |
| CI Financial Corp. |  |  |
| 3.20%, 12/17/30 | &nbsp;&nbsp; 4663 | 4069498 |
| 4.10%, 06/15/51 | &nbsp;&nbsp; 750 | 513403 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 3911 | 3478294 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.75%, 06/15/28 | &nbsp;&nbsp; $6303 | $6261392 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 3538 | 2926580 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 1625 | 1639263 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 3409 | 3386075 |
| Credit Suisse USA LLC, 7.13%, 07/15/32 | &nbsp;&nbsp; 2591 | 2923457 |
| Discover Financial Services |  |  |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 4650 | 4608648 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 3115 | 3337119 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4095 | 4696383 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 3389 | 3329015 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 2570 | 2631625 |
| Franklin Resources Inc. |  |  |
| 1.60%, 10/30/30 | &nbsp;&nbsp; 3927 | 3358093 |
| 2.95%, 08/12/51 | &nbsp;&nbsp; 1780 | 1078363 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 6498 | 5322167 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 6287 | 5624472 |
| 2.65%, 09/15/40 | &nbsp;&nbsp; 4558 | 3266528 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 6652 | 4286287 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 4830 | 2895850 |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 4655 | 4538876 |
| 3.63%, 09/01/28 | &nbsp;&nbsp; 940 | 921068 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 3727 | 3663122 |
| 4.00%, 09/15/27 | &nbsp;&nbsp; 6285 | 6254835 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 6150 | 4972195 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 7190 | 7206499 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 6440 | 6348848 |
| 4.95%, 06/15/52 | &nbsp;&nbsp; 5482 | 4882813 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 4515 | 4072964 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 3080 | 3190654 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 1899 | 1750982 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 1105 | 1055031 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 4575 | 3859151 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 4185 | 3427284 |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 4470 | 4306130 |
| 4.85%, 01/15/27 | &nbsp;&nbsp; 4438 | 4464674 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 4895 | 5025878 |
| 6.20%, 04/14/34 | &nbsp;&nbsp; 4670 | 4731883 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 3003 | 3051875 |
| 6.45%, 06/08/27 | &nbsp;&nbsp; 2336 | 2415067 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 2009 | 1985772 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27 | &nbsp;&nbsp; 2736 | 2676421 |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 3537 | 3466656 |
| 4.50%, 09/19/28 | &nbsp;&nbsp; 2148 | 2122743 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 1905 | 1958270 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 2798 | 2686934 |
| LPL Holdings Inc. |  |  |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 525 | 527418 |
| 5.15%, 06/15/30 | &nbsp;&nbsp; 525 | 526810 |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 3520 | 3552295 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 2200 | 2174969 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 2285 | 2330332 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 545 | 541985 |
| 6.00%, 05/20/34 | &nbsp;&nbsp; 2160 | 2198608 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 1705 | 1812537 |
| Marex Group PLC, 6.40%, 11/04/29 | &nbsp;&nbsp; 2150 | 2196063 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Mastercard Inc. |  |  |
| 1.90%, 03/15/31 | &nbsp;&nbsp; $4290 | $3771292 |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 4330 | 3735008 |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 3901 | 3841862 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 5439 | 5205874 |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 3260 | 2133797 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 6050 | 5985858 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 7700 | 7414490 |
| 3.50%, 02/26/28 | &nbsp;&nbsp; 3255 | 3219163 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 4526 | 3419043 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 2702 | 2140887 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 6639 | 5189892 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 2436 | 1946485 |
| 4.10%, 01/15/28 | &nbsp;&nbsp; 1960 | 1970634 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 3315 | 3284173 |
| 4.55%, 03/15/28 | &nbsp;&nbsp; 1685 | 1710615 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 3010 | 2939115 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 4251 | 4287240 |
| 4.88%, 03/09/28 | &nbsp;&nbsp; 4935 | 5056578 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 4190 | 4215349 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 2735 | 2790415 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 4206 | 3597342 |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 3860 | 2631633 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 4558 | 3015061 |
| 3.85%, 06/30/26 | &nbsp;&nbsp; 5861 | 5835996 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 1347 | 996542 |
| 5.35%, 06/28/28<sup>(b)</sup> | &nbsp;&nbsp; 5751 | 5906517 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 5203 | 5339304 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 1659 | 1666643 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 2069 | 2066633 |
| Nomura Holdings Inc. |  |  |
| 1.65%, 07/14/26 | &nbsp;&nbsp; 6095 | 5886592 |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 5422 | 5017536 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 6398 | 6154293 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 4505 | 3906468 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 4760 | 4252345 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 3310 | 3072643 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 3445 | 2989825 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 5225 | 4831931 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 2385 | 2419022 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 3045 | 3102482 |
| 5.61%, 07/06/29 | &nbsp;&nbsp; 2680 | 2750572 |
| 5.78%, 07/03/34<sup>(b)</sup> | &nbsp;&nbsp; 4135 | 4203181 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 3495 | 3595839 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 3210 | 3339065 |
| 6.09%, 07/12/33<sup>(b)</sup> | &nbsp;&nbsp; 2727 | 2856253 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 2220 | 2324557 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 3225 | 2814122 |
| 3.70%, 07/18/27 | &nbsp;&nbsp; 3253 | 3203984 |
| 4.00%, 04/13/32 | &nbsp;&nbsp; 2613 | 2439223 |
| 4.65%, 09/10/29 | &nbsp;&nbsp; 1450 | 1451380 |
| 5.00%, 09/13/27<sup>(b)</sup> | &nbsp;&nbsp; 1913 | 1938850 |
| 5.20%, 09/13/32 | &nbsp;&nbsp; 2320 | 2337278 |
| 5.40%, 02/25/35 | &nbsp;&nbsp; 2125 | 2126041 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 3100 | 3087064 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 2760 | 2852136 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 3495 | 2480967 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 4.65%, 04/01/30 | &nbsp;&nbsp; $3832 | $3858541 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 3509 | 3101164 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 2477 | 2361261 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 3891 | 3293277 |
| 3.70%, 08/04/26 | &nbsp;&nbsp; 2177 | 2127585 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 4552 | 4427126 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 3017 | 2983965 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2770 | 2805993 |
| TPG Operating Group II LP, 5.88%, 03/05/34 | &nbsp;&nbsp; 2655 | 2678948 |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; 3079 | 2876947 |
| 1.10%, 02/15/31 | &nbsp;&nbsp; 5712 | 4843862 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 7446 | 7183267 |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 7793 | 4222268 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 7656 | 6938621 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 4759 | 3578775 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 4124 | 4019126 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 3774 | 2889316 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 8674 | 8256183 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 15079 | 12963908 |
| Voya Financial Inc. |  |  |
| 3.65%, 06/15/26 | &nbsp;&nbsp; 3012 | 2982026 |
| 4.70%, 01/23/48<sup>(a)</sup> | &nbsp;&nbsp; 1469 | 1345524 |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 2039 | 1731433 |
| 5.00%, 09/20/34 | &nbsp;&nbsp; 1770 | 1691269 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 2343 | 2232048 |
| Western Union Co. (The) |  |  |
| 2.75%, 03/15/31 | &nbsp;&nbsp; 2270 | 1961219 |
| 6.20%, 11/17/36<sup>(b)</sup> | &nbsp;&nbsp; 2647 | 2659898 |
|  |  | 1072489782 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 1865 | 1224753 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 1511 | 1048550 |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 2262 | 2219606 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 2410 | 2336836 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 2290 | 1995940 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 1960 | 1962242 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 1820 | 1865530 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 1710 | 1721642 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 1556 | 1163837 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 2257 | 1518166 |
| Series I, 2.10%, 07/01/30 | &nbsp;&nbsp; 3105 | 2718863 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | &nbsp;&nbsp; 2718 | 2666480 |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 739 | 488360 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 2525 | 1874787 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 1876 | 1364260 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 1740 | 1365866 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 1772 | 1413310 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 1940 | 1599322 |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 1635 | 1632611 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 2610 | 2456923 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 2660 | 1932216 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 1884 | 1119236 |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 6060 | 5190609 |
| 5.45%, 06/01/28 | &nbsp;&nbsp; 4370 | 4437271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; $3090 | $1953855 |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 1020 | 919720 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 2845 | 1859384 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 2858 | 1999468 |
| 3.75%, 09/01/27 | &nbsp;&nbsp; 2310 | 2298599 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 3358 | 2586633 |
| 3.85%, 12/01/42 | &nbsp;&nbsp; 1487 | 1179878 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 2740 | 2588451 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 2040 | 1665823 |
| 4.30%, 01/02/46 | &nbsp;&nbsp; 1802 | 1496251 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 1305 | 1309784 |
| 5.85%, 11/15/33 | &nbsp;&nbsp; 1455 | 1543748 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 754 | 804950 |
| 6.13%, 05/15/38 | &nbsp;&nbsp; 1075 | 1157991 |
| Series 20-A, 1.45%, 09/15/30 | &nbsp;&nbsp; 3214 | 2755936 |
| Series A, 4.30%, 07/15/48 | &nbsp;&nbsp; 2396 | 1968892 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 2626 | 1958352 |
| Algonquin Power & Utilities Corp., 5.37%, <br> 06/15/26<sup>(e)</sup><br>| &nbsp;&nbsp; 1110 | 1117383 |
| Ameren Corp. |  |  |
| 1.75%, 03/15/28 | &nbsp;&nbsp; 2311 | 2142896 |
| 1.95%, 03/15/27 | &nbsp;&nbsp; 3075 | 2943595 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 3555 | 3330352 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 3309 | 3355129 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 1500 | 1498734 |
| 5.70%, 12/01/26 | &nbsp;&nbsp; 3570 | 3633214 |
| Ameren Illinois Co. |  |  |
| 1.55%, 11/15/30 | &nbsp;&nbsp; 1767 | 1524164 |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 1789 | 1109849 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 1572 | 1059172 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 2491 | 1854636 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 2382 | 2365375 |
| 3.85%, 09/01/32 | &nbsp;&nbsp; 2215 | 2069556 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 2406 | 1958653 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 2409 | 2031260 |
| 4.95%, 06/01/33 | &nbsp;&nbsp; 2180 | 2181401 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 2835 | 2766906 |
| 5.63%, 03/01/55 | &nbsp;&nbsp; 1510 | 1482536 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 1775 | 1819967 |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 2531 | 2265554 |
| 3.20%, 11/13/27<sup>(b)</sup> | &nbsp;&nbsp; 2993 | 2914874 |
| 3.25%, 03/01/50 | &nbsp;&nbsp; 1597 | 1017177 |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(a)</sup> | &nbsp;&nbsp; 3330 | 3137440 |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 5045 | 5150356 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 3101 | 3179049 |
| 5.75%, 11/01/27 | &nbsp;&nbsp; 2990 | 3083072 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 2214 | 2313201 |
| 6.95%, 12/15/54, (5-year CMT + 2.675%)<sup>(a)</sup> | &nbsp;&nbsp; 2450 | 2476030 |
| 7.05%, 12/15/54, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 1022272 |
| Series J, 4.30%, 12/01/28 | &nbsp;&nbsp; 3335 | 3310538 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 1544 | 1241227 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 1778 | 1423168 |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 2625 | 2516845 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 1790 | 1817228 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 1865 | 2075747 |
| Series AA, 2.70%, 04/01/31 | &nbsp;&nbsp; 1452 | 1291284 |
| Series X, 3.30%, 06/01/27 | &nbsp;&nbsp; 2179 | 2130395 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 1950 | 1551627 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; $2270 | $1574397 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 1980 | 1675143 |
| 2.60%, 08/15/29 | &nbsp;&nbsp; 2505 | 2311957 |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 2051 | 1184353 |
| 2.95%, 09/15/27 | &nbsp;&nbsp; 2124 | 2053785 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 2672 | 1787028 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 1763 | 1183896 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 1786 | 1323718 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 1523 | 1169646 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 1855 | 1424197 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 2332 | 1875791 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 2215 | 1866858 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 1695 | 1551028 |
| 5.55%, 08/01/33 | &nbsp;&nbsp; 2065 | 2086407 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 2010 | 2038235 |
| 6.35%, 12/15/32 | &nbsp;&nbsp; 1765 | 1876841 |
| Atlantic City Electric Co. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 1849 | 1623287 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 1967 | 1955074 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 4318 | 4180363 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 2985 | 2158072 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 2320 | 1873914 |
| Baltimore Gas & Electric Co. |  |  |
| 2.25%, 06/15/31 | &nbsp;&nbsp; 3055 | 2685606 |
| 2.40%, 08/15/26 | &nbsp;&nbsp; 2033 | 1985703 |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 1725 | 1070628 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 1950 | 1293660 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 2480 | 1782457 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 1659 | 1227406 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 1594 | 1272688 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 2352 | 1950031 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 1495 | 1516442 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 2825 | 2635288 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 1680 | 1639309 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 1280 | 1382364 |
| Berkshire Hathaway Energy Co. |  |  |
| 1.65%, 05/15/31 | &nbsp;&nbsp; 2711 | 2287091 |
| 2.85%, 05/15/51 | &nbsp;&nbsp; 6845 | 4071857 |
| 3.25%, 04/15/28 | &nbsp;&nbsp; 3477 | 3395748 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 5030 | 4860088 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 3421 | 2489090 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 3687 | 2857740 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 4576 | 3694085 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 3004 | 2536638 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 4475 | 3656080 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 3318 | 3089897 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 2448 | 2570225 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 6588 | 6947343 |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; 1697 | 1509058 |
| 3.05%, 10/15/29 | &nbsp;&nbsp; 2722 | 2529925 |
| 3.15%, 01/15/27 | &nbsp;&nbsp; 2954 | 2874332 |
| 3.88%, 10/15/49 | &nbsp;&nbsp; 2514 | 1802591 |
| 4.20%, 09/15/46 | &nbsp;&nbsp; 970 | 765695 |
| 4.35%, 05/01/33 | &nbsp;&nbsp; 1515 | 1422826 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 3040 | 3157087 |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 1960 | 2022955 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 1365 | 1421373 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; $2115 | $1625990 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 1500 | 1065154 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 2638 | 2033374 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 2703 | 2328962 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 2125 | 2160457 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 2165 | 2161677 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 1265 | 1256151 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 1140 | 1144389 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 2365 | 2438450 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 510 | 474109 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 1980 | 1941461 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 2447 | 1956373 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 2570 | 1616222 |
| Series AE, 2.35%, 04/01/31 | &nbsp;&nbsp; 1775 | 1558358 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 2110 | 1455384 |
| Series AG, 3.00%, 03/01/32 | &nbsp;&nbsp; 1235 | 1102249 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 2825 | 2739394 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 2210 | 1938989 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 645 | 721879 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 2278 | 2222316 |
| CenterPoint Energy Inc. |  |  |
| 1.45%, 06/01/26 | &nbsp;&nbsp; 2790 | 2699407 |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 1630 | 1437229 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 3278 | 3031869 |
| 3.70%, 09/01/49 | &nbsp;&nbsp; 2680 | 1897855 |
| 5.25%, 08/10/26 | &nbsp;&nbsp; 1650 | 1664695 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 2815 | 2896955 |
| 6.70%, 05/15/55, (5-year CMT + 2.586%)<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1085417 |
| Series A, 7.00%, 02/15/55, (5-year CMT + <br> 3.254%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2290 | 2341165 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1340 | 1340085 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | &nbsp;&nbsp; 691 | 681993 |
| 4.97%, 05/01/46 | &nbsp;&nbsp; 1909 | 1556096 |
| Cleveland Electric Illuminating Co. (The), <br> 5.95%, 12/15/36<br>| &nbsp;&nbsp; 1279 | 1317851 |
| CMS Energy Corp. |  |  |
| 3.00%, 05/15/26 | &nbsp;&nbsp; 1429 | 1404188 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 2498 | 2448168 |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 1650 | 1427572 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(a)</sup> | &nbsp;&nbsp; 2830 | 2653585 |
| 4.88%, 03/01/44 | &nbsp;&nbsp; 1495 | 1320208 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 68362 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 1955 | 1765736 |
| 2.55%, 06/15/26 | &nbsp;&nbsp; 2660 | 2618805 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 2630 | 1669654 |
| 3.15%, 03/15/32 | &nbsp;&nbsp; 1155 | 1038463 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 3334 | 2465101 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 3875 | 3820215 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 1780 | 1347556 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 1074 | 850053 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 3670 | 2835217 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 1981 | 1516205 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 2111 | 1736876 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 1335 | 1156824 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 1575 | 1382271 |
| 4.90%, 02/01/33 | &nbsp;&nbsp; 1165 | 1161757 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 1135 | 1156480 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.30%, 02/01/53 | &nbsp;&nbsp; $2050 | $1903899 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 1235 | 1203579 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 2064 | 2169996 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 2082 | 2284637 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 3067 | 2988625 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 3090 | 2290898 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 1648 | 1087006 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 3150 | 2040071 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 2130 | 1261331 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 1870 | 1384597 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 3451 | 2686965 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 2460 | 2042655 |
| 4.65%, 01/01/29 | &nbsp;&nbsp; 1535 | 1551343 |
| 4.90%, 07/01/33 | &nbsp;&nbsp; 1315 | 1302285 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 2020 | 2062556 |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 1345 | 1326789 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 2450 | 2282093 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 2030 | 1757798 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 2988 | 2939931 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 755 | 615385 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 3725 | 3321471 |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 1830 | 1182317 |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 3698 | 2453701 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 3043 | 2078449 |
| 3.80%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3191 | 3153653 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 3369 | 2580474 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 2901 | 2313173 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 3928 | 3335846 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 3367 | 2842293 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 3214 | 2554866 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 2977 | 2452673 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 2070 | 2102667 |
| 5.38%, 05/15/34 | &nbsp;&nbsp; 1700 | 1738726 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 2901 | 3001429 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 1997 | 2027435 |
| 5.70%, 05/15/54 | &nbsp;&nbsp; 2850 | 2805631 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 3280 | 3301182 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 3520 | 3658986 |
| Series 05-A, 5.30%, 03/01/35 | &nbsp;&nbsp; 1140 | 1157882 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 2737 | 2869914 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 1012 | 1089361 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 1503 | 1622139 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 2043 | 2304440 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 2851 | 2841948 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 2023 | 1685864 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 3067 | 2334026 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 3604 | 3444120 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 4874 | 3732426 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 3297 | 2560331 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 1313 | 1279642 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 2428 | 1409293 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 1505 | 1075129 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 2359 | 1824502 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 3057 | 3039685 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 2914 | 2467108 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28 | &nbsp;&nbsp; 3675 | 3790441 |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 3893 | 3715916 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 3121 | 3038566 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.75%, 03/15/54 | &nbsp;&nbsp; $3935 | $3721467 |
| 5.80%, 03/01/33 | &nbsp;&nbsp; 2700 | 2795815 |
| 6.13%, 01/15/34 | &nbsp;&nbsp; 2200 | 2312294 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 2452 | 2550377 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 3805 | 3932134 |
| Consumers Energy Co. |  |  |
| 2.50%, 05/01/60 | &nbsp;&nbsp; 2245 | 1215645 |
| 2.65%, 08/15/52 | &nbsp;&nbsp; 1357 | 801381 |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 2755 | 1826592 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 2328 | 1658984 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 2786 | 1975947 |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 1490 | 1371974 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 1861 | 1393553 |
| 3.80%, 11/15/28 | &nbsp;&nbsp; 906 | 895368 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 1581 | 1275928 |
| 3.95%, 07/15/47 | &nbsp;&nbsp; 1743 | 1363630 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 2622 | 2068479 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 2360 | 1887287 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 2551 | 2118676 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 2295 | 2307990 |
| 4.60%, 05/30/29 | &nbsp;&nbsp; 3450 | 3485635 |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 4965 | 4851840 |
| 4.65%, 03/01/28 | &nbsp;&nbsp; 2795 | 2833592 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 1345 | 1363658 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 2960 | 3020182 |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 850 | 852326 |
| Dayton Power & Light Co. (The), 3.95%, <br> 06/15/49<br>| &nbsp;&nbsp; 2900 | 2131185 |
| Delmarva Power & Light Co., 4.15%, 05/15/45 | &nbsp;&nbsp; 1799 | 1454275 |
| Dominion Energy Inc. |  |  |
| 4.25%, 06/01/28 | &nbsp;&nbsp; 2952 | 2942924 |
| 4.35%, 08/15/32 | &nbsp;&nbsp; 1640 | 1549250 |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 2110 | 1769063 |
| 4.85%, 08/15/52 | &nbsp;&nbsp; 2755 | 2297242 |
| 5.00%, 06/15/30 | &nbsp;&nbsp; 2150 | 2172424 |
| 5.38%, 11/15/32 | &nbsp;&nbsp; 3870 | 3914682 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 2350 | 2341171 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(a)</sup> | &nbsp;&nbsp; 660 | 651492 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 975 | 1087548 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 1805 | 1452824 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(a)</sup><br>| &nbsp;&nbsp; 340 | 350197 |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; 2300 | 1659559 |
| Series B, 3.60%, 03/15/27 | &nbsp;&nbsp; 1925 | 1894178 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 2307 | 2386045 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4050 | 4222858 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 3003 | 2573830 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 6529 | 6139553 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 1475 | 1162488 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 2360 | 2075137 |
| Series D, 2.85%, 08/15/26 | &nbsp;&nbsp; 2248 | 2199978 |
| Series E, 6.30%, 03/15/33 | &nbsp;&nbsp; 1495 | 1577270 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 2235 | 2217895 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 1915 | 1673409 |
| 5.10%, 06/01/65 | &nbsp;&nbsp; 2170 | 1879875 |
| 5.30%, 05/15/33 | &nbsp;&nbsp; 1535 | 1561490 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 1235 | 1194240 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 2195 | 2310616 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 2020 | 2143355 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.63%, 02/01/32 | &nbsp;&nbsp; $625 | $683239 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 985 | 996717 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 2330 | 2029899 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 2767 | 2513017 |
| 2.95%, 03/01/50 | &nbsp;&nbsp; 2502 | 1605862 |
| 3.70%, 03/15/45 | &nbsp;&nbsp; 2560 | 1961860 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 1500 | 1133367 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 2307 | 1734650 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 3004 | 2332333 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 1706 | 1422481 |
| 4.85%, 12/01/26 | &nbsp;&nbsp; 2360 | 2392808 |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 2655 | 2693406 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 2215 | 2243019 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 2665 | 2572720 |
| Series A, 1.90%, 04/01/28 | &nbsp;&nbsp; 3545 | 3334926 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 2365 | 2118889 |
| Series A, 4.00%, 04/01/43 | &nbsp;&nbsp; 1697 | 1371447 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 2456 | 1953476 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 2326 | 1565714 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 1835 | 1324993 |
| Series C, 2.63%, 03/01/31 | &nbsp;&nbsp; 2500 | 2262269 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 4125 | 4037127 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 1653 | 1522161 |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 4195 | 4236250 |
| 4.95%, 07/01/27 | &nbsp;&nbsp; 4285 | 4329396 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 5570 | 5651393 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 4250 | 4326564 |
| 5.85%, 06/01/34 | &nbsp;&nbsp; 3665 | 3781709 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 2435 | 2319829 |
| Duke Energy Carolinas LLC |  |  |
| 2.45%, 08/15/29 | &nbsp;&nbsp; 2484 | 2296760 |
| 2.45%, 02/01/30 | &nbsp;&nbsp; 2415 | 2215305 |
| 2.55%, 04/15/31 | &nbsp;&nbsp; 2738 | 2450840 |
| 2.85%, 03/15/32 | &nbsp;&nbsp; 2510 | 2224306 |
| 2.95%, 12/01/26 | &nbsp;&nbsp; 2897 | 2845746 |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 3105 | 2066542 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 2585 | 1794000 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 2520 | 1764443 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 2317 | 1705815 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 2404 | 1829338 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 2840 | 2200474 |
| 3.95%, 11/15/28 | &nbsp;&nbsp; 3761 | 3730842 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 2225 | 1696585 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 1854 | 1502844 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 1789 | 1516932 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 1075 | 1096938 |
| 4.85%, 01/15/34 | &nbsp;&nbsp; 2595 | 2566779 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 4250 | 4273376 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 1825 | 1853775 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 3535 | 3491772 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 2155 | 2029758 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; 4119 | 3925522 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 1442 | 1518956 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 1955 | 2061754 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 2320 | 2446721 |
| 6.45%, 10/15/32 | &nbsp;&nbsp; 1660 | 1810889 |
| Series A, 6.00%, 12/01/28 | &nbsp;&nbsp; 1804 | 1900240 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 3470 | 3117099 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 2.55%, 06/15/31 | &nbsp;&nbsp; $3285 | $2884170 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 4784 | 4672191 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 3983 | 3878549 |
| 3.25%, 01/15/82, (5-year CMT + 2.321%)<sup>(a)</sup> | &nbsp;&nbsp; 2487 | 2340142 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 3758 | 2733253 |
| 3.40%, 06/15/29 | &nbsp;&nbsp; 2687 | 2569540 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 3670 | 2441096 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 6557 | 4729566 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 2420 | 1771945 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 2840 | 2157851 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 4460 | 4458308 |
| 4.50%, 08/15/32 | &nbsp;&nbsp; 5160 | 4988666 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 3044 | 2577857 |
| 4.85%, 01/05/27 | &nbsp;&nbsp; 2175 | 2194319 |
| 4.85%, 01/05/29 | &nbsp;&nbsp; 2265 | 2294420 |
| 5.00%, 12/08/27 | &nbsp;&nbsp; 2810 | 2852880 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 4545 | 3890126 |
| 5.45%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2980 | 3028611 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 2970 | 3092167 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 2900 | 2791137 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 3165 | 3159571 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(a)</sup> | &nbsp;&nbsp; 600 | 601167 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/30 | &nbsp;&nbsp; 2690 | 2358651 |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 3425 | 3003861 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 3313 | 3064515 |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 2122 | 1330859 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 4772 | 4707798 |
| 3.40%, 10/01/46 | &nbsp;&nbsp; 3213 | 2270083 |
| 3.80%, 07/15/28 | &nbsp;&nbsp; 2740 | 2705817 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 2111 | 1662545 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 2115 | 1679999 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 1856 | 1872529 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 2325 | 2460732 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 2195 | 2224331 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 2580 | 2709652 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 1811 | 1987135 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 4615 | 5017010 |
| Duke Energy Florida Project Finance LLC |  |  |
| Series 2032, 2.86%, 03/01/33 | &nbsp;&nbsp; 705 | 633427 |
| Series 2035, 3.11%, 09/01/38<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 982960 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 3120 | 1879422 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 1734 | 1299952 |
| 5.25%, 03/01/34 | &nbsp;&nbsp; 1530 | 1554049 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 2210 | 2064043 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 1169 | 1236897 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 1453 | 1579599 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 2073 | 2256383 |
| Series WWW, 4.90%, 07/15/43 | &nbsp;&nbsp; 1519 | 1373865 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 2740 | 1817635 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; 2128 | 1902769 |
| 3.65%, 02/01/29 | &nbsp;&nbsp; 2311 | 2261688 |
| 3.70%, 06/15/46 | &nbsp;&nbsp; 1922 | 1416643 |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 2057 | 1627668 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 2050 | 2083399 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 1750 | 1668395 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 1565 | 1511394 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 3325 | 2862619 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 2.50%, 08/15/50 | &nbsp;&nbsp; $3335 | $1908623 |
| 2.90%, 08/15/51 | &nbsp;&nbsp; 2229 | 1373932 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 2480 | 2269025 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 3132 | 3038420 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 2756 | 1994566 |
| 3.70%, 09/01/28 | &nbsp;&nbsp; 3131 | 3082981 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 2604 | 1938436 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 1440 | 1088533 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 1100 | 906823 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 1819 | 1481198 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 2699 | 2190306 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 1604 | 1308383 |
| 4.35%, 03/06/27<sup>(b)</sup> | &nbsp;&nbsp; 630 | 634746 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 2217 | 1873587 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 1875 | 1868198 |
| 5.10%, 03/15/34 | &nbsp;&nbsp; 2700 | 2709830 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 2005 | 2044544 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 2435 | 2275326 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 1875 | 1814386 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 1620 | 1740759 |
| Edison International |  |  |
| 4.13%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3025 | 2921117 |
| 5.25%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2525 | 2503564 |
| 5.25%, 03/15/32 | &nbsp;&nbsp; 1260 | 1203923 |
| 5.45%, 06/15/29 | &nbsp;&nbsp; 2400 | 2373512 |
| 5.75%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3428 | 3448805 |
| 6.25%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 260 | 263337 |
| 6.95%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2635 | 2745277 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44 | &nbsp;&nbsp; 1291 | 1117597 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 729 | 751110 |
| Emera U.S. Finance LP |  |  |
| 2.64%, 06/15/31 | &nbsp;&nbsp; 2590 | 2251668 |
| 3.55%, 06/15/26 | &nbsp;&nbsp; 4350 | 4281201 |
| 4.75%, 06/15/46 | &nbsp;&nbsp; 5881 | 4735530 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 3468 | 3427606 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 4172 | 4151721 |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51 | &nbsp;&nbsp; 3043 | 1770634 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 2040 | 1353849 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 1530 | 1523045 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 2694 | 2126024 |
| 5.15%, 01/15/33 | &nbsp;&nbsp; 2015 | 2041442 |
| 5.30%, 09/15/33 | &nbsp;&nbsp; 1465 | 1493955 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 1325 | 1362035 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 1475 | 1451025 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 2700 | 2512226 |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 2990 | 2589073 |
| 2.80%, 06/15/30 | &nbsp;&nbsp; 2712 | 2465564 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 3962 | 3881825 |
| 3.75%, 06/15/50 | &nbsp;&nbsp; 2844 | 1972436 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1410148 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1533 | 1311540 |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 1540 | 1310431 |
| 2.40%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 2661 | 2597392 |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 3120 | 1927091 |
| 3.05%, 06/01/31 | &nbsp;&nbsp; 1605 | 1475863 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 831 | 601693 |
| 3.12%, 09/01/27 | &nbsp;&nbsp; 2315 | 2257693 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.25%, 04/01/28 | &nbsp;&nbsp; $3029 | $2948339 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 3262 | 3044593 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 4101 | 3227739 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 2631 | 2058719 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 2230 | 1908814 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 2440 | 2129426 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 3460 | 3469491 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 1910 | 1938076 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 3285 | 3200293 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 1675 | 1649708 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28 | &nbsp;&nbsp; 3113 | 2984320 |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 1115 | 766208 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 2244 | 1645281 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 1270 | 1260536 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 1500 | 1473527 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 1760 | 1742130 |
| Entergy Texas Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 2655 | 2268715 |
| 3.55%, 09/30/49 | &nbsp;&nbsp; 2515 | 1751105 |
| 4.00%, 03/30/29 | &nbsp;&nbsp; 1612 | 1596419 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 895 | 799976 |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 1860 | 1626325 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 2125 | 2128043 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 1805 | 1707538 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 1530 | 1499429 |
| Evergy Inc. |  |  |
| 2.90%, 09/15/29 | &nbsp;&nbsp; 5002 | 4668379 |
| 6.65%, 06/01/55, (5-year CMT + 2.558%)<sup>(a)</sup> | &nbsp;&nbsp; 850 | 826693 |
| Evergy Kansas Central Inc. |  |  |
| 2.55%, 07/01/26 | &nbsp;&nbsp; 1980 | 1946382 |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 2335 | 2292118 |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 2268 | 1500672 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 2075 | 1415604 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 2240 | 1825396 |
| 4.13%, 03/01/42 | &nbsp;&nbsp; 2572 | 2126925 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 1349 | 1087937 |
| 4.70%, 03/13/28 | &nbsp;&nbsp; 370 | 374082 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 900 | 907480 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 1355 | 1322377 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1368 | 1436473 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 2185 | 1728070 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 1504 | 1181859 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 1310 | 1294383 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 2011 | 1922988 |
| 5.40%, 04/01/34 | &nbsp;&nbsp; 1415 | 1436786 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 1833 | 1418484 |
| Series 2020, 2.25%, 06/01/30 | &nbsp;&nbsp; 2563 | 2296039 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 1680 | 1476935 |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 1280 | 1243883 |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 2926 | 2621286 |
| 3.45%, 01/15/50 | &nbsp;&nbsp; 3125 | 2114152 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 4033 | 4042392 |
| 4.75%, 05/15/26 | &nbsp;&nbsp; 2010 | 2011528 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 2245 | 2262205 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 3250 | 3204262 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 5850 | 5994430 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 2840 | 2844849 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 3125 | 3269855 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.95%, 02/01/29 | &nbsp;&nbsp; $4240 | $4419839 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 3075 | 3180345 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 1896 | 1834414 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 3086 | 3046083 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 2681 | 2291201 |
| Series U, 1.40%, 08/15/26 | &nbsp;&nbsp; 1790 | 1719849 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 3316 | 3223729 |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 1265 | 1145544 |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 5675 | 5533805 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 3055 | 2299449 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 2953 | 2388775 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 3047 | 2504018 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 1734 | 1657266 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 2785 | 2490361 |
| 5.13%, 03/15/31 | &nbsp;&nbsp; 2125 | 2159991 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 3890 | 3969892 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; 1845 | 1887045 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 3765 | 3812938 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 3020 | 3064410 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 4635 | 4353624 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 2579 | 2609739 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 2135 | 2080886 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(a)</sup> | &nbsp;&nbsp; 410 | 407254 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; 4355 | 3952777 |
| Series B, 2.25%, 09/01/30 | &nbsp;&nbsp; 1180 | 1031962 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; 3190 | 3154003 |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; 2570 | 1699857 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 1810 | 1509841 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | &nbsp;&nbsp; 1395 | 1381904 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 1285 | 1267197 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 6193 | 5405549 |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 5202 | 3274761 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 3209 | 2141185 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 3517 | 2657458 |
| 3.80%, 12/15/42 | &nbsp;&nbsp; 2026 | 1612835 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 4752 | 3734146 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 2705 | 2122951 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 2780 | 2322636 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 2448 | 1999824 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 2883 | 2418816 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 2391 | 1927801 |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 3025 | 3049828 |
| 4.45%, 05/15/26 | &nbsp;&nbsp; 1925 | 1927889 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 3210 | 3253828 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 3055 | 3039858 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 1074 | 1072044 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 260 | 260674 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; 5040 | 5172692 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 3720 | 3771715 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 3975 | 4117833 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 1929 | 1873601 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 4490 | 4608719 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 3375 | 3206161 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 3830 | 3804347 |
| 5.63%, 04/01/34 | &nbsp;&nbsp; 2065 | 2163934 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 1645 | 1704604 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 2418 | 2486266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.70%, 03/15/55 | &nbsp;&nbsp; $2670 | $2678517 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 995 | 1007521 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 2253 | 2397520 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 1440 | 1517912 |
| Series A, 3.30%, 05/30/27 | &nbsp;&nbsp; 3956 | 3889975 |
| Fortis Inc./Canada, 3.06%, 10/04/26 | &nbsp;&nbsp; 6075 | 5943832 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | &nbsp;&nbsp; 3140 | 3084481 |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 4728 | 4012654 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 1857 | 1551622 |
| 4.55%, 03/15/30 | &nbsp;&nbsp; 3165 | 3182157 |
| 4.65%, 05/16/28 | &nbsp;&nbsp; 4400 | 4449584 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 1990 | 1974965 |
| 4.85%, 03/15/31 | &nbsp;&nbsp; 2550 | 2590966 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 4790 | 4777182 |
| 5.00%, 02/23/27 | &nbsp;&nbsp; 1645 | 1670518 |
| 5.13%, 05/15/52<sup>(b)</sup> | &nbsp;&nbsp; 3670 | 3376261 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 2550 | 2568994 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 3580 | 3616661 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 2434 | 2219774 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 3490 | 2323896 |
| Series B, 2.65%, 09/15/29 | &nbsp;&nbsp; 3557 | 3315739 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; 2483 | 1829270 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 1732 | 1944987 |
| Idaho Power Co. |  |  |
| 5.20%, 08/15/34 | &nbsp;&nbsp; 1560 | 1574049 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 1520 | 1429395 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 1695 | 1639867 |
| 5.80%, 04/01/54 | &nbsp;&nbsp; 940 | 926389 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 2291 | 1837458 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 2280 | 1484899 |
| 3.85%, 05/15/28 | &nbsp;&nbsp; 2109 | 2074696 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 1835 | 1449398 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 1930 | 1865233 |
| 6.05%, 03/15/37 | &nbsp;&nbsp; 655 | 691812 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 1893 | 1585627 |
| Series L, 3.75%, 07/01/47 | &nbsp;&nbsp; 1408 | 1033337 |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 1342 | 1198665 |
| 3.10%, 11/30/51 | &nbsp;&nbsp; 1745 | 1101737 |
| 3.50%, 09/30/49 | &nbsp;&nbsp; 1669 | 1155914 |
| 3.60%, 04/01/29 | &nbsp;&nbsp; 2517 | 2439979 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 2533 | 1878958 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 3776 | 3740700 |
| 5.70%, 10/15/33 | &nbsp;&nbsp; 1470 | 1511234 |
| 6.25%, 07/15/39 | &nbsp;&nbsp; 1040 | 1101621 |
| Interstate Power and Light Co. |  |  |
| 4.95%, 09/30/34 | &nbsp;&nbsp; 875 | 852868 |
| 5.45%, 09/30/54 | &nbsp;&nbsp; 1315 | 1235452 |
| IPALCO Enterprises Inc. |  |  |
| 4.25%, 05/01/30 | &nbsp;&nbsp; 2775 | 2646263 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 1875 | 1865207 |
| ITC Holdings Corp. |  |  |
| 3.25%, 06/30/26 | &nbsp;&nbsp; 3140 | 3091937 |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 1945 | 1890038 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 1826 | 1673020 |
| Jersey Central Power & Light Co., 5.10%, <br> 01/15/35<sup>(c)</sup><br>| &nbsp;&nbsp; 850 | 838793 |
| John Sevier Combined Cycle Generation LLC, <br> 4.63%, 01/15/42<br>| &nbsp;&nbsp; 471 | 447494 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Johnsonville Aeroderivative Combustion <br> Turbine Generation LLC, 5.08%, 10/01/54<br>| &nbsp;&nbsp; $318 | $305762 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 2550 | 1703961 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 2466 | 2035530 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 3454 | 3276076 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 1790 | 1832508 |
| Louisville Gas & Electric Co. |  |  |
| 4.25%, 04/01/49 | &nbsp;&nbsp; 1595 | 1249159 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 1900 | 1943025 |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52 | &nbsp;&nbsp; 3020 | 1793542 |
| 3.10%, 05/01/27 | &nbsp;&nbsp; 3660 | 3593599 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 3522 | 2345269 |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 5730 | 5617293 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 3603 | 2677709 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 2898 | 2239414 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 1715 | 1406788 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 4319 | 3468255 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 2202 | 1859290 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 1902 | 1723697 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 1730 | 1616076 |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 2025 | 2080713 |
| 5.75%, 11/01/35 | &nbsp;&nbsp; 900 | 948435 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 1744 | 1836246 |
| 5.85%, 09/15/54 | &nbsp;&nbsp; 2145 | 2171405 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 1645 | 1852208 |
| Mississippi Power Co. |  |  |
| 3.95%, 03/30/28 | &nbsp;&nbsp; 2205 | 2183429 |
| Series 12-A, 4.25%, 03/15/42 | &nbsp;&nbsp; 2011 | 1675330 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 1428 | 918186 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 2890 | 2923544 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 870 | 896986 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 2197 | 2276947 |
| National Grid USA, 5.80%, 04/01/35 | &nbsp;&nbsp; 1347 | 1351725 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 1.00%, 06/15/26 | &nbsp;&nbsp; 3262 | 3148369 |
| 1.35%, 03/15/31 | &nbsp;&nbsp; 2029 | 1684599 |
| 1.65%, 06/15/31 | &nbsp;&nbsp; 1855 | 1561326 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 2595 | 2361150 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 2270 | 1973502 |
| 3.05%, 04/25/27 | &nbsp;&nbsp; 2671 | 2610455 |
| 3.40%, 02/07/28 | &nbsp;&nbsp; 3440 | 3364467 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 1700 | 1655929 |
| 3.90%, 11/01/28 | &nbsp;&nbsp; 2143 | 2109138 |
| 4.02%, 11/01/32 | &nbsp;&nbsp; 2019 | 1901341 |
| 4.12%, 09/16/27 | &nbsp;&nbsp; 1980 | 1979074 |
| 4.15%, 12/15/32 | &nbsp;&nbsp; 1905 | 1800532 |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 2169 | 1763141 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 2280 | 1864246 |
| 4.75%, 02/07/28 | &nbsp;&nbsp; 555 | 563289 |
| 4.80%, 02/05/27 | &nbsp;&nbsp; 2070 | 2095236 |
| 4.80%, 03/15/28 | &nbsp;&nbsp; 3760 | 3824805 |
| 4.85%, 02/07/29 | &nbsp;&nbsp; 1980 | 2009661 |
| 4.95%, 02/07/30 | &nbsp;&nbsp; 865 | 881887 |
| 5.00%, 02/07/31 | &nbsp;&nbsp; 2165 | 2214176 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 1715 | 1706288 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 2034 | 2080738 |
| 5.10%, 05/06/27 | &nbsp;&nbsp; 2275 | 2312492 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.15%, 06/15/29 | &nbsp;&nbsp; $2400 | $2462664 |
| 5.60%, 11/13/26 | &nbsp;&nbsp; 2325 | 2369981 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 2890 | 3023198 |
| 7.13%, 09/15/53, (5-year CMT + 3.533%)<sup>(a)</sup> | &nbsp;&nbsp; 2090 | 2151787 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 1958 | 2288452 |
| Nevada Power Co. |  |  |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 1155 | 1142221 |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 2375 | 2398009 |
| Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 2789 | 2730263 |
| Series DD, 2.40%, 05/01/30 | &nbsp;&nbsp; 1850 | 1676030 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 1725 | 1098604 |
| Series N, 6.65%, 04/01/36 | &nbsp;&nbsp; 1765 | 1930000 |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; 1475 | 1639274 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27 | &nbsp;&nbsp; 5915 | 5669050 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 5650 | 5244013 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 7603 | 6778007 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 4868 | 4161250 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 5085 | 4713610 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 2395 | 1456787 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 2832 | 2723869 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 8022 | 7897873 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(a)</sup> | &nbsp;&nbsp; 1880 | 1766396 |
| 4.63%, 07/15/27 | &nbsp;&nbsp; 7050 | 7092389 |
| 4.80%, 12/01/77<sup>(a)</sup> | &nbsp;&nbsp; 2633 | 2484487 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 2505 | 2543993 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 6315 | 6406123 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 4255 | 4306873 |
| 5.00%, 02/28/30 | &nbsp;&nbsp; 3575 | 3645822 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 4637 | 4632851 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 5335 | 5418851 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 4750 | 4725831 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 4970 | 4953227 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 5050 | 4525184 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 2645 | 2701036 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 3350 | 3377053 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 3520 | 3288077 |
| 5.65%, 05/01/79<sup>(a)</sup> | &nbsp;&nbsp; 1116 | 1080518 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 2855 | 2779960 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(a)</sup> | &nbsp;&nbsp; 990 | 1002839 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(a)</sup> | &nbsp;&nbsp; 1710 | 1733369 |
| Series ., 6.50%, 08/15/55, (5-year CMT + <br> 1.979%)<sup>(a)</sup><br>| &nbsp;&nbsp; 220 | 221616 |
| Northern States Power Co./MN |  |  |
| 2.25%, 04/01/31 | &nbsp;&nbsp; 2530 | 2247403 |
| 2.60%, 06/01/51 | &nbsp;&nbsp; 1809 | 1073028 |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 2994 | 1915103 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 2120 | 1413726 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 1638 | 1229956 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 1341 | 997351 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 2433 | 1788606 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 1657 | 1328219 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 1840 | 1503683 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 1900 | 1586674 |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 3150 | 3157532 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 2760 | 2523461 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 840 | 840126 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 2845 | 2712201 |
| 5.65%, 05/15/55 | &nbsp;&nbsp; 1250 | 1240002 |
| 6.20%, 07/01/37 | &nbsp;&nbsp; 1453 | 1592000 |
| 6.25%, 06/01/36 | &nbsp;&nbsp; 1180 | 1299679 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Northern States Power Co./WI, 5.65%, <br> 06/15/54<br>| &nbsp;&nbsp; $1365 | $1353383 |
| NorthWestern Corp., 4.18%, 11/15/44 | &nbsp;&nbsp; 485 | 391915 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31 | &nbsp;&nbsp; 936 | 799378 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 1875 | 1225193 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 2751 | 2699599 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 2822 | 2699167 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 2627 | 2553699 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 1665 | 1396980 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 2165 | 1796492 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 1920 | 1946056 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 670 | 597211 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 1700 | 1700064 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 2400 | 2445589 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 985 | 985421 |
| NYSEG Storm Funding LLC, Series A-2, <br> 4.87%, 05/01/32<br>| &nbsp;&nbsp; 2000 | 2013825 |
| OGE Energy Corp., 5.45%, 05/15/29 | &nbsp;&nbsp; 2060 | 2122230 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 2260 | 1583148 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 2810 | 2265977 |
| 5.05%, 10/01/48 | &nbsp;&nbsp; 2480 | 2152344 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 1617 | 1416249 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 2260 | 2167007 |
| 5.80%, 06/01/54<sup>(c)</sup> | &nbsp;&nbsp; 1260 | 1210202 |
| 5.90%, 02/01/55<sup>(c)</sup> | &nbsp;&nbsp; 1245 | 1215305 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 1501 | 1539445 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 2005 | 2019707 |
| Ohio Edison Co., 6.88%, 07/15/36 | &nbsp;&nbsp; 1370 | 1536713 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 2087 | 1550959 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 1782 | 1370735 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 1285 | 1266058 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 2015 | 2044649 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; 1978 | 1797950 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 2431 | 2038632 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 2140 | 1288882 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30 | &nbsp;&nbsp; 2041 | 1924276 |
| 3.30%, 03/15/30 | &nbsp;&nbsp; 1806 | 1709140 |
| 3.80%, 08/15/28 | &nbsp;&nbsp; 2017 | 1990586 |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 1769 | 1332799 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 2575 | 2017195 |
| 5.40%, 01/15/33 | &nbsp;&nbsp; 2025 | 2063687 |
| 5.60%, 04/01/53 | &nbsp;&nbsp; 3680 | 3544908 |
| Oklahoma Gas and Electric Co., 5.80%, <br> 04/01/55<br>| &nbsp;&nbsp; 875 | 862205 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 2520 | 1456805 |
| 2.75%, 05/15/30 | &nbsp;&nbsp; 3457 | 3184773 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 3360 | 2170830 |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 4258 | 4183253 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 1956 | 1394028 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 2616 | 1989935 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 1717 | 1283466 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 2428 | 1790195 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 2025 | 1582407 |
| 4.15%, 06/01/32 | &nbsp;&nbsp; 2010 | 1917058 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 640 | 642196 |
| 4.50%, 03/20/27<sup>(c)</sup> | &nbsp;&nbsp; 2200 | 2213122 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.55%, 09/15/32 | &nbsp;&nbsp; $3010 | $2933349 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 1961 | 1709307 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 1570 | 1300239 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 2585 | 2609169 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 3870 | 3412427 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 2207 | 2136477 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 1608 | 1533789 |
| 5.35%, 04/01/35<sup>(c)</sup> | &nbsp;&nbsp; 1680 | 1702366 |
| 5.35%, 10/01/52 | &nbsp;&nbsp; 1190 | 1107331 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 3385 | 3233115 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 3220 | 3347688 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 1639 | 1716218 |
| 5.80%, 04/01/55<sup>(c)</sup> | &nbsp;&nbsp; 2150 | 2126295 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 1559 | 1738631 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 2227 | 2526993 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 724 | 862792 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 4725 | 4450898 |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 9028 | 7796437 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 3785 | 3584113 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 3995 | 3569948 |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 2408 | 2347929 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 5197 | 5008092 |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 4257 | 3070981 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 8460 | 5408662 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 4474 | 4333521 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 1813 | 1304511 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 3883 | 2737447 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 2739 | 1955676 |
| 4.20%, 03/01/29 | &nbsp;&nbsp; 2265 | 2199501 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 1827 | 1419584 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 2317 | 1739681 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 2909 | 2206773 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 2185 | 2032372 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 2016 | 1588776 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 8218 | 6823497 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 12724 | 12380529 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 1387 | 1105309 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; 1928 | 1917764 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 2990 | 2443860 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 13212 | 10722198 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 2490 | 2076289 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 2359 | 2388577 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 3895 | 3956838 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 2125 | 2093831 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 4305 | 4290499 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 2905 | 2945441 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 2775 | 2530341 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 2680 | 2771207 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 3625 | 3699898 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 2135 | 2006445 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 4535 | 4692960 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 2765 | 2784107 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 6765 | 6830004 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 3720 | 3994805 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 1975 | 1776812 |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 5030 | 2955515 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 2859 | 1843067 |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 2095 | 2014064 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 1663 | 1318701 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.13%, 01/15/49 | &nbsp;&nbsp; $2925 | $2209455 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 2677 | 2011366 |
| 5.10%, 02/15/29 | &nbsp;&nbsp; 2905 | 2962872 |
| 5.25%, 06/15/35 | &nbsp;&nbsp; 974 | 970289 |
| 5.30%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3020 | 3097928 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 4940 | 4404345 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 4390 | 4428291 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 3780 | 3439497 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 1752 | 1763019 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 5790 | 5498338 |
| 6.00%, 01/15/39 | &nbsp;&nbsp; 2778 | 2822365 |
| 6.10%, 08/01/36 | &nbsp;&nbsp; 1565 | 1626102 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 2691 | 2828265 |
| 6.35%, 07/15/38 | &nbsp;&nbsp; 1390 | 1456979 |
| 7.70%, 11/15/31 | &nbsp;&nbsp; 1145 | 1322201 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 800 | 492380 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 1700 | 1049118 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 1845 | 1199459 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 1270 | 813409 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 1741 | 1297762 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 2957 | 2273066 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 1385 | 1142952 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 1850 | 1504772 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 1800 | 1515710 |
| 4.90%, 06/15/33 | &nbsp;&nbsp; 2557 | 2567515 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 1250 | 1168434 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 1095 | 1165635 |
| PG&E Recovery Funding LLC |  |  |
| 5.05%, 07/15/34 | &nbsp;&nbsp; 81 | 81689 |
| Series A-1, 4.84%, 06/01/35 | &nbsp;&nbsp; 3700 | 3724334 |
| Series A-2, 5.23%, 06/01/42 | &nbsp;&nbsp; 4000 | 3942204 |
| Series A-2, 5.26%, 01/15/40 | &nbsp;&nbsp; 825 | 828562 |
| Series A-3, 5.53%, 06/01/51 | &nbsp;&nbsp; 3980 | 3916957 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| Series A-1, 4.02%, 06/01/33 | &nbsp;&nbsp; 890 | 881037 |
| Series A-2, 4.26%, 06/01/38 | &nbsp;&nbsp; 8350 | 7880783 |
| Series A-3, 4.38%, 06/03/41 | &nbsp;&nbsp; 2000 | 1846713 |
| Series A-3, 5.08%, 06/01/43 | &nbsp;&nbsp; 2300 | 2224481 |
| Series A-4, 4.45%, 12/01/49 | &nbsp;&nbsp; 20000 | 17246102 |
| Series A-4, 5.21%, 12/01/49 | &nbsp;&nbsp; 2540 | 2407242 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 3009 | 2480717 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 1800 | 1815826 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 1490 | 1422288 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 1360 | 1508512 |
| PPL Capital Funding Inc. |  |  |
| 3.10%, 05/15/26 | &nbsp;&nbsp; 4259 | 4199838 |
| 4.13%, 04/15/30 | &nbsp;&nbsp; 2030 | 1990814 |
| 5.25%, 09/01/34 | &nbsp;&nbsp; 945 | 945674 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 2172 | 1420677 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 2173 | 1709943 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 1563 | 1303414 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 1875 | 1553542 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 1960 | 1577653 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 1615 | 1457946 |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 2305 | 2282624 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 2810 | 2819188 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 3510 | 3325787 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 960 | 1053919 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Progress Energy Inc. |  |  |
| 6.00%, 12/01/39 | &nbsp;&nbsp; $2852 | $2907463 |
| 7.00%, 10/30/31 | &nbsp;&nbsp; 1965 | 2172091 |
| 7.75%, 03/01/31 | &nbsp;&nbsp; 2914 | 3340033 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 1170 | 993559 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 1933 | 1483402 |
| 3.70%, 06/15/28 | &nbsp;&nbsp; 2125 | 2092439 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 2189 | 1624514 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 2021 | 1534966 |
| 4.10%, 06/01/32 | &nbsp;&nbsp; 1245 | 1181691 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 1750 | 1340433 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 1566 | 1279351 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 2055 | 1669002 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 4035 | 3653483 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 3500 | 3523549 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 2010 | 1956569 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 2575 | 2534200 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 490 | 531288 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 1534 | 1636872 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 2629 | 1728142 |
| Series 35, 1.90%, 01/15/31 | &nbsp;&nbsp; 2229 | 1922331 |
| Series 36, 2.70%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 2250 | 1304222 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 1695 | 1213281 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 1725 | 1577515 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 2705 | 2761336 |
| Series V, 2.20%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 280 | 245202 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 2385 | 2349023 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 2325 | 2328365 |
| Series J, 2.20%, 08/15/31 | &nbsp;&nbsp; 1675 | 1426690 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 640 | 404129 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31 | &nbsp;&nbsp; 2425 | 2084301 |
| 2.05%, 08/01/50<sup>(b)</sup> | &nbsp;&nbsp; 2830 | 1469709 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 1499 | 1463081 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 2044 | 1876649 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 1645 | 997397 |
| 3.00%, 05/15/27 | &nbsp;&nbsp; 2734 | 2680021 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 870 | 557353 |
| 3.10%, 03/15/32 | &nbsp;&nbsp; 1124 | 1015432 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 1765 | 1175346 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 1629 | 1560572 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 2545 | 1706314 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 2204 | 1631875 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 2003 | 1971121 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 1685 | 1312847 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 2254 | 2225717 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 1034 | 821493 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 2653 | 2031423 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 2392 | 1823912 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 1390 | 1138189 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 1981 | 1560943 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 1715 | 1696059 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 1755 | 1744038 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 2278 | 2297554 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 1060 | 1073630 |
| 5.13%, 03/15/53 | &nbsp;&nbsp; 955 | 881188 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 1030 | 1047483 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 1990 | 2030371 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.30%, 08/01/54 | &nbsp;&nbsp; $1835 | $1732016 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 1010 | 974052 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 2130 | 2058821 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 387 | 392591 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 433 | 457256 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<br>| &nbsp;&nbsp; 260 | 254039 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; 2503 | 2137070 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 2430 | 2110090 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 1310 | 1323370 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 3445 | 3532919 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 1600 | 1604780 |
| 5.45%, 04/01/34 | &nbsp;&nbsp; 2165 | 2190713 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 1950 | 2017800 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 3245 | 3386916 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 2285 | 2400765 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 3835 | 3598680 |
| 4.10%, 06/15/30 | &nbsp;&nbsp; 2144 | 2044732 |
| 4.22%, 03/15/32 | &nbsp;&nbsp; 2304 | 2134829 |
| 5.73%, 03/15/35<sup>(c)</sup> | &nbsp;&nbsp; 1075 | 1070299 |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1855 | 1132722 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 3063 | 2016529 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 3790 | 3000640 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 2352 | 1911061 |
| 5.33%, 06/15/34 | &nbsp;&nbsp; 1625 | 1645796 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 570 | 538095 |
| 5.64%, 04/15/41 | &nbsp;&nbsp; 600 | 585542 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 1435 | 1390567 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 1540 | 1580547 |
| 5.80%, 03/15/40 | &nbsp;&nbsp; 1375 | 1392220 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 1125 | 1206492 |
| San Diego Gas & Electric Co. |  |  |
| 2.50%, 05/15/26 | &nbsp;&nbsp; 3645 | 3570021 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 1470 | 1046568 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 2310 | 1773178 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 1633 | 1450417 |
| 4.95%, 08/15/28 | &nbsp;&nbsp; 3607 | 3677653 |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 3725 | 3437502 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 1600 | 1614059 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 2845 | 2700811 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 1050 | 1098422 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 2335 | 1696233 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 2214 | 1686876 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 2411 | 1604344 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 4209 | 3612306 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 3930 | 2416316 |
| Series XXX, 3.00%, 03/15/32 | &nbsp;&nbsp; 2305 | 2029589 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 4088 | 3972020 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 5117 | 4969921 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 2928 | 2829776 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 4592 | 3713407 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 3472 | 2522542 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(a)</sup> | &nbsp;&nbsp; 4290 | 3941180 |
| 5.40%, 08/01/26 | &nbsp;&nbsp; 2220 | 2237431 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 3025 | 3040388 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 3325 | 3309492 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(a)</sup> | &nbsp;&nbsp; 910 | 836213 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(a)</sup> | &nbsp;&nbsp; $60 | $55060 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1806489 |
| Sierra Pacific Power Co. |  |  |
| 2.60%, 05/01/26 | &nbsp;&nbsp; 3434 | 3373571 |
| 5.90%, 03/15/54 | &nbsp;&nbsp; 2010 | 1984618 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 2602 | 2280162 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 3305 | 2809728 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 2558 | 2355686 |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 2790 | 1771021 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 5779 | 3860165 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 7619 | 5443808 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 2272 | 1741072 |
| 4.40%, 09/06/26 | &nbsp;&nbsp; 2250 | 2246263 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2670 | 2207487 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 3698 | 2994547 |
| 4.88%, 02/01/27 | &nbsp;&nbsp; 3290 | 3302146 |
| 4.90%, 06/01/26 | &nbsp;&nbsp; 1605 | 1607614 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 2540 | 2569508 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 3470 | 3338656 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 2675 | 2702426 |
| 5.30%, 03/01/28 | &nbsp;&nbsp; 1375 | 1393857 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 2235 | 2262794 |
| 5.45%, 03/01/35<sup>(b)</sup> | &nbsp;&nbsp; 2170 | 2107131 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 2128 | 1974619 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 1449 | 1418797 |
| 5.65%, 10/01/28 | &nbsp;&nbsp; 1450 | 1489693 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 1385 | 1237610 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 2005 | 1805891 |
| 5.85%, 11/01/27 | &nbsp;&nbsp; 2920 | 2986103 |
| 5.88%, 12/01/53 | &nbsp;&nbsp; 2740 | 2526423 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 1000 | 921397 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 2309 | 2336556 |
| 6.00%, 01/15/34 | &nbsp;&nbsp; 3189 | 3214320 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 2270 | 2252497 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 2675 | 2575663 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 1755 | 1820549 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 1289 | 1297808 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 1511 | 1381046 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 1730 | 1667639 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 2357 | 2336129 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 2214 | 1637104 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 2080 | 1215902 |
| Series A, 4.20%, 03/01/29 | &nbsp;&nbsp; 2798 | 2727065 |
| Series B, 3.65%, 03/01/28 | &nbsp;&nbsp; 2192 | 2134184 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 3011 | 2443900 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 2010 | 1386585 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 6072 | 4413831 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; 3287 | 3300494 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 1889 | 1634899 |
| Series G, 2.50%, 06/01/31 | &nbsp;&nbsp; 3237 | 2790798 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 2287 | 1530637 |
| Southern Co. (The) |  |  |
| 3.25%, 07/01/26 | &nbsp;&nbsp; 7970 | 7866859 |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 1945 | 1760088 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 8941 | 7263855 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 2850 | 2895130 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 2930 | 2842828 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 3300 | 3347774 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 3805 | 3827547 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 4710 | 4888560 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.70%, 10/15/32 | &nbsp;&nbsp; $1945 | $2020878 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 3810 | 3942627 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT <br> + 2.915%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4485 | 4343568 |
| Series 21-B, 1.75%, 03/15/28 | &nbsp;&nbsp; 1770 | 1646894 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 4910 | 4713850 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41 | &nbsp;&nbsp; 2568 | 2380684 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 1415 | 1303019 |
| Series F, 4.95%, 12/15/46 | &nbsp;&nbsp; 1905 | 1638891 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 3465 | 2181962 |
| 5.30%, 04/01/33 | &nbsp;&nbsp; 1330 | 1324910 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 1549 | 1620015 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 1720 | 1278317 |
| Series K, 2.75%, 10/01/26 | &nbsp;&nbsp; 2270 | 2212310 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 2183 | 1569573 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 2615 | 2573082 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46 | &nbsp;&nbsp; 1778 | 1221103 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 2230 | 1607647 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 1738 | 1248283 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 2141 | 1807108 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 2100 | 2092085 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 2740 | 2742945 |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; 1038 | 826705 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 2333 | 1498811 |
| System Energy Resources Inc. |  |  |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 1025 | 1008919 |
| 6.00%, 04/15/28 | &nbsp;&nbsp; 1675 | 1739083 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 2114 | 1861011 |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 1215 | 828741 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 1921 | 1372269 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 2193 | 1815396 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 1844 | 1468903 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 1295 | 1076959 |
| 4.45%, 06/15/49 | &nbsp;&nbsp; 2379 | 1936547 |
| 4.90%, 03/01/29 | &nbsp;&nbsp; 2090 | 2123380 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 1275 | 1119835 |
| 5.15%, 03/01/35 | &nbsp;&nbsp; 1625 | 1619121 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 1019 | 1096769 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30 | &nbsp;&nbsp; 4086 | 3490839 |
| 3.25%, 05/15/32 | &nbsp;&nbsp; 1543 | 1389552 |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 1560 | 1014672 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 2232 | 1663835 |
| 4.85%, 12/01/48 | &nbsp;&nbsp; 1372 | 1193786 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 1820 | 1815729 |
| 5.50%, 04/15/53 | &nbsp;&nbsp; 2395 | 2249747 |
| 5.90%, 04/15/55 | &nbsp;&nbsp; 1275 | 1272017 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2620 | 2214606 |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 2236 | 1320104 |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 3133 | 3060407 |
| 2.95%, 03/15/30 | &nbsp;&nbsp; 2969 | 2777165 |
| 3.25%, 10/01/49 | &nbsp;&nbsp; 1846 | 1258321 |
| 3.50%, 03/15/29 | &nbsp;&nbsp; 2971 | 2878838 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 2225 | 1674880 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 2170 | 1754227 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 1650 | 1240213 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.00%, 04/01/48 | &nbsp;&nbsp; $1890 | $1456651 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 1640 | 1484070 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 2240 | 2265911 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 2125 | 2156382 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 1770 | 1629751 |
| 5.30%, 08/01/37 | &nbsp;&nbsp; 975 | 984806 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 2315 | 2205525 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 1063 | 1343627 |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2509 | 2181221 |
| 2.40%, 03/30/32 | &nbsp;&nbsp; 1475 | 1259946 |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 4262 | 2345457 |
| 2.95%, 11/15/51 | &nbsp;&nbsp; 4195 | 2580931 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 2545 | 1691436 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 2520 | 2007523 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 2600 | 2192680 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 2695 | 2248939 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 3530 | 3508164 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 2295 | 2259273 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 2390 | 2367291 |
| 5.30%, 08/15/33 | &nbsp;&nbsp; 2005 | 2022874 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 2255 | 2077549 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 3386 | 3167194 |
| 5.55%, 08/15/54 | &nbsp;&nbsp; 1765 | 1678186 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 2600 | 2533853 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 2037 | 2182877 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 2753 | 3610263 |
| Series A, 2.88%, 07/15/29 | &nbsp;&nbsp; 2802 | 2645971 |
| Series A, 3.50%, 03/15/27 | &nbsp;&nbsp; 4162 | 4117158 |
| Series A, 3.80%, 04/01/28 | &nbsp;&nbsp; 3835 | 3794233 |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; 2262 | 2358780 |
| Series B, 2.95%, 11/15/26 | &nbsp;&nbsp; 2610 | 2557756 |
| Series B, 3.75%, 05/15/27 | &nbsp;&nbsp; 2029 | 2012633 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 2462 | 1823989 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 1682 | 1354553 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 1714 | 1798708 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 2380 | 1830033 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 2820 | 2313826 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 2690 | 2342094 |
| Virginia Electric and Power Co. |  |  |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 2000 | 1979457 |
| 5.65%, 03/15/55 | &nbsp;&nbsp; 1510 | 1448665 |
| Virginia Power Fuel Securitization LLC, <br> Series A-2, 4.88%, 05/01/33<br>| &nbsp;&nbsp; 6000 | 6092439 |
| WEC Energy Group Inc. |  |  |
| 1.38%, 10/15/27 | &nbsp;&nbsp; 2934 | 2729445 |
| 1.80%, 10/15/30 | &nbsp;&nbsp; 860 | 745339 |
| 2.20%, 12/15/28 | &nbsp;&nbsp; 1087 | 1005401 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 2480 | 2507833 |
| 5.15%, 10/01/27 | &nbsp;&nbsp; 2495 | 2535535 |
| 5.60%, 09/12/26 | &nbsp;&nbsp; 1161 | 1176857 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28 | &nbsp;&nbsp; 2105 | 1954225 |
| 4.30%, 10/15/48 | &nbsp;&nbsp; 1925 | 1573461 |
| 4.60%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1740 | 1697416 |
| 4.75%, 09/30/32 | &nbsp;&nbsp; 2400 | 2415339 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 1390 | 1425470 |
| 5.05%, 10/01/54 | &nbsp;&nbsp; 820 | 731050 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 1140 | 1201385 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 680 | 714232 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Wisconsin Power and Light Co. |  |  |
| 1.95%, 09/16/31 | &nbsp;&nbsp; $2700 | $2305805 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 2983 | 2809403 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 1800 | 1747703 |
| 3.65%, 04/01/50 | &nbsp;&nbsp; 2105 | 1487886 |
| 3.95%, 09/01/32 | &nbsp;&nbsp; 2535 | 2364648 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 1890 | 1874987 |
| 5.38%, 03/30/34 | &nbsp;&nbsp; 1470 | 1482424 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 580 | 626763 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 2615 | 1585856 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 2285 | 1554839 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 1960 | 1507490 |
| 4.55%, 12/01/29 | &nbsp;&nbsp; 805 | 812323 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 2403 | 2129858 |
| Xcel Energy Inc. |  |  |
| 2.35%, 11/15/31 | &nbsp;&nbsp; 1590 | 1354030 |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 3001 | 2742298 |
| 3.35%, 12/01/26 | &nbsp;&nbsp; 3307 | 3249158 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 2915 | 2736732 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 2255 | 1506414 |
| 4.00%, 06/15/28 | &nbsp;&nbsp; 3669 | 3617692 |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 3135 | 3023092 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 1220 | 1230146 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 3505 | 3520126 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 3465 | 3474086 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 1810 | 1830684 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 1319 | 1400448 |
|  |  | 2690097061 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 2071 | 1797760 |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; 2954 | 2814779 |
| 1.80%, 10/15/27 | &nbsp;&nbsp; 3486 | 3307902 |
| 1.95%, 10/15/30 | &nbsp;&nbsp; 2406 | 2125576 |
| 2.00%, 12/21/28 | &nbsp;&nbsp; 4862 | 4509141 |
| 2.20%, 12/21/31 | &nbsp;&nbsp; 3646 | 3176370 |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 3808 | 2350012 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 4005 | 2468055 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 995 | 1008976 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 2095 | 2121937 |
|  |  | 25680508 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 3261 | 3095982 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 2787 | 2708970 |
| 5.41%, 07/01/32 | &nbsp;&nbsp; 2300 | 2337154 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 1720 | 1742850 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 3165 | 2746519 |
| 2.80%, 02/15/30 | &nbsp;&nbsp; 5207 | 4858828 |
| 4.35%, 06/01/29 | &nbsp;&nbsp; 2781 | 2788549 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 2400 | 2403580 |
| 5.05%, 04/05/27 | &nbsp;&nbsp; 2365 | 2407284 |
| 5.05%, 04/05/29 | &nbsp;&nbsp; 2005 | 2060755 |
| 5.25%, 04/05/34 | &nbsp;&nbsp; 1665 | 1702139 |
| 5.38%, 11/15/54 | &nbsp;&nbsp; 1190 | 1152241 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 3043 | 2607051 |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 2970 | 2905738 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 5.15%, 08/21/29 | &nbsp;&nbsp; $1995 | $2012832 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 2335 | 2350153 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 2251 | 1974547 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 1900 | 1862774 |
| 6.25%, 03/15/28 | &nbsp;&nbsp; 2290 | 2363283 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 3436 | 3410178 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 3169 | 3121502 |
| 5.25%, 01/15/32 | &nbsp;&nbsp; 2450 | 2409603 |
| 6.00%, 01/15/28 | &nbsp;&nbsp; 2240 | 2289451 |
| Fortive Corp. |  |  |
| 3.15%, 06/15/26 | &nbsp;&nbsp; 5650 | 5553071 |
| 4.30%, 06/15/46 | &nbsp;&nbsp; 2280 | 1800572 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 4744 | 4489175 |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 6620 | 5572084 |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 4451 | 3944482 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 7972 | 7773357 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 4275 | 3996042 |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 5605 | 3485726 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 1805 | 1356380 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 4300 | 4297695 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 3925 | 3796605 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 3575 | 3614402 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 3275 | 3312731 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 2960 | 2964127 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 3310 | 3380146 |
| 4.95%, 02/15/28 | &nbsp;&nbsp; 3430 | 3505007 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 2255 | 2297725 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 5085 | 5100818 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 6190 | 6155216 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 4665 | 4365521 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 2920 | 2693862 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 2595 | 2581985 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 2419 | 2507757 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 2285 | 2365394 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 1165 | 1015502 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 2907 | 2825639 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 3159 | 3075523 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31 | &nbsp;&nbsp; 3331 | 2979790 |
| 3.60%, 01/15/30 | &nbsp;&nbsp; 2931 | 2759099 |
| 3.95%, 01/12/28 | &nbsp;&nbsp; 3110 | 3051650 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 1855 | 1847191 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 1255 | 1273125 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 3459 | 3211087 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 4388 | 4396186 |
| 4.95%, 10/15/34 | &nbsp;&nbsp; 565 | 548725 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 715 | 734190 |
| TD SYNNEX Corp. |  |  |
| 1.75%, 08/09/26 | &nbsp;&nbsp; 4146 | 3960891 |
| 2.38%, 08/09/28 | &nbsp;&nbsp; 2630 | 2428181 |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 3116 | 2641492 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 1540 | 1549025 |
| Trimble Inc. |  |  |
| 4.90%, 06/15/28 | &nbsp;&nbsp; 3499 | 3521208 |
| 6.10%, 03/15/33 | &nbsp;&nbsp; 1045 | 1086430 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; $1955 | $1699685 |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 3930 | 3831989 |
| 4.50%, 02/09/31 | &nbsp;&nbsp; 1425 | 1419898 |
| 4.63%, 02/01/30 | &nbsp;&nbsp; 2295 | 2309630 |
| 7.13%, 10/01/37 | &nbsp;&nbsp; 1686 | 1953310 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 3436 | 3213577 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 3074 | 2661781 |
|  |  | 208216647 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; 4005 | 4074585 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 4342 | 4536225 |
| MasTec Inc., 5.90%, 06/15/29 | &nbsp;&nbsp; 1000 | 1023899 |
| Ste Transcore Holdings Inc., 4.13%, <br> 05/23/26<sup>(f)</sup><br>| &nbsp;&nbsp; 600 | 599956 |
|  |  | 10234665 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warnermedia Holdings Inc. |  |  |
| 3.76%, 03/15/27 | &nbsp;&nbsp; 17305 | 16841203 |
| 4.05%, 03/15/29 | &nbsp;&nbsp; 6685 | 6251488 |
| 4.28%, 03/15/32 | &nbsp;&nbsp; 21471 | 18386853 |
| 5.05%, 03/15/42 | &nbsp;&nbsp; 13108 | 9864179 |
| 5.14%, 03/15/52 | &nbsp;&nbsp; 26495 | 18186188 |
| 5.39%, 03/15/62 | &nbsp;&nbsp; 12410 | 8445662 |
|  |  | 77975573 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(b)</sup><br>| &nbsp;&nbsp; 2033 | 1588302 |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 3513 | 2955547 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 3195 | 2652125 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 3275 | 2976333 |
| 2.38%, 03/15/33 | &nbsp;&nbsp; 3185 | 2668764 |
| 2.90%, 07/01/26 | &nbsp;&nbsp; 2324 | 2289182 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 3445 | 2293926 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 3270 | 3210505 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 4441 | 4414632 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 1550 | 1574095 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 3045 | 3099955 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 2210 | 2260424 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 2745 | 2762302 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 3245 | 3258206 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 1425 | 1440662 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 2235 | 2269819 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 1996 | 2013905 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 1045 | 1119351 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 3530 | 3642495 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 1810 | 1846623 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 3795 | 3848170 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 3123 | 2661717 |
| 2.60%, 02/01/30 | &nbsp;&nbsp; 3287 | 3021333 |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 4095 | 2567147 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 3161 | 2058331 |
| 3.20%, 06/01/32 | &nbsp;&nbsp; 2230 | 2007964 |
| 3.50%, 05/01/29 | &nbsp;&nbsp; 3056 | 2962259 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 3055 | 2921223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| 4.25%, 12/01/28 | &nbsp;&nbsp; $2987 | $2985482 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 3010 | 3020095 |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28 | &nbsp;&nbsp; 2520 | 2324734 |
| 1.50%, 03/15/31 | &nbsp;&nbsp; 2488 | 2116113 |
| 2.00%, 06/01/29 | &nbsp;&nbsp; 2755 | 2523518 |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 2497 | 1446701 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 2895 | 2117476 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 4273 | 4177552 |
| 3.88%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; 670 | 659545 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 1030 | 832240 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 2500 | 2422244 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 3992 | 3235450 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 4530 | 4586609 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 3700 | 3752649 |
| 4.63%, 02/15/33 | &nbsp;&nbsp; 3440 | 3421133 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 3615 | 3667806 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 4320 | 4348801 |
| 4.88%, 02/15/29 | &nbsp;&nbsp; 3725 | 3811244 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 5210 | 5232887 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 2220 | 2260593 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 2190 | 2240869 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 6685 | 6659857 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 5730 | 5513212 |
|  |  | 145742107 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 4396 | 4778554 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 4423 | 4081512 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 4920 | 4949519 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 2545 | 2566869 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 4201 | 3970483 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 4623 | 4099933 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 3039 | 3257958 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 1282 | 1472122 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 2790 | 2392620 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 2507 | 2458076 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 2912 | 2502328 |
| 2.88%, 04/15/30 | &nbsp;&nbsp; 3684 | 3400546 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 2734 | 1711039 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 4107 | 4030694 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 2080 | 1681048 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 6953 | 6933327 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 2835 | 2851214 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 1710 | 1448952 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 3540 | 3580200 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 4516 | 4487917 |
| 5.25%, 01/30/35 | &nbsp;&nbsp; 2420 | 2418778 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 2067 | 1988676 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 1995 | 2062826 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 2642 | 2326861 |
| 2.30%, 08/15/26 | &nbsp;&nbsp; 4497 | 4401920 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 2578 | 2388949 |
| 2.65%, 06/01/50 | &nbsp;&nbsp; 1365 | 828363 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 1754 | 1177418 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 1605 | 1162960 |
| 4.25%, 05/04/28 | &nbsp;&nbsp; 2085 | 2104187 |
| 4.50%, 05/04/33 | &nbsp;&nbsp; 2595 | 2556265 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 4.55%, 02/24/28<sup>(b)</sup> | &nbsp;&nbsp; $765 | $778516 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 2135 | 2183976 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 2125 | 2157792 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 2135 | 2154812 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 6275 | 5842088 |
| 1.80%, 06/11/30 | &nbsp;&nbsp; 2887 | 2551694 |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 2630 | 1696724 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 3810 | 3854561 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 2694 | 2489113 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 3770 | 3700906 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 2270 | 1679531 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 2270 | 1890885 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 2930 | 2646775 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 3835 | 3747816 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 3302 | 3028829 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 3416 | 2762908 |
| 5.90%, 11/15/28 | &nbsp;&nbsp; 4265 | 4475906 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 4465 | 4758084 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 3180 | 3372981 |
| 6.50%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2490 | 2644023 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 2.50%, 01/15/27 | &nbsp;&nbsp; 925 | 892970 |
| 3.00%, 02/02/29 | &nbsp;&nbsp; 615 | 578215 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 4736 | 4090144 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 2045 | 1849744 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 1485 | 1362447 |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 4130 | 3179266 |
| 5.13%, 02/01/28 | &nbsp;&nbsp; 5148 | 5215294 |
| 5.50%, 01/15/30 | &nbsp;&nbsp; 4365 | 4436580 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 6294 | 6421900 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 6914 | 7094402 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 7421 | 8047865 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 4075 | 4532943 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(c)</sup><br>| &nbsp;&nbsp; 2040 | 2070222 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 2360 | 2101779 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 3337 | 3265497 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 3549 | 3557436 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 2859 | 2435376 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 1405 | 1427215 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 1680 | 1662730 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 3552 | 4029649 |
| Koninklijke Ahold Delhaize NV, 5.70%, <br> 10/01/40<br>| &nbsp;&nbsp; 1735 | 1760267 |
| Kraft Heinz Foods Co. |  |  |
| 3.00%, 06/01/26 | &nbsp;&nbsp; 9875 | 9723230 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 3385 | 3254283 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 7215 | 7141401 |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 2217 | 2161753 |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 11370 | 9198251 |
| 4.63%, 01/30/29 | &nbsp;&nbsp; 1530 | 1534830 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 2165 | 1939929 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 5425 | 4634888 |
| 5.00%, 07/15/35 | &nbsp;&nbsp; 2700 | 2663773 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 6366 | 5738135 |
| 5.20%, 03/15/32 | &nbsp;&nbsp; 2245 | 2282022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.20%, 07/15/45 | &nbsp;&nbsp; $6950 | $6297691 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 2125 | 2139342 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 3170 | 2970009 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 2730 | 2926378 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 1715 | 1877669 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 3630 | 4017778 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 2605 | 2208035 |
| 2.20%, 05/01/30 | &nbsp;&nbsp; 2403 | 2145259 |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 4587 | 4475028 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 4780 | 4721685 |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 2226 | 1661553 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 3536 | 2623781 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 5406 | 4407404 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 4646 | 4672972 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 2524 | 2101740 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 7810 | 7646826 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 1861 | 1680754 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 2490 | 2284847 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 1333 | 1296508 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 2867 | 2640490 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 5345 | 4992500 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 6025 | 5581516 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 3105 | 3438093 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 2278 | 2586071 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 2793 | 2375883 |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 2910 | 2626899 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 5290 | 5186619 |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 1890 | 1505096 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 2110 | 2015643 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 2590 | 2571503 |
| Mondelez International Inc. |  |  |
| 1.50%, 02/04/31 | &nbsp;&nbsp; 3046 | 2559074 |
| 1.88%, 10/15/32 | &nbsp;&nbsp; 2989 | 2464816 |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 3430 | 3325120 |
| 2.63%, 09/04/50 | &nbsp;&nbsp; 6170 | 3635303 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 3943 | 3630838 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 835 | 743920 |
| 4.13%, 05/07/28<sup>(b)</sup> | &nbsp;&nbsp; 965 | 961775 |
| 4.75%, 02/20/29 | &nbsp;&nbsp; 2870 | 2914541 |
| 4.75%, 08/28/34<sup>(b)</sup> | &nbsp;&nbsp; 2400 | 2360599 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 5500 | 4884121 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 6020 | 5695626 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 5345 | 5567229 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 3215 | 3485153 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 2194 | 1984657 |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 2590 | 2240253 |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 3805 | 2371805 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 5175 | 5052459 |
| 3.30%, 07/15/26 | &nbsp;&nbsp; 4630 | 4566123 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 2089 | 1364602 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 2273 | 1830655 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 1605 | 1314120 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 2685 | 2307795 |
| 5.10%, 09/23/30 | &nbsp;&nbsp; 1475 | 1502061 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 1844 | 1857435 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 2200 | 2202474 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 2940 | 3059164 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.95%, 04/01/30 | &nbsp;&nbsp; $3953 | $4160829 |
| 6.00%, 01/17/34 | &nbsp;&nbsp; 2366 | 2510924 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 2075 | 2228366 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 5207 | 5512043 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 3498 | 3138261 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 2245 | 1443882 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 4912 | 4880921 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 2625 | 2510020 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 3320 | 2853176 |
| 5.20%, 03/19/27 | &nbsp;&nbsp; 2415 | 2451155 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 2555 | 2611180 |
| 5.25%, 10/13/54 | &nbsp;&nbsp; 1795 | 1610393 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 2560 | 2578448 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 7139 | 7025258 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 2429 | 2408232 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 3541 | 2894666 |
| 4.88%, 08/15/34 | &nbsp;&nbsp; 3056 | 2945350 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 6525 | 5765031 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 2446 | 2190126 |
| 5.40%, 03/15/29 | &nbsp;&nbsp; 2990 | 3076395 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 3420 | 3497916 |
|  |  | 508624332 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 3.88%, 11/02/27 | &nbsp;&nbsp; 2848 | 2769766 |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 1760 | 1542504 |
| Georgia-Pacific LLC |  |  |
| 7.75%, 11/15/29 | &nbsp;&nbsp; 3653 | 4147682 |
| 8.88%, 05/15/31 | &nbsp;&nbsp; 2335 | 2851986 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 3396 | 2673447 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 3183 | 2525266 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 3140 | 2659594 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 2195 | 2144286 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 2050 | 1811592 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 2641 | 2607083 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 1050 | 1189737 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 2494 | 2294191 |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 4867 | 4157560 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 4346 | 3935534 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 4756 | 4647236 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 7252 | 7397992 |
| Suzano International Finance BV, 5.50%, <br> 01/17/27<br>| &nbsp;&nbsp; 5469 | 5518653 |
|  |  | 54874109 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 2840 | 2410010 |
| 2.63%, 09/15/29 | &nbsp;&nbsp; 2991 | 2788248 |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 2218 | 1354829 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 3415 | 3337810 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 3172 | 2184320 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 3201 | 2635788 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 2559 | 2013203 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 2934 | 2443985 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 2168 | 1770379 |
| 5.00%, 12/15/54 | &nbsp;&nbsp; 725 | 647813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.45%, 10/15/32 | &nbsp;&nbsp; $535 | $553289 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 2336 | 2349926 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 2315 | 2304448 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 3235 | 3436599 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 1655 | 1753978 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 3305 | 2860712 |
| 4.00%, 04/01/28 | &nbsp;&nbsp; 2133 | 2118493 |
| 4.10%, 09/01/47 | &nbsp;&nbsp; 2180 | 1737606 |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 2195 | 2116459 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 5327 | 5465827 |
| 5.40%, 03/01/33 | &nbsp;&nbsp; 2668 | 2729762 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 1415 | 1427551 |
| 5.85%, 01/15/41 | &nbsp;&nbsp; 1478 | 1489608 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 1975 | 1748431 |
| 3.95%, 09/15/27 | &nbsp;&nbsp; 1059 | 1043862 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 2243 | 2232210 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 2310 | 2335626 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 1175 | 1202539 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 1005 | 1005712 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 5250 | 4440268 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 4234 | 3969556 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 5264 | 5170836 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 5138 | 4898550 |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 3546 | 2689773 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 4481 | 3640641 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 3474 | 3052120 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 2040 | 1771736 |
| 5.20%, 07/01/29 | &nbsp;&nbsp; 2620 | 2678860 |
| 5.25%, 03/30/28 | &nbsp;&nbsp; 3831 | 3917024 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 2399 | 2216060 |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 3130 | 3148477 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 1423 | 1433384 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 2072 | 1995957 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 465 | 454109 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 1895 | 1898231 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 1057912 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 1167 | 1041197 |
| 4.25%, 09/01/32 | &nbsp;&nbsp; 1055 | 1004145 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 2070 | 1699150 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 1888 | 1659474 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 2975 | 3052006 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 2310 | 2039361 |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 2275 | 1475469 |
| 3.50%, 06/01/29 | &nbsp;&nbsp; 3274 | 3150058 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 2072 | 1471631 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 1105 | 955461 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 2018 | 1765068 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 1305 | 1301282 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 1739 | 1759605 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | &nbsp;&nbsp; 4340 | 4229047 |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 1630 | 1252883 |
| 5.05%, 09/01/34 | &nbsp;&nbsp; 2560 | 2533886 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 1515 | 1437058 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 2190 | 2186410 |
| 5.60%, 04/01/54 | &nbsp;&nbsp; 2220 | 2117509 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.75%, 06/01/53 | &nbsp;&nbsp; $2270 | $2189442 |
| 6.35%, 11/15/52 | &nbsp;&nbsp; 2655 | 2779931 |
| Series TT, 2.60%, 06/15/26 | &nbsp;&nbsp; 3666 | 3588726 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 1764 | 1350750 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 2585 | 2040569 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 1607 | 1195374 |
| Series XX, 2.55%, 02/01/30 | &nbsp;&nbsp; 3493 | 3200218 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.25%, 06/15/26 | &nbsp;&nbsp; 1864 | 1845358 |
| 3.95%, 10/01/46 | &nbsp;&nbsp; 2707 | 2046613 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 2430 | 2011435 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 2403 | 1934179 |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 1995 | 1940907 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 1985 | 1986383 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 2328 | 2400611 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 3100 | 3102254 |
| Series 2020-A, 1.75%, 01/15/31 | &nbsp;&nbsp; 3109 | 2646473 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 2145 | 1334284 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | &nbsp;&nbsp; 1667 | 1467263 |
| 3.18%, 08/15/51 | &nbsp;&nbsp; 1815 | 1147514 |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 1783 | 1742961 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 1451 | 1044715 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 2712 | 2540152 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 1439 | 1083392 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 2010 | 2056821 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 1970 | 2024201 |
| Spire Missouri Inc. |  |  |
| 3.30%, 06/01/51 | &nbsp;&nbsp; 460 | 305523 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 1470 | 1452086 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 1310 | 1317538 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 2635 | 1892510 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 2436 | 1841064 |
|  |  | 203572464 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc. |  |  |
| 2.80%, 03/01/31 | &nbsp;&nbsp; 1645 | 1459782 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; 1070 | 1067979 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 5945 | 6094497 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 4430 | 4573685 |
| 6.40%, 04/15/33 | &nbsp;&nbsp; 5220 | 5318475 |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 3244 | 2105832 |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 2375 | 2337896 |
| 4.10%, 03/01/48 | &nbsp;&nbsp; 1735 | 1376652 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30 | &nbsp;&nbsp; 4120 | 3587286 |
| 2.75%, 11/15/50<sup>(b)</sup> | &nbsp;&nbsp; 3630 | 1980086 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 2187 | 1853740 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 2321 | 2287646 |
| 4.85%, 11/15/48 | &nbsp;&nbsp; 2267 | 1806561 |
| 5.20%, 09/01/40 | &nbsp;&nbsp; 2158 | 1972487 |
| 6.00%, 03/06/28 | &nbsp;&nbsp; 3585 | 3721534 |
|  |  | 41544138 |
| **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** |
| Abbott Laboratories |  |  |
| 1.15%, 01/30/28 | &nbsp;&nbsp; 5289 | 4943306 |
| 1.40%, 06/30/30<sup>(b)</sup> | &nbsp;&nbsp; 4238 | 3715716 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 3.75%, 11/30/26 | &nbsp;&nbsp; $10177 | $10159469 |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 7273 | 7183469 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 2680 | 2509030 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 11627 | 10868008 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 4625 | 4688275 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 2040 | 2225700 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 3720 | 4103187 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 2596 | 2299434 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 4519 | 3944632 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 3354 | 3109618 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 2756 | 2704113 |
| 4.20%, 09/09/27 | &nbsp;&nbsp; 1280 | 1278833 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 2390 | 2296961 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 3505 | 2933245 |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 6755 | 6462977 |
| 2.27%, 12/01/28 | &nbsp;&nbsp; 6245 | 5759790 |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 4325 | 3693336 |
| 2.60%, 08/15/26 | &nbsp;&nbsp; 4077 | 3975970 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 3612 | 2215178 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 2538 | 1763272 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 2660 | 2565274 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 4736 | 4352596 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 3250 | 3237499 |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 1958 | 1820009 |
| 4.70%, 03/01/49 | &nbsp;&nbsp; 3164 | 2786024 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 1788 | 1983267 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 1306 | 1543547 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 4313 | 2555785 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 4185 | 2560808 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 2198 | 1881138 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 3958 | 3533503 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 5566 | 5165713 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 3797 | 2993870 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 3509 | 2455344 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 4026 | 3993858 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 3915 | 3943970 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 9255 | 9518421 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 5315 | 5569300 |
| 5.91%, 11/22/32 | &nbsp;&nbsp; 3655 | 3833533 |
| 6.38%, 11/22/52 | &nbsp;&nbsp; 4958 | 5209198 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 2677 | 2395414 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 3085 | 3325310 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | &nbsp;&nbsp; 5940 | 5970263 |
| 4.50%, 03/30/33 | &nbsp;&nbsp; 4115 | 4030239 |
| Medtronic Inc. |  |  |
| 4.00%, 04/01/43 | &nbsp;&nbsp; 100 | 84118 |
| 4.38%, 03/15/35 | &nbsp;&nbsp; 9165 | 8782682 |
| 4.63%, 03/15/45 | &nbsp;&nbsp; 8277 | 7337189 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 3248 | 2977686 |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 2695 | 2263095 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 2010 | 1736984 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 3516 | 3312191 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 3.63%, 03/15/51 | &nbsp;&nbsp; $1610 | $1104309 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 5585 | 4844134 |
| 5.15%, 03/20/27 | &nbsp;&nbsp; 1265 | 1280015 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 2475 | 2465711 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 5240 | 5347275 |
| 5.45%, 02/25/27 | &nbsp;&nbsp; 3400 | 3452086 |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 4990 | 5096857 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 6330 | 6402608 |
| 5.90%, 04/30/54 | &nbsp;&nbsp; 5820 | 5625387 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 2242 | 2149331 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 2926 | 2597959 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 3900 | 2714899 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 6088 | 5382877 |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 2981 | 1910730 |
| 3.65%, 03/07/28 | &nbsp;&nbsp; 4422 | 4350398 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 1783 | 1456816 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 3070 | 3053222 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 2543 | 2153136 |
| 4.55%, 02/10/27 | &nbsp;&nbsp; 3455 | 3475416 |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 2110 | 2050746 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 3845 | 3347153 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 3325 | 3362416 |
| 4.85%, 12/08/28 | &nbsp;&nbsp; 3900 | 3969911 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 3305 | 3351464 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 3315 | 3341256 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | &nbsp;&nbsp; 4210 | 3881652 |
| 2.00%, 10/15/31 | &nbsp;&nbsp; 4915 | 4240157 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 4709 | 4388954 |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 4965 | 3497502 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 3319 | 2659822 |
| 4.80%, 11/21/27 | &nbsp;&nbsp; 4623 | 4697350 |
| 4.95%, 08/10/26 | &nbsp;&nbsp; 5430 | 5475124 |
| 4.95%, 11/21/32 | &nbsp;&nbsp; 2585 | 2617655 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 3878 | 3978665 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 4360 | 4410909 |
| 5.00%, 01/31/29<sup>(b)</sup> | &nbsp;&nbsp; 5015 | 5156352 |
| 5.09%, 08/10/33 | &nbsp;&nbsp; 3865 | 3908617 |
| 5.20%, 01/31/34 | &nbsp;&nbsp; 2760 | 2810172 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 1714 | 1640592 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 2360 | 2318101 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 3995 | 3495609 |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 2749 | 2259469 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 1475 | 1480982 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 1715 | 1741490 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 3280 | 3264574 |
| 5.35%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3950 | 4053959 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 1535 | 1561642 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 943 | 947442 |
|  |  | 365324250 |
| **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** |
| AdventHealth Obligated Group, Series E, <br> 2.80%, 11/15/51<br>| &nbsp;&nbsp; 1529 | 935123 |
| Adventist Health System/West |  |  |
| 3.63%, 03/01/49<sup>(b)</sup> | &nbsp;&nbsp; 2281 | 1530049 |
| 5.43%, 03/01/32 | &nbsp;&nbsp; 2145 | 2166562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.76%, 12/01/34 | &nbsp;&nbsp; $910 | $903652 |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49 | &nbsp;&nbsp; 1787 | 1254706 |
| 3.83%, 08/15/28 | &nbsp;&nbsp; 1186 | 1168293 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 1586 | 1292341 |
| Series 2020, 2.21%, 06/15/30 | &nbsp;&nbsp; 455 | 408761 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 1622 | 1053614 |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; 60 | 43071 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 2791 | 2281093 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 2284 | 1900366 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 3841 | 4081945 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 2928 | 3119225 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 1710 | 1586415 |
| Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; 2036 | 1238343 |
| Allina Health System |  |  |
| 2.90%, 11/15/51 | &nbsp;&nbsp; 1930 | 1181775 |
| Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 2078 | 1574708 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 5760 | 4568571 |
| 4.85%, 11/15/53 | &nbsp;&nbsp; 1990 | 1771743 |
| Series B, 2.53%, 11/15/29 | &nbsp;&nbsp; 3904 | 3603256 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 3061 | 2401457 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | &nbsp;&nbsp; 2263 | 1968100 |
| 2.34%, 01/01/30 | &nbsp;&nbsp; 2532 | 2313500 |
| 2.91%, 01/01/42<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 721141 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 1237 | 775476 |
| Series 2020, 3.18%, 01/01/50<sup>(b)</sup> | &nbsp;&nbsp; 1823 | 1230616 |
| Baptist Health South Florida Obligated Group, <br> Series 2021, 3.12%, 11/15/71<sup>(b)</sup><br>| &nbsp;&nbsp; 510 | 293464 |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<br>| &nbsp;&nbsp; 708 | 486126 |
| BayCare Health System Inc., Series 2020, <br> 3.83%, 11/15/50<br>| &nbsp;&nbsp; 3539 | 2689569 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 1960 | 1553963 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 2528 | 2069152 |
| Series 2021, 1.78%, 11/15/30 | &nbsp;&nbsp; 1661 | 1440307 |
| Series 2021, 2.84%, 11/15/50<sup>(b)</sup> | &nbsp;&nbsp; 4170 | 2601917 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<br>| &nbsp;&nbsp; 730 | 455516 |
| Bon Secours Mercy Health Inc. |  |  |
| 3.46%, 06/01/30 | &nbsp;&nbsp; 3256 | 3113539 |
| Series 2018, 4.30%, 07/01/28 | &nbsp;&nbsp; 1521 | 1520408 |
| Series 20-2, 2.10%, 06/01/31 | &nbsp;&nbsp; 2035 | 1776310 |
| Series 20-2, 3.21%, 06/01/50 | &nbsp;&nbsp; 1605 | 1074344 |
| Catholic Health Services of Long Island <br> Obligated Group, Series 2020, 3.37%, <br> 07/01/50<br>| &nbsp;&nbsp; 1655 | 1116955 |
| Cedars-Sinai Health System, Series 2021, <br> 2.29%, 08/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 2120 | 1844992 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 9665 | 8888021 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 9650 | 8187484 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 5915 | 4997901 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 9765 | 8571370 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 9280 | 8464700 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 10805 | 10555727 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 15875 | 15308258 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Children's Health System of Texas, 2.51%, <br> 08/15/50<br>| &nbsp;&nbsp; $1951 | $1135090 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 2073 | 1700273 |
| Series 2020, 2.59%, 02/01/50<sup>(b)</sup> | &nbsp;&nbsp; 1455 | 868770 |
| Children's Hospital Medical Center/Cincinnati <br> OH, 4.27%, 05/15/44<br>| &nbsp;&nbsp; 1953 | 1682762 |
| Children's Hospital of Philadelphia (The), <br> Series 2020, 2.70%, 07/01/50<br>| &nbsp;&nbsp; 2648 | 1615250 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<br>| &nbsp;&nbsp; 1136 | 710254 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28 | &nbsp;&nbsp; 2684 | 2672310 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 6986 | 6137448 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 6177 | 5590904 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 3029 | 2939811 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 3815 | 2901342 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 7138 | 7021208 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 6992 | 4646009 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 5900 | 3896318 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 5161 | 3795026 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 15083 | 15050818 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 10769 | 10006775 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 4534 | 3905220 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 12073 | 10405794 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 2510 | 2557153 |
| 5.13%, 05/15/31 | &nbsp;&nbsp; 3430 | 3504749 |
| 5.25%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3850 | 3881136 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 3585 | 3668134 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 5245 | 4938579 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 2853 | 2936104 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 1960 | 1880268 |
| Series 2018, 4.38%, 08/15/48<sup>(b)</sup> | &nbsp;&nbsp; 1897 | 1515899 |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<br>| &nbsp;&nbsp; 1745 | 1457240 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 1872 | 1691528 |
| 3.35%, 10/01/29 | &nbsp;&nbsp; 3045 | 2883064 |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 3052 | 2199242 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 1304 | 937131 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 2966 | 2243893 |
| 4.35%, 11/01/42 | &nbsp;&nbsp; 2968 | 2437546 |
| 5.21%, 12/01/31 | &nbsp;&nbsp; 2205 | 2234469 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 2130 | 2103439 |
| 5.55%, 12/01/54 | &nbsp;&nbsp; 600 | 555880 |
| 6.07%, 11/01/27 | &nbsp;&nbsp; 1756 | 1819464 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 915 | 953791 |
| Community Health Network Inc., Series 20-A, <br> 3.10%, 05/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 1631 | 1024777 |
| Corewell Health Obligated Group, Series 19A, <br> 3.49%, 07/15/49<br>| &nbsp;&nbsp; 2948 | 2107368 |
| Cottage Health Obligated Group, Series 2020, <br> 3.30%, 11/01/49<br>| &nbsp;&nbsp; 3690 | 2534734 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; 2152 | 1648755 |
| Dignity Health |  |  |
| 4.50%, 11/01/42 | &nbsp;&nbsp; 1030 | 854733 |
| 5.27%, 11/01/64 | &nbsp;&nbsp; 1100 | 951505 |
| Duke University Health System Inc., Series <br> 2017, 3.92%, 06/01/47<br>| &nbsp;&nbsp; 2866 | 2229272 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; $4673 | $4191839 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 5500 | 4899065 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 4287 | 4012696 |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 2661 | 1706150 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 6463 | 4502737 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 7643 | 7517453 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 4907 | 3477602 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 6133 | 6094880 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 2813 | 2663379 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 7286 | 5889000 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 2940 | 2949622 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 4535 | 3738688 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 2725 | 2210637 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 2699 | 2338677 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 5765 | 5018451 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 2942 | 2535279 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 3190 | 3214328 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 3350 | 3294645 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 4330 | 4367518 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 4078 | 3716336 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 4040 | 3566677 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 2535 | 2597068 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 4595 | 4600000 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 3525 | 3575874 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 4185 | 4323344 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 3480 | 3310575 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 5080 | 4864540 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 1329 | 1391166 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 3727 | 3577768 |
| 5.95%, 12/15/34 | &nbsp;&nbsp; 2155 | 2269937 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 2725 | 2758157 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 2450 | 2638595 |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<br>| &nbsp;&nbsp; 205 | 152304 |
| Fred Hutchinson Cancer Center, 4.97%, <br> 01/01/52<br>| &nbsp;&nbsp; 667 | 595049 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48 | &nbsp;&nbsp; 1856 | 1513795 |
| 4.50%, 07/01/57 | &nbsp;&nbsp; 1415 | 1158551 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 2646 | 1805797 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 2037 | 1266673 |
| Hartford HealthCare Corp., 3.45%, 07/01/54 | &nbsp;&nbsp; 2080 | 1461932 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 5625 | 4800187 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 4700 | 4581242 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 1807 | 1721942 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 11460 | 10701316 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 7120 | 4600654 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 9037 | 8191728 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 8360 | 8133323 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 2911 | 2369619 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 5788 | 5780675 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 7740 | 6072753 |
| 5.00%, 03/01/28 | &nbsp;&nbsp; 1100 | 1112667 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 4295 | 3951844 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 2615 | 2656619 |
| 5.25%, 06/15/26 | &nbsp;&nbsp; 7370 | 7390630 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 2055 | 2086795 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 8091 | 7016734 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 4888 | 4917558 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.45%, 04/01/31 | &nbsp;&nbsp; $3695 | $3767548 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 4670 | 4630426 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 4005 | 4054181 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 5211 | 5238564 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 7552 | 6844167 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 6255 | 6279160 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 6887 | 7055282 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 6110 | 6169589 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 5090 | 5256345 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 4870 | 4580004 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 3505 | 3318215 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 5730 | 5454099 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; 2995 | 2843036 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 1680 | 1648888 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<br>| &nbsp;&nbsp; 2757 | 2049967 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 3770 | 3565419 |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 3510 | 2888517 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 2771 | 2588385 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 4825 | 4649576 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 3539 | 3502910 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 2582 | 1834662 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 2910 | 2412230 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 2465 | 2001161 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 2795 | 2796970 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 4034 | 3432885 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 4010 | 4065556 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 1880 | 1663680 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 1396 | 1437590 |
| 5.75%, 12/01/28 | &nbsp;&nbsp; 1345 | 1392721 |
| 5.75%, 04/15/54<sup>(b)</sup> | &nbsp;&nbsp; 2154 | 1976614 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 3465 | 3548951 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 3855 | 3955847 |
| ICON Investments Six DAC |  |  |
| 5.81%, 05/08/27 | &nbsp;&nbsp; 2470 | 2518867 |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 1930 | 1976612 |
| 6.00%, 05/08/34 | &nbsp;&nbsp; 1950 | 1947639 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 3010 | 2369134 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 1245 | 768812 |
| Inova Health System Foundation, 4.07%, <br> 05/15/52<br>| &nbsp;&nbsp; 2499 | 1979158 |
| Integris Baptist Medical Center Inc., Series A, <br> 3.88%, 08/15/50<br>| &nbsp;&nbsp; 2304 | 1669191 |
| Iowa Health System, Series 2020, 3.67%, <br> 02/15/50<br>| &nbsp;&nbsp; 275 | 199888 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 5075 | 5166237 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 1890 | 1966712 |
| Johns Hopkins Health System Corp. (The), <br> 3.84%, 05/15/46<br>| &nbsp;&nbsp; 4091 | 3196771 |
| Kaiser Foundation Hospitals |  |  |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 4428 | 4349397 |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 7042 | 5687405 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 2712 | 2474846 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 5408 | 3695940 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 4662 | 3277416 |
| Series 2021, 3.00%, 06/01/51 | &nbsp;&nbsp; 5107 | 3252842 |
| Laboratory Corp. of America Holdings |  |  |
| 1.55%, 06/01/26 | &nbsp;&nbsp; 2985 | 2893777 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 2.70%, 06/01/31 | &nbsp;&nbsp; $2800 | $2488306 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 2812 | 2617393 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 3670 | 3609936 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 3300 | 3242807 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 2700 | 2635593 |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 4303 | 3654809 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 3500 | 3370224 |
| Mass General Brigham Inc. |  |  |
| Series 2015, 4.12%, 07/01/55<sup>(b)</sup> | &nbsp;&nbsp; 199 | 156743 |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 1264 | 954080 |
| Series 2020, 3.19%, 07/01/49 | &nbsp;&nbsp; 1835 | 1249134 |
| Series 2020, 3.34%, 07/01/60 | &nbsp;&nbsp; 2326 | 1507398 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 1325 | 1065200 |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 290 | 230181 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 2691 | 2151137 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 2286 | 1450537 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 2562 | 2128957 |
| MedStar Health Inc., Series 20A, 3.63%, <br> 08/15/49<br>| &nbsp;&nbsp; 1777 | 1261764 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 1318 | 920074 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | &nbsp;&nbsp; 1730 | 1378133 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 690 | 654826 |
| Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp; 2009 | 1618242 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 781 | 504283 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 3836 | 2319082 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 1216 | 831589 |
| Series 18-C, 5.25%, 11/01/48 | &nbsp;&nbsp; 1802 | 1460938 |
| Mount Nittany Medical Center Obligated <br> Group, 3.80%, 11/15/52<br>| &nbsp;&nbsp; 850 | 623434 |
| Mount Sinai Hospital (The) |  |  |
| Series 2017, 3.98%, 07/01/48 | &nbsp;&nbsp; 1592 | 1154175 |
| Series 2019, 3.74%, 07/01/49 | &nbsp;&nbsp; 2455 | 1611479 |
| Series 2020, 3.39%, 07/01/50 | &nbsp;&nbsp; 1946 | 1177089 |
| MultiCare Health System, 2.80%, 08/15/50 | &nbsp;&nbsp; 1413 | 832870 |
| MyMichigan Health, Series 2020, 3.41%, <br> 06/01/50<br>| &nbsp;&nbsp; 2733 | 1900209 |
| Nationwide Children's Hospital Inc., 4.56%, <br> 11/01/52<sup>(b)</sup><br>| &nbsp;&nbsp; 1806 | 1541764 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40 | &nbsp;&nbsp; 1079 | 734603 |
| 2.61%, 08/01/60<sup>(b)</sup> | &nbsp;&nbsp; 1308 | 719002 |
| 4.02%, 08/01/45 | &nbsp;&nbsp; 3024 | 2449430 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 553 | 425016 |
| Series 2019, 3.95% | &nbsp;&nbsp; 1835 | 1248587 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 2635 | 1897161 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 2875 | 2177544 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 3320 | 2579896 |
| Northwestern Memorial Healthcare Obligated <br> Group, Series 2021, 2.63%, 07/15/51<br>| &nbsp;&nbsp; 2910 | 1779738 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36 | &nbsp;&nbsp; 2366 | 1851010 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 3269 | 2141417 |
| 3.32%, 11/01/61 | &nbsp;&nbsp; 1751 | 1101331 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series <br> 2020, 2.67%, 10/01/50<br>| &nbsp;&nbsp; $1260 | $754787 |
| OhioHealth Corp. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 2224 | 1949968 |
| 2.83%, 11/15/41 | &nbsp;&nbsp; 2270 | 1621345 |
| Series 2020, 3.04%, 11/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1876 | 1237756 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50 | &nbsp;&nbsp; 2142 | 1477109 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 1877 | 1496724 |
| 5.48%, 10/01/35 | &nbsp;&nbsp; 1045 | 1070986 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 2032 | 1679846 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 2327 | 1430038 |
| Piedmont Healthcare Inc. |  |  |
| 2.04%, 01/01/32 | &nbsp;&nbsp; 2087 | 1735092 |
| 2.86%, 01/01/52<sup>(b)</sup> | &nbsp;&nbsp; 1646 | 999302 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 1361 | 939023 |
| Presbyterian Healthcare Services, 4.88%, <br> 08/01/52<br>| &nbsp;&nbsp; 2155 | 1922066 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.40%, 10/01/33 | &nbsp;&nbsp; 3075 | 3095039 |
| Series 19A, 2.53%, 10/01/29 | &nbsp;&nbsp; 2877 | 2633484 |
| Series 21A, 2.70%, 10/01/51 | &nbsp;&nbsp; 3400 | 1911503 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 2430 | 1825648 |
| Series H, 2.75%, 10/01/26 | &nbsp;&nbsp; 1187 | 1160799 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 1668 | 1223024 |
| Queen's Health Systems (The), 4.81%, <br> 07/01/52<br>| &nbsp;&nbsp; 1981 | 1766023 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 2801 | 2516728 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 4067 | 3766676 |
| 3.45%, 06/01/26 | &nbsp;&nbsp; 3872 | 3837382 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 3033 | 3003844 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 2640 | 2661210 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 3305 | 3319106 |
| 4.70%, 03/30/45 | &nbsp;&nbsp; 2136 | 1852263 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 2410 | 2381761 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 1670 | 1807744 |
| Rady Children's Hospital-San Diego, Series <br> 21A, 3.15%, 08/15/51<br>| &nbsp;&nbsp; 1790 | 1170399 |
| Rush Obligated Group, Series 2020, 3.92%, <br> 11/15/29<br>| &nbsp;&nbsp; 1313 | 1288078 |
| Seattle Children's Hospital, Series 2021, <br> 2.72%, 10/01/50<br>| &nbsp;&nbsp; 1345 | 817310 |
| Sentara Health, 2.93%, 11/01/51 | &nbsp;&nbsp; 1849 | 1170953 |
| Sharp HealthCare, Series 20B, 2.68%, <br> 08/01/50<br>| &nbsp;&nbsp; 1611 | 972202 |
| SSM Health Care Corp. |  |  |
| 4.89%, 06/01/28 | &nbsp;&nbsp; 2705 | 2745570 |
| Series A, 3.82%, 06/01/27 | &nbsp;&nbsp; 2055 | 2036491 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51 | &nbsp;&nbsp; 2080 | 1348143 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 3191 | 2408742 |
| Series 2020, 3.31%, 08/15/30 | &nbsp;&nbsp; 1250 | 1183041 |
| Summa Health, 3.51%, 11/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1825 | 1329770 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(b)</sup> | &nbsp;&nbsp; 248 | 241691 |
| Series 2018, 3.70%, 08/15/28 | &nbsp;&nbsp; 2054 | 2012626 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 2161 | 1699606 |
| Series 20A, 2.29%, 08/15/30 | &nbsp;&nbsp; 1489 | 1318033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; $857 | $660556 |
| Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 2014 | 1376295 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 2572 | 1428852 |
| 4.33%, 11/15/55 | &nbsp;&nbsp; 1429 | 1168607 |
| Toledo Hospital (The), 5.75%, 11/15/38 | &nbsp;&nbsp; 1960 | 1947102 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 1881 | 1549504 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 1215 | 892689 |
| Series 2021, 2.63%, 12/01/40 | &nbsp;&nbsp; 2526 | 1786913 |
| UMass Memorial Health Care Obligated <br> Group, 5.36%, 07/01/52<br>| &nbsp;&nbsp; 490 | 446253 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 3464 | 3438051 |
| 1.15%, 05/15/26 | &nbsp;&nbsp; 4565 | 4421324 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 6035 | 5363870 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 6190 | 5444445 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 5066 | 3609765 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 4339 | 4103025 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 6248 | 3860917 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 4474 | 4357775 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 4732 | 3427372 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 4079 | 2411108 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 9115 | 6000300 |
| 3.38%, 04/15/27 | &nbsp;&nbsp; 3208 | 3168085 |
| 3.45%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4323 | 4286372 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 5869 | 4704415 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 5467 | 3939646 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 5021 | 3706211 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 5576 | 5531145 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 4142 | 4093572 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 5242 | 3654549 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 3630 | 2927214 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 4419 | 4368980 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 6360 | 6115145 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 3884 | 3086568 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 6080 | 6079796 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 2406 | 2003414 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 3674 | 2933861 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 6188 | 4938376 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 3049 | 2609478 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 5271 | 4327124 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 6065 | 5861880 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 3180 | 3214386 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 4056 | 3905696 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 3211 | 2829298 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 2280 | 2313058 |
| 4.75%, 07/15/26 | &nbsp;&nbsp; 5180 | 5221353 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 8315 | 7280790 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 8120 | 6848356 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 5980 | 6080936 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 3876 | 3945564 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 8280 | 8359649 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 4830 | 4082022 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 5388 | 5346822 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 7835 | 6934050 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 9005 | 9030436 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 6400 | 5643436 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 5175 | 5329300 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 5349 | 5546323 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 8615 | 8826229 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.38%, 04/15/54 | &nbsp;&nbsp; $7005 | $6497831 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 6555 | 6336273 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 4270 | 3954824 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 10865 | 10449759 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 1989 | 1985352 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 8775 | 8469880 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 3775 | 3935805 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 7565 | 7496163 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 2200 | 2248812 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 5450 | 5480558 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 2688 | 2955357 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 3283 | 3644660 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 5141 | 5829919 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26 | &nbsp;&nbsp; 4230 | 4055198 |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 3733 | 3272089 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 2465 | 2038159 |
| 4.63%, 10/15/29 | &nbsp;&nbsp; 2945 | 2868777 |
| 5.05%, 10/15/34 | &nbsp;&nbsp; 1770 | 1652839 |
| UPMC |  |  |
| 5.04%, 05/15/33 | &nbsp;&nbsp; 1995 | 1981857 |
| 5.38%, 05/15/43 | &nbsp;&nbsp; 1690 | 1616694 |
| WakeMed, Series A, 3.29%, 10/01/52 | &nbsp;&nbsp; 1265 | 842641 |
| West Virginia United Health System Obligated <br> Group, Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 833 | 529063 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 1898 | 1632804 |
| Series 2021, 3.07%, 03/01/51 | &nbsp;&nbsp; 2342 | 1404818 |
| Yale-New Haven Health Services Corp., <br> Series 2020, 2.50%, 07/01/50<br>| &nbsp;&nbsp; 3281 | 1892693 |
|  |  | 1136729154 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55%, 03/15/32<sup>(c)</sup> | &nbsp;&nbsp; 2070 | 2082096 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; 4060 | 4136522 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 1700 | 1748385 |
| Ares Capital Corp. |  |  |
| 2.15%, 07/15/26 | &nbsp;&nbsp; 3915 | 3772460 |
| 2.88%, 06/15/27 | &nbsp;&nbsp; 1764 | 1682608 |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 5515 | 5117044 |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 2815 | 2405412 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 5215 | 5261099 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 2584 | 2617445 |
| 7.00%, 01/15/27 | &nbsp;&nbsp; 3972 | 4078016 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 4235 | 4137344 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 3060 | 3013707 |
| 5.70%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; 1150 | 1148859 |
| 6.20%, 03/21/32<sup>(c)</sup> | &nbsp;&nbsp; 3190 | 3149607 |
| 6.35%, 08/15/29<sup>(c)</sup> | &nbsp;&nbsp; 1160 | 1179486 |
| Bain Capital Specialty Finance Inc. |  |  |
| 2.55%, 10/13/26 | &nbsp;&nbsp; 1990 | 1900330 |
| 5.95%, 03/15/30 | &nbsp;&nbsp; 90 | 88196 |
| Barings BDC Inc. |  |  |
| 3.30%, 11/23/26 | &nbsp;&nbsp; 1305 | 1255859 |
| 7.00%, 02/15/29 | &nbsp;&nbsp; 170 | 174192 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | &nbsp;&nbsp; 3565 | 3419371 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 5730 | 5521707 |
| 4.00%, 01/15/29 | &nbsp;&nbsp; 2795 | 2640737 |
| 5.60%, 11/22/29<sup>(c)</sup> | &nbsp;&nbsp; 2100 | 2075847 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 5.95%, 07/16/29 | &nbsp;&nbsp; $1315 | $1321918 |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 4500 | 4461177 |
| 6.00%, 11/22/34<sup>(c)</sup> | &nbsp;&nbsp; 3450 | 3297297 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 1360 | 1383472 |
| 7.30%, 11/27/28 | &nbsp;&nbsp; 1135 | 1201226 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | &nbsp;&nbsp; 2829 | 2677976 |
| 2.75%, 09/16/26 | &nbsp;&nbsp; 3275 | 3164910 |
| 2.85%, 09/30/28 | &nbsp;&nbsp; 3250 | 2977506 |
| 5.30%, 06/30/30 | &nbsp;&nbsp; 1200 | 1168743 |
| 5.35%, 04/13/28 | &nbsp;&nbsp; 880 | 878051 |
| 5.88%, 11/15/27 | &nbsp;&nbsp; 1670 | 1690673 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 3242 | 3083859 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 3930 | 3588471 |
| 3.40%, 07/15/26 | &nbsp;&nbsp; 2215 | 2152920 |
| 5.95%, 03/15/29 | &nbsp;&nbsp; 600 | 595547 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 555 | 578994 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 2585 | 2459274 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | &nbsp;&nbsp; 2060 | 1984123 |
| 4.70%, 02/08/27 | &nbsp;&nbsp; 1980 | 1949846 |
| 5.80%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; 2705 | 2644123 |
| 6.60%, 09/15/29<sup>(c)</sup> | &nbsp;&nbsp; 3730 | 3773934 |
| 6.65%, 03/15/31 | &nbsp;&nbsp; 3235 | 3274662 |
| 7.75%, 09/16/27 | &nbsp;&nbsp; 1125 | 1166935 |
| 7.75%, 01/15/29 | &nbsp;&nbsp; 2310 | 2428473 |
| 7.95%, 06/13/28 | &nbsp;&nbsp; 973 | 1025331 |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27 | &nbsp;&nbsp; 2012 | 1895284 |
| 6.10%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; 1025 | 1015873 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp; 1690 | 1693875 |
| Carlyle Secured Lending Inc., 6.75%, <br> 02/18/30<br>| &nbsp;&nbsp; 70 | 70722 |
| Franklin BSP Capital Corp., 7.20%, 06/15/29 | &nbsp;&nbsp; 170 | 172957 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2789 | 2638374 |
| 3.13%, 10/12/28 | &nbsp;&nbsp; 4064 | 3670031 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2000 | 1897774 |
| 6.13%, 01/15/30 | &nbsp;&nbsp; 1650 | 1621992 |
| 6.88%, 08/15/29 | &nbsp;&nbsp; 2710 | 2754674 |
| 7.88%, 01/15/29 | &nbsp;&nbsp; 300 | 313561 |
| Goldman Sachs BDC Inc., 6.38%, 03/11/27 | &nbsp;&nbsp; 560 | 572519 |
| Golub Capital BDC Inc. |  |  |
| 2.05%, 02/15/27 | &nbsp;&nbsp; 2188 | 2055176 |
| 2.50%, 08/24/26 | &nbsp;&nbsp; 2735 | 2631702 |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 1835 | 1839660 |
| 7.05%, 12/05/28 | &nbsp;&nbsp; 560 | 583508 |
| Golub Capital Private Credit Fund |  |  |
| 5.80%, 09/12/29<sup>(c)</sup> | &nbsp;&nbsp; 410 | 403596 |
| 5.88%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; 2200 | 2156009 |
| HA Sustainable Infrastructure Capital Inc., <br> 6.38%, 07/01/34<sup>(c)</sup><br>| &nbsp;&nbsp; 4315 | 4136254 |
| HPS Corporate Lending Fund |  |  |
| 5.95%, 04/14/32 | &nbsp;&nbsp; 2010 | 1958425 |
| 6.25%, 09/30/29 | &nbsp;&nbsp; 465 | 471883 |
| 6.75%, 01/30/29 | &nbsp;&nbsp; 2490 | 2565371 |
| Main Street Capital Corp. |  |  |
| 3.00%, 07/14/26 | &nbsp;&nbsp; 2970 | 2872230 |
| 6.50%, 06/04/27 | &nbsp;&nbsp; 1500 | 1524572 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 6.95%, 03/01/29 | &nbsp;&nbsp; $930 | $953353 |
| Morgan Stanley Direct Lending Fund |  |  |
| 4.50%, 02/11/27<sup>(b)</sup> | &nbsp;&nbsp; 820 | 812950 |
| 6.15%, 05/17/29 | &nbsp;&nbsp; 1555 | 1583931 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(c)</sup> | &nbsp;&nbsp; 750 | 736113 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27 | &nbsp;&nbsp; 270 | 269975 |
| 6.88%, 02/01/29 | &nbsp;&nbsp; 330 | 332744 |
| North Haven Private Income Fund LLC, <br> 5.75%, 02/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 29764 |
| Nuveen Churchill Direct Lending Corp., 6.65%, <br> 03/15/30<br>| &nbsp;&nbsp; 50 | 50757 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27 | &nbsp;&nbsp; 2463 | 2324787 |
| 6.34%, 02/27/30 | &nbsp;&nbsp; 710 | 700583 |
| 7.10%, 02/15/29 | &nbsp;&nbsp; 1560 | 1588129 |
| Oaktree Strategic Credit Fund |  |  |
| 6.50%, 07/23/29<sup>(b)</sup> | &nbsp;&nbsp; 280 | 284944 |
| 8.40%, 11/14/28 | &nbsp;&nbsp; 340 | 365779 |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30 | &nbsp;&nbsp; 730 | 721774 |
| 6.13%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; 3210 | 3221775 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 490 | 498416 |
| Sixth Street Specialty Lending Inc. |  |  |
| 2.50%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1770 | 1709962 |
| 5.63%, 08/15/30 | &nbsp;&nbsp; 835 | 826034 |
| 6.13%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 420 | 425199 |
| 6.95%, 08/14/28 | &nbsp;&nbsp; 715 | 743515 |
|  |  | 177232276 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; 4235 | 4053650 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 1659 | 1545163 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 610 | 592105 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 1710 | 1714096 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | &nbsp;&nbsp; 4038 | 4053565 |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 2673 | 2687766 |
| 5.25%, 06/01/26 | &nbsp;&nbsp; 2646 | 2654045 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 2332 | 2030670 |
| 3.85%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1976 | 1885577 |
| 3.97%, 08/06/61<sup>(b)</sup> | &nbsp;&nbsp; 1565 | 1157044 |
| 6.00%, 01/15/43 | &nbsp;&nbsp; 3397 | 3139759 |
| Meritage Homes Corp. |  |  |
| 5.13%, 06/06/27 | &nbsp;&nbsp; 570 | 573818 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 1075 | 1048546 |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp; 2238 | 2058396 |
| PulteGroup Inc. |  |  |
| 5.00%, 01/15/27 | &nbsp;&nbsp; 2865 | 2885562 |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 1568 | 1608470 |
| 6.38%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2076 | 2194621 |
| 7.88%, 06/15/32 | &nbsp;&nbsp; 1179 | 1341532 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 2365 | 2263072 |
| 4.35%, 02/15/28 | &nbsp;&nbsp; 2395 | 2373000 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 2895 | 2898140 |
|  |  | 44758597 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; $2942 | $2828461 |
| 3.50%, 11/15/51 | &nbsp;&nbsp; 3020 | 1784163 |
| 4.40%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2722 | 2607211 |
| Whirlpool Corp. |  |  |
| 2.40%, 05/15/31 | &nbsp;&nbsp; 1545 | 1254199 |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 2133 | 1442360 |
| 4.60%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 2570 | 1697883 |
| 4.70%, 05/14/32<sup>(b)</sup> | &nbsp;&nbsp; 1354 | 1182177 |
| 4.75%, 02/26/29<sup>(b)</sup> | &nbsp;&nbsp; 3461 | 3279742 |
| 5.50%, 03/01/33 | &nbsp;&nbsp; 1400 | 1281196 |
| 5.75%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1198753 |
|  |  | 18556145 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 2440 | 2027455 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 1867 | 1683107 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 3756 | 3786688 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 1880 | 1915691 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 2734 | 2354875 |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 1276 | 1246006 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 2085 | 1606265 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 2220 | 1952923 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 2955 | 3079204 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 3564 | 3120155 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 3203 | 3121924 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 3503 | 3463228 |
| 4.40%, 05/01/29 | &nbsp;&nbsp; 3295 | 3300071 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 3459 | 3418216 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 3481 | 3247649 |
| 2.00%, 11/02/31<sup>(b)</sup> | &nbsp;&nbsp; 2883 | 2518358 |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 2409 | 1543456 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 4058 | 3845433 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 3835 | 3708771 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 1915 | 1333110 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 1702 | 1326430 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 3517 | 3502796 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 2280 | 2268119 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 2090 | 2050763 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 2853 | 3270251 |
|  |  | 64690944 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| ACE Capital Trust II, Series N, 9.70%, <br> 04/01/30<br>| &nbsp;&nbsp; 2922 | 3468478 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 3120672 |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; 3097 | 3030688 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 5653 | 5445707 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 1941 | 1505327 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 3518 | 2985535 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 2740 | 1813923 |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 3864 | 3738144 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 2395 | 2151996 |
| Allstate Corp. (The) |  |  |
| 1.45%, 12/15/30 | &nbsp;&nbsp; 3194 | 2692898 |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 2932 | 2878282 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 3.85%, 08/10/49 | &nbsp;&nbsp; $2708 | $1977791 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 3502 | 2778670 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 2698 | 2274804 |
| 5.05%, 06/24/29 | &nbsp;&nbsp; 2275 | 2319580 |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 2220 | 2245685 |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 2284 | 2321572 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 3331 | 3418597 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 2165 | 2311639 |
| 6.50%, 05/15/67<sup>(a)</sup> | &nbsp;&nbsp; 2495 | 2485502 |
| American Financial Group Inc./OH |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 1745 | 1404849 |
| 5.25%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 902 | 925573 |
| American International Group Inc. |  |  |
| 3.40%, 06/30/30 | &nbsp;&nbsp; 2405 | 2259548 |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 1720 | 1547173 |
| 4.20%, 04/01/28 | &nbsp;&nbsp; 2720 | 2702593 |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 5209 | 4230002 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 2190 | 1862524 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 5708 | 4930804 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 3465 | 3463421 |
| Series A-9, 5.75%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9875 |
| American National Group Inc. |  |  |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 3116 | 3121836 |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 400 | 406463 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 4841 | 4440540 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 4122 | 4006732 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 2527 | 2536105 |
| 6.25%, 09/30/40 | &nbsp;&nbsp; 2114 | 2246510 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 901 | 938967 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 2450 | 2103711 |
| 2.60%, 12/02/31 | &nbsp;&nbsp; 2370 | 2074336 |
| 2.85%, 05/28/27 | &nbsp;&nbsp; 2915 | 2831977 |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 4160 | 2500315 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 3665 | 2663569 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 2305 | 2306608 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 2500 | 2538107 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 3732 | 3148056 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 2549 | 2195377 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 3365 | 3411560 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 4555 | 4650031 |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 3455 | 3552422 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 7393 | 7518134 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 5240 | 5070149 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | &nbsp;&nbsp; 3197 | 3171166 |
| 5.03%, 12/15/46 | &nbsp;&nbsp; 2114 | 1886235 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; 5037 | 3585605 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 1820 | 2082317 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 2910 | 2660020 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 2460 | 2134389 |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 3845 | 2357538 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 6147 | 4161867 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 3315 | 3337645 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 1350 | 1366333 |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 2010 | 2017447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.15%, 02/15/35 | &nbsp;&nbsp; $3825 | $3797639 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 1988 | 2021461 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 1790 | 1821731 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 1655 | 1554891 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 2098 | 2010387 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 1510 | 1454163 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 2045 | 2220613 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 2195 | 2382535 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1815 | 1530387 |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 2387 | 2248870 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 2465 | 2473404 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31 | &nbsp;&nbsp; 2961 | 2690179 |
| 3.60%, 09/15/51 | &nbsp;&nbsp; 1490 | 1000363 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 1450 | 1513788 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 3790 | 2361876 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 2580 | 2387405 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 3085 | 2124978 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 5200 | 5125520 |
| 5.88%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2493 | 2526333 |
| 6.15%, 04/03/30 | &nbsp;&nbsp; 2017 | 2117407 |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 2660 | 2577283 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(a)</sup> | &nbsp;&nbsp; 760 | 732298 |
| 6.65%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 2235 | 2373708 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 375 | 440265 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 2099 | 2018718 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(a)</sup> | &nbsp;&nbsp; 1821 | 1723141 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 2289 | 2254837 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 4431 | 3865985 |
| 1.85%, 03/12/30 | &nbsp;&nbsp; 2808 | 2543498 |
| 2.30%, 03/15/27 | &nbsp;&nbsp; 5690 | 5536144 |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 5525 | 3257419 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 7564 | 4813760 |
| 2.88%, 03/15/32 | &nbsp;&nbsp; 4859 | 4452202 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 6720 | 5120523 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 9537 | 7907437 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 8104 | 6766766 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 3937 | 3456623 |
| 4.40%, 05/15/42 | &nbsp;&nbsp; 4973 | 4590761 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 4353 | 4671210 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(b)</sup> | &nbsp;&nbsp; 5370 | 4957128 |
| Brighthouse Financial Inc. |  |  |
| 3.70%, 06/22/27 | &nbsp;&nbsp; 145 | 142197 |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 1290 | 811096 |
| 4.70%, 06/22/47 | &nbsp;&nbsp; 3577 | 2666630 |
| 5.63%, 05/15/30 | &nbsp;&nbsp; 2794 | 2873598 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 4283 | 3699531 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 1610 | 1499266 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 2435 | 2425994 |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 3845 | 3173022 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 2280 | 2299480 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 4714 | 5035071 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 1270 | 1406665 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 2630 | 2264643 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 2.85%, 12/15/51 | &nbsp;&nbsp; $3040 | $1915783 |
| 3.05%, 12/15/61<sup>(b)</sup> | &nbsp;&nbsp; 3038 | 1831626 |
| 3.35%, 05/03/26 | &nbsp;&nbsp; 4757 | 4712097 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 3275 | 2740067 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 6695 | 5694096 |
| 4.65%, 08/15/29 | &nbsp;&nbsp; 4145 | 4213674 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 5840 | 5852860 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 625 | 704704 |
| Cincinnati Financial Corp. |  |  |
| 6.13%, 11/01/34 | &nbsp;&nbsp; 2104 | 2208630 |
| 6.92%, 05/15/28 | &nbsp;&nbsp; 1629 | 1742563 |
| CNA Financial Corp. |  |  |
| 2.05%, 08/15/30 | &nbsp;&nbsp; 1750 | 1518384 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 2512 | 2457403 |
| 3.90%, 05/01/29 | &nbsp;&nbsp; 5891 | 5738993 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 995 | 980204 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 1215 | 1227770 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 2845 | 2847488 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 2280 | 2351681 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27 | &nbsp;&nbsp; 6491 | 6394190 |
| 3.85%, 04/05/29 | &nbsp;&nbsp; 4158 | 4030207 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 5720 | 5262266 |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 2640 | 2156459 |
| 4.40%, 04/05/52 | &nbsp;&nbsp; 4920 | 3841529 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 3030 | 3087767 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 2720 | 2825481 |
| 6.38%, 09/15/54, (5-year CMT + 2.646%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9634 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(a)</sup> | &nbsp;&nbsp; 1775 | 1795636 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year <br> CMT + 4.006%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1275 | 1221034 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 2686 | 2339411 |
| 4.95%, 06/01/29 | &nbsp;&nbsp; 3051 | 3039580 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 7488 | 7455456 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 4634 | 4023239 |
| 5.59%, 01/11/33 | &nbsp;&nbsp; 2505 | 2555891 |
| Essent Group Ltd., 6.25%, 07/01/29 | &nbsp;&nbsp; 1345 | 1379583 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 4803 | 2905592 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 4724 | 3123431 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 2271 | 1980032 |
| F&G Annuities & Life Inc. |  |  |
| 6.25%, 10/04/34 | &nbsp;&nbsp; 1715 | 1655606 |
| 6.50%, 06/04/29 | &nbsp;&nbsp; 1850 | 1886042 |
| 7.40%, 01/13/28 | &nbsp;&nbsp; 2646 | 2762126 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 2102 | 1913658 |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 2687 | 2637526 |
| 4.85%, 04/17/28 | &nbsp;&nbsp; 3049 | 3073426 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 2430 | 2463840 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 3145 | 3266299 |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 2205 | 2090291 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 1300 | 1305921 |
| Fidelity National Financial Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 3424 | 2926174 |
| 3.20%, 09/17/51 | &nbsp;&nbsp; 3425 | 2021507 |
| 3.40%, 06/15/30 | &nbsp;&nbsp; 3515 | 3232684 |
| 4.50%, 08/15/28 | &nbsp;&nbsp; 2802 | 2765638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | &nbsp;&nbsp; $2537 | $2147242 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 2265 | 2140106 |
| 5.45%, 09/30/34 | &nbsp;&nbsp; 1720 | 1658828 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 3502 | 3041040 |
| 4.55%, 09/15/28 | &nbsp;&nbsp; 3600 | 3613623 |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 1720 | 1675415 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 1800 | 1838813 |
| Hanover Insurance Group Inc. (The), 2.50%, <br> 09/01/30<br>| &nbsp;&nbsp; 2185 | 1904183 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.80%, 08/19/29 | &nbsp;&nbsp; 3580 | 3318439 |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 3165 | 1949591 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 3626 | 2607197 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 1596 | 1345429 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 2593 | 2142486 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 1855 | 1927297 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 2094 | 2126063 |
| Horace Mann Educators Corp., 7.25%, <br> 09/15/28<br>| &nbsp;&nbsp; 180 | 193187 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 3285 | 2835465 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 2570 | 1703531 |
| 5.17%, 06/08/27 | &nbsp;&nbsp; 3110 | 3137897 |
| 5.67%, 06/08/32 | &nbsp;&nbsp; 1330 | 1329181 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 2735 | 2379013 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 1880 | 1676032 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2426 | 2252593 |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 2314 | 2130178 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 394 | 350433 |
| 3.63%, 12/12/26 | &nbsp;&nbsp; 1763 | 1740651 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 2249 | 2203084 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 1838 | 1419354 |
| 4.38%, 06/15/50 | &nbsp;&nbsp; 1317 | 1011704 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 1175 | 1194688 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 1200 | 1231954 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 1963 | 2164188 |
| Loews Corp. |  |  |
| 3.20%, 05/15/30 | &nbsp;&nbsp; 3070 | 2877317 |
| 4.13%, 05/15/43 | &nbsp;&nbsp; 4097 | 3438615 |
| 6.00%, 02/01/35 | &nbsp;&nbsp; 726 | 784617 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | &nbsp;&nbsp; 3460 | 3348101 |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 3800 | 3539873 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3873 | 3808963 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 2988 | 2854304 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 2045 | 1952665 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 3160 | 2084240 |
| 3.50%, 11/01/27 | &nbsp;&nbsp; 2857 | 2802517 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 2651 | 1986884 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 1931 | 1527110 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 2470 | 2164646 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 2335 | 2009445 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 2260 | 2240086 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 4510 | 4011498 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 2.38%, 12/15/31 | &nbsp;&nbsp; $755 | $653024 |
| 2.90%, 12/15/51 | &nbsp;&nbsp; 2595 | 1592875 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 4015 | 3241328 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 2782 | 2315468 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 8097 | 8114296 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 4160 | 4204190 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 6495 | 6551775 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 3368 | 3167274 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 5710 | 5765035 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 5401 | 4806200 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 9785 | 9702463 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 1691 | 1712428 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 2415 | 2326425 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 3005 | 3091894 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 6235 | 5914818 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 1615 | 1537675 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 1425 | 1358971 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 4485 | 4438416 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 1745 | 1848517 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 1900 | 2010584 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 1955 | 2074149 |
| Mercury General Corp., 4.40%, 03/15/27 | &nbsp;&nbsp; 2500 | 2467634 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 4586 | 3677381 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 3703 | 3067873 |
| 4.55%, 03/23/30 | &nbsp;&nbsp; 5802 | 5857943 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 3439 | 2987645 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 2676 | 2337930 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 4010 | 3616034 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 4140 | 3717512 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 4420 | 4119748 |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 3760 | 3820002 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 3555 | 3664302 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 6453 | 6757285 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 3477 | 3558820 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 2956 | 3216221 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 5217 | 5160584 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 2755 | 3048322 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 2587 | 3377929 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 640 | 638275 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 235 | 247734 |
| Nationwide Financial Services Inc., 6.75%, <br> 05/15/87<br>| &nbsp;&nbsp; 744 | 723981 |
| NMI Holdings Inc., 6.00%, 08/15/29 | &nbsp;&nbsp; 1040 | 1052493 |
| Old Republic International Corp. |  |  |
| 3.85%, 06/11/51 | &nbsp;&nbsp; 2764 | 1904859 |
| 3.88%, 08/26/26 | &nbsp;&nbsp; 3621 | 3580556 |
| 5.75%, 03/28/34 | &nbsp;&nbsp; 2235 | 2264357 |
| PartnerRe Finance B LLC |  |  |
| 3.70%, 07/02/29 | &nbsp;&nbsp; 3936 | 3808715 |
| 4.50%, 10/01/50, (5-year CMT + 3.815%)<sup>(a)</sup> | &nbsp;&nbsp; 477 | 434676 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 2213 | 1924239 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 3569 | 3149131 |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 3025 | 2962171 |
| 3.70%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2600 | 2517489 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 1874 | 1545576 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 1693 | 1432528 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 1786 | 1571309 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 2290 | 2329393 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.50%, 03/15/53 | &nbsp;&nbsp; $1575 | $1502634 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 2200 | 2344769 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 3571 | 3473322 |
| 2.50%, 03/15/27 | &nbsp;&nbsp; 3515 | 3408582 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 1599 | 1433370 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 3556 | 3374759 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 1577 | 1224500 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 2100 | 1544399 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 2344 | 1811533 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 2852 | 2829732 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 4403 | 3542642 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 2705 | 2211761 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 2318 | 1961553 |
| 4.95%, 06/15/33 | &nbsp;&nbsp; 1860 | 1876242 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 1966 | 2141465 |
| 6.63%, 03/01/29 | &nbsp;&nbsp; 1846 | 1995873 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3715 | 3346188 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 2697 | 2012400 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(a)</sup> | &nbsp;&nbsp; 1195 | 1063450 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 6719 | 4867613 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 2722 | 2696351 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 4046 | 3094190 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 4746 | 3566876 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 4417 | 3598762 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 2048 | 1685518 |
| 4.50%, 09/15/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 3400 | 3305383 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 3586 | 3093817 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(a)</sup> | &nbsp;&nbsp; 2170 | 2037249 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 2150 | 2154616 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 4249 | 4423552 |
| 5.70%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 4178 | 4161426 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 2997 | 3161055 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(a)</sup> | &nbsp;&nbsp; 1236 | 1231909 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)</sup> | &nbsp;&nbsp; 4670 | 4702497 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 2286 | 2523159 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 1855 | 2062829 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 1668653 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30<sup>(b)</sup> | &nbsp;&nbsp; 3626 | 3412262 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 2230 | 2054890 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 2861 | 2645444 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 6033 | 5886291 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 2972 | 2953259 |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 2080 | 2108158 |
| 6.00%, 09/15/33 | &nbsp;&nbsp; 1806 | 1868989 |
| RenaissanceRe Finance Inc., 3.45%, <br> 07/01/27<br>| &nbsp;&nbsp; 2468 | 2417945 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | &nbsp;&nbsp; 3335 | 3201462 |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 3800 | 3883742 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 1175 | 1207206 |
| Selective Insurance Group Inc. |  |  |
| 5.38%, 03/01/49 | &nbsp;&nbsp; 660 | 592633 |
| 5.90%, 04/15/35 | &nbsp;&nbsp; 795 | 799015 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | &nbsp;&nbsp; 200 | 207069 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 2545 | 2278456 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 2063 | 2477241 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; $2506 | $1485658 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 3429 | 2235783 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 2595 | 2006178 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 3364 | 2677253 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 2546 | 2036361 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 2501 | 2000744 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 2061 | 1739134 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 2210 | 1934242 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 3627 | 3612695 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 2475 | 2427952 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 4008 | 4382410 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 2142 | 2436639 |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/33<br>| &nbsp;&nbsp; 2583 | 2859467 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 2321 | 2269714 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 2970 | 2186133 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 1385 | 1074017 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 3010 | 2886868 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 1105 | 1073342 |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; 1225 | 719356 |
| 3.55%, 03/30/52 | &nbsp;&nbsp; 1243 | 855090 |
| 4.00%, 05/12/50 | &nbsp;&nbsp; 2606 | 1976730 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 2628 | 2281508 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 3964 | 3691528 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 2760 | 1980959 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 3643 | 3640292 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 4708 | 4725508 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 2225 | 1923780 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 1895 | 1910037 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 3580 | 3466904 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 2210 | 2091210 |
|  |  | 943714328 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31<sup>(b)</sup> | &nbsp;&nbsp; 4660 | 4086322 |
| 2.70%, 02/09/41 | &nbsp;&nbsp; 4525 | 3080054 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 7340 | 4657232 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 4268 | 2567840 |
| 3.40%, 12/06/27<sup>(b)</sup> | &nbsp;&nbsp; 12144 | 11851034 |
| 4.00%, 12/06/37 | &nbsp;&nbsp; 4925 | 4246299 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 8375 | 6575013 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 4275 | 3321625 |
| 4.50%, 11/28/34<sup>(b)</sup> | &nbsp;&nbsp; 2952 | 2800960 |
| 4.88%, 05/26/30<sup>(c)</sup> | &nbsp;&nbsp; 370 | 375843 |
| 5.25%, 05/26/35<sup>(c)</sup> | &nbsp;&nbsp; 870 | 866141 |
| 5.63%, 11/26/54<sup>(b)(c)</sup> | &nbsp;&nbsp; 1940 | 1840030 |
| Alphabet Inc. |  |  |
| 0.80%, 08/15/27 | &nbsp;&nbsp; 6335 | 5934915 |
| 1.10%, 08/15/30 | &nbsp;&nbsp; 11659 | 10060002 |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 6078 | 4067503 |
| 2.00%, 08/15/26 | &nbsp;&nbsp; 11116 | 10866357 |
| 2.05%, 08/15/50<sup>(b)</sup> | &nbsp;&nbsp; 11278 | 6302002 |
| 2.25%, 08/15/60<sup>(b)</sup> | &nbsp;&nbsp; 6865 | 3720215 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 4165 | 4162129 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 6300 | 6211118 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 2580 | 2546591 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 3060 | 3010015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Amazon.com Inc. |  |  |
| 1.00%, 05/12/26 | &nbsp;&nbsp; $12140 | $11768381 |
| 1.20%, 06/03/27 | &nbsp;&nbsp; 2928 | 2768683 |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 9725 | 8543328 |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 11600 | 10853174 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 11445 | 10127836 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 9931 | 5902485 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 8700 | 4969836 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 10229 | 7550097 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 13110 | 8837717 |
| 3.15%, 08/22/27 | &nbsp;&nbsp; 15718 | 15451114 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 7567 | 4917451 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 7065 | 6990220 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 5410 | 5315284 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 9990 | 9477291 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 12777 | 11511825 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 10240 | 8065719 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 13752 | 11344132 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 5218 | 4057219 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 9451 | 7653796 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 4055 | 4118059 |
| 4.65%, 12/01/29 | &nbsp;&nbsp; 6000 | 6157940 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 8195 | 8307518 |
| 4.80%, 12/05/34 | &nbsp;&nbsp; 5997 | 6085156 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 6588 | 6327601 |
| Baidu Inc. |  |  |
| 1.63%, 02/23/27 | &nbsp;&nbsp; 1524 | 1453391 |
| 2.38%, 08/23/31<sup>(b)</sup> | &nbsp;&nbsp; 760 | 670834 |
| 3.43%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1425 | 1356783 |
| 3.63%, 07/06/27 | &nbsp;&nbsp; 1964 | 1937543 |
| 4.38%, 03/29/28 | &nbsp;&nbsp; 2260 | 2263956 |
| 4.88%, 11/14/28 | &nbsp;&nbsp; 1965 | 1994312 |
| Booking Holdings Inc. |  |  |
| 3.55%, 03/15/28 | &nbsp;&nbsp; 3639 | 3584243 |
| 3.60%, 06/01/26 | &nbsp;&nbsp; 5596 | 5556195 |
| 4.63%, 04/13/30 | &nbsp;&nbsp; 7489 | 7555605 |
| eBay Inc. |  |  |
| 1.40%, 05/10/26 | &nbsp;&nbsp; 5035 | 4878068 |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 4075 | 3599777 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 4725 | 4320008 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 4595 | 4521061 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 4724 | 3310698 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 3536 | 2804533 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 1845 | 1913519 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 1835 | 1975878 |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2903 | 2608539 |
| 3.25%, 02/15/30 | &nbsp;&nbsp; 6044 | 5641972 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 3974 | 3898445 |
| 4.63%, 08/01/27 | &nbsp;&nbsp; 1981 | 1982525 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 3175 | 3126049 |
| JD.com Inc. |  |  |
| 3.38%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 2265 | 2146574 |
| 4.13%, 01/14/50<sup>(b)</sup> | &nbsp;&nbsp; 1900 | 1472553 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 15430 | 15314991 |
| 3.85%, 08/15/32 | &nbsp;&nbsp; 16200 | 15455573 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 5355 | 5400497 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 12595 | 10489382 |
| 4.55%, 08/15/31 | &nbsp;&nbsp; 6065 | 6146887 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 5825 | 5942828 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 4.65%, 08/15/62 | &nbsp;&nbsp; $6660 | $5571830 |
| 4.75%, 08/15/34 | &nbsp;&nbsp; 11965 | 11920643 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 5485 | 5650187 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 7905 | 8052892 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 11340 | 10929335 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 9740 | 9375882 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 11265 | 11131724 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 6950 | 6929033 |
| Netflix Inc. |  |  |
| 4.38%, 11/15/26 | &nbsp;&nbsp; 3670 | 3682938 |
| 4.88%, 04/15/28 | &nbsp;&nbsp; 4375 | 4469308 |
| 4.90%, 08/15/34 | &nbsp;&nbsp; 830 | 835717 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 2450 | 2378742 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 3290 | 3471320 |
| 6.38%, 05/15/29 | &nbsp;&nbsp; 4320 | 4650692 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<br>| &nbsp;&nbsp; 3871 | 3397065 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; 750 | 742836 |
| 4.80%, 09/15/34 | &nbsp;&nbsp; 6380 | 6190757 |
| 5.35%, 09/15/54 | &nbsp;&nbsp; 1810 | 1652031 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 4255 | 3763437 |
| 4.75%, 07/15/27 | &nbsp;&nbsp; 4065 | 4065118 |
| 5.25%, 06/01/32 | &nbsp;&nbsp; 175 | 176521 |
| Weibo Corp., 3.38%, 07/08/30<sup>(b)</sup> | &nbsp;&nbsp; 4764 | 4381337 |
|  |  | 536993666 |
| **INVESTMENT COMPANIES — 0.0%** | **INVESTMENT COMPANIES — 0.0%** | **INVESTMENT COMPANIES — 0.0%** |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 05/06/28<sup>(c)</sup> | &nbsp;&nbsp; 775 | 776718 |
| 6.25%, 05/06/30<sup>(c)</sup> | &nbsp;&nbsp; 775 | 775166 |
|  |  | 1551884 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 4.25%, 07/16/29<sup>(b)</sup> | &nbsp;&nbsp; 2727 | 2663118 |
| 6.00%, 06/17/34 | &nbsp;&nbsp; 2300 | 2357445 |
| 6.35%, 06/17/54<sup>(b)</sup> | &nbsp;&nbsp; 2450 | 2362417 |
| 6.55%, 11/29/27 | &nbsp;&nbsp; 6215 | 6464788 |
| 6.75%, 03/01/41 | &nbsp;&nbsp; 2090 | 2160409 |
| 6.80%, 11/29/32 | &nbsp;&nbsp; 4295 | 4620102 |
| 7.00%, 10/15/39 | &nbsp;&nbsp; 3035 | 3302912 |
| Nucor Corp. |  |  |
| 2.70%, 06/01/30 | &nbsp;&nbsp; 3284 | 3004140 |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 1622 | 962460 |
| 3.13%, 04/01/32 | &nbsp;&nbsp; 1775 | 1591382 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 3220 | 2381307 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 2503 | 2477667 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 4645 | 4656167 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 1684 | 1392945 |
| 4.65%, 06/01/30 | &nbsp;&nbsp; 2370 | 2368666 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 2150 | 2110748 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 1120 | 1073956 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 1601 | 1740793 |
| Reliance Inc., 2.15%, 08/15/30 | &nbsp;&nbsp; 725 | 636750 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 1650 | 1536902 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 2761 | 2538785 |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 2619 | 1681212 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 2484 | 2342120 |
| 5.00%, 12/15/26 | &nbsp;&nbsp; 5103 | 5109438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| 5.25%, 05/15/35 | &nbsp;&nbsp; $2575 | $2548807 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 2465 | 2470097 |
| 5.75%, 05/15/55 | &nbsp;&nbsp; 1375 | 1301693 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 4764 | 4444756 |
| 6.13%, 06/12/33<sup>(b)</sup> | &nbsp;&nbsp; 6535 | 6731238 |
| 6.40%, 06/28/54 | &nbsp;&nbsp; 4610 | 4442811 |
| 6.88%, 11/21/36<sup>(b)</sup> | &nbsp;&nbsp; 2836 | 3024519 |
| 6.88%, 11/10/39 | &nbsp;&nbsp; 1431 | 1523353 |
| Vale SA, 5.63%, 09/11/42 | &nbsp;&nbsp; 1176 | 1114548 |
|  |  | 89138451 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 2194 | 1792876 |
| 4.40%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2290 | 2054766 |
| 5.10%, 04/01/52 | &nbsp;&nbsp; 1790 | 1324379 |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(b)</sup> | &nbsp;&nbsp; 1960 | 1985799 |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 1674 | 1310966 |
| Polaris Inc., 6.95%, 03/15/29 | &nbsp;&nbsp; 1040 | 1071344 |
|  |  | 9540130 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 2196 | 2061256 |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 2110 | 1920983 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 2445 | 2401472 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 2975 | 2928922 |
| 5.05%, 03/30/28 | &nbsp;&nbsp; 1210 | 1215853 |
| 5.25%, 06/30/29 | &nbsp;&nbsp; 1840 | 1846634 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 2290 | 2276177 |
| 5.50%, 06/30/34 | &nbsp;&nbsp; 1500 | 1455668 |
| 5.75%, 01/30/27 | &nbsp;&nbsp; 2915 | 2963964 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 2302 | 2346768 |
| 5.75%, 03/30/32 | &nbsp;&nbsp; 1200 | 1202304 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | &nbsp;&nbsp; 1690 | 1652661 |
| 3.90%, 08/08/29 | &nbsp;&nbsp; 3515 | 3263861 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 1050 | 1049576 |
| 5.90%, 06/01/27 | &nbsp;&nbsp; 2340 | 2367631 |
| 6.00%, 08/15/29 | &nbsp;&nbsp; 2285 | 2304285 |
| 6.00%, 06/14/30 | &nbsp;&nbsp; 895 | 896601 |
| 6.20%, 08/15/34 | &nbsp;&nbsp; 2180 | 2139936 |
| Marriott International Inc./MD |  |  |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 3075 | 3077637 |
| 4.88%, 05/15/29 | &nbsp;&nbsp; 1505 | 1518093 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 4520 | 4556456 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 3730 | 3781243 |
| 5.10%, 04/15/32 | &nbsp;&nbsp; 2190 | 2186209 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 2785 | 2749487 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 2050 | 2016569 |
| 5.45%, 09/15/26 | &nbsp;&nbsp; 1175 | 1188446 |
| 5.50%, 04/15/37 | &nbsp;&nbsp; 4950 | 4828400 |
| 5.55%, 10/15/28 | &nbsp;&nbsp; 2985 | 3081789 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 3059 | 3072479 |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 5977 | 5940626 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 4119 | 3666537 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 2341 | 2095166 |
| Series II, 2.75%, 10/15/33 | &nbsp;&nbsp; 4205 | 3481124 |
| Series R, 3.13%, 06/15/26 | &nbsp;&nbsp; 4718 | 4647172 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 2114 | 2088130 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; $2640 | $2483797 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 3030 | 2708833 |
| 3.25%, 08/08/31<sup>(b)</sup> | &nbsp;&nbsp; 2630 | 2237256 |
| 4.38%, 06/18/30 | &nbsp;&nbsp; 3295 | 3045188 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 4350 | 4280347 |
|  |  | 105025536 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28 | &nbsp;&nbsp; 1160 | 1149647 |
| 4.38%, 05/08/42 | &nbsp;&nbsp; 480 | 418951 |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | &nbsp;&nbsp; 2855 | 2880337 |
| 5.80%, 03/21/34 | &nbsp;&nbsp; 2915 | 2895904 |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 2906 | 2714212 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 3650 | 3510480 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 3885 | 3739060 |
| 2.40%, 08/09/26 | &nbsp;&nbsp; 2624 | 2567910 |
| 3.60%, 08/12/27 | &nbsp;&nbsp; 4105 | 4066329 |
| 4.35%, 05/15/26 | &nbsp;&nbsp; 5425 | 5433048 |
| 4.38%, 08/16/29<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1794460 |
| 4.40%, 10/15/27 | &nbsp;&nbsp; 2255 | 2273573 |
| 4.40%, 03/03/28 | &nbsp;&nbsp; 1450 | 1463484 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 2945 | 2966140 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 1340 | 1351375 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 1955 | 1970037 |
| 4.60%, 11/15/27 | &nbsp;&nbsp; 2720 | 2756704 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 2790 | 2841374 |
| 4.80%, 01/08/30<sup>(b)</sup> | &nbsp;&nbsp; 1660 | 1699480 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 2345 | 2396751 |
| 5.00%, 05/14/27 | &nbsp;&nbsp; 3040 | 3100299 |
| Caterpillar Inc. |  |  |
| 1.90%, 03/12/31 | &nbsp;&nbsp; 1325 | 1162317 |
| 2.60%, 09/19/29 | &nbsp;&nbsp; 3326 | 3123581 |
| 2.60%, 04/09/30 | &nbsp;&nbsp; 4920 | 4560188 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 4419 | 3063983 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 5617 | 3873876 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 7513 | 6119307 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 2517 | 2155909 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 2208 | 1872273 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 3346 | 3282723 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 1595 | 1686114 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 2398 | 2629951 |
| CNH Industrial Capital LLC |  |  |
| 1.45%, 07/15/26 | &nbsp;&nbsp; 2170 | 2087512 |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 1040 | 1038178 |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 3145 | 3139501 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 1385 | 1390410 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 2515 | 2548106 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 2060 | 2115068 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 3490 | 3425862 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 3630 | 2375733 |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 3946 | 3726790 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 4731 | 3639974 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 4849 | 4093793 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 2660 | 2796562 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 3575 | 3692781 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 465 | 478336 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 2645 | 3023551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Dover Corp. |  |  |
| 2.95%, 11/04/29 | &nbsp;&nbsp; $2860 | $2667226 |
| 5.38%, 10/15/35 | &nbsp;&nbsp; 532 | 546588 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 2410 | 2305687 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 2420 | 2052450 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 2563 | 2363193 |
| IDEX Corp. |  |  |
| 2.63%, 06/15/31 | &nbsp;&nbsp; 2540 | 2213681 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 2489 | 2280419 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 520 | 525051 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 2210 | 2253587 |
| 5.20%, 06/15/27 | &nbsp;&nbsp; 2680 | 2719169 |
| 5.31%, 06/15/31 | &nbsp;&nbsp; 1040 | 1065867 |
| 5.40%, 08/14/28 | &nbsp;&nbsp; 995 | 1023120 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 3095 | 3118845 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 4220 | 4336229 |
| 5.70%, 06/15/54 | &nbsp;&nbsp; 2040 | 1961505 |
| John Deere Capital Corp. |  |  |
| 1.05%, 06/17/26 | &nbsp;&nbsp; 2390 | 2310471 |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 3580 | 3443596 |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 3460 | 2961265 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 2307 | 2151744 |
| 1.70%, 01/11/27 | &nbsp;&nbsp; 2650 | 2550230 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 3026 | 2904466 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 2654 | 2311667 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 2556 | 2494492 |
| 2.35%, 03/08/27 | &nbsp;&nbsp; 1388 | 1346434 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 3536 | 3263677 |
| 2.65%, 06/10/26 | &nbsp;&nbsp; 1759 | 1731983 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 3262 | 3169458 |
| 2.80%, 07/18/29<sup>(b)</sup> | &nbsp;&nbsp; 3331 | 3155815 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 1780 | 1736937 |
| 3.35%, 04/18/29 | &nbsp;&nbsp; 3420 | 3318835 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 3434 | 3342830 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 1550 | 1475617 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 4115 | 4127718 |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 2910 | 2924404 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 2860 | 2797995 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 3855 | 3849268 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 3980 | 4013350 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 3050 | 3083330 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 1920 | 1954288 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 3850 | 3914445 |
| 4.75%, 06/08/26 | &nbsp;&nbsp; 3955 | 3980799 |
| 4.75%, 01/20/28 | &nbsp;&nbsp; 2035 | 2073144 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 1635 | 1661202 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 3375 | 3462103 |
| 4.85%, 10/11/29 | &nbsp;&nbsp; 3350 | 3436515 |
| 4.90%, 06/11/27 | &nbsp;&nbsp; 2945 | 2996824 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 650 | 665401 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 2785 | 2846522 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 2595 | 2662031 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 4220 | 4269154 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 1545 | 1567446 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 2515 | 2568414 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 3135 | 3157182 |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | &nbsp;&nbsp; 1920 | 1903966 |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 1440 | 1484336 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 5.80%, 09/15/33 | &nbsp;&nbsp; $1345 | $1379568 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | &nbsp;&nbsp; 1783 | 1526676 |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 3474 | 3471495 |
| 5.65%, 05/15/33 | &nbsp;&nbsp; 1845 | 1827903 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 1851 | 1695025 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 2268 | 2262273 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | &nbsp;&nbsp; 2258 | 2173940 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 7766 | 7094856 |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 4328 | 3260575 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 4096 | 2755334 |
| 5.13%, 11/19/31 | &nbsp;&nbsp; 510 | 518825 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 3245 | 3331877 |
| Rockwell Automation Inc. |  |  |
| 1.75%, 08/15/31 | &nbsp;&nbsp; 2415 | 2062737 |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 2123 | 1202904 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 2788 | 2705674 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 4093 | 3319524 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 5323 | 5242656 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 6965 | 6988060 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 935 | 961077 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 4587 | 4307944 |
| 2.25%, 01/30/31 | &nbsp;&nbsp; 3213 | 2808117 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; 3843 | 3782019 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 2005 | 1628307 |
|  |  | 333901271 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | &nbsp;&nbsp; 3970 | 3859576 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 5025 | 4627733 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 4483 | 4338673 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 3305 | 3074429 |
| 3.13%, 09/19/46 | &nbsp;&nbsp; 2887 | 1943204 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 4633 | 3115148 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 4228 | 4073870 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 3045 | 2979104 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 2256 | 1652900 |
| 3.70%, 04/15/50 | &nbsp;&nbsp; 3147 | 2276208 |
| 3.88%, 06/15/44 | &nbsp;&nbsp; 1805 | 1428286 |
| 4.00%, 09/14/48 | &nbsp;&nbsp; 4755 | 3693765 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 1500 | 1513101 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 1500 | 1489901 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 2742 | 2828805 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 2480 | 2054386 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 4119 | 3764958 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 2615 | 2559061 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 3272 | 3201951 |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 2434 | 1913614 |
| 4.00%, 11/02/32 | &nbsp;&nbsp; 4599 | 4381370 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 4075 | 3912406 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 5129 | 4344389 |
| 4.35%, 05/18/28 | &nbsp;&nbsp; 1605 | 1620038 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 2745 | 2407051 |
| Illinois Tool Works Inc. |  |  |
| 2.65%, 11/15/26 | &nbsp;&nbsp; 6639 | 6504898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 3.90%, 09/01/42 | &nbsp;&nbsp; $5147 | $4202378 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 3025 | 2836125 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 5866 | 5774529 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 4348 | 4165333 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 4041 | 3134380 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 2926 | 2332030 |
| 4.20%, 11/21/34<sup>(b)</sup> | &nbsp;&nbsp; 2310 | 2182983 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 4430 | 4434675 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 2702 | 2319355 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 4378 | 4400544 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 1536 | 1667322 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 2833 | 2793755 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 1360 | 1393751 |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 1225 | 1155143 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 2825 | 2516784 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 2628 | 2288686 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 3020 | 2761255 |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 1853 | 1792038 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 3120 | 3066624 |
| 3.90%, 09/17/29 | &nbsp;&nbsp; 2364 | 2267044 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 2825 | 2804473 |
| 6.10%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1480 | 1541932 |
|  |  | 141389964 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 6171 | 5591336 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 5010 | 4069279 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 7174 | 6221216 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 6392 | 4356673 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 5810 | 3907341 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 8744 | 5414878 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 5739 | 5568067 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 7945 | 4726014 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 10270 | 6517494 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 6016 | 3610692 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 6448 | 6335366 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 4350 | 3948215 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 6073 | 3948510 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 11951 | 8903745 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 6058 | 6043534 |
| 5.13%, 07/01/49 | &nbsp;&nbsp; 5055 | 3952675 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 6445 | 5108625 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 3598 | 3246398 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 10583 | 8579482 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 4310 | 3387005 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 10426 | 8905175 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 5560 | 5748908 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; 6560 | 6688919 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 8685 | 8785057 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 15134 | 14105649 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 6760 | 6971146 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 4235 | 4384715 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 2033 | 1938997 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31 | &nbsp;&nbsp; 6810 | 5754743 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 1.95%, 01/15/31 | &nbsp;&nbsp; $8311 | $7214130 |
| 2.35%, 01/15/27 | &nbsp;&nbsp; 6826 | 6630723 |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 6135 | 3300576 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 7928 | 7340512 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 5994 | 3111441 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 8004 | 4739548 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 19725 | 11871890 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 23931 | 13924165 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 17458 | 9798274 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 8690 | 8463253 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 4680 | 3872204 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 4682 | 3623434 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 6451 | 6365405 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 4629 | 4561177 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 7580 | 7234171 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 4582 | 3230119 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 8250 | 5594635 |
| 3.55%, 05/01/28 | &nbsp;&nbsp; 4791 | 4706902 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 6884 | 5636464 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 5859 | 5021720 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 6322 | 4797142 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 3537 | 2696595 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 4621 | 3511467 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 8528 | 6400554 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 4399 | 3287757 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 11854 | 11827241 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 4980 | 4667397 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 6364 | 6294897 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 7896 | 7550380 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 4259 | 4006647 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 5420 | 5475559 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 4745 | 4349984 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 3176 | 2697609 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 6435 | 6322754 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 3412 | 2981621 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 8213 | 6963640 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 1614 | 1421013 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 4975 | 4905318 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 4634 | 3903768 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 2400 | 2474955 |
| 5.30%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4790 | 4867510 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 4759 | 4903488 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 5630 | 5165135 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 4955 | 5149824 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 6090 | 5610567 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 3616 | 3751515 |
| 5.65%, 06/01/54<sup>(b)</sup> | &nbsp;&nbsp; 4520 | 4347514 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 1695 | 1848429 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 3127 | 3461842 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 985 | 1084526 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 2300 | 2605270 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 3832 | 4330896 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 4852 | 4306087 |
| 3.95%, 03/20/28 | &nbsp;&nbsp; 8055 | 7704078 |
| 4.00%, 09/15/55 | &nbsp;&nbsp; 2905 | 1686267 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 3538 | 3306826 |
| 4.65%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1805 | 1235958 |
| 5.00%, 09/20/37 | &nbsp;&nbsp; 3095 | 2499521 |
| 5.20%, 09/20/47 | &nbsp;&nbsp; 8130 | 6070574 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; 3061 | 2695730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; $2750 | $2653825 |
| 3.45%, 03/01/32 | &nbsp;&nbsp; 2315 | 2069456 |
| Fox Corp. |  |  |
| 3.50%, 04/08/30 | &nbsp;&nbsp; 4053 | 3822067 |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 9807 | 9791701 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 5956 | 5692892 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 6303 | 5745306 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 5060 | 5381745 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 2175 | 1452082 |
| 5.25%, 05/24/49 | &nbsp;&nbsp; 1195 | 799405 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 3674 | 2839231 |
| 6.63%, 01/15/40 | &nbsp;&nbsp; 2986 | 2633519 |
| 8.50%, 03/11/32 | &nbsp;&nbsp; 1835 | 1947587 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 3103 | 2636239 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 2516 | 2576812 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 2072 | 2230919 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 1189 | 1154120 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 2494 | 2412401 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 2365 | 2298901 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 2010 | 1938303 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 4275 | 3831763 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 3966 | 2859146 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 2607 | 1887916 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 2237 | 1724583 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 2396 | 1797151 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 5125 | 4955558 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 3898 | 2867886 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 1495 | 1139335 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 1772 | 1669194 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 3424 | 2906412 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 1962 | 1694956 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 3636 | 3646767 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 3421 | 3749168 |
| TCI Communications Inc., 7.13%, 02/15/28 | &nbsp;&nbsp; 3647 | 3918047 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 5393 | 6145070 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 5296 | 3968560 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 5324 | 4554963 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 5193 | 4741554 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 6497 | 6403029 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 6451 | 6426729 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 6471 | 6719096 |
| TWDC Enterprises 18 Corp. |  |  |
| 1.85%, 07/30/26 | &nbsp;&nbsp; 5934 | 5771105 |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 4564 | 4469175 |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 2414 | 1610258 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 2126 | 1668036 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 4247 | 3481772 |
| 4.38%, 08/16/41<sup>(b)</sup> | &nbsp;&nbsp; 1735 | 1507440 |
| Series B, 7.00%, 03/01/32 | &nbsp;&nbsp; 4307 | 4878828 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 2758 | 2310506 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 9667 | 8832088 |
| 2.20%, 01/13/28 | &nbsp;&nbsp; 5142 | 4913340 |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 10023 | 9154941 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 7497 | 4665210 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 3.38%, 11/15/26 | &nbsp;&nbsp; $3369 | $3335673 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 7512 | 6086406 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 11707 | 8500738 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 3847 | 3829877 |
| 3.80%, 03/22/30 | &nbsp;&nbsp; 6329 | 6193479 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 5867 | 4209886 |
| 4.63%, 03/23/40 | &nbsp;&nbsp; 2761 | 2582983 |
| 4.70%, 03/23/50 | &nbsp;&nbsp; 7525 | 6602628 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 2774 | 2473240 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 1928 | 1702165 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 1771 | 1616582 |
| 5.40%, 10/01/43 | &nbsp;&nbsp; 3152 | 3106696 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 1870 | 2025065 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 2477 | 2608179 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 4740 | 5227237 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 4724 | 5250069 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 3044 | 3393672 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 5152 | 5810826 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 1495 | 1864767 |
|  |  | 733494713 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | &nbsp;&nbsp; 3070 | 2469663 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 2248 | 1905606 |
| Timken Co. (The) |  |  |
| 4.13%, 04/01/32 | &nbsp;&nbsp; 1820 | 1659229 |
| 4.50%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2860 | 2845033 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44 | &nbsp;&nbsp; 2524 | 2262170 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 1574 | 1411407 |
|  |  | 12553108 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 4000 | 3800478 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 2363 | 2206150 |
| Barrick Gold Corp. |  |  |
| 5.25%, 04/01/42 | &nbsp;&nbsp; 1125 | 1063751 |
| 6.45%, 10/15/35 | &nbsp;&nbsp; 1403 | 1511860 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 4333 | 4232056 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 3792 | 3731319 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 3593 | 3643479 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 4121 | 3434198 |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 4330 | 4404532 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 2895 | 2869124 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 4080 | 4163468 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 10958 | 10143323 |
| 5.10%, 09/08/28 | &nbsp;&nbsp; 5713 | 5858845 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 3525 | 3567073 |
| 5.25%, 09/08/26 | &nbsp;&nbsp; 6260 | 6344099 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 4630 | 4783353 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 5950 | 6023260 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 4925 | 4954152 |
| 5.50%, 09/08/53 | &nbsp;&nbsp; 2480 | 2392739 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; 3597 | 3536239 |
| 4.25%, 03/01/30 | &nbsp;&nbsp; 2501 | 2428024 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 2806 | 2775090 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 4.63%, 08/01/30 | &nbsp;&nbsp; $3296 | $3239878 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 3768 | 3773849 |
| 5.25%, 09/01/29 | &nbsp;&nbsp; 3245 | 3275149 |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 3586 | 3581090 |
| 5.45%, 03/15/43 | &nbsp;&nbsp; 7805 | 7220864 |
| Kinross Gold Corp. |  |  |
| 4.50%, 07/15/27 | &nbsp;&nbsp; 3425 | 3414434 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 860 | 905122 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 4923 | 4389904 |
| 2.60%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 4045 | 3532306 |
| 2.80%, 10/01/29 | &nbsp;&nbsp; 3687 | 3462601 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 4603 | 4181832 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 2307 | 2209646 |
| 5.88%, 04/01/35 | &nbsp;&nbsp; 2820 | 2981661 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 3391 | 3639243 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 3.25%, 05/13/30 | &nbsp;&nbsp; 1330 | 1255029 |
| 4.20%, 05/13/50 | &nbsp;&nbsp; 740 | 589105 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 4159 | 4224369 |
| 5.75%, 11/15/41 | &nbsp;&nbsp; 640 | 637427 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 1833 | 1949476 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 3918 | 4204855 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 2613 | 2939865 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 6039 | 3575025 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 5034 | 4883612 |
| 7.13%, 07/15/28 | &nbsp;&nbsp; 3826 | 4141475 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 3154 | 2614094 |
| 4.38%, 03/12/27<sup>(b)</sup> | &nbsp;&nbsp; 1670 | 1678882 |
| 4.50%, 03/14/28 | &nbsp;&nbsp; 2090 | 2104696 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 3190 | 2861730 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 4445 | 4514282 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 2740 | 2760519 |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 2535 | 2551361 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 3893 | 3530555 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 4455 | 4470795 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 1690 | 1668739 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 570 | 563313 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 6802 | 6177709 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 4008 | 3846729 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 6181 | 6624719 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 4533 | 5150501 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 1565 | 1356749 |
|  |  | 218549802 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| African Development Bank, 4.13%, 02/25/27 | &nbsp;&nbsp; 3610 | 3635638 |
| Asian Infrastructure Investment Bank (The), <br> 4.13%, 01/18/29<br>| &nbsp;&nbsp; 1550 | 1573101 |
| Inter-American Development Bank, 3.75%, <br> 06/14/30<br>| &nbsp;&nbsp; 4200 | 4185930 |
| International Bank for Reconstruction & <br> Development, 1.36%, 01/21/31<br>| &nbsp;&nbsp; 20 | 17041 |
| Nordic Investment Bank, 3.75%, 05/09/30 | &nbsp;&nbsp; 2000 | 1994940 |
|  |  | 11406650 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; $5624 | $5442908 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 4234 | 3944735 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 3320 | 3130192 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 5125 | 4631536 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 5477 | 5369200 |
| 5.10%, 03/01/30 | &nbsp;&nbsp; 560 | 559850 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 640 | 627638 |
|  |  | 23706059 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| APA Corp. |  |  |
| 4.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 2290 | 2139119 |
| 5.10%, 09/01/40<sup>(c)</sup> | &nbsp;&nbsp; 700 | 572031 |
| 5.35%, 07/01/49<sup>(c)</sup> | &nbsp;&nbsp; 2460 | 1865608 |
| 6.10%, 02/15/35<sup>(c)</sup> | &nbsp;&nbsp; 1465 | 1378634 |
| 6.75%, 02/15/55<sup>(c)</sup> | &nbsp;&nbsp; 1830 | 1611790 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 4726 | 4107249 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 8895 | 7818599 |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 6890 | 4120873 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 10065 | 6186871 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 8750 | 5475960 |
| 3.00%, 03/17/52 | &nbsp;&nbsp; 5635 | 3462594 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 4956 | 4856737 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 6460 | 4651048 |
| 3.12%, 05/04/26 | &nbsp;&nbsp; 5849 | 5777613 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 8383 | 5256383 |
| 3.54%, 04/06/27 | &nbsp;&nbsp; 3484 | 3445875 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 4368 | 4317359 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 5657 | 5432834 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 5243 | 5183459 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 7315 | 7290289 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 5375 | 5438934 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 5555 | 5450145 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 3305 | 3364350 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 4535 | 4455180 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 3805 | 3887956 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 7515 | 7390384 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 5310 | 5411679 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 6590 | 6591965 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 6880 | 6731836 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 4032 | 3950245 |
| Burlington Resources LLC |  |  |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 700 | 733009 |
| 7.20%, 08/15/31 | &nbsp;&nbsp; 950 | 1071598 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30 | &nbsp;&nbsp; 2590 | 2347822 |
| 3.85%, 06/01/27 | &nbsp;&nbsp; 6146 | 6064803 |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 4568 | 3745400 |
| 5.00%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; 935 | 932514 |
| 5.40%, 12/15/34<sup>(c)</sup> | &nbsp;&nbsp; 1000 | 970650 |
| 5.85%, 02/01/35 | &nbsp;&nbsp; 2055 | 2046742 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 4603 | 4642063 |
| 6.45%, 06/30/33 | &nbsp;&nbsp; 1725 | 1798682 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 2404 | 2482163 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 2135 | 2246181 |
| 7.20%, 01/15/32 | &nbsp;&nbsp; 1995 | 2173224 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1816 | 1525349 |
| 3.75%, 02/15/52<sup>(b)</sup> | &nbsp;&nbsp; 4055 | 2642398 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.25%, 04/15/27 | &nbsp;&nbsp; $2345 | $2338408 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 1990 | 1875592 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 2964 | 2541122 |
| 6.75%, 11/15/39 | &nbsp;&nbsp; 1830 | 1925510 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 5680 | 5465244 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 6906 | 6251287 |
| 2.95%, 05/16/26 | &nbsp;&nbsp; 11907 | 11757531 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 4986 | 3290440 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 4514 | 4227602 |
| 2.34%, 08/12/50 | &nbsp;&nbsp; 4063 | 2277125 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 3571 | 3430742 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 4006 | 4006846 |
| 4.41%, 02/26/27 | &nbsp;&nbsp; 1090 | 1099756 |
| 4.48%, 02/26/28 | &nbsp;&nbsp; 2900 | 2936315 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 2900 | 2951551 |
| 4.82%, 04/15/32 | &nbsp;&nbsp; 2900 | 2928623 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 2910 | 2914865 |
| 5.25%, 11/15/43 | &nbsp;&nbsp; 1790 | 1727724 |
| 6.00%, 03/01/41 | &nbsp;&nbsp; 1695 | 1777101 |
| CNOOC Finance 2013 Ltd. |  |  |
| 2.88%, 09/30/29 | &nbsp;&nbsp; 1249 | 1191590 |
| 3.30%, 09/30/49 | &nbsp;&nbsp; 1315 | 975955 |
| 4.25%, 05/09/43<sup>(b)</sup> | &nbsp;&nbsp; 3599 | 3220092 |
| CNOOC Finance 2015 Australia Pty. Ltd., <br> 4.20%, 05/05/45<br>| &nbsp;&nbsp; 500 | 440961 |
| CNOOC Finance 2015 USA LLC, 4.38%, <br> 05/02/28<br>| &nbsp;&nbsp; 3772 | 3802357 |
| CNOOC Petroleum North America ULC |  |  |
| 5.88%, 03/10/35 | &nbsp;&nbsp; 2000 | 2203634 |
| 6.40%, 05/15/37 | &nbsp;&nbsp; 3000 | 3509430 |
| 7.88%, 03/15/32 | &nbsp;&nbsp; 3000 | 3584652 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | &nbsp;&nbsp; 8070 | 6276598 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 4155 | 2967507 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 8742 | 6109839 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 3640 | 2949142 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 6045 | 6096135 |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 3035 | 3038974 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 570 | 495394 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 5475 | 5382276 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 4260 | 4254788 |
| 5.30%, 05/15/53 | &nbsp;&nbsp; 4305 | 3880075 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 4075 | 3779130 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 3435 | 3210875 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 3965 | 3648713 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 2515 | 2345034 |
| 5.90%, 10/15/32 | &nbsp;&nbsp; 2316 | 2469922 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 1012 | 1047270 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 1015 | 1029762 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 3014 | 3293801 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 1598 | 1747274 |
| Continental Resources Inc./OK |  |  |
| 4.38%, 01/15/28 | &nbsp;&nbsp; 5250 | 5123490 |
| 4.90%, 06/01/44 | &nbsp;&nbsp; 3805 | 2935299 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | &nbsp;&nbsp; 4498 | 4432673 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 3385 | 3329882 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 3050 | 2946211 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 2365 | 2339293 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.90%, 02/15/55 | &nbsp;&nbsp; $1170 | $1054861 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 4085 | 3991352 |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 4028 | 3192488 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 3672 | 2923822 |
| 5.20%, 09/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3945 | 3696486 |
| 5.25%, 10/15/27 | &nbsp;&nbsp; 4055 | 4062092 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 5437 | 4793789 |
| 5.75%, 09/15/54 | &nbsp;&nbsp; 4255 | 3639355 |
| 5.88%, 06/15/28 | &nbsp;&nbsp; 2765 | 2769453 |
| 7.88%, 09/30/31 | &nbsp;&nbsp; 1587 | 1798198 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 1875 | 2088646 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 4052 | 3664115 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 5591 | 5495295 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 3983 | 3782912 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 3964 | 2899199 |
| 4.40%, 03/24/51<sup>(b)</sup> | &nbsp;&nbsp; 3455 | 2602753 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 4430 | 4499250 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; 5680 | 5765672 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 5680 | 5552502 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 3710 | 3649640 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 4900 | 4379813 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 3705 | 3300185 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 4415 | 4612204 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 3295 | 3118431 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 1190 | 1266308 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 2733 | 2480416 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 3999 | 3977960 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 4739 | 4124549 |
| 5.65%, 12/01/54 | &nbsp;&nbsp; 1845 | 1754343 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 5641 | 5538989 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 2780 | 2785569 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 2480 | 2546419 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 2730 | 2728390 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 2910 | 3104241 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 4772 | 4341092 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 921 | 905595 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 5646 | 5337911 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 3909 | 2629629 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 4991 | 4928959 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 2099 | 1708509 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 3905 | 2871744 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 3552 | 2873026 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 2330 | 1987080 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 3025 | 2713924 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 3102 | 2998736 |
| 7.25%, 09/23/27 | &nbsp;&nbsp; 540 | 579856 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 1740 | 1633297 |
| 5.38%, 02/01/29 | &nbsp;&nbsp; 1120 | 1116404 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 2370 | 2352452 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 2445 | 2417963 |
| Exxon Mobil Corp. |  |  |
| 2.28%, 08/16/26 | &nbsp;&nbsp; 5270 | 5154795 |
| 2.44%, 08/16/29 | &nbsp;&nbsp; 7921 | 7447400 |
| 2.61%, 10/15/30 | &nbsp;&nbsp; 7115 | 6534739 |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 6860 | 5271897 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.10%, 08/16/49 | &nbsp;&nbsp; $8931 | $5919129 |
| 3.29%, 03/19/27 | &nbsp;&nbsp; 4090 | 4047705 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 10673 | 7466651 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 6224 | 6049136 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 3987 | 3001690 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 11951 | 9698891 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 7221 | 6388246 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 10920 | 8940988 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31<sup>(b)</sup> | &nbsp;&nbsp; 2185 | 1802684 |
| 4.65%, 12/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 800 | 794656 |
| 4.85%, 12/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 170 | 160916 |
| 5.50%, 12/01/34<sup>(b)(c)</sup> | &nbsp;&nbsp; 930 | 816386 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 6782 | 6768298 |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 5933 | 5870237 |
| 5.80%, 04/01/47 | &nbsp;&nbsp; 1989 | 1946520 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 4083 | 4272918 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 2627 | 2944741 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 2909 | 3269971 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 2587 | 2917197 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 1937 | 1839441 |
| 5.00%, 02/01/28 | &nbsp;&nbsp; 2795 | 2764861 |
| 5.75%, 01/15/31 | &nbsp;&nbsp; 1685 | 1672260 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 1075 | 1034266 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 3413 | 3353119 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 3232 | 2434151 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 4476 | 3595185 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 2578 | 2015141 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 5899 | 5948447 |
| 5.15%, 03/01/30 | &nbsp;&nbsp; 2405 | 2425369 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 2235 | 2185832 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 3596 | 3614750 |
| Occidental Petroleum Corp. |  |  |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 2485 | 1674463 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 2772 | 1981496 |
| 5.00%, 08/01/27 | &nbsp;&nbsp; 4720 | 4720821 |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 6430 | 6344635 |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 4895 | 4657386 |
| 5.55%, 10/01/34 | &nbsp;&nbsp; 4065 | 3785190 |
| 6.05%, 10/01/54 | &nbsp;&nbsp; 4487 | 3867156 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 5340 | 5391252 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 3515 | 3226289 |
| 6.38%, 09/01/28 | &nbsp;&nbsp; 1225 | 1258039 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 7765 | 7567648 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 3980 | 3759087 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 7205 | 7464024 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 3905 | 4187250 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 1922 | 2096115 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 1770 | 1920258 |
| 8.50%, 07/15/27 | &nbsp;&nbsp; 3175 | 3360734 |
| 8.88%, 07/15/30 | &nbsp;&nbsp; 5130 | 5757446 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 2535 | 2582666 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 2550 | 2512635 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 2779 | 2751667 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 2305 | 2211538 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 2550 | 2504655 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 2535 | 2462761 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.20%, 11/01/31 | &nbsp;&nbsp; $1980 | $2091571 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 2125 | 2278421 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 1430 | 1589416 |
| Patterson-UTI Energy Inc. |  |  |
| 3.95%, 02/01/28 | &nbsp;&nbsp; 700 | 671479 |
| 5.15%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1390 | 1343819 |
| 7.15%, 10/01/33 | &nbsp;&nbsp; 1425 | 1403006 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 3925 | 3425325 |
| 3.30%, 03/15/52 | &nbsp;&nbsp; 4970 | 3044475 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 4066 | 4010129 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 5201 | 4847225 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 7248 | 6001387 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 5654 | 5416326 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 2991 | 2801313 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 3260 | 3218408 |
| 3.75%, 03/01/28 | &nbsp;&nbsp; 3131 | 3070663 |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 2535 | 2033073 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 3387 | 2792174 |
| 4.95%, 12/01/27 | &nbsp;&nbsp; 4570 | 4629284 |
| 4.95%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 3280 | 3094501 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 3705 | 3775261 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 3705 | 3670329 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 1610 | 1405945 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 2870 | 2536972 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 5755 | 5052724 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 1110 | 974039 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 7426 | 6875536 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 4303 | 3997370 |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 7648 | 5151416 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 4896 | 3704200 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 6489 | 5128209 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 7758 | 7243057 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 10988 | 9198588 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 4463 | 3872636 |
| Shell International Finance BV |  |  |
| 2.38%, 11/07/29<sup>(b)</sup> | &nbsp;&nbsp; 670 | 623948 |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 7586 | 7426884 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 560 | 523755 |
| 2.88%, 05/10/26 | &nbsp;&nbsp; 10032 | 9901638 |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 2840 | 2006589 |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 4900 | 3100631 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 6048 | 3965917 |
| 3.25%, 04/06/50<sup>(b)</sup> | &nbsp;&nbsp; 320 | 214665 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 2663 | 2048449 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 6235 | 6198248 |
| 4.00%, 05/10/46<sup>(b)</sup> | &nbsp;&nbsp; 440 | 350195 |
| 4.13%, 05/11/35<sup>(b)</sup> | &nbsp;&nbsp; 890 | 849078 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 1090 | 908972 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 5083 | 5082413 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 10546 | 11587222 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51 | &nbsp;&nbsp; 4023 | 2699048 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 3812 | 2727081 |
| 5.95%, 12/01/34 | &nbsp;&nbsp; 2485 | 2521259 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 2696 | 2842865 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 4116 | 4421085 |
| 7.15%, 02/01/32 | &nbsp;&nbsp; 2352 | 2544955 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; $6169 | $5805456 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 4588 | 3291813 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 11171 | 7282577 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 3285 | 2101469 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 5954 | 5812870 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 6255 | 4376881 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 5002 | 4970847 |
| 4.72%, 09/10/34 | &nbsp;&nbsp; 3380 | 3312588 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 5590 | 5638878 |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 3640 | 3333739 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 3950 | 3607505 |
| 5.49%, 04/05/54 | &nbsp;&nbsp; 4970 | 4684638 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 3455 | 3256390 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 3240 | 3074528 |
| 2.80%, 12/01/31 | &nbsp;&nbsp; 2415 | 2121996 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 1105 | 1089928 |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 4365 | 2859709 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 2135 | 2085459 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 2540 | 1746676 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 4391 | 4370843 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 3201 | 2747385 |
| 5.15%, 02/15/30 | &nbsp;&nbsp; 955 | 965210 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 7325 | 7615699 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 3028 | 3382941 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 4350 | 4158516 |
| 5.70%, 09/12/54 | &nbsp;&nbsp; 4220 | 3743294 |
|  |  | 1020608316 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 5659 | 5334634 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 4995 | 4815411 |
| 3.14%, 11/07/29 | &nbsp;&nbsp; 2521 | 2382246 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 7291 | 7142468 |
| 4.08%, 12/15/47 | &nbsp;&nbsp; 6353 | 4762309 |
| 4.49%, 05/01/30 | &nbsp;&nbsp; 2859 | 2832605 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30 | &nbsp;&nbsp; 3043 | 2797452 |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 3100 | 2561937 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 4805 | 4020260 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 5027 | 4725977 |
| 5.00%, 11/15/45 | &nbsp;&nbsp; 7581 | 6485719 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 3756 | 4044332 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 4511 | 5138286 |
| NOV Inc. |  |  |
| 3.60%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 3172 | 2990977 |
| 3.95%, 12/01/42 | &nbsp;&nbsp; 5846 | 4072529 |
| Schlumberger Investment SA, 2.65%, <br> 06/26/30<br>| &nbsp;&nbsp; 3338 | 3030119 |
|  |  | 67137261 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 2240 | 2234224 |
| 5.63%, 05/26/33 | &nbsp;&nbsp; 2305 | 2366303 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30 | &nbsp;&nbsp; 2610 | 2345934 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| 2.69%, 05/25/31 | &nbsp;&nbsp; $3725 | $3292333 |
| 4.80%, 03/17/28<sup>(c)</sup> | &nbsp;&nbsp; 2190 | 2205560 |
| 5.10%, 03/17/30<sup>(c)</sup> | &nbsp;&nbsp; 1195 | 1206354 |
| 5.50%, 03/17/35<sup>(c)</sup> | &nbsp;&nbsp; 1705 | 1698030 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 420 | 428378 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 1370 | 1248693 |
| Berry Global Inc. |  |  |
| 1.65%, 01/15/27 | &nbsp;&nbsp; 3955 | 3752548 |
| 5.50%, 04/15/28 | &nbsp;&nbsp; 1771 | 1809118 |
| 5.65%, 01/15/34 | &nbsp;&nbsp; 2790 | 2816576 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 2860 | 2995985 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29 | &nbsp;&nbsp; 2744 | 2559559 |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 2615 | 1608711 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 3144 | 3080681 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 2592 | 1932393 |
| 5.70%, 12/01/33 | &nbsp;&nbsp; 1871 | 1925405 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 1790 | 1812542 |
| 5.44%, 04/03/34<sup>(c)</sup> | &nbsp;&nbsp; 4745 | 4742474 |
| 5.78%, 04/03/54<sup>(c)</sup> | &nbsp;&nbsp; 2070 | 1988198 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<sup>(c)</sup><br>| &nbsp;&nbsp; 1935 | 1937216 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 2970 | 2848213 |
| 2.85%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 2513 | 2176093 |
| 3.13%, 05/01/30 | &nbsp;&nbsp; 2945 | 2706955 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 1755 | 1752094 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 1655 | 1630676 |
| 5.00%, 09/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1260 | 1204515 |
| 5.75%, 11/01/40 | &nbsp;&nbsp; 505 | 500494 |
| WestRock MWV LLC |  |  |
| 7.95%, 02/15/31 | &nbsp;&nbsp; 1593 | 1826355 |
| 8.20%, 01/15/30 | &nbsp;&nbsp; 2386 | 2728419 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33 | &nbsp;&nbsp; 3073 | 2626374 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 2199 | 2139358 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 3121 | 3053180 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2936 | 2888994 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 2326 | 2183953 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 3834 | 3852042 |
|  |  | 84104930 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 11472 | 11276500 |
| 3.20%, 05/14/26 | &nbsp;&nbsp; 9838 | 9734895 |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 24919 | 23747920 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 16916 | 14666790 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 3531 | 3548920 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 23578 | 19138428 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 5085 | 4731230 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 11207 | 9750062 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 9188 | 7826109 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 11521 | 11037126 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 7492 | 7209469 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 2043 | 1818883 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 5145 | 5220853 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 11343 | 10029748 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 4624 | 4127440 |
| 4.80%, 03/15/27 | &nbsp;&nbsp; 10880 | 11021103 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 14480 | 14763398 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.85%, 06/15/44 | &nbsp;&nbsp; $4873 | $4429043 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 5175 | 5290169 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 7990 | 7186796 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 8220 | 8413726 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 13075 | 13165907 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 4975 | 5041332 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 3220 | 3118093 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 10185 | 9761758 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 4475 | 4278396 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 3120 | 3089166 |
| Astrazeneca Finance LLC |  |  |
| 1.20%, 05/28/26 | &nbsp;&nbsp; 6745 | 6537638 |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 6854 | 6392798 |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 3887 | 3446764 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 5755 | 5830038 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 5275 | 5388297 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 6005 | 6140942 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 2129 | 2151024 |
| 4.90%, 03/03/30 | &nbsp;&nbsp; 3520 | 3615514 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 4675 | 4796871 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 5045 | 5093234 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 6136 | 5280528 |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 1974 | 1069352 |
| 3.00%, 05/28/51 | &nbsp;&nbsp; 3355 | 2193261 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 5316 | 5219464 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 4890 | 4865247 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 4639 | 3878952 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 4264 | 3671913 |
| 4.38%, 08/17/48 | &nbsp;&nbsp; 3172 | 2686782 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 11887 | 13263437 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 4845 | 4151347 |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 3947 | 3613707 |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 8623 | 8523335 |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 2712 | 2000095 |
| 4.30%, 08/22/32 | &nbsp;&nbsp; 3075 | 2932647 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 5512 | 4681597 |
| 4.69%, 02/13/28 | &nbsp;&nbsp; 4340 | 4369630 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 4325 | 3715727 |
| 4.87%, 02/08/29 | &nbsp;&nbsp; 2365 | 2387433 |
| 5.08%, 06/07/29 | &nbsp;&nbsp; 3290 | 3349463 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 1105 | 1099236 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27 | &nbsp;&nbsp; 4246 | 3959685 |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 5005 | 4304071 |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 3009 | 2034508 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 8247 | 4731301 |
| 2.95%, 03/15/32 | &nbsp;&nbsp; 6105 | 5475319 |
| 3.20%, 06/15/26 | &nbsp;&nbsp; 9341 | 9258795 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 1575 | 1555344 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 3383 | 2489624 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 11277 | 10914416 |
| 3.45%, 11/15/27 | &nbsp;&nbsp; 3475 | 3432611 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 4665 | 3626594 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 9705 | 6975772 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 8498 | 8475853 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 5442 | 3836824 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 10486 | 9206057 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 15542 | 12422737 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 6169 | 5067854 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.50%, 03/01/44 | &nbsp;&nbsp; $1005 | $881529 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 6251 | 5303412 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 2785 | 2437024 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 2895 | 2941662 |
| 4.90%, 02/22/29 | &nbsp;&nbsp; 5185 | 5310924 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 2860 | 2627211 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 4155 | 4283260 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 10870 | 11004888 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 1400 | 1372457 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 8915 | 8587045 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 7655 | 7358278 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 4225 | 4502065 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 4595 | 4902520 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 4555 | 4795364 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 4121 | 4399616 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 3935 | 3866470 |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 2694 | 2150373 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 1625 | 1338150 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 1835 | 1537983 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 1640 | 1647982 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 2207 | 1907554 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 2480 | 2519650 |
| 5.13%, 02/15/29 | &nbsp;&nbsp; 3925 | 4009466 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 1700 | 1706431 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 2035 | 2056737 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 2485 | 2382279 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 5210 | 4660645 |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 1967 | 1811872 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 5626 | 5503295 |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 2660 | 2153380 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 2615 | 2081852 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 820 | 825919 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 2105 | 2128545 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 1095 | 1096389 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 1650 | 1651607 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 9601 | 8923970 |
| 1.75%, 08/21/30 | &nbsp;&nbsp; 5665 | 4840461 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 5775 | 4865666 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 4700 | 3955960 |
| 2.88%, 06/01/26 | &nbsp;&nbsp; 8345 | 8191800 |
| 3.00%, 08/15/26 | &nbsp;&nbsp; 3750 | 3676701 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 7563 | 7128992 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 3478 | 3420898 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 5528 | 5256839 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 2951 | 2393928 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 1768 | 1308866 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 15260 | 15151396 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 21520 | 19409115 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 3299 | 3096728 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 4550 | 4597757 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 33699 | 28650587 |
| 5.13%, 02/21/30 | &nbsp;&nbsp; 4505 | 4554569 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 13839 | 11981430 |
| 5.25%, 01/30/31 | &nbsp;&nbsp; 3470 | 3520307 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 7531 | 7461239 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 5411 | 5373192 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 3532 | 3154646 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 4265 | 4374934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.55%, 06/01/31 | &nbsp;&nbsp; $4655 | $4782620 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 5600 | 5083826 |
| 5.70%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 5470 | 5556263 |
| 5.88%, 06/01/53 | &nbsp;&nbsp; 5587 | 5238910 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 3365 | 3253860 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 3085 | 2867027 |
| 6.05%, 06/01/54 | &nbsp;&nbsp; 4495 | 4335531 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 2313 | 2339539 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 1500 | 1553210 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 6752 | 3815435 |
| 2.50%, 09/15/60 | &nbsp;&nbsp; 4405 | 2403209 |
| 3.10%, 05/15/27 | &nbsp;&nbsp; 4174 | 4107132 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 5525 | 5393067 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 4035 | 3212447 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 2538 | 2046755 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 2140 | 1713922 |
| 4.15%, 08/14/27 | &nbsp;&nbsp; 4325 | 4354355 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 3151 | 2475896 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 5485 | 5510145 |
| 4.50%, 02/09/27 | &nbsp;&nbsp; 5165 | 5216466 |
| 4.50%, 02/09/29 | &nbsp;&nbsp; 4405 | 4476383 |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 3185 | 3237113 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 4945 | 4875108 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 4130 | 4149941 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 6855 | 6795478 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 3105 | 3183848 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 4179 | 3792175 |
| 4.90%, 02/12/32 | &nbsp;&nbsp; 3165 | 3248771 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 3795 | 3409192 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 5285 | 4903052 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 4475 | 4178494 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 3485 | 3556970 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 5740 | 5283647 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 2125 | 1986552 |
| 5.50%, 03/15/27 | &nbsp;&nbsp; 960 | 987071 |
| 5.50%, 02/12/55 | &nbsp;&nbsp; 3240 | 3242508 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 2720 | 2867894 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 3890 | 3873246 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 9268 | 9220085 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 3014 | 2546455 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 2020 | 2030547 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 1700 | 1685510 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 2896 | 3003314 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 10613 | 11689588 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29 | &nbsp;&nbsp; 5473 | 5292674 |
| 4.32%, 03/12/27<sup>(b)</sup> | &nbsp;&nbsp; 1700 | 1714282 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 4766 | 4466490 |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 6543 | 5680645 |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 4636 | 3164868 |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 4501 | 2592532 |
| 2.45%, 09/01/60<sup>(b)</sup> | &nbsp;&nbsp; 5253 | 2888823 |
| 2.90%, 01/15/28 | &nbsp;&nbsp; 8811 | 8602625 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 3905 | 3848094 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 4785 | 4094658 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 2825 | 2148036 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 4646 | 4163084 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 6896 | 6128812 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 3.70%, 03/01/46 | &nbsp;&nbsp; $8809 | $7094274 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 4636 | 3693419 |
| 4.38%, 12/05/33 | &nbsp;&nbsp; 3938 | 3909018 |
| 4.50%, 03/01/27 | &nbsp;&nbsp; 3400 | 3445364 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2452 | 2314073 |
| 4.50%, 12/05/43 | &nbsp;&nbsp; 2328 | 2138433 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 2580 | 2631104 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 3400 | 3495005 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 4980 | 5130618 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 3400 | 3486675 |
| 4.85%, 05/15/41 | &nbsp;&nbsp; 1417 | 1382754 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 5760 | 5968408 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 2384 | 2463078 |
| 4.95%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 4030610 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 3400 | 3470790 |
| 5.25%, 06/01/54 | &nbsp;&nbsp; 3280 | 3245249 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 3193 | 3483084 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 4304 | 4730647 |
| 6.95%, 09/01/29 | &nbsp;&nbsp; 2473 | 2756792 |
| McKesson Corp. |  |  |
| 1.30%, 08/15/26 | &nbsp;&nbsp; 5002 | 4821596 |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 3252 | 3221331 |
| 4.25%, 09/15/29 | &nbsp;&nbsp; 2250 | 2246338 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 2116 | 2162276 |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 2140 | 2178999 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 3368 | 2906597 |
| 5.90%, 11/01/39 | &nbsp;&nbsp; 1555 | 1626904 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 4639 | 4030107 |
| 1.70%, 06/10/27 | &nbsp;&nbsp; 8740 | 8353818 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 5359 | 4982332 |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 8725 | 7586321 |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 4971 | 3461130 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 5575 | 3206952 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 8525 | 5189336 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 6686 | 3844236 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 8341 | 8120918 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 2340 | 1829289 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 8399 | 6539967 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 4245 | 3678877 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 6463 | 5099008 |
| 4.05%, 05/17/28 | &nbsp;&nbsp; 3160 | 3174077 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 5422 | 4576737 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; 4774 | 4792894 |
| 4.50%, 05/17/33<sup>(b)</sup> | &nbsp;&nbsp; 3400 | 3369493 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 3340 | 3093910 |
| 5.00%, 05/17/53 | &nbsp;&nbsp; 6750 | 6134868 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 2905 | 2649181 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 2698 | 3039843 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 2100 | 2356181 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 1835 | 1955114 |
| 5.95%, 12/01/28 | &nbsp;&nbsp; 1408 | 1489591 |
| Mylan Inc. |  |  |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 3475 | 3398333 |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 3275 | 2443119 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 2239 | 1777173 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 7131 | 6898919 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 5408 | 4890033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 2.75%, 08/14/50 | &nbsp;&nbsp; $5818 | $3678866 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 4449 | 4383324 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 2970 | 2395994 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 4055 | 4004877 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 3935 | 3853694 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 5401 | 4441009 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 3655 | 3492049 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 8438 | 7427164 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 1965 | 1743215 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 5936 | 5216787 |
| 1.75%, 08/18/31 | &nbsp;&nbsp; 4650 | 3984163 |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 4460 | 3118290 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 5983 | 5517197 |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 5200 | 3160367 |
| 2.75%, 06/03/26 | &nbsp;&nbsp; 6448 | 6365117 |
| 3.00%, 12/15/26 | &nbsp;&nbsp; 8860 | 8716173 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 8523 | 8311501 |
| 3.60%, 09/15/28 | &nbsp;&nbsp; 4683 | 4627466 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 3918 | 3351352 |
| 4.00%, 12/15/36 | &nbsp;&nbsp; 4502 | 4070925 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 7347 | 5687507 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 3627 | 3195345 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 5342 | 4287277 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 5530 | 4463001 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 3258 | 2762817 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 5144 | 4422736 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 3329 | 3332031 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 11043 | 12900279 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/26 | &nbsp;&nbsp; 13540 | 13558501 |
| 4.45%, 05/19/28 | &nbsp;&nbsp; 17665 | 17809749 |
| 4.65%, 05/19/30 | &nbsp;&nbsp; 8160 | 8268180 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 21696 | 21411509 |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 7325 | 6860453 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 25595 | 23690017 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 10304 | 9368478 |
| Pharmacia LLC, 6.60%, 12/01/28 | &nbsp;&nbsp; 6479 | 6970486 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 6676 | 6603528 |
| Shire Acquisitions Investments Ireland DAC, <br> 3.20%, 09/23/26<br>| &nbsp;&nbsp; 693 | 682594 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 11233 | 9990909 |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 7391 | 5436679 |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 8920 | 5714826 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 4246 | 2649549 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 8656 | 8814317 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 3100 | 3129088 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 1950 | 1901355 |
| 5.65%, 07/05/54 | &nbsp;&nbsp; 2970 | 2833874 |
| 5.80%, 07/05/64 | &nbsp;&nbsp; 1995 | 1903953 |
| Utah Acquisition Sub Inc. |  |  |
| 3.95%, 06/15/26 | &nbsp;&nbsp; 8297 | 8180801 |
| 5.25%, 06/15/46 | &nbsp;&nbsp; 4417 | 3351247 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 4133 | 3893381 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 5975 | 5170320 |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 6566 | 4612211 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 8401 | 5291110 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 8896 | 9371658 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 6.00%, 02/15/36 | &nbsp;&nbsp; $2809 | $2998515 |
| 6.50%, 02/01/34 | &nbsp;&nbsp; 3414 | 3765016 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 4795 | 4257160 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 5006 | 4869443 |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 2610 | 1682635 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 3459 | 3422909 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 2484 | 1938668 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 1924 | 1621767 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 5120 | 4604782 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 1915 | 2003717 |
|  |  | 1546377994 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/31 | &nbsp;&nbsp; 1932 | 1755672 |
| 3.60%, 09/01/32 | &nbsp;&nbsp; 1570 | 1379330 |
| 4.45%, 07/15/27 | &nbsp;&nbsp; 1637 | 1636355 |
| 4.80%, 05/03/29 | &nbsp;&nbsp; 2931 | 2932173 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 2125 | 2105537 |
| 5.95%, 06/01/26 | &nbsp;&nbsp; 3794 | 3835972 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 2940 | 2310907 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 5605 | 5348532 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 4757 | 4809921 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 4602 | 4547817 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 5590 | 5567483 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 6157 | 5397272 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 4749 | 4436967 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 7890 | 7692624 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 4605 | 4616438 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 4429 | 4526743 |
| Columbia Pipeline Group Inc., 5.80%, <br> 06/01/45<br>| &nbsp;&nbsp; 2942 | 2837582 |
| DCP Midstream Operating LP |  |  |
| 3.25%, 02/15/32 | &nbsp;&nbsp; 1465 | 1260055 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 1495 | 1325979 |
| 8.13%, 08/16/30 | &nbsp;&nbsp; 1840 | 2104225 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 2385 | 2242669 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 2005 | 2069267 |
| 6.20%, 01/15/55 | &nbsp;&nbsp; 500 | 508347 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 3.00%, 11/15/29 | &nbsp;&nbsp; 3644 | 3429980 |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 2881 | 2409309 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 2588 | 2240301 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 2870 | 2716605 |
| 7.38%, 10/15/45 | &nbsp;&nbsp; 3074 | 3452416 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 2335 | 2669059 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26 | &nbsp;&nbsp; 2973 | 2855989 |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 4440 | 3612589 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 4805 | 4500896 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 2920 | 1884924 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 4002 | 3944107 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 2028 | 1494688 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 5341 | 5321237 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 1823 | 1467987 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 2300 | 2334850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.30%, 04/05/29 | &nbsp;&nbsp; $2165 | $2216526 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 1156 | 1073095 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 5220 | 5289509 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 9905 | 10107416 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 3560 | 3630134 |
| 5.95%, 04/05/54 | &nbsp;&nbsp; 2145 | 2073336 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 3130 | 3275344 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 2345 | 2485729 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 4009 | 4227083 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(a)</sup> | &nbsp;&nbsp; 2921 | 2906466 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 111115 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30 | &nbsp;&nbsp; 5856 | 5532703 |
| 3.90%, 07/15/26 | &nbsp;&nbsp; 3504 | 3470204 |
| 4.00%, 10/01/27 | &nbsp;&nbsp; 4246 | 4191065 |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 3142 | 3052048 |
| 4.20%, 04/15/27 | &nbsp;&nbsp; 2797 | 2776432 |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 3719 | 3706970 |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 2075 | 1935117 |
| 4.95%, 05/15/28 | &nbsp;&nbsp; 3713 | 3744295 |
| 4.95%, 06/15/28 | &nbsp;&nbsp; 5019 | 5062856 |
| 4.95%, 01/15/43 | &nbsp;&nbsp; 2045 | 1698700 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 2025 | 1667910 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 9129 | 7318011 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 2581 | 2208358 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 3232 | 2730968 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 3000 | 3029913 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 6437 | 6522256 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 2620 | 2657413 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 3639 | 3138301 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 4235 | 3573053 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 4208 | 3640707 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 6033 | 5182438 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 4248 | 4316739 |
| 5.55%, 02/15/28 | &nbsp;&nbsp; 4790 | 4908403 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 5525 | 5439462 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 5355 | 5285584 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 6805 | 6902994 |
| 5.95%, 10/01/43 | &nbsp;&nbsp; 1664 | 1551849 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 6634 | 6019144 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 4955 | 4599620 |
| 6.05%, 12/01/26 | &nbsp;&nbsp; 5300 | 5405551 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 2734 | 2624803 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 4795 | 4379740 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; 1875 | 1960439 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 1915 | 1844201 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 4623 | 4381501 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 8029 | 7617923 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 3360 | 3574420 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 3057 | 3035431 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 6491 | 6835411 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 2385 | 2490921 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 2590 | 2879378 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 2254 | 2194735 |
| EnLink Midstream LLC |  |  |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 550 | 559997 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 1320 | 1308576 |
| EnLink Midstream Partners LP |  |  |
| 4.85%, 07/15/26 | &nbsp;&nbsp; 3655 | 3654739 |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 1550 | 1302187 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 1365 | 1177581 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.60%, 04/01/44 | &nbsp;&nbsp; $1470 | $1315017 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 5291 | 4932410 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 6546 | 6245705 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 4710 | 3022780 |
| 3.30%, 02/15/53 | &nbsp;&nbsp; 4065 | 2613039 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 5022 | 3560222 |
| 3.95%, 02/15/27 | &nbsp;&nbsp; 4837 | 4816954 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 4449 | 3132707 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 5036 | 5015495 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 5820 | 4493797 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 5825 | 4608820 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 5041 | 4246266 |
| 4.60%, 01/11/27 | &nbsp;&nbsp; 3570 | 3595104 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 5788 | 4917251 |
| 4.85%, 01/31/34 | &nbsp;&nbsp; 2950 | 2898990 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 3284 | 2927328 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 5697 | 5044337 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 4777 | 4232921 |
| 4.95%, 02/15/35 | &nbsp;&nbsp; 5230 | 5135297 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 2127 | 1814700 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 5189 | 4723762 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 4687 | 4781715 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR <br> + 2.832%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3185 | 3075941 |
| 5.55%, 02/16/55 | &nbsp;&nbsp; 3030 | 2835394 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 1787 | 1758347 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 3389 | 3431409 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 3022 | 3180723 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 2690 | 2908827 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 2799 | 3323717 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 1800 | 1995359 |
| Series E, 5.25%, 08/16/77, (3-mo. CME <br> Term SOFR + 3.295%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4416 | 4279666 |
| Series H, 6.65%, 10/15/34 | &nbsp;&nbsp; 2050 | 2254537 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 2452 | 2034030 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 2935 | 2537634 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 2650 | 2292297 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 2590 | 2339884 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 3085 | 2812768 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 2012 | 1865769 |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 2436 | 2460013 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 2836 | 2867151 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 2001 | 2074994 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 3002 | 3107805 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 2118 | 2175375 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 5533 | 6000038 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 2425 | 2646135 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 1251 | 1392105 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 2014 | 2261664 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 1646 | 1860482 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 3310 | 3181998 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2400 | 2047583 |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 2697 | 1674509 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 3870 | 2568266 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 7001 | 6974127 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 3926 | 3771705 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 4775 | 4824735 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 3133 | 2673784 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.10%, 08/01/29 | &nbsp;&nbsp; $2970 | $3017384 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 955 | 962689 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 4635 | 4568567 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 3403 | 2939698 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 3613 | 3522998 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 4360 | 4311838 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 3710 | 3294741 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 7080 | 6478665 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 610 | 619068 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 2245 | 2125543 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 4689 | 5315867 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 2672 | 3030871 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 6738 | 6029339 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 6125 | 6042540 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 6462 | 6414164 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 4037 | 4011070 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 8635 | 7429053 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 6894 | 5403238 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 4455 | 4457783 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 1774 | 1379761 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 4445 | 4316264 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 6340 | 5095972 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 3425 | 3309158 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 4788 | 4086749 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 2586 | 2184326 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 2425 | 2353073 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 5725 | 5623096 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 6681 | 5863790 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 2150 | 1906105 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 2425 | 2234397 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 2744 | 2721871 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 2933 | 2705196 |
| 3.25%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2367 | 2187618 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 3568 | 3366287 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 5349 | 3665802 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 3096 | 3058233 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 2748 | 2009023 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 1500 | 1491201 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 2188 | 1606669 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 3368 | 3314709 |
| 4.40%, 10/15/29 | &nbsp;&nbsp; 600 | 589934 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 3088 | 2285332 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 2066 | 1557172 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 4226 | 4222502 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 5665 | 5520677 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 2708 | 2135344 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 3415 | 2756951 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 6650 | 6315993 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 3141 | 2715105 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 4234 | 3568115 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 4815 | 4874573 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 3690 | 3804362 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 3700 | 3284633 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 2400 | 2486067 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 1555 | 1385343 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 1289 | 1296097 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 6615 | 6791614 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 2555 | 2643945 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 2710 | 2865724 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.63%, 09/01/53 | &nbsp;&nbsp; $4535 | $4525188 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 2275 | 2388900 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 3006 | 2951026 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 1902 | 1835399 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 3093 | 3271149 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 2515 | 2664710 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>| &nbsp;&nbsp; 2715 | 2716604 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 4223 | 4000072 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 3674 | 3466616 |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 1742 | 1329226 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 5669 | 5671074 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 3160 | 2521557 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 3096 | 2524481 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 2534 | 2155832 |
| 5.70%, 09/15/34 | &nbsp;&nbsp; 3010 | 2978785 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 3527 | 3686941 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 6209 | 6164599 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 3937 | 3883040 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 8898 | 8961357 |
| 5.88%, 06/30/26 | &nbsp;&nbsp; 3557 | 3587405 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; 2944 | 3001122 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27<sup>(c)</sup> | &nbsp;&nbsp; 2640 | 2653164 |
| 5.03%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; 1320 | 1309709 |
| 5.58%, 10/01/34<sup>(c)</sup> | &nbsp;&nbsp; 5480 | 5319829 |
| 6.18%, 10/01/54<sup>(c)</sup> | &nbsp;&nbsp; 2170 | 2009908 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 3403 | 3344331 |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 4522 | 3583272 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 2041 | 1944740 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 4345 | 3970251 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 3440 | 2774055 |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 4815 | 4880426 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 2225 | 2174611 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 4000 | 3918282 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 3250 | 3340120 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 2995 | 2834312 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 1845 | 1924883 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 2552 | 2455837 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 3830 | 4029809 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 3935 | 3910004 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 4635 | 4244744 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 5450 | 5288206 |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 5990 | 5981624 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 5750 | 5738276 |
| 6.50%, 07/15/27 | &nbsp;&nbsp; 4920 | 4939518 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 2960 | 3026002 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 5425 | 5349696 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 2363 | 2458943 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 1710 | 1827341 |
| 7.63%, 04/01/37 | &nbsp;&nbsp; 830 | 942546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Texas Eastern Transmission LP, 7.00%, <br> 07/15/32<br>| &nbsp;&nbsp; $1522 | $1651075 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 2835 | 2738885 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 7949 | 7887312 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 5524 | 5184895 |
| 5.00%, 10/16/43 | &nbsp;&nbsp; 20 | 18065 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 3593 | 3213318 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 1731 | 1716606 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 2793 | 2823704 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 3291 | 3330191 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 5488 | 5616221 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 3581 | 3960166 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 4239 | 4853897 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 3974 | 3712474 |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 2394 | 1750497 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2329 | 2306876 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 1753 | 1474570 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 2875 | 2370128 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 1857 | 1741304 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 3940 | 3943467 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 4230 | 4019973 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 1154 | 1138928 |
| 4.65%, 07/01/26 | &nbsp;&nbsp; 1350 | 1344948 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 1305 | 1294556 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 4390 | 3531134 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 3175 | 2555350 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 3480 | 3317275 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 1645 | 1390032 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 2790 | 2304426 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 3510 | 3554651 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 2050 | 2130776 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 7562 | 6681763 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 3454 | 3232866 |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 3105 | 2047715 |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 7539 | 7426028 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 4705 | 4533223 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 1705 | 1716247 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 3721 | 3111124 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 4920 | 4969269 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 2326 | 1984397 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 3958 | 3471033 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 6455 | 6328191 |
| 5.30%, 08/15/28 | &nbsp;&nbsp; 5855 | 5989110 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 3215 | 2842251 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 2326 | 2132375 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 2615 | 2636872 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 4065 | 4157806 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 3021 | 2895766 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 1980 | 1905402 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 760 | 721380 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 1270 | 1240853 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 5504 | 5717685 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 1535 | 1826174 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 1720 | 1926370 |
|  |  | 1058016013 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 1500 | 1424646 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; $2923 | $2548184 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 1575 | 1567281 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 1330 | 1364375 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 1575 | 1569495 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 2985 | 3088437 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 1070 | 1140202 |
|  |  | 11277974 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Agree LP |  |  |
| 2.00%, 06/15/28 | &nbsp;&nbsp; 2470 | 2295689 |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 1451 | 1182937 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 1384 | 1259590 |
| 4.80%, 10/01/32 | &nbsp;&nbsp; 645 | 623419 |
| 5.63%, 06/15/34 | &nbsp;&nbsp; 680 | 686323 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 4420 | 3446750 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 4216 | 3405045 |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 2247 | 2058018 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 3350 | 2760176 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 4040 | 2401742 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 3325 | 3018783 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 4180 | 2769414 |
| 3.95%, 01/15/27 | &nbsp;&nbsp; 1232 | 1223740 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 2347 | 2313685 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 3452 | 2481841 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 1831 | 1811919 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 2342 | 2313539 |
| 4.75%, 04/15/35 | &nbsp;&nbsp; 2470 | 2314222 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 1523 | 1263243 |
| 4.90%, 12/15/30 | &nbsp;&nbsp; 3275 | 3259474 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 2275 | 1952918 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 1190 | 1145402 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 2100 | 2077261 |
| 5.63%, 05/15/54 | &nbsp;&nbsp; 2620 | 2403877 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 1500 | 1308356 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 750 | 737474 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 970 | 835910 |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 2255 | 1432913 |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 925 | 841249 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 2985 | 2958099 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 640 | 481463 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 1916 | 1927807 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 525 | 511472 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 2735 | 2727721 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 2200 | 2183463 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 3162 | 3033977 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 3223 | 2976369 |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 3621 | 3116308 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 3782 | 3333879 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 3465 | 2982799 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 3387 | 3009460 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 3333 | 3239190 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 3330 | 3081000 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 4410 | 2732751 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 4285 | 2743612 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 2158 | 2110380 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 4697 | 4623516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.55%, 07/15/27 | &nbsp;&nbsp; $3851 | $3780892 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 4081 | 3992325 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 3120 | 3072531 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 2471 | 1758835 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 7543 | 7298408 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 3148 | 3069550 |
| 4.05%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 3077694 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 3365 | 3397782 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 2365 | 2403503 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 2770 | 2831111 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 3110 | 3180447 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 3225 | 3248313 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 2895 | 2924889 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 3370 | 3426040 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 3470 | 3568718 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 4261 | 4356213 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 3995 | 4126090 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 3945 | 4104878 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 3485 | 3652262 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34<sup>(b)</sup> | &nbsp;&nbsp; 1265 | 1228713 |
| 5.60%, 05/15/32 | &nbsp;&nbsp; 1500 | 1502131 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 2605 | 2394993 |
| 2.05%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3055 | 2595453 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 3778 | 3423542 |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 3404 | 3034431 |
| 2.90%, 10/15/26 | &nbsp;&nbsp; 1862 | 1823451 |
| 2.95%, 05/11/26 | &nbsp;&nbsp; 3669 | 3614267 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 2423 | 2353155 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 1998 | 1913307 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 1777 | 1748482 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 1315 | 1015667 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 1100 | 876184 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 1765 | 1446475 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 1310 | 1303872 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 2015 | 2039751 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 735 | 746986 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 6040 | 4729932 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 5315 | 4371689 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 4931 | 4782502 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 3612 | 3271617 |
| 3.25%, 01/30/31<sup>(b)</sup> | &nbsp;&nbsp; 5451 | 4917174 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 3710 | 3478827 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 5187 | 5100126 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 2870 | 2830426 |
| 6.50%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2025 | 2124595 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 2765 | 2885722 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 1178 | 1099779 |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 2535 | 2187558 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 1676 | 1654581 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 3752 | 3601657 |
| 4.13%, 06/15/26 | &nbsp;&nbsp; 2733 | 2716410 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 2964 | 2886118 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 1715 | 1712302 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 763 | 771949 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 2152 | 1812157 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 3780 | 3479223 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.15%, 07/01/29 | &nbsp;&nbsp; $3532 | $3341194 |
| 3.35%, 11/01/49 | &nbsp;&nbsp; 2200 | 1530530 |
| 4.10%, 10/15/28 | &nbsp;&nbsp; 2247 | 2220959 |
| 4.90%, 01/15/34 | &nbsp;&nbsp; 1270 | 1251779 |
| 5.85%, 11/03/26 | &nbsp;&nbsp; 2030 | 2073056 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29 | &nbsp;&nbsp; 2189 | 1958506 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 2295 | 1990481 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 1840 | 1480391 |
| Cousins Properties LP |  |  |
| 5.38%, 02/15/32 | &nbsp;&nbsp; 410 | 406034 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 2220 | 2220867 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | &nbsp;&nbsp; 5530 | 5295649 |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 5517 | 4685784 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 4707 | 4060121 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 1885 | 1622708 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 3885 | 3767849 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 5370 | 3753761 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 2563 | 2380638 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 3615 | 2301352 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 5240 | 4852905 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 5640 | 5516047 |
| 3.70%, 06/15/26 | &nbsp;&nbsp; 4519 | 4469820 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 5816 | 5680405 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 2880 | 2850169 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 1573 | 1143253 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 2183 | 1621583 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 3605 | 3539208 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 1713 | 1443252 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 3890 | 3897509 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 3440 | 3448792 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 5870 | 5916946 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 3915 | 3830896 |
| 5.20%, 09/01/34 | &nbsp;&nbsp; 3710 | 3638529 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 1738 | 1518924 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 4155 | 4262569 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 3890 | 3975981 |
| CubeSmart LP |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2185 | 1863458 |
| 2.25%, 12/15/28 | &nbsp;&nbsp; 2532 | 2326530 |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 2435 | 2043874 |
| 3.00%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1490 | 1378551 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 3262 | 3194088 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 1956 | 1931314 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 4754 | 4574026 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 4445 | 4389785 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 2885 | 2876831 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 4642 | 4769024 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 2833 | 2443030 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 2603 | 2563558 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 1386 | 1378554 |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; 75 | 66338 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 1900 | 1773276 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 1500 | 1475643 |
| 4.75%, 12/15/26 | &nbsp;&nbsp; 1500 | 1487182 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 1000 | 987742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; $2590 | $2637911 |
| Equinix Inc. |  |  |
| 1.45%, 05/15/26 | &nbsp;&nbsp; 4097 | 3961134 |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 2708 | 2501653 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 3323 | 3139393 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 2498 | 2329380 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 3340 | 2954578 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 3075 | 2693265 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 4178 | 4077661 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 2425 | 1456273 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 2439 | 1492176 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 6277 | 5907668 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 2415 | 1582283 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 3660 | 3421794 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31 | &nbsp;&nbsp; 1665 | 1420961 |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 3058 | 2789754 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 1786 | 1747929 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 3073 | 2892697 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 2159 | 2106235 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 3203 | 3130639 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 1341 | 1036149 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 2505 | 2488969 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 1820 | 1552000 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 1800 | 1516671 |
| 4.65%, 09/15/34 | &nbsp;&nbsp; 1410 | 1354299 |
| Essential Properties LP, 2.95%, 07/15/31 | &nbsp;&nbsp; 2077 | 1793134 |
| Essex Portfolio LP |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 1340 | 1130833 |
| 1.70%, 03/01/28 | &nbsp;&nbsp; 1720 | 1593298 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 1220 | 1077586 |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 3028 | 2585851 |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 1260 | 721512 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 3060 | 2829005 |
| 3.63%, 05/01/27 | &nbsp;&nbsp; 2120 | 2086919 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 2286 | 2230058 |
| 4.50%, 03/15/48 | &nbsp;&nbsp; 2135 | 1763050 |
| 5.38%, 04/01/35 | &nbsp;&nbsp; 785 | 781586 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 1900 | 1909546 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; 2351 | 2054791 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 2150 | 1787560 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 3010 | 2571866 |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 2365 | 2048687 |
| 3.50%, 07/01/26 | &nbsp;&nbsp; 2329 | 2301356 |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 3421 | 3378298 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; 1220 | 1181782 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 2503 | 2431338 |
| 5.35%, 01/15/35 | &nbsp;&nbsp; 960 | 944575 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 2895 | 2868533 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; 2150 | 2112563 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 3480 | 3578352 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 2275 | 2347280 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 2110 | 2197790 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 2183 | 2060037 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2799 | 2718852 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 731 | 689024 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 2076 | 1718090 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 2085 | 2129763 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; $3620 | $3120359 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 3143 | 2964975 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 3322 | 3083214 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 3570 | 3567484 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 3080 | 3014094 |
| 5.75%, 06/01/28 | &nbsp;&nbsp; 2729 | 2767588 |
| 6.25%, 09/15/54 | &nbsp;&nbsp; 2255 | 2121612 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 1770 | 1864642 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31 | &nbsp;&nbsp; 2663 | 2245662 |
| 3.10%, 02/15/30 | &nbsp;&nbsp; 2160 | 1982940 |
| 3.50%, 08/01/26 | &nbsp;&nbsp; 2712 | 2665328 |
| 3.75%, 07/01/27 | &nbsp;&nbsp; 2643 | 2585434 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 3275 | 3097230 |
| 2.13%, 12/01/28 | &nbsp;&nbsp; 3315 | 3039177 |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 2273 | 2038086 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 4249 | 3932641 |
| 3.25%, 07/15/26 | &nbsp;&nbsp; 3872 | 3808777 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 2616 | 2486543 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 3325 | 3335099 |
| 5.38%, 02/15/35 | &nbsp;&nbsp; 810 | 804690 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 1828 | 1971229 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 841 | 714808 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 1802 | 1608545 |
| 3.88%, 03/01/27 | &nbsp;&nbsp; 1470 | 1436897 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 1608 | 1565406 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 1610 | 1537670 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 535 | 586720 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 2005 | 1936087 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 2555 | 2515833 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 3359 | 3101269 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 1520 | 1383554 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 2285 | 1953482 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 2203 | 1847311 |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 3160 | 2932048 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 1730 | 1406281 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 2620 | 2437439 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 915 | 869964 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 2315 | 2375187 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 1520 | 1518571 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 3268 | 2529748 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 3235 | 2449240 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 2404 | 2120180 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 1808 | 1709186 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 2949 | 2874523 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 820 | 793330 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28 | &nbsp;&nbsp; 1683 | 1571040 |
| 2.25%, 12/01/31 | &nbsp;&nbsp; 1316 | 1124092 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 1685 | 1530894 |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 2855 | 2788430 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 561 | 498301 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 1057 | 741202 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 2659 | 2625475 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 1341 | 1033059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.25%, 04/01/45 | &nbsp;&nbsp; $1997 | $1579012 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 2455 | 1977348 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 3065 | 2952141 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 1180 | 1131230 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 2392 | 2554676 |
| Kite Realty Group LP |  |  |
| 4.00%, 10/01/26 | &nbsp;&nbsp; 2117 | 2093805 |
| 4.95%, 12/15/31 | &nbsp;&nbsp; 790 | 779683 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 350 | 350626 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 2395 | 2365415 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 675 | 564773 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 878 | 772842 |
| 6.75%, 11/15/28 | &nbsp;&nbsp; 1435 | 1524761 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | &nbsp;&nbsp; 2145 | 2054372 |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 2896 | 2466494 |
| 2.75%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1705 | 1572800 |
| 2.88%, 09/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 846772 |
| 3.60%, 06/01/27 | &nbsp;&nbsp; 3560 | 3512830 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 3130 | 3067958 |
| 4.20%, 06/15/28 | &nbsp;&nbsp; 2083 | 2072498 |
| 4.95%, 03/01/35 | &nbsp;&nbsp; 660 | 643505 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 920 | 911850 |
| 5.30%, 02/15/32 | &nbsp;&nbsp; 1535 | 1572198 |
| National Health Investors Inc., 3.00%, <br> 02/01/31<br>| &nbsp;&nbsp; 2238 | 1953176 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 2447 | 2203354 |
| 3.00%, 04/15/52 | &nbsp;&nbsp; 2148 | 1264452 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 1972 | 1213634 |
| 3.50%, 10/15/27 | &nbsp;&nbsp; 2080 | 2025824 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 2647 | 1741800 |
| 3.60%, 12/15/26 | &nbsp;&nbsp; 2437 | 2403785 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 1940 | 1920554 |
| 4.80%, 10/15/48 | &nbsp;&nbsp; 1375 | 1142571 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 1680 | 1684076 |
| 5.60%, 10/15/33 | &nbsp;&nbsp; 2105 | 2131133 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 2978 | 2520856 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 3409 | 3088199 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 2547 | 2394453 |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 3510 | 3504937 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 2822 | 2825079 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP<br>|  |  |
| 2.63%, 11/15/31 | &nbsp;&nbsp; 2110 | 1806642 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 920 | 874479 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 1280 | 1292172 |
| Piedmont Operating Partnership LP |  |  |
| 2.75%, 04/01/32 | &nbsp;&nbsp; 755 | 587550 |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 2088 | 1785041 |
| 6.88%, 07/15/29 | &nbsp;&nbsp; 200 | 204090 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 650 | 703378 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 3368 | 2859195 |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 2174 | 1835495 |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 1752 | 1521871 |
| 1.75%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 2580 | 2202809 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 2916 | 2807380 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 3007 | 1561547 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.25%, 04/15/30 | &nbsp;&nbsp; $4032 | $3633908 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 3207 | 2742280 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 1980 | 1857621 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 3563 | 2268495 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 2093 | 1341493 |
| 3.25%, 06/30/26 | &nbsp;&nbsp; 1204 | 1191027 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 4240 | 4182631 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 2320 | 2274334 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 2217 | 2187906 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 2301 | 2281057 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 1866 | 1873419 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 1064 | 871175 |
| 4.63%, 01/15/33 | &nbsp;&nbsp; 2980 | 2924364 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 2568 | 2524000 |
| 4.88%, 06/15/28 | &nbsp;&nbsp; 3475 | 3536671 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 2899 | 2871881 |
| 5.00%, 01/31/35 | &nbsp;&nbsp; 2120 | 2095844 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 3020 | 3021080 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 4080 | 3778862 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 3635 | 3366903 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | &nbsp;&nbsp; 4072 | 3907841 |
| 1.85%, 05/01/28 | &nbsp;&nbsp; 3180 | 2972952 |
| 1.95%, 11/09/28 | &nbsp;&nbsp; 2870 | 2655776 |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 2800 | 2421499 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 2980 | 2621047 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 2110 | 2058439 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 2726 | 2635414 |
| 5.10%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 1070 | 1087283 |
| 5.13%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2811 | 2896690 |
| 5.35%, 08/01/53 | &nbsp;&nbsp; 3429 | 3251043 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 2642 | 2296194 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 2098 | 1650489 |
| 2.10%, 03/15/28 | &nbsp;&nbsp; 2216 | 2079737 |
| 2.20%, 06/15/28 | &nbsp;&nbsp; 1980 | 1853831 |
| 2.70%, 02/15/32 | &nbsp;&nbsp; 1655 | 1429870 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 2136 | 1840108 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 3269 | 3197278 |
| 3.10%, 12/15/29 | &nbsp;&nbsp; 2959 | 2770816 |
| 3.20%, 02/15/31 | &nbsp;&nbsp; 1510 | 1391635 |
| 3.25%, 06/15/29 | &nbsp;&nbsp; 1922 | 1825330 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 5149 | 4764371 |
| 3.40%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2895 | 2823051 |
| 3.40%, 01/15/30 | &nbsp;&nbsp; 2405 | 2281814 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 2689 | 2641555 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 2661 | 2638321 |
| 4.00%, 07/15/29 | &nbsp;&nbsp; 2142 | 2092093 |
| 4.13%, 10/15/26 | &nbsp;&nbsp; 3141 | 3130553 |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 3244 | 2738439 |
| 4.70%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2150 | 2167782 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 2495 | 2515564 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 1840 | 1858582 |
| 4.88%, 06/01/26 | &nbsp;&nbsp; 3739 | 3752606 |
| 4.90%, 07/15/33 | &nbsp;&nbsp; 3505 | 3441784 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 3055 | 3034259 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 345 | 341687 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 875 | 818912 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 3090 | 3189274 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 2270 | 2125783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.60%, 02/01/27 | &nbsp;&nbsp; $996 | $984223 |
| 3.70%, 06/15/30 | &nbsp;&nbsp; 1513 | 1453067 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 1861 | 1851284 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 1923 | 1569162 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 1886 | 1585362 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 735 | 724630 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 1030 | 1030069 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 2288 | 1948557 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 2255 | 1883421 |
| 5.00%, 06/15/28 | &nbsp;&nbsp; 1640 | 1640548 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 3917 | 3457816 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 2208 | 2072311 |
| 5.13%, 08/15/26 | &nbsp;&nbsp; 3886 | 3869310 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2565 | 2262471 |
| 2.85%, 01/15/32 | &nbsp;&nbsp; 1115 | 946743 |
| 5.65%, 01/15/35 | &nbsp;&nbsp; 1400 | 1362102 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 995 | 1012365 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | &nbsp;&nbsp; 3514 | 3345905 |
| 1.75%, 02/01/28 | &nbsp;&nbsp; 3615 | 3382016 |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 3374 | 2945149 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 3610 | 3078191 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 6608 | 6075898 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 3058 | 2789624 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 2825 | 2454234 |
| 3.25%, 11/30/26 | &nbsp;&nbsp; 4563 | 4491885 |
| 3.25%, 09/13/49 | &nbsp;&nbsp; 5583 | 3674212 |
| 3.38%, 06/15/27 | &nbsp;&nbsp; 3302 | 3245278 |
| 3.38%, 12/01/27 | &nbsp;&nbsp; 4578 | 4482248 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 3295 | 2386040 |
| 4.25%, 10/01/44 | &nbsp;&nbsp; 1920 | 1544817 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 2437 | 1948208 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 2435 | 2327875 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 2601 | 2281191 |
| 5.50%, 03/08/33 | &nbsp;&nbsp; 2950 | 3027102 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 2935 | 2878732 |
| 6.25%, 01/15/34 | &nbsp;&nbsp; 1245 | 1330059 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 2284 | 2467345 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 2758 | 3070246 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 2090 | 1765951 |
| 2.75%, 11/18/30 | &nbsp;&nbsp; 1444 | 1268445 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 1827 | 1799175 |
| 4.63%, 03/15/29 | &nbsp;&nbsp; 1936 | 1890048 |
| 5.40%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp; 975 | 972804 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | &nbsp;&nbsp; 1383 | 1286535 |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 3462 | 3025897 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 2300 | 2156281 |
| 5.50%, 01/15/29 | &nbsp;&nbsp; 1965 | 2018050 |
| 5.70%, 01/15/33 | &nbsp;&nbsp; 1925 | 1966339 |
| Tanger Properties LP |  |  |
| 2.75%, 09/01/31 | &nbsp;&nbsp; 2010 | 1731749 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 2058 | 2018196 |
| 3.88%, 07/15/27 | &nbsp;&nbsp; 2081 | 2047357 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 2225 | 1735324 |
| 2.10%, 08/01/32 | &nbsp;&nbsp; 1955 | 1586476 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.10%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; $1120 | $878083 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 1875 | 1838438 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 2668 | 2386147 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 1838 | 1514730 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 3293 | 3089415 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 1868 | 1832560 |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 1470 | 1433126 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 2100 | 2091990 |
| 5.13%, 09/01/34 | &nbsp;&nbsp; 1130 | 1101301 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 3470 | 3031319 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 3160 | 2932205 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 1404 | 1377660 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 1760 | 1741344 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 1758 | 1733272 |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 1208 | 971968 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 2354 | 2332228 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 1255 | 1254534 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 1577 | 1339709 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 1810 | 1745953 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 1745 | 1766330 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 1800 | 1729222 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 6305 | 6321436 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 465 | 465631 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 4900 | 4872108 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 1945 | 1926435 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 6790 | 6661337 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 1195 | 1184698 |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 3718 | 3330638 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 1670 | 1681782 |
| 6.13%, 04/01/54 | &nbsp;&nbsp; 2660 | 2537819 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 2413 | 2216572 |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 4199 | 4089888 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 2001 | 1812077 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 2535 | 2226278 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 3925 | 3528418 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 3570 | 3357403 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 2260 | 2115029 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 2631 | 2600002 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 4023 | 4021966 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 1825 | 1634153 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 2497 | 2672255 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 1170 | 1030052 |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 3644 | 3546473 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3790 | 3667616 |
| 4.00%, 03/09/52 | &nbsp;&nbsp; 2244 | 1641291 |
| 4.75%, 05/15/26 | &nbsp;&nbsp; 3887 | 3888172 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 2929 | 3098350 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 2913 | 3266531 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 1925 | 1522121 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 2903 | 2531792 |
| 2.45%, 02/01/32 | &nbsp;&nbsp; 2770 | 2319787 |
| 3.85%, 07/15/29 | &nbsp;&nbsp; 2671 | 2580503 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 2170 | 2161365 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 1675 | 1642230 |
|  |  | 1133915913 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28 | &nbsp;&nbsp; $1257 | $1147344 |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 2180 | 1827471 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 2107 | 2049325 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 3120 | 2803125 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 2308 | 2264052 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 485 | 479203 |
| AutoZone Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 1361 | 1149593 |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 3389 | 3345035 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 2330 | 2265757 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3685 | 3580055 |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 2720 | 2735771 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 3360 | 3304850 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 2345 | 2289257 |
| 5.05%, 07/15/26 | &nbsp;&nbsp; 2455 | 2470464 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 2465 | 2516858 |
| 5.13%, 06/15/30 | &nbsp;&nbsp; 850 | 868476 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 1305 | 1301622 |
| 5.40%, 07/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2815 | 2842491 |
| 6.25%, 11/01/28 | &nbsp;&nbsp; 2565 | 2716058 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 2065 | 2244178 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 3779 | 3242920 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 3224 | 3219254 |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; 6166 | 5862135 |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 8219 | 7285211 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 4250 | 3596640 |
| 3.00%, 05/18/27 | &nbsp;&nbsp; 5127 | 5043831 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 3389 | 3347009 |
| 4.35%, 10/15/27 | &nbsp;&nbsp; 2080 | 2076789 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 2260 | 2244788 |
| 4.55%, 02/15/48 | &nbsp;&nbsp; 2665 | 2131818 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 1420 | 1503968 |
| Dick's Sporting Goods Inc. |  |  |
| 3.15%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3610 | 3166896 |
| 4.10%, 01/15/52 | &nbsp;&nbsp; 4530 | 3108114 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 3538 | 3319377 |
| 3.88%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3331 | 3288847 |
| 4.13%, 05/01/28 | &nbsp;&nbsp; 2477 | 2441724 |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 3170 | 2307112 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 2782 | 2787855 |
| 5.00%, 11/01/32<sup>(b)</sup> | &nbsp;&nbsp; 4235 | 4155755 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 1885 | 1914472 |
| 5.45%, 07/05/33<sup>(b)</sup> | &nbsp;&nbsp; 2395 | 2416642 |
| 5.50%, 11/01/52<sup>(b)</sup> | &nbsp;&nbsp; 1501 | 1346294 |
| Dollar Tree Inc. |  |  |
| 2.65%, 12/01/31 | &nbsp;&nbsp; 3885 | 3370544 |
| 3.38%, 12/01/51 | &nbsp;&nbsp; 3340 | 2029531 |
| 4.20%, 05/15/28 | &nbsp;&nbsp; 6198 | 6113540 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 290 | 280646 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 3320 | 2823127 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 1410 | 1206960 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 3235 | 3254980 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 2495 | 2639803 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 1545 | 1702185 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; $2997 | $2747972 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 5915 | 4971881 |
| 1.50%, 09/15/28 | &nbsp;&nbsp; 2490 | 2294406 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 3810 | 3256479 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 5005 | 4881474 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 5575 | 3120203 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 4019 | 3904821 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 7121 | 6605950 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 4180 | 2534072 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 4974 | 4835841 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 3830 | 3751145 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 5516 | 5251281 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 5884 | 3914014 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 6925 | 6343546 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 4877 | 3857389 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 6511 | 4505489 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 4405 | 3031326 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 7035 | 5062786 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 5808 | 5780862 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 5401 | 4201593 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 5004 | 4208514 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 6830 | 5657221 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 4757 | 4048017 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 2590 | 2577055 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 7243 | 6130128 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 4385 | 4474157 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 4980 | 5085065 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 4470 | 4550196 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 5000 | 4563684 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 3110 | 3193164 |
| 4.95%, 09/30/26 | &nbsp;&nbsp; 3740 | 3785199 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 6200 | 6237714 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 3750 | 3373771 |
| 5.15%, 06/25/26 | &nbsp;&nbsp; 6285 | 6361890 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 2425 | 2299547 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 2858 | 2861321 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 1648 | 1560837 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 13495 | 14358888 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 4595 | 4806184 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28 | &nbsp;&nbsp; 4692 | 4309957 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 4553 | 4168956 |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 5103 | 4379767 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 7207 | 6436035 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 4641 | 3142773 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 7763 | 4730330 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 5991 | 5852597 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 3143 | 3089075 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 2417 | 1617512 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 6743 | 6542902 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 5836 | 4234198 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 6390 | 5942459 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 6694 | 5088291 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 6160 | 4692943 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 2140 | 1723694 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 4210 | 3195734 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 5749 | 5730439 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 2833 | 2265989 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 2510 | 2157475 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 4330 | 4314739 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.00%, 04/15/40 | &nbsp;&nbsp; $1896 | $1765989 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 2055 | 1799002 |
| 5.15%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3975 | 3991406 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 1763 | 1802512 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 6405 | 6008586 |
| 5.75%, 07/01/53 | &nbsp;&nbsp; 2175 | 2079519 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 4315 | 4081233 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 2905 | 2765800 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 3635 | 3897030 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 3695 | 3330213 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 4968 | 4642170 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 5409 | 5342253 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 4998 | 4930822 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 4695 | 4516963 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 2331 | 1775978 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 8077 | 5800735 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 2406 | 1880283 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 5216 | 5174254 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 3356 | 2637988 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 4409 | 3670179 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 3250 | 2697640 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 1600 | 1611027 |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 1425 | 1420939 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 2819 | 2437359 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 3391 | 3295463 |
| 4.80%, 08/14/28 | &nbsp;&nbsp; 2890 | 2939396 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 1337 | 1232984 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 7410 | 6604741 |
| 4.95%, 08/14/33<sup>(b)</sup> | &nbsp;&nbsp; 2995 | 3024677 |
| 4.95%, 03/03/35 | &nbsp;&nbsp; 1600 | 1585822 |
| 5.00%, 05/17/29 | &nbsp;&nbsp; 1890 | 1937651 |
| 5.15%, 09/09/52 | &nbsp;&nbsp; 2595 | 2356572 |
| 5.20%, 05/17/34 | &nbsp;&nbsp; 1930 | 1970651 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 3855 | 3667341 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 1684 | 1726995 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 3738 | 4061307 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 3293 | 3557113 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 1575 | 1328130 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 3811 | 3745442 |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 2797 | 2727860 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 2696 | 2645517 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 1940 | 1941686 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 3700 | 3624509 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 2025 | 1978665 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 3150 | 3209629 |
| Ross Stores Inc. |  |  |
| 0.88%, 04/15/26 | &nbsp;&nbsp; — |  |
| 1.88%, 04/15/31 | &nbsp;&nbsp; 2315 | 1963657 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 3686 | 3531970 |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 3655 | 3278759 |
| 2.45%, 06/15/26 | &nbsp;&nbsp; 2756 | 2697824 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 6001 | 5379017 |
| 3.00%, 02/14/32 | &nbsp;&nbsp; 4795 | 4275576 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 2998 | 1968412 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 2856 | 2794493 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 5005 | 3363063 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 4175 | 4038139 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 2409 | 1736725 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.00%, 11/15/28 | &nbsp;&nbsp; $4045 | $3992985 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 1351 | 1072381 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 4409 | 3516555 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 5190 | 4205131 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 2285 | 2256261 |
| 4.85%, 02/08/27 | &nbsp;&nbsp; 3195 | 3223370 |
| 4.90%, 02/15/31 | &nbsp;&nbsp; 2095 | 2122849 |
| 5.00%, 02/15/34 | &nbsp;&nbsp; 1925 | 1907047 |
| Target Corp. |  |  |
| 1.95%, 01/15/27 | &nbsp;&nbsp; 6162 | 5965641 |
| 2.35%, 02/15/30 | &nbsp;&nbsp; 3856 | 3530477 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 3054 | 2797329 |
| 2.95%, 01/15/52<sup>(b)</sup> | &nbsp;&nbsp; 5595 | 3504441 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 4868 | 4726954 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 3728 | 2760922 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 3642 | 2805978 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 3181 | 2655096 |
| 4.40%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2445 | 2379299 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 4545 | 4479621 |
| 4.50%, 09/15/34 | &nbsp;&nbsp; 2515 | 2415621 |
| 4.80%, 01/15/53<sup>(b)</sup> | &nbsp;&nbsp; 3876 | 3401860 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 1700 | 1685370 |
| 6.35%, 11/01/32 | &nbsp;&nbsp; 841 | 922877 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 1978 | 2196192 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 1649 | 1884633 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 1626 | 1493806 |
| 1.60%, 05/15/31 | &nbsp;&nbsp; 455 | 388443 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 5960 | 5818604 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 3410 | 3339925 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 3115 | 2705194 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 3265 | 2784047 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 1270 | 1274477 |
| Walmart Inc. |  |  |
| 2.38%, 09/24/29 | &nbsp;&nbsp; 1482 | 1384918 |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 6346 | 4441597 |
| 2.65%, 09/22/51 | &nbsp;&nbsp; 7835 | 4851698 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 3418 | 2290469 |
| 3.05%, 07/08/26 | &nbsp;&nbsp; 1920 | 1901419 |
| 3.25%, 07/08/29 | &nbsp;&nbsp; 3303 | 3218123 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 1945 | 1487100 |
| 3.70%, 06/26/28 | &nbsp;&nbsp; 5367 | 5351829 |
| 3.90%, 04/15/28 | &nbsp;&nbsp; 4180 | 4188848 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 2920 | 2654537 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3094 | 3098885 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 1185 | 1002987 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 4545 | 3736530 |
| 4.10%, 04/28/27 | &nbsp;&nbsp; 1935 | 1946781 |
| 4.10%, 04/15/33 | &nbsp;&nbsp; 4685 | 4570248 |
| 4.15%, 09/09/32 | &nbsp;&nbsp; 5340 | 5265949 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 1210 | 1055834 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 2540 | 2570407 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 3630 | 3157920 |
| 4.50%, 04/15/53 | &nbsp;&nbsp; 8685 | 7570294 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 3875 | 3924051 |
| 5.00%, 10/25/40 | &nbsp;&nbsp; 1465 | 1449560 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 2790 | 2910838 |
| 5.63%, 04/01/40 | &nbsp;&nbsp; 1826 | 1943993 |
| 5.63%, 04/15/41 | &nbsp;&nbsp; 855 | 895134 |
| 5.88%, 04/05/27<sup>(b)</sup> | &nbsp;&nbsp; 340 | 353600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 6.20%, 04/15/38 | &nbsp;&nbsp; $2104 | $2344323 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 6024 | 6869763 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 3060 | 3523676 |
|  |  | 748455062 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 3715 | 3534288 |
| 4.32%, 03/24/28 | &nbsp;&nbsp; 2315 | 2337388 |
| 4.39%, 06/01/52 | &nbsp;&nbsp; 3140 | 2584428 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 4644 | 4276679 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 3715 | 3205763 |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 3545 | 2532824 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 4695 | 2986575 |
| 3.45%, 06/15/27 | &nbsp;&nbsp; 3487 | 3451107 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 6023 | 5967679 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 2535 | 2566856 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 1500 | 1424186 |
| 5.30%, 04/01/54 | &nbsp;&nbsp; 2470 | 2314029 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 5895 | 5196356 |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 3186 | 1963362 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 6925 | 6832063 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 4757 | 3994266 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 3350 | 3427518 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 3034 | 3093698 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 2829 | 2952148 |
| Broadcom Corp./Broadcom Cayman <br> Finance Ltd.<br>|  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 4809 | 4705133 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 14352 | 14246967 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 1720 | 1611055 |
| 2.45%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; 11380 | 10062273 |
| 2.60%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; 7015 | 5902767 |
| 3.14%, 11/15/35<sup>(c)</sup> | &nbsp;&nbsp; 9925 | 8223273 |
| 3.19%, 11/15/36<sup>(c)</sup> | &nbsp;&nbsp; 5380 | 4395432 |
| 3.42%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; 11021 | 9813643 |
| 3.46%, 09/15/26 | &nbsp;&nbsp; 2865 | 2829757 |
| 3.47%, 04/15/34<sup>(c)</sup> | &nbsp;&nbsp; 13830 | 12140539 |
| 3.50%, 02/15/41<sup>(c)</sup> | &nbsp;&nbsp; 13183 | 10187682 |
| 3.75%, 02/15/51<sup>(c)</sup> | &nbsp;&nbsp; 7961 | 5801547 |
| 4.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; 5480 | 5369535 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 1620 | 1606144 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 3365 | 3353027 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 6325 | 6167657 |
| 4.15%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; 5320 | 5050256 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 8044 | 7677159 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 4610 | 4556251 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 3195 | 3222437 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; 2515 | 2552633 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 7380 | 7182191 |
| 4.93%, 05/15/37<sup>(c)</sup> | &nbsp;&nbsp; 20050 | 19212796 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 1570 | 1595097 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 6400 | 6501466 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 5725 | 5839088 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 2785 | 2837867 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 6185 | 6301308 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 3225 | 3281507 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 3930 | 3852182 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; $4873 | $4422511 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 5460 | 4563961 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 8397 | 7558853 |
| 2.60%, 05/19/26 | &nbsp;&nbsp; 5336 | 5221039 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 4750 | 3060844 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 4570 | 2616135 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 4760 | 2545795 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 5148 | 4998908 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 3360 | 1829487 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 8773 | 5348973 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 8835 | 6012406 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 4950 | 4879400 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 5760 | 5658565 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 6859 | 6551048 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 3530 | 3421662 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 4486 | 4083839 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 5592 | 4054344 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 6638 | 4773340 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 4105 | 3783385 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 2117 | 1622948 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 3979 | 3378550 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 8509 | 6667135 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 3205 | 2664585 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 7431 | 7496172 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 4056 | 3335159 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 5220 | 4147987 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 4614 | 3590374 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 2560 | 2561015 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 4246 | 3336173 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 5745 | 5798069 |
| 5.15%, 02/21/34<sup>(b)</sup> | &nbsp;&nbsp; 3065 | 2986856 |
| 5.20%, 02/10/33<sup>(b)</sup> | &nbsp;&nbsp; 9685 | 9508923 |
| 5.60%, 02/21/54 | &nbsp;&nbsp; 2535 | 2232816 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 4620 | 4248371 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 7390 | 6596281 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 5610 | 5048468 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 3563 | 2415449 |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 4033 | 4005191 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 2825 | 2805752 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 1660 | 1629830 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 6440 | 5764873 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 1809 | 1640990 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 4135 | 3778175 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 5200 | 4614193 |
| 2.88%, 06/15/50 | &nbsp;&nbsp; 3294 | 2097489 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 3326 | 2027065 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 6636 | 6579414 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 3395 | 3033109 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 4322 | 4069948 |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 3470 | 3117247 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 1800 | 1809913 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 1275 | 1318652 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 1755 | 1816592 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 3135 | 3141361 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 3855 | 3862861 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 2435 | 2427159 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; $4587 | $3889844 |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 2515 | 1787370 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 2350 | 1537534 |
| 4.19%, 02/15/27 | &nbsp;&nbsp; 4709 | 4717314 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 4237 | 4171772 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 3565 | 3582577 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 3169 | 3212580 |
| 5.38%, 04/15/28 | &nbsp;&nbsp; 3030 | 3096320 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 1190 | 1184567 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 3300 | 3367089 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 4565 | 4673515 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 2100 | 2130781 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 5660 | 6045744 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 7785 | 7247602 |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 7473 | 6592197 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 6642 | 6277790 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 5877 | 5823677 |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 5028 | 4168524 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 9252 | 6846659 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 2050 | 1488828 |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | &nbsp;&nbsp; 3032 | 3101880 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 6044 | 5211730 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 4531 | 3815822 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 2440 | 1689916 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 3035 | 2954206 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 4780 | 3393488 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 2410 | 1497536 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 4663 | 4322322 |
| 3.88%, 06/18/26 | &nbsp;&nbsp; 4435 | 4394988 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 5254 | 5134996 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 1360 | 1358082 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 5000 | 4836053 |
| Qorvo Inc., 4.38%, 10/15/29 | &nbsp;&nbsp; 4655 | 4452189 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 5685 | 5237613 |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 5873 | 4809633 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 7565 | 6829375 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 9412 | 9260120 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 3544 | 2393294 |
| 4.25%, 05/20/32<sup>(b)</sup> | &nbsp;&nbsp; 2726 | 2665062 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 6680 | 5500984 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 4575 | 3789008 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 6227 | 6117864 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 6361 | 5700002 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 3295 | 3439631 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 5100 | 5252828 |
| Skyworks Solutions Inc. |  |  |
| 1.80%, 06/01/26 | &nbsp;&nbsp; 3605 | 3487348 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 2990 | 2572305 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 3135 | 3017247 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 4635 | 4099124 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 3445 | 2979997 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 4643 | 4283637 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 2825 | 1703367 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 3571 | 3480436 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 3890 | 3630211 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 4888 | 4268705 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.10%, 08/16/52 | &nbsp;&nbsp; $2141 | $1663769 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 7096 | 5781271 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 2485 | 2514202 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 4260 | 4323728 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 1955 | 1984231 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 2075 | 2086169 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 2670 | 2701464 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 3455 | 3134461 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 4300 | 3843661 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 1595 | 1481687 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 7780 | 7493769 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 7670 | 6797461 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 6130 | 4638797 |
| 3.25%, 10/25/51 | &nbsp;&nbsp; 6500 | 4559621 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 3605 | 3577420 |
| 4.13%, 04/22/29 | &nbsp;&nbsp; 1475 | 1462129 |
| 4.25%, 04/22/32 | &nbsp;&nbsp; 2395 | 2329077 |
| 4.50%, 04/22/52<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1614759 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 5436 | 4936253 |
|  |  | 762726734 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 2954 | 2716805 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 3581 | 3476724 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 2455 | 2370665 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 1965 | 2003630 |
| 5.75%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2265 | 2308352 |
|  |  | 12876176 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 5431 | 5269509 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 7606 | 7001924 |
| 4.75%, 01/17/28 | &nbsp;&nbsp; 240 | 245168 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 2900 | 2978123 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 2990 | 3043127 |
| 4.95%, 01/17/30 | &nbsp;&nbsp; 920 | 949057 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 2145 | 2163098 |
| 5.30%, 01/17/35<sup>(b)</sup> | &nbsp;&nbsp; 460 | 477426 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 3855 | 3887033 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 1295 | 1308473 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 3140 | 3135988 |
| 5.95%, 12/01/54 | &nbsp;&nbsp; 2160 | 2066312 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | &nbsp;&nbsp; 2140 | 2175188 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 1850 | 1860835 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 5248 | 4537633 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 3632 | 3385923 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 4205 | 4140754 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 5356 | 4696782 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 4903 | 4547543 |
| 3.40%, 06/27/26 | &nbsp;&nbsp; 3472 | 3424240 |
| Cadence Design Systems Inc. |  |  |
| 4.20%, 09/10/27 | &nbsp;&nbsp; 1375 | 1374194 |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 3405 | 3396704 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 2020 | 1976203 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28<sup>(b)</sup> | &nbsp;&nbsp; $4630 | $4843393 |
| 6.65%, 08/02/26 | &nbsp;&nbsp; 4450 | 4535899 |
| 6.85%, 08/02/33<sup>(b)</sup> | &nbsp;&nbsp; 2825 | 2864029 |
| Electronic Arts Inc. |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 5097 | 4379701 |
| 2.95%, 02/15/51 | &nbsp;&nbsp; 3008 | 1872392 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 4249 | 3927412 |
| 2.25%, 03/01/31 | &nbsp;&nbsp; 190 | 164542 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 3730 | 2659231 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 1960 | 1894123 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 1762 | 1448747 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 3460 | 3461272 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 3935 | 3767060 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 5089 | 4596607 |
| 3.20%, 07/01/26 | &nbsp;&nbsp; 8964 | 8843425 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 13765 | 13120504 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 5607 | 5557772 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 9330 | 7331192 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 2810 | 2807029 |
| 5.15%, 03/15/27 | &nbsp;&nbsp; 4520 | 4571296 |
| 5.15%, 08/12/34 | &nbsp;&nbsp; 4240 | 4168376 |
| 5.35%, 03/15/31 | &nbsp;&nbsp; 2900 | 2971207 |
| 5.38%, 08/21/28 | &nbsp;&nbsp; 3680 | 3774307 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 4809 | 4924594 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 2980 | 2986345 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 2460 | 2503482 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 4580 | 4663338 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 3629 | 3430519 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 4592 | 4007805 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 4545 | 4699512 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 4445 | 4563935 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 5305 | 5381325 |
| 5.50%, 09/15/53 | &nbsp;&nbsp; 2885 | 2822749 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30 | &nbsp;&nbsp; 4035 | 3530547 |
| 2.40%, 08/08/26 | &nbsp;&nbsp; 16915 | 16606974 |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 7293 | 4460009 |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 27210 | 16835822 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 15802 | 9350523 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 25951 | 17235521 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 8189 | 5249071 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 15280 | 15155879 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 6430 | 6394431 |
| 3.40%, 06/15/27 | &nbsp;&nbsp; 4025 | 4001203 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 8366 | 7468549 |
| 3.50%, 02/12/35 | &nbsp;&nbsp; 9126 | 8493838 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 3535 | 2866743 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 5480 | 4428530 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 2805 | 2354585 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 2040 | 1616968 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 2845 | 2291434 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 4601 | 4359989 |
| 4.20%, 11/03/35 | &nbsp;&nbsp; 2725 | 2677944 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 2197 | 1964808 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 4906 | 4485809 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 3400 | 3317837 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 2528 | 2269622 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.50%, 02/06/57 | &nbsp;&nbsp; $1910 | $1707331 |
| 5.20%, 06/01/39 | &nbsp;&nbsp; 2080 | 2171974 |
| 5.30%, 02/08/41<sup>(b)</sup> | &nbsp;&nbsp; 3045 | 3227630 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; 8340 | 7889640 |
| 2.65%, 07/15/26 | &nbsp;&nbsp; 13895 | 13602404 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 10412 | 10128196 |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 13776 | 12403565 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 13645 | 12614400 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 10382 | 10119306 |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 2594 | 2426897 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 12270 | 9546078 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 19063 | 12963172 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 9473 | 7242070 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 7478 | 6247934 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 4842 | 4165452 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 14816 | 9936788 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 5275 | 4673893 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 13462 | 9695687 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 12639 | 9457392 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 9393 | 6962479 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 6791 | 4750767 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 9164 | 7116755 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; 5770 | 5686097 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 8037 | 7446195 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 5329 | 4029696 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 2560 | 2572762 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 4568 | 3742768 |
| 4.65%, 05/06/30 | &nbsp;&nbsp; 2485 | 2489247 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 10405 | 9889614 |
| 4.80%, 08/03/28 | &nbsp;&nbsp; 7050 | 7141824 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 5840 | 5737142 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 5070 | 5139915 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 9119 | 8657346 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 7410 | 6571783 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 8600 | 8636910 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 6645 | 5867250 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 9295 | 8467446 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 8350 | 8114815 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 5338 | 5482728 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 5545 | 5371754 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 5980 | 6350650 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 8207 | 8752952 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 5700 | 6080692 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 10540 | 11330525 |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; 2390 | 2427447 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 2675 | 2717644 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 520 | 528121 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 4031 | 3757844 |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 4678 | 3952867 |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 3119 | 2730595 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 3628 | 3391619 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 4802 | 4754342 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 4479 | 4442794 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 2300 | 2289723 |
| 4.75%, 02/15/32 | &nbsp;&nbsp; 2590 | 2562363 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 4495 | 4358794 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28 | &nbsp;&nbsp; 3800 | 3519758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 1.95%, 07/15/31 | &nbsp;&nbsp; $6202 | $5400721 |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 4640 | 3270349 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 8710 | 5540705 |
| 3.05%, 07/15/61 | &nbsp;&nbsp; 5630 | 3384093 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 9146 | 9099207 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 8669 | 7435895 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 6675 | 6712107 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 3200 | 3237620 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 6475 | 6545961 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 6475 | 6518771 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 3990 | 4002954 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 1770 | 1709186 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 4385 | 4328318 |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 3078 | 2881414 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 4435 | 4510906 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 2715 | 2785336 |
| 5.60%, 06/12/34 | &nbsp;&nbsp; 2135 | 2170716 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | &nbsp;&nbsp; 7202 | 6915840 |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 3839 | 3510350 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 4603 | 3913792 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 5051 | 4974311 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 3886 | 3889947 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 4205 | 4168599 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 4700 | 4617067 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 3463 | 3350495 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 5210 | 4817300 |
|  |  | 822736785 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 4785 | 4399295 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 6216 | 6004714 |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 4685 | 3934608 |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 5206 | 4242610 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 4645 | 4556137 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 1550 | 1631810 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 8342 | 8643720 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 5118 | 5519898 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 9506 | 8872914 |
| 2.25%, 02/01/32 | &nbsp;&nbsp; 12626 | 10726861 |
| 2.30%, 06/01/27 | &nbsp;&nbsp; 10537 | 10129074 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 16313 | 13468899 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 12486 | 11206085 |
| 2.95%, 07/15/26 | &nbsp;&nbsp; 1371 | 1348608 |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 2710 | 1903444 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 3790 | 2453573 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 10625 | 8138525 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 32796 | 21989706 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 2905 | 1843920 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 31648 | 21124061 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 11791 | 8252819 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 27427 | 18161851 |
| 3.80%, 02/15/27 | &nbsp;&nbsp; 4199 | 4162104 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 25211 | 17392205 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 6440 | 4392826 |
| 4.10%, 02/15/28 | &nbsp;&nbsp; 3815 | 3802239 |
| 4.25%, 03/01/27 | &nbsp;&nbsp; 5514 | 5508335 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.30%, 02/15/30 | &nbsp;&nbsp; $14302 | $14188960 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 4703 | 3913587 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 13859 | 13849721 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 3790 | 3055892 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 12039 | 11369269 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 7330 | 5950547 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 4209 | 3409733 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 2094 | 1746694 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 6201 | 5275533 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 1600 | 1378973 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 5147 | 4785395 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 1774 | 1539260 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 3973 | 3748386 |
| 5.15%, 03/15/42 | &nbsp;&nbsp; 1090 | 986797 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 3121 | 2791564 |
| 5.15%, 02/15/50 | &nbsp;&nbsp; 2147 | 1892443 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 3240 | 3187126 |
| 5.35%, 09/01/40 | &nbsp;&nbsp; 1723 | 1648976 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 11975 | 12223398 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 2257 | 2091317 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 2812 | 2710826 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 1712 | 1665912 |
| 5.70%, 03/01/57 | &nbsp;&nbsp; 1516 | 1440116 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 2794 | 2806032 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 1675 | 1797082 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 1979 | 2049329 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 1320 | 1429750 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52 | &nbsp;&nbsp; 2080 | 1448747 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 2745 | 2138051 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 4876 | 3897537 |
| 5.10%, 05/11/33<sup>(b)</sup> | &nbsp;&nbsp; 4805 | 4753259 |
| 5.20%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2325 | 2339488 |
| 5.55%, 02/15/54<sup>(b)</sup> | &nbsp;&nbsp; 3235 | 3030980 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 2629 | 1849282 |
| Series US-5, 2.15%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3765 | 3151491 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 5008 | 5126160 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 11701 | 14325007 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 6162 | 6044579 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 4435 | 4505747 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 4470 | 4573579 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 7175 | 7288079 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 9716 | 9963770 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 6405 | 6589902 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 4250 | 4332253 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 8600 | 8707168 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 5110 | 5176024 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 7075 | 6751886 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 4715 | 4469044 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 8566 | 8738501 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 3490 | 3430556 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 9795 | 10424085 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 2013 | 1475162 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 4002 | 3096089 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 1377 | 1299330 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 2380 | 2098628 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 2334 | 2146987 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 4553 | 3909490 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.75%, 08/15/40 | &nbsp;&nbsp; $1987 | $1989632 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 1807 | 1692102 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30 | &nbsp;&nbsp; 15725 | 18513622 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 4182 | 5177921 |
| Juniper Networks Inc. |  |  |
| 2.00%, 12/10/30 | &nbsp;&nbsp; 2961 | 2538281 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 2831 | 2733621 |
| 5.95%, 03/15/41 | &nbsp;&nbsp; 2219 | 2185558 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 1662 | 1939798 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 3401 | 2996998 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 4490 | 3991733 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 4270 | 4290320 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 4571 | 4566614 |
| 5.00%, 04/15/29 | &nbsp;&nbsp; 2405 | 2443682 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 3540 | 3577098 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 1738 | 1674828 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 3140 | 3243104 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 3038 | 2997736 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 2721 | 2731420 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 3829 | 3687909 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 3444 | 3358333 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 11915 | 14481127 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 4062 | 3961524 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 4190 | 4098069 |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 4718 | 3310942 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 5035 | 4604249 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 3402 | 2626730 |
| 4.35%, 05/01/49 | &nbsp;&nbsp; 5663 | 4388289 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 3485 | 2916449 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 2603 | 2155494 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 6780 | 5343976 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 4956 | 4997914 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 4543 | 3960679 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 5375 | 5302573 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 2743 | 2525643 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 2471 | 2821284 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 3240 | 3464986 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 9100 | 10925944 |
| Telefonica Emisiones SA |  |  |
| 4.10%, 03/08/27 | &nbsp;&nbsp; 5484 | 5450543 |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 2526 | 2282011 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 5168 | 4326738 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 10565 | 9231109 |
| 5.52%, 03/01/49 | &nbsp;&nbsp; 5247 | 4770033 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 8749 | 9692320 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 6648 | 7636472 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 3750 | 3645769 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 5235 | 4672318 |
| 3.70%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3178 | 3133949 |
| 4.30%, 06/15/49 | &nbsp;&nbsp; 2017 | 1533217 |
| 4.60%, 11/16/48 | &nbsp;&nbsp; 3027 | 2416312 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 9275 | 8721300 |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 6419 | 5511050 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 2.40%, 03/15/29 | &nbsp;&nbsp; $3198 | $2954963 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 12944 | 11473819 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 4865 | 4533656 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 5110 | 4437019 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 6840 | 6163014 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 10221 | 7316232 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 13164 | 8656035 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 7795 | 7432895 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 12650 | 8386924 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 12815 | 11910376 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 7873 | 5151481 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 16382 | 16206892 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 28582 | 27589419 |
| 4.20%, 10/01/29 | &nbsp;&nbsp; 3935 | 3887105 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 9070 | 7921344 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 12217 | 9908223 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 5490 | 5268062 |
| 4.75%, 02/01/28 | &nbsp;&nbsp; 8250 | 8255982 |
| 4.80%, 07/15/28 | &nbsp;&nbsp; 5075 | 5126258 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 4625 | 4673842 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 5555 | 5640247 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 11772 | 11695115 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 1960 | 1982398 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 4000 | 4003942 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 3595 | 3612948 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 4350 | 3903255 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 7100 | 7129309 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 195 | 195067 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 2770 | 2578521 |
| 5.65%, 01/15/53 | &nbsp;&nbsp; 7835 | 7491650 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 5705 | 5931508 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 5205 | 5026180 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 2755 | 2649744 |
| 5.88%, 11/15/55 | &nbsp;&nbsp; 4225 | 4169101 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 3090 | 3087290 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 5427 | 4649842 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 6638 | 5699469 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 10990 | 9392521 |
| 2.10%, 03/22/28 | &nbsp;&nbsp; 13405 | 12653582 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 20852 | 17790920 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 13621 | 12128156 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 13403 | 9436575 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 4902 | 3417289 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 12399 | 7595653 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 17239 | 10251813 |
| 3.00%, 03/22/27 | &nbsp;&nbsp; 5845 | 5707616 |
| 3.00%, 11/20/60 | &nbsp;&nbsp; 8492 | 4930768 |
| 3.15%, 03/22/30 | &nbsp;&nbsp; 8849 | 8320532 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 14215 | 10817210 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 19703 | 13891150 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 12465 | 8472242 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 3146 | 2494923 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 7212 | 7093856 |
| 3.88%, 03/01/52 | &nbsp;&nbsp; 4180 | 3077338 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 5397 | 4093515 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 15774 | 15483809 |
| 4.13%, 03/16/27 | &nbsp;&nbsp; 11123 | 11115640 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 3987 | 3143981 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 2470 | 2266387 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 14831 | 14880578 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.40%, 11/01/34 | &nbsp;&nbsp; $9434 | $8890247 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 10172 | 9799554 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 4110 | 3409306 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 3553 | 2974271 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 2668 | 2368350 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 2460 | 2390571 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 5072 | 4727431 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 10144 | 8928900 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 3535 | 3214401 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 3153 | 2788612 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 4345 | 4376552 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 7555 | 7595891 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 7482 | 7391701 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 2506 | 2400606 |
| 5.50%, 02/23/54 | &nbsp;&nbsp; 3203 | 3075323 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 2997 | 3126293 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 1630 | 1772653 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 3718 | 4027264 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 3797 | 4365147 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 8579 | 6503898 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 6693 | 5631480 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 2543 | 2416706 |
| 5.13%, 06/19/59 | &nbsp;&nbsp; 2261 | 1910465 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 3745 | 3384305 |
| 5.63%, 02/10/53 | &nbsp;&nbsp; 4785 | 4419993 |
| 5.75%, 06/28/54 | &nbsp;&nbsp; 7030 | 6639048 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 2275 | 2077501 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 4380 | 4123051 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 3847 | 4067092 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 3103 | 3347788 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 3880 | 4460768 |
|  |  | 1286823992 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 2794 | 2719147 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 4114 | 4043279 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 4234 | 4027144 |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 1896 | 1629299 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 1885 | 1915202 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 2664 | 2666848 |
| Mattel Inc., 5.45%, 11/01/41 | &nbsp;&nbsp; 1415 | 1222022 |
|  |  | 18222941 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52 | &nbsp;&nbsp; 3149 | 1960946 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 2947 | 1921753 |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 5686 | 5614505 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 4530 | 3088407 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 4061 | 2941294 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 3673 | 2880460 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 3594 | 2853516 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 3465 | 2815832 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 4543 | 3746908 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 3400 | 2742771 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 1937 | 1666468 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 2862 | 2485821 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 3770 | 3280798 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 2805 | 2345322 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 3838 | 3353345 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.70%, 09/01/45 | &nbsp;&nbsp; $3039 | $2706265 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 3684 | 3372054 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 1623 | 1512383 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 2519 | 2374690 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 3355 | 3184171 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 5870 | 5502969 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 2342 | 2294951 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 4980 | 4876310 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 3676 | 3798951 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 2778 | 3004983 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 1715 | 1879901 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 3387 | 1954635 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 2674 | 1874752 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 3009 | 2252435 |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 3855 | 3613836 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 2415 | 2290773 |
| 4.40%, 08/05/52 | &nbsp;&nbsp; 2640 | 2205788 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 3337 | 2837245 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 1465 | 1548336 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 880 | 943320 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 2060 | 2217133 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 3050 | 3327853 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 2182 | 2412819 |
| 6.90%, 07/15/28 | &nbsp;&nbsp; 3625 | 3917682 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | &nbsp;&nbsp; 4190 | 4028866 |
| 2.05%, 03/05/30 | &nbsp;&nbsp; 3021 | 2695535 |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 4725 | 4107776 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 2858 | 2673839 |
| 3.00%, 12/02/41 | &nbsp;&nbsp; 4682 | 3361392 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 7872 | 5089259 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 2630 | 1837759 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 3325 | 3301816 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 1937 | 1398865 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 2226 | 1870592 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 2375 | 2051466 |
| 4.80%, 03/30/30 | &nbsp;&nbsp; 2675 | 2704174 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 1728 | 1668775 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 2507 | 2224364 |
| 4.95%, 08/15/45 | &nbsp;&nbsp; 2272 | 2051023 |
| 5.20%, 03/30/35 | &nbsp;&nbsp; 2675 | 2687626 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 1733 | 1809888 |
| 6.13% | &nbsp;&nbsp; 3894 | 3818768 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 1848 | 2069907 |
| CH Robinson Worldwide Inc., 4.20%, <br> 04/15/28<br>| &nbsp;&nbsp; 4450 | 4413952 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 2918 | 2666874 |
| 2.50%, 05/15/51 | &nbsp;&nbsp; 2366 | 1358604 |
| 2.60%, 11/01/26 | &nbsp;&nbsp; 6623 | 6463658 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 6226 | 6111904 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 2874 | 2001665 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 4011 | 3976946 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 3654 | 2806712 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 2416 | 1814426 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 2821 | 2182652 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 3551 | 3405931 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 3668 | 3015669 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 5420 | 5407792 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 2733 | 2066626 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.30%, 03/01/48 | &nbsp;&nbsp; $3870 | $3166346 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 1435 | 1235880 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 1791 | 1515508 |
| 4.50%, 11/15/52 | &nbsp;&nbsp; 3616 | 3018447 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 1444 | 1198089 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 2110 | 1709742 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 2615 | 2358112 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 3036 | 2667328 |
| 4.90%, 03/15/55 | &nbsp;&nbsp; 750 | 665991 |
| 5.05%, 06/15/35 | &nbsp;&nbsp; 2675 | 2663924 |
| 5.20%, 11/15/33 | &nbsp;&nbsp; 3310 | 3387905 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 2314 | 2272444 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 2267 | 2411199 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 2930 | 3141616 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 2958 | 3148736 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3400 | 2972658 |
| 3.10%, 08/05/29 | &nbsp;&nbsp; 5179 | 4874568 |
| 3.25%, 04/01/26 | &nbsp;&nbsp; — |  |
| 4.05%, 02/15/48 | &nbsp;&nbsp; 2775 | 1945424 |
| 4.25%, 05/15/30 | &nbsp;&nbsp; 2940 | 2883897 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 5847 | 4720183 |
| 4.90%, 01/15/34<sup>(c)</sup> | &nbsp;&nbsp; 400 | 382989 |
| 4.95%, 10/17/48<sup>(b)</sup> | &nbsp;&nbsp; 3116 | 2529650 |
| 5.25%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 3761 | 3222712 |
| 5.25%, 05/15/50<sup>(c)</sup> | &nbsp;&nbsp; 400 | 342609 |
| FedEx Corp. Pass-Through Trust, Series <br> 2020-1, Class AA, 1.88%, 08/20/35<br>| &nbsp;&nbsp; 5592 | 4718379 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 3117 | 3068855 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 3020 | 2653337 |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 2556 | 2357048 |
| 2.90%, 06/15/26 | &nbsp;&nbsp; 4783 | 4709152 |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 2968 | 1834729 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 3250 | 2911404 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 3037 | 1955406 |
| 3.15%, 06/01/27 | &nbsp;&nbsp; 1969 | 1925150 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 3596 | 2272681 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 1894 | 1309390 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 2306 | 1646420 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 3249 | 3207945 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 3319 | 2570548 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 2742 | 2212375 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 1674 | 1280397 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 1980 | 1544941 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 2545 | 1736259 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 3425 | 2716236 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 2734 | 2643581 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 2552 | 2159986 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 2835 | 2355346 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 2349 | 2029610 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 2667 | 2416563 |
| 5.05%, 08/01/30 | &nbsp;&nbsp; 3305 | 3394612 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 2190 | 2198437 |
| 5.10%, 12/31/49 | &nbsp;&nbsp; 1595 | 1352682 |
| 5.35%, 08/01/54<sup>(b)</sup> | &nbsp;&nbsp; 3855 | 3627773 |
| 5.55%, 03/15/34 | &nbsp;&nbsp; 2357 | 2450780 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 2647 | 2673516 |
| 7.80%, 05/15/27 | &nbsp;&nbsp; 3042 | 3250804 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 2685 | 2586290 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 2.85%, 03/01/27 | &nbsp;&nbsp; $2739 | $2655877 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 2760 | 2689559 |
| 4.30%, 06/15/27 | &nbsp;&nbsp; 2140 | 2127114 |
| 4.85%, 06/15/30 | &nbsp;&nbsp; 1795 | 1799735 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 1085 | 1088842 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 1270 | 1279760 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 970 | 977890 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 2922 | 2985547 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 1983 | 2009594 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 2525 | 2587136 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 1735 | 1781238 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 3231 | 3326856 |
| 6.30%, 12/01/28 | &nbsp;&nbsp; 2240 | 2360075 |
| 6.60%, 12/01/33 | &nbsp;&nbsp; 2865 | 3097932 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 3353 | 3241004 |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 4230 | 3777578 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 4490 | 4112739 |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 6282 | 5615883 |
| 2.89%, 04/06/36 | &nbsp;&nbsp; 3482 | 2852839 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 3810 | 2401400 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 4120 | 2364116 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 4025 | 3942086 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 4375 | 3290254 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 7566 | 5154995 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 1541 | 1100785 |
| 3.38%, 02/01/35 | &nbsp;&nbsp; 2356 | 2077543 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 2400 | 1830018 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 5545 | 3895599 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 2565 | 2119911 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 3179 | 2097415 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 2651 | 2277847 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 4983 | 4888186 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 3090 | 2061283 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 4453 | 3324277 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 3715 | 2506470 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 7471 | 5304270 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 2135 | 1452750 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 2000 | 1474787 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 5849 | 5819149 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 2526 | 1833738 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 2334 | 1841436 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 1801 | 1447788 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 2465 | 1987867 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 2481 | 1810258 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 3006 | 2466388 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; 4855 | 4785193 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 1718 | 1455238 |
| 4.95%, 09/09/52 | &nbsp;&nbsp; 355 | 322559 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 2390 | 2156876 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 3245 | 3268198 |
| 5.15%, 01/20/63 | &nbsp;&nbsp; 1943 | 1725479 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 3175 | 3123411 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 3495 | 3788442 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 3877 | 3781655 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 2905 | 2700078 |
| 3.05%, 11/15/27 | &nbsp;&nbsp; 7341 | 7166046 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 4361 | 4233506 |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 1641 | 1163600 |
| 3.40%, 09/01/49 | &nbsp;&nbsp; 3316 | 2283332 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.63%, 10/01/42 | &nbsp;&nbsp; $2720 | $2088485 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 4537 | 3392893 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 3348 | 2675443 |
| 4.45%, 04/01/30 | &nbsp;&nbsp; 2902 | 2922937 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 4325 | 4345166 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 3223 | 3006714 |
| 5.05%, 03/03/53 | &nbsp;&nbsp; 4680 | 4191923 |
| 5.15%, 05/22/34 | &nbsp;&nbsp; 3965 | 4020180 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 2779 | 2691811 |
| 5.30%, 04/01/50 | &nbsp;&nbsp; 5287 | 4931908 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 4325 | 4118812 |
| 5.60%, 05/22/64 | &nbsp;&nbsp; 2860 | 2712346 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 6877 | 7391101 |
| Walmart Inc. |  |  |
| 1.05%, 09/17/26 | &nbsp;&nbsp; 7340 | 7077205 |
| 1.50%, 09/22/28 | &nbsp;&nbsp; 6168 | 5705163 |
| 1.80%, 09/22/31 | &nbsp;&nbsp; 8707 | 7559371 |
| 3.95%, 09/09/27 | &nbsp;&nbsp; 4025 | 4036188 |
|  |  | 582913144 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 1821 | 1532511 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 1775 | 1084807 |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 2856 | 2802667 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 1842 | 1789627 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 2483 | 2229060 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 2682 | 2644355 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 2190 | 2106989 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 1773 | 1771276 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 2622 | 2622006 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 2615 | 2549770 |
| 5.20%, 03/15/44 | &nbsp;&nbsp; 1147 | 1025189 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 885 | 897499 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 2375 | 2376266 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 1175 | 1164441 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 2632 | 2741006 |
| 6.05%, 06/05/54 | &nbsp;&nbsp; 1455 | 1410081 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 2075 | 2279512 |
|  |  | 33027062 |
| **Unknown BI — 0.0%** | **Unknown BI — 0.0%** | **Unknown BI — 0.0%** |
| International Bank for Reconstruction & <br> Development, 4.00%, 05/06/32<br>| &nbsp;&nbsp; 1620 | 1616822 |
| J Paul Getty Trust (The), 4.91%, 04/01/35 | &nbsp;&nbsp; 2100 | 2100000 |
| Tyco Electronics Group SA, 5.00%, 05/09/35 | &nbsp;&nbsp; 1100 | 1087545 |
|  |  | 4804367 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 1714 | 1638956 |
| 3.38%, 01/20/27 | &nbsp;&nbsp; 1682 | 1615200 |
|  |  | 3254156 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 2685 | 2340769 |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 3249 | 2992005 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 2530 | 2458747 |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 3471 | 2288726 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 3926 | 3784448 |
| 3.45%, 05/01/50 | &nbsp;&nbsp; 3599 | 2495814 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 2417 | 2376720 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 4495 | 3349622 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 4.00%, 12/01/46 | &nbsp;&nbsp; $2175 | $1696120 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 3406 | 2696488 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 2192 | 1752750 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 1529 | 1284749 |
| 4.30%, 09/01/45 | &nbsp;&nbsp; 2421 | 2006837 |
| 4.45%, 06/01/32 | &nbsp;&nbsp; 3015 | 2934951 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 1925 | 1936345 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 3725 | 3747414 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 2460 | 2344530 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 1180 | 1300258 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 2824 | 2464170 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 2611 | 2376752 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 3404 | 2219967 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 1517 | 1451337 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 3455 | 2659999 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 1625 | 1636629 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 2720 | 2423869 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 1075 | 1077914 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 1071 | 1143229 |
|  |  | 61241159 |
| **Total Corporate Bonds & Notes — 24.5%** <br>**(Cost: $32,754,665,554)** | **Total Corporate Bonds & Notes — 24.5%** <br>**(Cost: $32,754,665,554)** | 30464295313 |
| **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Canada Government International Bond |  |  |
| 0.75%, 05/19/26 | &nbsp;&nbsp; 5540 | 5365527 |
| 3.75%, 04/26/28<sup>(b)</sup> | &nbsp;&nbsp; 1190 | 1194483 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 9110 | 9203130 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 1590 | 1644348 |
| Export Development Canada |  |  |
| 3.00%, 05/25/27<sup>(b)</sup> | &nbsp;&nbsp; 985 | 970241 |
| 3.75%, 09/07/27 | &nbsp;&nbsp; 320 | 320662 |
| 3.88%, 02/14/28 | &nbsp;&nbsp; 835 | 839571 |
| 4.13%, 02/13/29<sup>(b)</sup> | &nbsp;&nbsp; 15500 | 15714483 |
| 4.38%, 06/29/26 | &nbsp;&nbsp; 650 | 653965 |
| 4.75%, 06/05/34 | &nbsp;&nbsp; 4120 | 4275347 |
| Hydro-Quebec |  |  |
| Series HH, 8.50%, 12/01/29 | &nbsp;&nbsp; 1160 | 1365481 |
| Series HK, 9.38%, 04/15/30 | &nbsp;&nbsp; 1595 | 1957707 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 6207 | 5418445 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 4920 | 4855070 |
| 4.50%, 06/26/29<sup>(b)</sup> | &nbsp;&nbsp; 7820 | 8009194 |
| 4.50%, 01/24/34 | &nbsp;&nbsp; 230 | 229305 |
| Province of British Columbia Canada |  |  |
| 0.90%, 07/20/26 | &nbsp;&nbsp; 2180 | 2103165 |
| 1.30%, 01/29/31<sup>(b)</sup> | &nbsp;&nbsp; 4405 | 3786063 |
| 2.25%, 06/02/26 | &nbsp;&nbsp; 6785 | 6665052 |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 12445 | 12196495 |
| 4.75%, 06/12/34<sup>(b)</sup> | &nbsp;&nbsp; 11050 | 11181708 |
| 4.80%, 11/15/28 | &nbsp;&nbsp; 8830 | 9108576 |
| 4.90%, 04/24/29 | &nbsp;&nbsp; 10460 | 10847716 |
| 7.25%, 09/01/36 | &nbsp;&nbsp; 388 | 472144 |
| Province of Manitoba Canada |  |  |
| 1.50%, 10/25/28<sup>(b)</sup> | &nbsp;&nbsp; 380 | 351338 |
| 2.13%, 06/22/26 | &nbsp;&nbsp; 585 | 573273 |
| 4.30%, 07/27/33 | &nbsp;&nbsp; 75 | 73904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 4.90%, 05/31/34 | &nbsp;&nbsp; $7160 | $7332337 |
| Province of New Brunswick Canada, 3.63%, <br> 02/24/28<br>| &nbsp;&nbsp; 1951 | 1935914 |
| Province of Ontario Canada |  |  |
| 1.05%, 05/21/27 | &nbsp;&nbsp; 1525 | 1442515 |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 6722 | 5779854 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 6735 | 5880642 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 3965 | 3426004 |
| 2.00%, 10/02/29 | &nbsp;&nbsp; 5155 | 4752794 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 6195 | 5434820 |
| 2.30%, 06/15/26 | &nbsp;&nbsp; 7235 | 7108311 |
| 3.10%, 05/19/27<sup>(b)</sup> | &nbsp;&nbsp; 6635 | 6537739 |
| 3.70%, 09/17/29<sup>(b)</sup> | &nbsp;&nbsp; 10000 | 9896505 |
| 4.20%, 01/18/29<sup>(b)</sup> | &nbsp;&nbsp; 10300 | 10417041 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 1295 | 1334748 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 8440 | 8746080 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 6873 | 6041633 |
| 1.90%, 04/21/31 | &nbsp;&nbsp; 2135 | 1890770 |
| 2.50%, 04/20/26 | &nbsp;&nbsp; 0 |  |
| 2.75%, 04/12/27 | &nbsp;&nbsp; 6292 | 6164662 |
| 3.63%, 04/13/28<sup>(b)</sup> | &nbsp;&nbsp; 8335 | 8294233 |
| 4.25%, 09/05/34 | &nbsp;&nbsp; 10120 | 9868738 |
| 4.50%, 04/03/29 | &nbsp;&nbsp; 17030 | 17411655 |
| 4.50%, 09/08/33 | &nbsp;&nbsp; 485 | 484635 |
| Series PD, 7.50%, 09/15/29 | &nbsp;&nbsp; 7092 | 8086252 |
| Province of Saskatchewan Canada |  |  |
| 3.25%, 06/08/27 | &nbsp;&nbsp; 30 | 29634 |
| 4.65%, 01/28/30 | &nbsp;&nbsp; 1795 | 1846814 |
|  |  | 259520723 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bond |  |  |
| 2.45%, 01/31/31 | &nbsp;&nbsp; 10087 | 8955567 |
| 2.55%, 01/27/32 | &nbsp;&nbsp; 10006 | 8680848 |
| 2.55%, 07/27/33 | &nbsp;&nbsp; 12368 | 10361568 |
| 2.75%, 01/31/27 | &nbsp;&nbsp; 5279 | 5129915 |
| 3.10%, 05/07/41 | &nbsp;&nbsp; 13001 | 9594890 |
| 3.10%, 01/22/61 | &nbsp;&nbsp; 8665 | 5129999 |
| 3.24%, 02/06/28 | &nbsp;&nbsp; 10030 | 9719329 |
| 3.25%, 09/21/71<sup>(b)</sup> | &nbsp;&nbsp; 4493 | 2677793 |
| 3.50%, 01/31/34 | &nbsp;&nbsp; 7288 | 6517500 |
| 3.50%, 01/25/50 | &nbsp;&nbsp; 11085 | 7748181 |
| 3.63%, 10/30/42 | &nbsp;&nbsp; 430 | 331759 |
| 3.86%, 06/21/47 | &nbsp;&nbsp; 5248 | 3975575 |
| 4.00%, 01/31/52 | &nbsp;&nbsp; 3658 | 2754479 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; 5481 | 4701667 |
| 4.85%, 01/22/29 | &nbsp;&nbsp; 8540 | 8656424 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; 7669 | 7496972 |
| 5.33%, 01/05/54<sup>(b)</sup> | &nbsp;&nbsp; 4507 | 4181692 |
| 5.65%, 01/13/37 | &nbsp;&nbsp; 2750 | 2815725 |
|  |  | 109429883 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Hong Kong Government International Bond, <br> 1.75%, 11/24/31<sup>(f)</sup><br>| &nbsp;&nbsp; 4500 | 3915704 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungary Government International Bond, <br> 7.63%, 03/29/41<br>| &nbsp;&nbsp; 6967 | 7696044 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bond |  |  |
| 1.85%, 03/12/31<sup>(b)</sup> | &nbsp;&nbsp; $1515 | $1288140 |
| 2.15%, 07/28/31 | &nbsp;&nbsp; 6755 | 5787549 |
| 2.85%, 02/14/30 | &nbsp;&nbsp; 7141 | 6587480 |
| 3.05%, 03/12/51 | &nbsp;&nbsp; 4865 | 3133524 |
| 3.20%, 09/23/61 | &nbsp;&nbsp; 2875 | 1764053 |
| 3.35%, 03/12/71 | &nbsp;&nbsp; 3640 | 2244009 |
| 3.40%, 09/18/29 | &nbsp;&nbsp; 4280 | 4093206 |
| 3.50%, 01/11/28 | &nbsp;&nbsp; 5187 | 5080235 |
| 3.50%, 02/14/50 | &nbsp;&nbsp; 3676 | 2598235 |
| 3.55%, 03/31/32 | &nbsp;&nbsp; 4605 | 4228139 |
| 3.70%, 10/30/49 | &nbsp;&nbsp; 4571 | 3333227 |
| 3.85%, 10/15/30 | &nbsp;&nbsp; 9161 | 8767906 |
| 4.10%, 04/24/28 | &nbsp;&nbsp; 6305 | 6287194 |
| 4.15%, 09/20/27 | &nbsp;&nbsp; 5370 | 5349398 |
| 4.20%, 10/15/50 | &nbsp;&nbsp; 7640 | 6090984 |
| 4.30%, 03/31/52 | &nbsp;&nbsp; 3390 | 2724302 |
| 4.35%, 01/11/48 | &nbsp;&nbsp; 7715 | 6335017 |
| 4.40%, 03/10/29 | &nbsp;&nbsp; 1900 | 1894505 |
| 4.45%, 04/15/70 | &nbsp;&nbsp; 4295 | 3380090 |
| 4.55%, 01/11/28 | &nbsp;&nbsp; 2835 | 2845888 |
| 4.65%, 09/20/32 | &nbsp;&nbsp; 7385 | 7216596 |
| 4.70%, 02/10/34<sup>(b)</sup> | &nbsp;&nbsp; 4080 | 3961942 |
| 4.75%, 02/11/29 | &nbsp;&nbsp; 5033 | 5079194 |
| 4.75%, 09/10/34 | &nbsp;&nbsp; 5850 | 5679527 |
| 4.85%, 01/11/33 | &nbsp;&nbsp; 7015 | 6930557 |
| 5.10%, 02/10/54 | &nbsp;&nbsp; 2700 | 2458468 |
| 5.15%, 09/10/54<sup>(b)</sup> | &nbsp;&nbsp; 2610 | 2408571 |
| 5.25%, 01/15/30 | &nbsp;&nbsp; 220 | 225069 |
| 5.35%, 02/11/49<sup>(b)</sup> | &nbsp;&nbsp; 4450 | 4260226 |
| 5.45%, 09/20/52 | &nbsp;&nbsp; 2295 | 2194281 |
| 5.60%, 01/15/35 | &nbsp;&nbsp; 4400 | 4534984 |
| 5.65%, 01/11/53 | &nbsp;&nbsp; 3350 | 3275513 |
|  |  | 132038009 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Israel Government International Bond |  |  |
| 2.75%, 07/03/30 | &nbsp;&nbsp; 11070 | 9821797 |
| 3.25%, 01/17/28<sup>(b)</sup> | &nbsp;&nbsp; 4035 | 3874750 |
| 3.88%, 07/03/50 | &nbsp;&nbsp; 9090 | 6271282 |
| 4.13%, 01/17/48 | &nbsp;&nbsp; 2670 | 2019645 |
| 4.50%, 01/17/33 | &nbsp;&nbsp; 8620 | 8058693 |
| 4.50%, 01/30/43 | &nbsp;&nbsp; 5983 | 4987015 |
| 4.50%, <sup>(b)</sup> | &nbsp;&nbsp; 4433 | 3054030 |
| 5.38%, 03/12/29 | &nbsp;&nbsp; 330 | 335303 |
| 5.50%, 03/12/34 | &nbsp;&nbsp; 14450 | 14320479 |
| 5.63%, 02/19/35 | &nbsp;&nbsp; 10000 | 9940701 |
| 5.75%, 03/12/54 | &nbsp;&nbsp; 7155 | 6418353 |
| State of Israel |  |  |
| 2.50%, 01/15/30 | &nbsp;&nbsp; 2930 | 2616008 |
| 3.38%, 01/15/50 | &nbsp;&nbsp; 7243 | 4600673 |
|  |  | 76318729 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Republic of Italy Government <br> International Bond<br>|  |  |
| 2.88%, 10/17/29 | &nbsp;&nbsp; 8130 | 7627665 |
| 3.88%, 05/06/51 | &nbsp;&nbsp; 9605 | 6630803 |
| 4.00%, 10/17/49 | &nbsp;&nbsp; 10795 | 7797613 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 7902 | 8216447 |
|  |  | 30272528 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Japan Bank for International Cooperation |  |  |
| 1.25%, 01/21/31 | &nbsp;&nbsp; $6885 | $5901911 |
| 1.88%, 07/21/26 | &nbsp;&nbsp; 5780 | 5639610 |
| 1.88%, 04/15/31 | &nbsp;&nbsp; 14163 | 12524846 |
| 2.00%, 10/17/29 | &nbsp;&nbsp; 4937 | 4539547 |
| 2.13%, 02/16/29 | &nbsp;&nbsp; 4585 | 4297134 |
| 2.25%, 11/04/26 | &nbsp;&nbsp; 7489 | 7308009 |
| 2.75%, 11/16/27 | &nbsp;&nbsp; 5745 | 5594811 |
| 2.88%, 06/01/27 | &nbsp;&nbsp; 5353 | 5240479 |
| 2.88%, 07/21/27 | &nbsp;&nbsp; 4457 | 4365252 |
| 3.25%, 07/20/28 | &nbsp;&nbsp; 4200 | 4127149 |
| 3.50%, 10/31/28 | &nbsp;&nbsp; 3815 | 3772816 |
| 4.38%, 10/05/27 | &nbsp;&nbsp; 900 | 911623 |
| 4.38%, 01/24/31 | &nbsp;&nbsp; 1600 | 1624729 |
| 4.63%, 07/22/27 | &nbsp;&nbsp; 10 | 10164 |
| 4.63%, 07/19/28 | &nbsp;&nbsp; 1830 | 1873584 |
| 4.63%, 04/17/34 | &nbsp;&nbsp; 4220 | 4288149 |
| 4.88%, 10/18/28 | &nbsp;&nbsp; 1170 | 1209969 |
| Japan International Cooperation Agency |  |  |
| 1.00%, 07/22/30<sup>(b)</sup> | &nbsp;&nbsp; 2745 | 2349403 |
| 2.13%, 10/20/26 | &nbsp;&nbsp; 1134 | 1103879 |
| 2.75%, 04/27/27 | &nbsp;&nbsp; 1610 | 1571686 |
| 3.25%, 05/25/27 | &nbsp;&nbsp; 1840 | 1811034 |
| 3.38%, 06/12/28 | &nbsp;&nbsp; 745 | 733078 |
| 4.00%, 05/23/28 | &nbsp;&nbsp; 370 | 371217 |
| 4.75%, 05/21/29 | &nbsp;&nbsp; 950 | 977602 |
|  |  | 82147681 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Mexico Government International Bond |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; 14682 | 12478664 |
| 3.25%, 04/16/30 | &nbsp;&nbsp; 10650 | 9693913 |
| 3.50%, 02/12/34 | &nbsp;&nbsp; 12903 | 10557859 |
| 3.75%, 01/11/28 | &nbsp;&nbsp; 9805 | 9569154 |
| 3.77%, 05/24/61 | &nbsp;&nbsp; 13291 | 7525969 |
| 4.15%, 03/28/27 | &nbsp;&nbsp; 13017 | 12900486 |
| 4.28%, 08/14/41 | &nbsp;&nbsp; 12551 | 9338595 |
| 4.35%, 01/15/47 | &nbsp;&nbsp; 4972 | 3440512 |
| 4.40%, 02/12/52 | &nbsp;&nbsp; 7697 | 5158187 |
| 4.50%, 04/22/29 | &nbsp;&nbsp; 14685 | 14371383 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; 9701 | 6763754 |
| 4.60%, 01/23/46 | &nbsp;&nbsp; 11914 | 8621991 |
| 4.60%, 02/10/48 | &nbsp;&nbsp; 8766 | 6236386 |
| 4.75%, 04/27/32 | &nbsp;&nbsp; 12997 | 12165936 |
| 4.75%, 03/08/44 | &nbsp;&nbsp; 17083 | 12923947 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; 10198 | 9378260 |
| 5.00%, 05/07/29 | &nbsp;&nbsp; 2639 | 2630993 |
| 5.00%, 04/27/51 | &nbsp;&nbsp; 12239 | 9089386 |
| 5.40%, 02/09/28 | &nbsp;&nbsp; 4037 | 4104103 |
| 5.55%, 01/21/45<sup>(b)</sup> | &nbsp;&nbsp; 13560 | 11698618 |
| 5.75%, | &nbsp;&nbsp; 11661 | 8802585 |
| 6.00%, 05/13/30 | &nbsp;&nbsp; 8520 | 8757526 |
| 6.00%, 05/07/36 | &nbsp;&nbsp; 6438 | 6153944 |
| 6.05%, 01/11/40 | &nbsp;&nbsp; 12533 | 11675942 |
| 6.34%, 05/04/53 | &nbsp;&nbsp; 12506 | 10973839 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; 11745 | 11672625 |
| 6.40%, 05/07/54 | &nbsp;&nbsp; 5010 | 4422029 |
| 6.75%, 09/27/34 | &nbsp;&nbsp; 9647 | 10002944 |
| 6.88%, 05/13/37 | &nbsp;&nbsp; 15930 | 16133453 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; 10020 | 9922825 |
| 7.50%, 04/08/33 | &nbsp;&nbsp; 6522 | 7133830 |
| 8.30%, 08/15/31 | &nbsp;&nbsp; 7256 | 8481083 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 11.50%, 05/15/26 | &nbsp;&nbsp; $783 | $843782 |
|  |  | 293624503 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bond |  |  |
| 2.25%, 09/29/32 | &nbsp;&nbsp; 13010 | 9540623 |
| 3.16%, 01/23/30 | &nbsp;&nbsp; 7173 | 6291874 |
| 3.30%, 01/19/33 | &nbsp;&nbsp; 6550 | 5141058 |
| 3.87%, 07/23/60 | &nbsp;&nbsp; 12958 | 7018164 |
| 3.88%, 03/17/28 | &nbsp;&nbsp; 5682 | 5437199 |
| 4.30%, 04/29/53 | &nbsp;&nbsp; 6834 | 4169232 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 4421 | 2902178 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; 10254 | 6566764 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; 10600 | 6480775 |
| 4.50%, 01/19/63<sup>(b)</sup> | &nbsp;&nbsp; 6515 | 3965993 |
| 6.40%, 02/14/35 | &nbsp;&nbsp; 10310 | 9754494 |
| 6.70%, 01/26/36 | &nbsp;&nbsp; 9816 | 9465080 |
| 6.85%, 03/28/54 | &nbsp;&nbsp; 5245 | 4528233 |
| 6.88%, 01/31/36 | &nbsp;&nbsp; 3177 | 3074596 |
| 7.50%, 03/01/31 | &nbsp;&nbsp; 4980 | 5189503 |
| 7.88%, 03/01/57 | &nbsp;&nbsp; 1637 | 1586165 |
| 8.00%, 03/01/38 | &nbsp;&nbsp; 5160 | 5361552 |
| 8.88%, 09/30/27 | &nbsp;&nbsp; 5926 | 6416191 |
| 9.38%, 04/01/29 | &nbsp;&nbsp; 5872 | 6549936 |
|  |  | 109439610 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bond |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; 5645 | 4453621 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; 15269 | 13547385 |
| 2.78%, 12/01/60 | &nbsp;&nbsp; 8478 | 4511741 |
| 2.84%, 06/20/30 | &nbsp;&nbsp; 3585 | 3251396 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 10830 | 9044879 |
| 3.23%, | &nbsp;&nbsp; 4383 | 2329888 |
| 3.30%, 03/11/41 | &nbsp;&nbsp; 4746 | 3458867 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 6688 | 4522126 |
| 3.60%, 01/15/72 | &nbsp;&nbsp; 4375 | 2671053 |
| 4.13%, 08/25/27<sup>(b)</sup> | &nbsp;&nbsp; 3198 | 3190552 |
| 5.38%, 02/08/35 | &nbsp;&nbsp; 5915 | 5832974 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 9810 | 9193099 |
| 5.88%, 08/08/54 | &nbsp;&nbsp; 6870 | 6524775 |
| 6.55%, 03/14/37 | &nbsp;&nbsp; 4971 | 5281030 |
| 8.75%, 11/21/33 | &nbsp;&nbsp; 10030 | 12198044 |
|  |  | 90011430 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Bangko Sentral ng Pilipinas International <br> Bond, 8.60%, 06/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 765 | 825248 |
| Philippines Government International Bond |  |  |
| 1.65%, 06/10/31 | &nbsp;&nbsp; 7911 | 6666704 |
| 1.95%, 01/06/32 | &nbsp;&nbsp; 2290 | 1924569 |
| 2.46%, 05/05/30 | &nbsp;&nbsp; 7024 | 6402891 |
| 2.65%, 12/10/45 | &nbsp;&nbsp; 6640 | 4251340 |
| 2.95%, 05/05/45 | &nbsp;&nbsp; 5892 | 3993664 |
| 3.00%, 02/01/28 | &nbsp;&nbsp; 9941 | 9601130 |
| 3.20%, 07/06/46 | &nbsp;&nbsp; 9563 | 6664874 |
| 3.23%, 03/29/27 | &nbsp;&nbsp; 3995 | 3909702 |
| 3.56%, 09/29/32 | &nbsp;&nbsp; 4688 | 4289646 |
| 3.70%, 03/01/41 | &nbsp;&nbsp; 8369 | 6705358 |
| 3.70%, 02/02/42 | &nbsp;&nbsp; 8509 | 6736550 |
| 3.75%, 01/14/29 | &nbsp;&nbsp; 7451 | 7280739 |
| 3.95%, 01/20/40 | &nbsp;&nbsp; 9150 | 7778304 |
| 4.20%, 03/29/47 | &nbsp;&nbsp; 4285 | 3478472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| 4.38%, 03/05/30<sup>(b)</sup> | &nbsp;&nbsp; $2438 | $2432415 |
| 4.63%, 07/17/28<sup>(b)</sup> | &nbsp;&nbsp; 2175 | 2193636 |
| 4.75%, 03/05/35 | &nbsp;&nbsp; 4680 | 4554473 |
| 5.00%, 07/17/33 | &nbsp;&nbsp; 6605 | 6603452 |
| 5.00%, 01/13/37 | &nbsp;&nbsp; 5825 | 5714156 |
| 5.17%, 10/13/27 | &nbsp;&nbsp; 3064 | 3118602 |
| 5.18%, 09/05/49 | &nbsp;&nbsp; 2730 | 2499041 |
| 5.25%, 05/14/34 | &nbsp;&nbsp; 5305 | 5379423 |
| 5.50%, 02/04/35 | &nbsp;&nbsp; 5780 | 5957360 |
| 5.50%, 01/17/48 | &nbsp;&nbsp; 5465 | 5279852 |
| 5.60%, 05/14/49 | &nbsp;&nbsp; 2815 | 2726137 |
| 5.61%, 04/13/33 | &nbsp;&nbsp; 4545 | 4721461 |
| 5.90%, 02/04/50 | &nbsp;&nbsp; 1210 | 1222972 |
| 5.95%, 10/13/47 | &nbsp;&nbsp; 3000 | 3070618 |
| 6.38%, 01/15/32 | &nbsp;&nbsp; 5862 | 6340361 |
| 6.38%, 10/23/34 | &nbsp;&nbsp; 8346 | 9110396 |
| 7.75%, 01/14/31 | &nbsp;&nbsp; 7353 | 8519015 |
| 9.50%, 02/02/30 | &nbsp;&nbsp; 5534 | 6695154 |
|  |  | 166647715 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government <br> International Bond<br>|  |  |
| 3.25%, 04/06/26 | &nbsp;&nbsp; 0 |  |
| 4.63%, 03/18/29 | &nbsp;&nbsp; 4430 | 4479757 |
| 4.88%, 02/12/30 | &nbsp;&nbsp; 12370 | 12579416 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 13650 | 13519966 |
| 5.13%, 09/18/34 | &nbsp;&nbsp; 13604 | 13570771 |
| 5.38%, 02/12/35 | &nbsp;&nbsp; 12420 | 12573144 |
| 5.50%, 11/16/27 | &nbsp;&nbsp; 8276 | 8523691 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; 12665 | 11821803 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; 9680 | 9016836 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; 9100 | 9578623 |
|  |  | 95664007 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea |  |  |
| 1.13%, 12/29/26 | &nbsp;&nbsp; 2295 | 2184821 |
| 1.25%, 09/21/30 | &nbsp;&nbsp; 3525 | 3011100 |
| 1.38%, 02/09/31<sup>(b)</sup> | &nbsp;&nbsp; 1710 | 1455683 |
| 1.63%, 01/18/27 | &nbsp;&nbsp; 2805 | 2689199 |
| 2.13%, 01/18/32<sup>(b)</sup> | &nbsp;&nbsp; 3025 | 2572793 |
| 2.38%, 04/21/27 | &nbsp;&nbsp; 3070 | 2968468 |
| 2.50%, 06/29/41 | &nbsp;&nbsp; 5308 | 3698076 |
| 2.63%, 05/26/26 | &nbsp;&nbsp; 4002 | 3934857 |
| 3.25%, 08/12/26 | &nbsp;&nbsp; 2950 | 2915516 |
| 4.00%, 09/11/27 | &nbsp;&nbsp; 1430 | 1426161 |
| 4.00%, 09/11/29<sup>(b)</sup> | &nbsp;&nbsp; 2825 | 2796947 |
| 4.13%, 10/17/27 | &nbsp;&nbsp; 280 | 280151 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 1967 | 1971668 |
| 4.50%, 01/11/29 | &nbsp;&nbsp; 1270 | 1280725 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 3140 | 3087614 |
| 4.63%, 01/11/27 | &nbsp;&nbsp; 2185 | 2203306 |
| 4.63%, 01/14/28 | &nbsp;&nbsp; 285 | 288651 |
| 4.63%, 01/11/34<sup>(b)</sup> | &nbsp;&nbsp; 3288 | 3242576 |
| 4.88%, 01/14/30 | &nbsp;&nbsp; 590 | 604999 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 3225 | 3295349 |
| 5.13%, 09/18/28 | &nbsp;&nbsp; 1860 | 1916705 |
| 5.13%, 01/11/33<sup>(b)</sup> | &nbsp;&nbsp; 5070 | 5183807 |
| 5.13%, 09/18/33 | &nbsp;&nbsp; 2610 | 2669545 |
| 5.25%, 01/14/35 | &nbsp;&nbsp; 2360 | 2440237 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Korea Development Bank (The) |  |  |
| 1.38%, 04/25/27 | &nbsp;&nbsp; $3033 | $2876099 |
| 4.13%, 10/16/27<sup>(b)</sup> | &nbsp;&nbsp; 660 | 660122 |
| 4.25%, 09/08/32 | &nbsp;&nbsp; 5700 | 5522404 |
| 4.38%, 02/15/28 | &nbsp;&nbsp; 4015 | 4042098 |
| 4.38%, 02/15/33 | &nbsp;&nbsp; 7703 | 7513978 |
| 4.50%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3460 | 3496120 |
| 4.63%, 02/15/27 | &nbsp;&nbsp; 1005 | 1014136 |
| 4.63%, 02/03/28 | &nbsp;&nbsp; 690 | 699116 |
| 4.88%, 02/03/30 | &nbsp;&nbsp; 345 | 353550 |
| 5.38%, 10/23/26 | &nbsp;&nbsp; 1195 | 1216662 |
| 5.38%, 10/23/28 | &nbsp;&nbsp; 1465 | 1524224 |
| 5.63%, 10/23/33 | &nbsp;&nbsp; 2065 | 2186189 |
| Korea International Bond |  |  |
| 1.00%, 09/16/30<sup>(b)</sup> | &nbsp;&nbsp; 3800 | 3249283 |
| 1.75%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3485 | 3017715 |
| 2.50%, 06/19/29 | &nbsp;&nbsp; 5595 | 5276614 |
| 2.75%, 01/19/27 | &nbsp;&nbsp; 6187 | 6067794 |
| 3.50%, 09/20/28 | &nbsp;&nbsp; 1865 | 1838837 |
| 3.88%, 09/20/48<sup>(b)</sup> | &nbsp;&nbsp; 1898 | 1564363 |
| 4.13%, 06/10/44<sup>(b)</sup> | &nbsp;&nbsp; 981 | 856365 |
| 4.50%, 07/03/29<sup>(b)</sup> | &nbsp;&nbsp; 3320 | 3378983 |
|  |  | 114473606 |
| **Supranational — 0.8%** | **Supranational — 0.8%** | **Supranational — 0.8%** |
| African Development Bank |  |  |
| 0.88%, 07/22/26<sup>(b)</sup> | &nbsp;&nbsp; 9133 | 8818483 |
| 3.50%, 09/18/29 | &nbsp;&nbsp; 240 | 237336 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 9125 | 9208230 |
| 4.38%, 11/03/27 | &nbsp;&nbsp; 4000 | 4069000 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 2520 | 2569301 |
| 4.63%, 01/04/27 | &nbsp;&nbsp; 4210 | 4271412 |
| 5.75%, , (5-year CMT + 1.575%)<sup>(a)(h)</sup> | &nbsp;&nbsp; 3005 | 2862729 |
| Arab Energy Fund (The), 1.48%, 10/06/26<sup>(c)</sup> | &nbsp;&nbsp; 230 | 220380 |
| Asian Development Bank |  |  |
| 0.75%, 10/08/30 | &nbsp;&nbsp; 2459 | 2091158 |
| 1.25%, 06/09/28 | &nbsp;&nbsp; 2955 | 2748443 |
| 1.50%, 01/20/27 | &nbsp;&nbsp; 9875 | 9515893 |
| 1.50%, 03/04/31 | &nbsp;&nbsp; 2669 | 2340746 |
| 1.75%, 08/14/26 | &nbsp;&nbsp; 5935 | 5786124 |
| 1.75%, 09/19/29 | &nbsp;&nbsp; 8182 | 7521759 |
| 1.88%, 03/15/29 | &nbsp;&nbsp; 1405 | 1313223 |
| 1.88%, 01/24/30 | &nbsp;&nbsp; 7916 | 7266997 |
| 2.00%, 04/24/26 | &nbsp;&nbsp; 0 |  |
| 2.38%, 08/10/27 | &nbsp;&nbsp; 1090 | 1060311 |
| 2.50%, 11/02/27 | &nbsp;&nbsp; 7442 | 7240751 |
| 2.63%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 7097 | 6972072 |
| 2.75%, 01/19/28 | &nbsp;&nbsp; 7035 | 6873311 |
| 3.13%, 08/20/27<sup>(b)</sup> | &nbsp;&nbsp; 8461 | 8364724 |
| 3.13%, 09/26/28 | &nbsp;&nbsp; 1279 | 1257384 |
| 3.13%, 04/27/32<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1230315 |
| 3.63%, 08/28/29 | &nbsp;&nbsp; 14490 | 14419125 |
| 3.75%, 04/25/28<sup>(b)</sup> | &nbsp;&nbsp; 11663 | 11698604 |
| 3.88%, 09/28/32 | &nbsp;&nbsp; 3385 | 3352790 |
| 3.88%, 06/14/33 | &nbsp;&nbsp; 8770 | 8647560 |
| 4.00%, 01/12/33 | &nbsp;&nbsp; 15806 | 15743691 |
| 4.13%, 01/12/27 | &nbsp;&nbsp; 15370 | 15475654 |
| 4.13%, 01/12/34 | &nbsp;&nbsp; 9150 | 9101863 |
| 4.38%, 01/14/28 | &nbsp;&nbsp; 1380 | 1406155 |
| 4.38%, 03/06/29<sup>(b)</sup> | &nbsp;&nbsp; 10275 | 10524708 |
| 4.38%, 03/22/35 | &nbsp;&nbsp; 6405 | 6478849 |
| 4.50%, 08/25/28 | &nbsp;&nbsp; 12095 | 12409725 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 4.88%, 05/21/26 | &nbsp;&nbsp; $5738 | $5797098 |
| 4.88%, 09/26/28 | &nbsp;&nbsp; 660 | 667731 |
| 5.82%, 06/16/28 | &nbsp;&nbsp; 7020 | 7450737 |
| 6.22%, 08/15/27 | &nbsp;&nbsp; 1970 | 2065197 |
| 6.38%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3125 | 3355388 |
| Asian Infrastructure Investment Bank (The) |  |  |
| 3.75%, 09/14/27 | &nbsp;&nbsp; 2460 | 2465841 |
| 4.00%, 01/18/28 | &nbsp;&nbsp; 4689 | 4732009 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 6995 | 6997049 |
| 4.50%, 01/16/30 | &nbsp;&nbsp; 3695 | 3805162 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 2740 | 2780468 |
| Corp. Andina de Fomento |  |  |
| 2.25%, 02/08/27 | &nbsp;&nbsp; 985 | 954765 |
| 5.00%, 01/24/29 | &nbsp;&nbsp; 6670 | 6876588 |
| 5.00%, 01/22/30 | &nbsp;&nbsp; 8870 | 9167802 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 480 | 461536 |
| 3.63%, 01/26/28 | &nbsp;&nbsp; 970 | 968877 |
| 3.75%, 05/25/26 | &nbsp;&nbsp; 1685 | 1683053 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 995 | 1008805 |
| 4.50%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2125 | 2189217 |
| 4.63%, 06/11/27 | &nbsp;&nbsp; 900 | 916571 |
| European Bank for Reconstruction & <br> Development<br>|  |  |
| 4.13%, 01/25/29 | &nbsp;&nbsp; 925 | 938293 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 7440 | 7445032 |
| 4.38%, 03/09/28 | &nbsp;&nbsp; 1065 | 1085695 |
| European Investment Bank |  |  |
| 0.63%, 10/21/27 | &nbsp;&nbsp; 252 | 234346 |
| 0.75%, 10/26/26 | &nbsp;&nbsp; 7305 | 6993045 |
| 0.75%, 09/23/30<sup>(b)</sup> | &nbsp;&nbsp; 2385 | 2033680 |
| 0.88%, 05/17/30 | &nbsp;&nbsp; 4610 | 4000067 |
| 1.25%, 02/14/31<sup>(b)</sup> | &nbsp;&nbsp; 11729 | 10161690 |
| 1.38%, 03/15/27 | &nbsp;&nbsp; 17900 | 17163291 |
| 1.63%, 10/09/29 | &nbsp;&nbsp; 4540 | 4150114 |
| 1.63%, 05/13/31 | &nbsp;&nbsp; 675 | 594642 |
| 1.75%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7655 | 7125344 |
| 2.38%, 05/24/27 | &nbsp;&nbsp; 3771 | 3673210 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 3040 | 3012949 |
| 3.63%, 07/15/30 | &nbsp;&nbsp; 18565 | 18409738 |
| 3.75%, 11/15/29 | &nbsp;&nbsp; 11710 | 11714187 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 21435 | 21035876 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 5518 | 5554535 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 90 | 90644 |
| 4.00%, 02/15/29 | &nbsp;&nbsp; 3690 | 3730942 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 23860 | 23738742 |
| 4.38%, 03/19/27 | &nbsp;&nbsp; 2350 | 2379868 |
| 4.38%, 10/10/31 | &nbsp;&nbsp; 13320 | 13634347 |
| 4.50%, 10/16/28 | &nbsp;&nbsp; 1355 | 1391583 |
| 4.50%, 03/14/30 | &nbsp;&nbsp; 24965 | 25781641 |
| 4.63%, 02/12/35<sup>(b)</sup> | &nbsp;&nbsp; 13290 | 13728260 |
| 4.75%, 06/15/29 | &nbsp;&nbsp; 23280 | 24193374 |
| 4.88%, 02/15/36 | &nbsp;&nbsp; 7346 | 7723008 |
| Inter-American Development Bank |  |  |
| 0.63%, 09/16/27 | &nbsp;&nbsp; 2700 | 2516561 |
| 1.13%, 07/20/28<sup>(b)</sup> | &nbsp;&nbsp; 10310 | 9522118 |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 12206 | 10511545 |
| 1.50%, 01/13/27<sup>(b)</sup> | &nbsp;&nbsp; 1180 | 1137146 |
| 2.00%, 06/02/26 | &nbsp;&nbsp; 7430 | 7286980 |
| 2.00%, 07/23/26 | &nbsp;&nbsp; 5088 | 4980056 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 9417 | 8895899 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 2.38%, 07/07/27<sup>(b)</sup> | &nbsp;&nbsp; $8239 | $8021088 |
| 3.13%, 09/18/28 | &nbsp;&nbsp; 9820 | 9653384 |
| 3.20%, 08/07/42 | &nbsp;&nbsp; 3540 | 2866037 |
| 3.50%, 09/14/29 | &nbsp;&nbsp; 2935 | 2904500 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 11885 | 11423043 |
| 3.63%, 09/17/31 | &nbsp;&nbsp; 7840 | 7684599 |
| 3.88%, 10/28/41 | &nbsp;&nbsp; 5474 | 4877236 |
| 4.00%, 01/12/28 | &nbsp;&nbsp; 6161 | 6217322 |
| 4.13%, 02/15/29 | &nbsp;&nbsp; 13630 | 13836795 |
| 4.38%, 02/01/27 | &nbsp;&nbsp; 6209 | 6277387 |
| 4.38%, 07/17/34 | &nbsp;&nbsp; 13410 | 13541144 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 3254 | 3054885 |
| 4.50%, 05/15/26 | &nbsp;&nbsp; 5835 | 5869538 |
| 4.50%, 02/15/30 | &nbsp;&nbsp; 3965 | 4090525 |
| 4.50%, 09/13/33 | &nbsp;&nbsp; 5647 | 5757891 |
| Inter-American Investment Corp. |  |  |
| 3.63%, 02/17/27 | &nbsp;&nbsp; 1940 | 1934020 |
| 4.13%, 02/15/28 | &nbsp;&nbsp; 775 | 783239 |
| 4.25%, 02/14/29 | &nbsp;&nbsp; 1000 | 1015759 |
| 4.25%, 04/01/30 | &nbsp;&nbsp; 4560 | 4631313 |
| 4.75%, 09/19/28 | &nbsp;&nbsp; 1423 | 1468594 |
| International Bank for Reconstruction & <br> Development<br>|  |  |
| 0.75%, 11/24/27 | &nbsp;&nbsp; 12725 | 11833625 |
| 0.75%, 08/26/30 | &nbsp;&nbsp; 11333 | 9672881 |
| 0.85%, 02/10/27 | &nbsp;&nbsp; 1120 | 1061779 |
| 0.88%, 07/15/26<sup>(b)</sup> | &nbsp;&nbsp; 7535 | 7280759 |
| 0.88%, 05/14/30 | &nbsp;&nbsp; 16425 | 14246165 |
| 1.13%, 09/13/28 | &nbsp;&nbsp; 25062 | 23059845 |
| 1.25%, 02/10/31<sup>(b)</sup> | &nbsp;&nbsp; 17240 | 14921951 |
| 1.38%, 04/20/28<sup>(b)</sup> | &nbsp;&nbsp; 20660 | 19350527 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 22624 | 19579518 |
| 1.75%, 10/23/29 | &nbsp;&nbsp; 12992 | 11927157 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 6935 | 6750123 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 18026 | 17530154 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 3481 | 3162711 |
| 3.13%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 12726 | 12582192 |
| 3.50%, 07/12/28 | &nbsp;&nbsp; 19566 | 19474206 |
| 3.63%, 09/21/29 | &nbsp;&nbsp; 9050 | 9003417 |
| 3.88%, 10/16/29 | &nbsp;&nbsp; 19315 | 19411305 |
| 3.88%, 02/14/30<sup>(b)</sup> | &nbsp;&nbsp; 17278 | 17357657 |
| 3.88%, 08/28/34<sup>(b)</sup> | &nbsp;&nbsp; 25940 | 25259881 |
| 4.00%, 08/27/26<sup>(b)</sup> | &nbsp;&nbsp; 7050 | 7071181 |
| 4.00%, 07/25/30 | &nbsp;&nbsp; 7469 | 7536313 |
| 4.00%, 01/10/31<sup>(b)</sup> | &nbsp;&nbsp; 22859 | 23023191 |
| 4.13%, 03/20/30 | &nbsp;&nbsp; 12955 | 13156897 |
| 4.50%, 04/10/31 | &nbsp;&nbsp; 13175 | 13613043 |
| 4.63%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 9865 | 10154760 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 20805 | 21556282 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 15809 | 16410174 |
| 4.75%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 1727 | 1791581 |
| 5.67%, 02/01/34 | &nbsp;&nbsp; 210 | 210828 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | &nbsp;&nbsp; 3010 | 2886550 |
| 0.75%, 08/27/30 | &nbsp;&nbsp; 960 | 819767 |
| 4.25%, 07/02/29 | &nbsp;&nbsp; 990 | 1009443 |
| 4.38%, 01/15/27 | &nbsp;&nbsp; 1825 | 1844537 |
| 4.50%, 01/21/28 | &nbsp;&nbsp; 530 | 541851 |
| 4.50%, 07/13/28 | &nbsp;&nbsp; 960 | 984584 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27<sup>(b)</sup> | &nbsp;&nbsp; 1005 | 998766 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 4.25%, 02/28/29 | &nbsp;&nbsp; $990 | $1008930 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 875 | 892059 |
|  |  | 1068896037 |
| **Sweden — 0.0%** | **Sweden — 0.0%** | **Sweden — 0.0%** |
| Svensk Exportkredit AB |  |  |
| 2.25%, 03/22/27 | &nbsp;&nbsp; 1158 | 1124950 |
| 4.13%, 06/14/28 | &nbsp;&nbsp; 1960 | 1982434 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 1830 | 1858245 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 3795 | 3846329 |
| 4.88%, 10/04/30 | &nbsp;&nbsp; 3720 | 3884083 |
|  |  | 12696041 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay, 5.25%, <br> 09/10/60<br>| &nbsp;&nbsp; 1590 | 1435041 |
| Uruguay Government International Bond |  |  |
| 4.13%, 11/20/45 | &nbsp;&nbsp; 2297 | 1931913 |
| 4.38%, 10/27/27 | &nbsp;&nbsp; 13830 | 13840428 |
| 4.38%, 01/23/31 | &nbsp;&nbsp; 14316 | 14162713 |
| 4.98%, 04/20/55 | &nbsp;&nbsp; 10521 | 9252714 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; 16557 | 15166719 |
| 5.44%, 02/14/37 | &nbsp;&nbsp; 6380 | 6494806 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 12855 | 13427339 |
| 7.63%, 03/21/36<sup>(b)</sup> | &nbsp;&nbsp; 4736 | 5594801 |
|  |  | 81306474 |
| **Total Foreign Government Obligations — 2.2%** <br>**(Cost: $2,910,370,424)** | **Total Foreign Government Obligations — 2.2%** <br>**(Cost: $2,910,370,424)** | 2734098724 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Salt River Project Agricultural Improvement & <br> Power District RB BAB, 4.84%, 01/01/41<br>| &nbsp;&nbsp; 1875 | 1764427 |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| Alameda County Joint Powers Authority RB <br> BAB, Series A, 7.05%, 12/01/44<br>| &nbsp;&nbsp; 1500 | 1688645 |
| Bay Area Toll Authority RB, 3.13%, 04/01/55 | &nbsp;&nbsp; 470 | 305678 |
| Bay Area Toll Authority RB BAB |  |  |
| Series F-2, 6.26%, 04/01/49 | &nbsp;&nbsp; 4735 | 4994363 |
| Series S-1, 7.04%, 04/01/50 | &nbsp;&nbsp; 4300 | 4953706 |
| Series S-3, 6.91%, 10/01/50<sup>(b)</sup> | &nbsp;&nbsp; 3205 | 3648811 |
| California Earthquake Authority RB, Class A, <br> 5.60%, 07/01/27<br>| &nbsp;&nbsp; 1255 | 1267574 |
| California Health Facilities Financing <br> Authority RB<br>|  |  |
| 4.19%, 06/01/37 | &nbsp;&nbsp; 325 | 298634 |
| 4.35%, 06/01/41 | &nbsp;&nbsp; 1905 | 1696013 |
| California State University RB |  |  |
| Class B, 2.72%, 11/01/52 | &nbsp;&nbsp; 910 | 578200 |
| Class B, 2.94%, 11/01/52 | &nbsp;&nbsp; 1000 | 648501 |
| Class B, 2.98%, 11/01/51 | &nbsp;&nbsp; 3315 | 2193217 |
| 5.18%, 11/01/53 | &nbsp;&nbsp; 2535 | 2355696 |
| Series E, 2.90%, 11/01/51 | &nbsp;&nbsp; 1895 | 1304704 |
| City of Los Angeles Department of Airports <br> Customer Facility Charge Revenue RB, <br> Class A, 4.24%, 05/15/48 (AGM)<sup>(b)</sup><br>| &nbsp;&nbsp; 455 | 384683 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue RB BAB, <br> Series B, Class B, 6.00%, 11/01/40<br>| &nbsp;&nbsp; 2500 | 2602752 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| East Bay Municipal Utility District Water <br> System Revenue RB BAB, Series B, 5.87%, <br> 06/01/40<br>| &nbsp;&nbsp; $4480 | $4710430 |
| Foothill-Eastern Transportation Corridor <br> Agency RB<br>|  |  |
| 3.92%, 01/15/53 | &nbsp;&nbsp; 1025 | 788838 |
| Series A, 4.09%, 01/15/49 | &nbsp;&nbsp; 2040 | 1655421 |
| Golden State Tobacco Securitization Corp. RB |  |  |
| Class B, 2.75%, 06/01/34 | &nbsp;&nbsp; 1270 | 1088265 |
| Class B, 3.00%, 06/01/46 | &nbsp;&nbsp; 610 | 534271 |
| 3.12%, 06/01/38 (SAP) | &nbsp;&nbsp; 2250 | 1811509 |
| Class B, 3.29%, 06/01/42 | &nbsp;&nbsp; 3790 | 2853075 |
| 3.49%, 06/01/36 | &nbsp;&nbsp; 230 | 189764 |
| 3.71%, 06/01/41 | &nbsp;&nbsp; 830 | 633692 |
| 3.85%, 06/01/50 | &nbsp;&nbsp; 960 | 897110 |
| 4.21%, 06/01/50 | &nbsp;&nbsp; 1535 | 1089178 |
| Los Angeles Community College <br> District/California GO BAB, 6.75%, <br> 08/01/49<br>| &nbsp;&nbsp; 1100 | 1244385 |
| Los Angeles County Public Works Financing <br> Authority RB BAB, 7.62%, 08/01/40<br>| &nbsp;&nbsp; 1150 | 1317784 |
| Los Angeles Department of Water & Power <br> RB BAB<br>|  |  |
| Series A, 6.60%, 07/01/50<sup>(b)</sup> | &nbsp;&nbsp; 385 | 406564 |
| Series D, 6.57%, 07/01/45<sup>(b)</sup> | &nbsp;&nbsp; 2970 | 3062027 |
| Regents of the University of California Medical <br> Center Pooled Revenue RB<br>|  |  |
| 3.01%, 05/15/50 | &nbsp;&nbsp; 1400 | 905551 |
| 3.71%, 05/15/20 | &nbsp;&nbsp; 2600 | 1608442 |
| 4.13%, 05/15/32 | &nbsp;&nbsp; 1550 | 1504902 |
| 4.56%, 05/15/53 | &nbsp;&nbsp; 895 | 756317 |
| Series N, 3.26%, 05/15/60<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1146880 |
| Regents of the University of California Medical <br> Center Pooled Revenue RB BAB<br>|  |  |
| Series H, Class H, 6.55%, 05/15/48 | &nbsp;&nbsp; 4575 | 4932472 |
| Series F, 6.58%, 05/15/49 | &nbsp;&nbsp; 3015 | 3262823 |
| San Diego County Regional Transportation <br> Commission RB BAB, 5.91%, 04/01/48<br>| &nbsp;&nbsp; 1905 | 1931547 |
| San Diego County Water Authority RB BAB, <br> Series B, Class B, 6.14%, 05/01/49<br>| &nbsp;&nbsp; 2350 | 2443808 |
| San Francisco City & County Public Utilities <br> Commission Wastewater Revenue RB, <br> Class A, 4.66%, 10/01/27<br>| &nbsp;&nbsp; 1920 | 1948838 |
| San Joaquin Hills Transportation Corridor <br> Agency RB, Class B, 3.49%, 01/15/50<br>| &nbsp;&nbsp; 1600 | 1185329 |
| State of California GO |  |  |
| 1.70%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 140 | 131820 |
| 2.50%, 10/01/29 | &nbsp;&nbsp; 6000 | 5619592 |
| 3.50%, 04/01/28 | &nbsp;&nbsp; 910 | 898474 |
| 4.50%, 08/01/29 | &nbsp;&nbsp; 1350 | 1371504 |
| 4.50%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 2750 | 2751896 |
| 4.60%, 04/01/38 | &nbsp;&nbsp; 2170 | 2206249 |
| 5.10%, 09/01/35<sup>(b)</sup> | &nbsp;&nbsp; 2250 | 2280565 |
| 5.13%, 09/01/29 | &nbsp;&nbsp; 1700 | 1768150 |
| 5.13%, 03/01/38 | &nbsp;&nbsp; 1000 | 1000457 |
| 5.15%, 09/01/34 | &nbsp;&nbsp; 5000 | 5115966 |
| 5.20%, 03/01/43 | &nbsp;&nbsp; 3790 | 3648171 |
| 5.75%, 10/01/31 | &nbsp;&nbsp; 1400 | 1509146 |
| 5.88%, 10/01/41 | &nbsp;&nbsp; 5000 | 5144369 |
| Series A, Class A, 3.05%, 04/01/29 | &nbsp;&nbsp; 1110 | 1070252 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| State of California GO BAB |  |  |
| 7.30%, 10/01/39 | &nbsp;&nbsp; $5220 | $6058905 |
| 7.35%, 11/01/39 | &nbsp;&nbsp; 3130 | 3651289 |
| 7.50%, 04/01/34 | &nbsp;&nbsp; 8325 | 9660018 |
| 7.55%, 04/01/39 | &nbsp;&nbsp; 12470 | 15054260 |
| 7.60%, 11/01/40 | &nbsp;&nbsp; 7575 | 9198739 |
| 7.63%, 03/01/40 | &nbsp;&nbsp; 6850 | 8258718 |
| University of California RB |  |  |
| Series AD, 4.86%, 12/31/99 | &nbsp;&nbsp; 3285 | 2720847 |
| Series AQ, 4.77%, 12/31/99 | &nbsp;&nbsp; 835 | 687478 |
| Series BD, 3.35%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 4730 | 4589646 |
| Series BG, 1.32%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 775 | 735404 |
| Series BG, 1.61%, 05/15/30 | &nbsp;&nbsp; 2990 | 2632134 |
| Series BG, 3.07%, 05/15/51 | &nbsp;&nbsp; 3110 | 1980941 |
|  |  | 172575389 |
| **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
| Regional Transportation District Sales Tax <br> Revenue RB BAB, Series B, 5.84%, <br> 11/01/50<br>| &nbsp;&nbsp; 700 | 703227 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** | **Connecticut — 0.0%** |
| State of Connecticut GO, Series A, Class A, <br> 5.85%, 03/15/32<br>| &nbsp;&nbsp; 4765 | 5116922 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
| District of Columbia Water & Sewer Authority <br> RB, 4.81%, 10/01/14<sup>(b)</sup><br>| &nbsp;&nbsp; 1690 | 1435645 |
| Metropolitan Washington Airports Authority <br> Dulles Toll Road Revenue RB BAB, 7.46%, <br> 10/01/46<br>| &nbsp;&nbsp; 1300 | 1526579 |
|  |  | 2962224 |
| **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
| County of Broward Florida Airport System <br> Revenue RB, 3.48%, 10/01/43<br>| &nbsp;&nbsp; 250 | 203209 |
| County of Miami-Dade Florida Aviation <br> Revenue RB, Series C, 4.28%, 10/01/41<br>| &nbsp;&nbsp; 985 | 885073 |
| County of Miami-Dade Florida Transit System <br> RB, Series B, 2.60%, 07/01/42<br>| &nbsp;&nbsp; 1300 | 964851 |
| County of Miami-Dade Seaport Department <br> RB, 6.22%, 11/01/55<br>| &nbsp;&nbsp; 245 | 255087 |
| State Board of Administration Finance <br> Corp. RB<br>|  |  |
| 1.71%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 3083198 |
| 2.15%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5902 | 5250839 |
| Class A, 5.53%, 07/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4980 | 5087249 |
|  |  | 15729506 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| City of Atlanta Georgia Water & Wastewater <br> Revenue RB, 2.26%, 11/01/35<br>| &nbsp;&nbsp; 1330 | 1104299 |
| Municipal Electric Authority of Georgia <br> RB BAB<br>|  |  |
| Project J, Series 2010-A, 6.64%, 04/01/57 | &nbsp;&nbsp; 3691 | 4013086 |
| Project M, Series 2010-A, 6.66%, 04/01/57 | &nbsp;&nbsp; 3230 | 3425730 |
| Project P, Series 2010-A, 7.06%, 04/01/57 | &nbsp;&nbsp; 3317 | 3676189 |
|  |  | 12219304 |
| **Idaho — 0.0%** | **Idaho — 0.0%** | **Idaho — 0.0%** |
| Idaho Energy Resources Authority RB, 2.86%, <br> 09/01/46<br>| &nbsp;&nbsp; 580 | 398285 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| Chicago O'Hare International Airport RB |  |  |
| Series C, Class C, 4.47%, 01/01/49<sup>(b)</sup> | &nbsp;&nbsp; $1050 | $912452 |
| Series C, Class C, 4.57%, 01/01/54<sup>(b)</sup> | &nbsp;&nbsp; 2450 | 2132405 |
| Chicago O'Hare International Airport RB BAB, <br> Series B, Class B, 6.40%, 01/01/40<br>| &nbsp;&nbsp; 1100 | 1184005 |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue RB<br>|  |  |
| Series A, Class A, 6.90%, 12/01/40 | &nbsp;&nbsp; 4158 | 4617387 |
| Series B, Class B, 6.90%, 12/01/40<sup>(b)</sup> | &nbsp;&nbsp; 4608 | 5117804 |
| Illinois State Toll Highway Authority RB BAB, <br> Series A, 6.18%, 01/01/34<br>| &nbsp;&nbsp; 1820 | 1937399 |
| Sales Tax Securitization Corp. RB |  |  |
| 3.24%, 01/01/42 | &nbsp;&nbsp; 5125 | 4051559 |
| 3.82%, 01/01/48 | &nbsp;&nbsp; 135 | 103968 |
| 4.79%, 01/01/48 | &nbsp;&nbsp; 2380 | 2113111 |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 30987 | 30973159 |
| State of Illinois GO BAB, Series 5, 7.35%, <br> 07/01/35<br>| &nbsp;&nbsp; 3064 | 3252289 |
|  |  | 56395538 |
| **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** |
| Indiana Finance Authority RB, 3.05%, <br> 01/01/51<br>| &nbsp;&nbsp; 645 | 456266 |
| **Kansas — 0.0%** | **Kansas — 0.0%** | **Kansas — 0.0%** |
| Kansas Development Finance Authority RB, <br> 2.77%, 05/01/51<br>| &nbsp;&nbsp; 605 | 410006 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development <br> Authority RB<br>|  |  |
| 3.62%, 02/01/29 | &nbsp;&nbsp; 798 | 791334 |
| 4.15%, 02/01/33 | &nbsp;&nbsp; 2280 | 2257930 |
| 4.28%, 02/01/36 | &nbsp;&nbsp; 1560 | 1507559 |
| 4.48%, 08/01/39 | &nbsp;&nbsp; 4415 | 4170484 |
| 5.05%, 12/01/34 | &nbsp;&nbsp; 1705 | 1741470 |
| 5.08%, 06/01/31 | &nbsp;&nbsp; 1262 | 1278685 |
| 5.20%, 12/01/39 | &nbsp;&nbsp; 3975 | 4041048 |
|  |  | 15788510 |
| **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** |
| Maryland Economic Development Corp. RB |  |  |
| 5.43%, 05/31/56 | &nbsp;&nbsp; 1545 | 1466266 |
| 5.94%, 05/31/57 | &nbsp;&nbsp; 1370 | 1374297 |
| Maryland Health & Higher Educational <br> Facilities Authority RB, Class D, 3.05%, <br> 07/01/40<br>| &nbsp;&nbsp; 2500 | 1908992 |
|  |  | 4749555 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
| Commonwealth of Massachusetts GOL, <br> 2.90%, 09/01/49<sup>(b)</sup><br>| &nbsp;&nbsp; 2675 | 1817628 |
| Commonwealth of Massachusetts GOL BAB |  |  |
| 4.91%, 05/01/29 | &nbsp;&nbsp; 1950 | 1987324 |
| Series E, 5.46%, 12/01/39 | &nbsp;&nbsp; 3700 | 3789525 |
| Commonwealth of Massachusetts RB, 3.77%, <br> 07/15/29<br>| &nbsp;&nbsp; 2900 | 2863592 |
| Commonwealth of Massachusetts <br> Transportation Fund Revenue RB BAB, <br> Series A, 5.73%, 06/01/40<br>| &nbsp;&nbsp; 2435 | 2506681 |
| Massachusetts School Building Authority RB |  |  |
| 2.95%, 05/15/43 | &nbsp;&nbsp; 1700 | 1274791 |
| 3.40%, 10/15/40 | &nbsp;&nbsp; 1755 | 1484702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Series B, Class B, 1.75%, 08/15/30 | &nbsp;&nbsp; $2250 | $2032227 |
| Massachusetts School Building Authority RB <br> BAB, Series B, 5.72%, 08/15/39<br>| &nbsp;&nbsp; 1060 | 1104052 |
|  |  | 18860522 |
| **Michigan — 0.0%** | **Michigan — 0.0%** | **Michigan — 0.0%** |
| Michigan Finance Authority RB |  |  |
| 3.08%, 12/01/34<sup>(b)</sup> | &nbsp;&nbsp; 2110 | 1880686 |
| 3.38%, 12/01/40 | &nbsp;&nbsp; 845 | 693719 |
| Michigan State University RB, 4.17%, <br> 08/15/22<br>| &nbsp;&nbsp; 4035 | 2864440 |
| Michigan Strategic Fund RB, 3.23%, 09/01/47 | &nbsp;&nbsp; 460 | 342221 |
| University of Michigan RB |  |  |
| 2.56%, 04/01/50 | &nbsp;&nbsp; 3000 | 1848008 |
| Class A, 3.50%, 04/01/52 | &nbsp;&nbsp; 614 | 446171 |
| Class B, 3.50%, 04/01/52 | &nbsp;&nbsp; 475 | 350851 |
| Class C, 3.60%, 04/01/47 | &nbsp;&nbsp; 1800 | 1490857 |
| Class A, 4.45%, 12/31/99 | &nbsp;&nbsp; 5580 | 4442304 |
| Series B, 2.44%, 04/01/40<sup>(b)</sup> | &nbsp;&nbsp; 2862 | 2092515 |
|  |  | 16451772 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| University of Minnesota RB, 4.05%, 04/01/52 | &nbsp;&nbsp; 1924 | 1547849 |
| **Mississippi — 0.0%** | **Mississippi — 0.0%** | **Mississippi — 0.0%** |
| State of Mississippi GO BAB, Series F, 5.25%, <br> 11/01/34<sup>(b)</sup><br>| &nbsp;&nbsp; 1000 | 1012372 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| Health & Educational Facilities Authority of the <br> State of Missouri RB, Series A, Class A, <br> 3.65%, 08/15/57<br>| &nbsp;&nbsp; 4730 | 3410254 |
| **Nebraska — 0.0%** | **Nebraska — 0.0%** | **Nebraska — 0.0%** |
| University of Nebraska Facilities Corp. (The) <br> RB, Series A, Class A, 3.04%, 10/01/49<sup>(b)</sup><br>| &nbsp;&nbsp; 2000 | 1425593 |
| **Nevada — 0.0%** | **Nevada — 0.0%** | **Nevada — 0.0%** |
| County of Clark Department of Aviation RB <br> BAB, Series C, 6.82%, 07/01/45<sup>(b)</sup><br>| &nbsp;&nbsp; 850 | 956535 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| New Jersey Economic Development Authority <br> RB, Series A, Class A, 7.43%, 02/15/29 <br> (NPFGC)<br>| &nbsp;&nbsp; 5874 | 6203474 |
| New Jersey State Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp; 6979 | 8399154 |
| New Jersey Transportation Trust Fund <br> Authority RB BAB, Series B, 6.56%, <br> 12/15/40<br>| &nbsp;&nbsp; 2650 | 2870940 |
| New Jersey Turnpike Authority RB BAB, <br> Series A, 7.10%, 01/01/41<br>| &nbsp;&nbsp; 4730 | 5392713 |
| Rutgers The State University of New <br> Jersey RB<br>|  |  |
| 3.27%, 05/01/43<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 793951 |
| Series P, 3.92%, 05/01/19<sup>(b)</sup> | &nbsp;&nbsp; 1475 | 984115 |
| Rutgers The State University of New Jersey <br> RB BAB, Class H, 5.67%, 05/01/40<sup>(b)</sup><br>| &nbsp;&nbsp; 900 | 911631 |
|  |  | 25555978 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| City of New York GO |  |  |
| 4.61%, 09/01/37 | &nbsp;&nbsp; 1000 | 959208 |
| 5.11%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 3775 | 3507488 |
| 5.26%, 10/01/44 | &nbsp;&nbsp; 1200 | 1155285 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| 5.26%, 10/01/52 | &nbsp;&nbsp; $500 | $474231 |
| 5.83%, 10/01/53 | &nbsp;&nbsp; 3000 | 3084317 |
| 5.94%, 02/01/55 | &nbsp;&nbsp; 130 | 135765 |
| 6.29%, 02/01/45 | &nbsp;&nbsp; 300 | 311486 |
| 6.39%, 02/01/55 | &nbsp;&nbsp; 835 | 866931 |
| City of New York GO BAB |  |  |
| Series A-2, 5.21%, 10/01/31 | &nbsp;&nbsp; 2000 | 2016817 |
| Series C-1, 5.52%, 10/01/37 | &nbsp;&nbsp; 3000 | 3024081 |
| Series F1, 6.27%, 12/01/37 | &nbsp;&nbsp; 2755 | 2976022 |
| Empire State Development Corp. RB BABA, <br> 5.77%, 03/15/39<br>| &nbsp;&nbsp; 4715 | 4858765 |
| Metropolitan Transportation Authority <br> Dedicated Tax Fund RB BAB, 7.34%, <br> 11/15/39<br>| &nbsp;&nbsp; 2870 | 3383228 |
| Metropolitan Transportation Authority RB BAB |  |  |
| Series 2010-A, 6.67%, 11/15/39 | &nbsp;&nbsp; 50 | 53922 |
| Series B, 6.65%, 11/15/39 | &nbsp;&nbsp; 220 | 236322 |
| Series E, 6.81%, 11/15/40 | &nbsp;&nbsp; 1165 | 1267649 |
| New York City Municipal Water Finance <br> Authority RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp; 3200 | 3269190 |
| New York City Municipal Water Finance <br> Authority RB BAB<br>|  |  |
| 5.44%, 06/15/43<sup>(b)</sup> | &nbsp;&nbsp; 1385 | 1357522 |
| 5.72%, 06/15/42<sup>(b)</sup> | &nbsp;&nbsp; 3145 | 3171119 |
| 5.95%, 06/15/42 | &nbsp;&nbsp; 3000 | 3105479 |
| 6.01%, 06/15/42<sup>(b)</sup> | &nbsp;&nbsp; 1860 | 1933753 |
| New York State Dormitory Authority RB BAB |  |  |
| Series D, 5.60%, 03/15/40<sup>(b)</sup> | &nbsp;&nbsp; 2325 | 2383888 |
| Series F, 5.63%, 03/15/39<sup>(b)</sup> | &nbsp;&nbsp; 2725 | 2796555 |
| Port Authority of New York & New Jersey RB |  |  |
| 3.14%, 02/15/51 | &nbsp;&nbsp; 1145 | 817401 |
| 3.29%, 08/01/69<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 819807 |
| 4.03%, 09/01/48 | &nbsp;&nbsp; 1440 | 1171015 |
| 4.23%, 10/15/57 | &nbsp;&nbsp; 865 | 692774 |
| 5.07%, 07/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2820 | 2634197 |
| Series 164, 5.65%, 11/01/40<sup>(b)</sup> | &nbsp;&nbsp; 6255 | 6553579 |
| Series 165, 5.65%, 11/01/40 | &nbsp;&nbsp; 1795 | 1884856 |
| Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp; 4165 | 3851468 |
| Series 174, 4.46%, 10/01/62 | &nbsp;&nbsp; 6585 | 5521941 |
| Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp; 2000 | 1878815 |
| Series 182, 5.31%, 08/01/46 | &nbsp;&nbsp; 1000 | 974254 |
| Series 192, 4.81%, 10/15/65 | &nbsp;&nbsp; 4235 | 3758225 |
| Series 225, 3.18%, 07/15/60<sup>(b)</sup> | &nbsp;&nbsp; 675 | 424839 |
| United Nations Development Corp. RB, 6.54%, <br> 08/01/55<br>| &nbsp;&nbsp; 765 | 793126 |
|  |  | 78105320 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** |
| Charlotte-Mecklenburg Hospital Authority <br> (The) RB, 3.20%, 01/15/51<br>| &nbsp;&nbsp; 1100 | 732052 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| American Municipal Power Inc. RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp; 4075 | 5112595 |
| JobsOhio Beverage System RB |  |  |
| 2.83%, 01/01/38 | &nbsp;&nbsp; 1950 | 1605276 |
| 4.43%, 01/01/33 | &nbsp;&nbsp; 260 | 257347 |
| Series B, Class B, 4.53%, 01/01/35 | &nbsp;&nbsp; 2400 | 2346721 |
| Ohio State University (The) RB, Series A, <br> 4.80%, 06/01/11<sup>(b)</sup><br>| &nbsp;&nbsp; 350 | 299264 |
| Ohio State University (The) RB BAB, Series C, <br> 4.91%, 06/01/40<br>| &nbsp;&nbsp; 2005 | 1970564 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Ohio Turnpike & Infrastructure Commission <br> RB, Series A, Class A, 3.22%, 02/15/48<br>| &nbsp;&nbsp; $1775 | $1298095 |
|  |  | 12889862 |
| **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |
| Oklahoma Development Finance Authority RB |  |  |
| 4.38%, 11/01/45 | &nbsp;&nbsp; 715 | 660961 |
| 4.62%, 06/01/44 | &nbsp;&nbsp; 1655 | 1582515 |
| 4.71%, 05/01/52 | &nbsp;&nbsp; 3280 | 2962604 |
| 5.09%, 02/01/52 | &nbsp;&nbsp; 3680 | 3505982 |
|  |  | 8712062 |
| **Oregon — 0.0%** | **Oregon — 0.0%** | **Oregon — 0.0%** |
| Oregon School Boards Association GOL |  |  |
| Series B, 5.55%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 41 | 41305 |
| Series B, 5.68%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 1000 | 1016894 |
| Oregon State University RB, 3.42%, 03/01/60 <br> (BAM)<br>| &nbsp;&nbsp; 1100 | 751098 |
| State of Oregon GO, 5.89%, 06/01/27 | &nbsp;&nbsp; 6319 | 6433275 |
|  |  | 8242572 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
| Commonwealth Financing Authority RB |  |  |
| Class A, 2.99%, 06/01/42<sup>(b)</sup> | &nbsp;&nbsp; 1130 | 846248 |
| Class A, 3.86%, 06/01/38 | &nbsp;&nbsp; 4200 | 3822793 |
| Series A, 4.14%, 06/01/38 | &nbsp;&nbsp; 50 | 46228 |
| Pennsylvania Economic Development <br> Financing Authority RB, 5.69%, 06/01/54<br>| &nbsp;&nbsp; 2665 | 2618173 |
| Pennsylvania State University (The) RB |  |  |
| 2.79%, 09/01/43 | &nbsp;&nbsp; 1750 | 1290049 |
| 2.84%, 09/01/50 | &nbsp;&nbsp; 975 | 635641 |
| Pennsylvania Turnpike Commission RB BAB, <br> Series B, Class B, 5.51%, 12/01/45<br>| &nbsp;&nbsp; 1000 | 986596 |
| University of Pittsburgh-of the Commonwealth <br> System of Higher Education RB, 3.56%, <br> 09/15/19<sup>(b)</sup><br>| &nbsp;&nbsp; 2000 | 1257743 |
|  |  | 11503471 |
| **South Carolina — 0.0%** | **South Carolina — 0.0%** | **South Carolina — 0.0%** |
| South Carolina Public Service Authority RB <br> BAB, Series C, 6.45%, 01/01/50<br>| &nbsp;&nbsp; 1000 | 1082940 |
| **Tennessee — 0.0%** | **Tennessee — 0.0%** | **Tennessee — 0.0%** |
| Metropolitan Government Nashville & <br> Davidson County Health & Educational <br> Facilities Board RB, Series 2016B, Class B, <br> 4.05%, 07/01/26<br>| &nbsp;&nbsp; 1000 | 995981 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| Board of Regents of the University of Texas <br> System RB, Series B, Class B, 2.44%, <br> 08/15/49<br>| &nbsp;&nbsp; 765 | 453674 |
| Board of Regents of the University of Texas <br> System RB BAB, Series C, 4.79%, <br> 08/15/46<br>| &nbsp;&nbsp; 2400 | 2271461 |
| City of San Antonio Texas Electric & Gas <br> Systems Revenue RB BAB<br>|  |  |
| 5.81%, 02/01/41 | &nbsp;&nbsp; 1875 | 1905851 |
| Series C, 5.99%, 02/01/39 | &nbsp;&nbsp; 1993 | 2099744 |
| Dallas Area Rapid Transit RB, Class A, 2.61%, <br> 12/01/48<br>| &nbsp;&nbsp; 2895 | 1897859 |
| Dallas Area Rapid Transit RB BAB |  |  |
| 5.02%, 12/01/48<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 2964877 |
| Series B, 6.00%, 12/01/44<sup>(b)</sup> | &nbsp;&nbsp; 400 | 412133 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Dallas Convention Center Hotel Development <br> Corp. RB BAB, 7.09%, 01/01/42<br>| &nbsp;&nbsp; $700 | $771293 |
| Dallas County Hospital District GOL BAB, <br> Series C, Class C, 5.62%, 08/15/44<br>| &nbsp;&nbsp; 1250 | 1253857 |
| Dallas Fort Worth International Airport RB |  |  |
| 2.84%, 11/01/46 | &nbsp;&nbsp; 220 | 157628 |
| Class A, 2.99%, 11/01/38<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 1006776 |
| Class A, 4.09%, 11/01/51 | &nbsp;&nbsp; 1245 | 1010504 |
| Class A, 4.51%, 11/01/51 | &nbsp;&nbsp; 4305 | 3654039 |
| Series A, Class A, 3.14%, 11/01/45<sup>(b)</sup> | &nbsp;&nbsp; 1405 | 1039270 |
| Series C, Class C, 2.92%, 11/01/50<sup>(b)</sup> | &nbsp;&nbsp; 2670 | 1821032 |
| Series C, Class C, 3.09%, 11/01/40 | &nbsp;&nbsp; 340 | 268443 |
| Dallas Independent School District GO BAB, <br> Series C, 6.45%, 02/15/35 (PSF)<br>| &nbsp;&nbsp; 400 | 400811 |
| Grand Parkway Transportation Corp. RB, <br> 3.24%, 10/01/52<br>| &nbsp;&nbsp; 4805 | 3244058 |
| North Texas Tollway Authority RB BAB, <br> Series B, Class B, 6.72%, 01/01/49<br>| &nbsp;&nbsp; 4120 | 4581890 |
| Permanent University Fund - Texas A&M <br> University System RB, Series B, Class B, <br> 3.66%, 07/01/47<br>| &nbsp;&nbsp; 2000 | 1606111 |
| Permanent University Fund - University of <br> Texas System RB, Series A, 3.38%, <br> 07/01/47<br>| &nbsp;&nbsp; 2125 | 1589403 |
| State of Texas GO BAB |  |  |
| 5.52%, 04/01/39 | &nbsp;&nbsp; 5300 | 5426936 |
| Series A, Class A, 4.63%, 04/01/33 | &nbsp;&nbsp; 1255 | 1259343 |
| Series A, Class A, 4.68%, 04/01/40 | &nbsp;&nbsp; 2550 | 2420578 |
| Texas Department of Transportation State <br> Highway Fund RB, First Class, 5.18%, <br> 04/01/30<br>| &nbsp;&nbsp; 5115 | 5226736 |
| Texas Natural Gas Securitization Finance <br> Corp. RB<br>|  |  |
| 5.10%, 04/01/35 | &nbsp;&nbsp; 7498 | 7656635 |
| 5.17%, 04/01/41 | &nbsp;&nbsp; 6200 | 6231281 |
| Texas Private Activity Bond Surface <br> Transportation Corp. RB, Series B, Class B, <br> 3.92%, 12/31/49<sup>(b)</sup><br>| &nbsp;&nbsp; 3350 | 2627631 |
| Texas Transportation Commission GO, 2.47%, <br> 10/01/44<br>| &nbsp;&nbsp; 2505 | 1715142 |
|  |  | 66974996 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| University of Virginia RB |  |  |
| 2.26%, 09/01/50 | &nbsp;&nbsp; 2790 | 1584005 |
| 2.58%, 11/01/51 | &nbsp;&nbsp; 2915 | 1768494 |
| Series A, 3.23%, 12/31/99 | &nbsp;&nbsp; 790 | 461866 |
| Series C, 4.18%, 09/01/17 | &nbsp;&nbsp; 840 | 625908 |
|  |  | 4440273 |
| **Washington — 0.0%** | **Washington — 0.0%** | **Washington — 0.0%** |
| Central Puget Sound Regional Transit <br> Authority RB BAB, 5.49%, 11/01/39<br>| &nbsp;&nbsp; 1200 | 1214677 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
| State of Wisconsin RB |  |  |
| Series A, 5.70%, 05/01/26 | &nbsp;&nbsp; 135 | 136972 |
| Series C, 3.15%, 05/01/27 | &nbsp;&nbsp; 2580 | 2535514 |
|  |  | 2672486 |
| **Total Municipal Debt Obligations — 0.4%** <br>**(Cost: $628,059,035)** | **Total Municipal Debt Obligations — 0.4%** <br>**(Cost: $628,059,035)** | 556056726 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 25.2%** | **Mortgage-Backed Securities — 25.2%** | **Mortgage-Backed Securities — 25.2%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 10/01/27 | &nbsp;&nbsp; $40 | $39061 |
| 2.50%, 02/01/28 | &nbsp;&nbsp; 512 | 502152 |
| 2.50%, 01/01/30 | &nbsp;&nbsp; 5634 | 5461435 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 58 | 55883 |
| 2.50%, 08/01/31 | &nbsp;&nbsp; 1833 | 1763832 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 4410 | 4227888 |
| 2.50%, 11/01/31 | &nbsp;&nbsp; 26 | 25204 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 6773 | 6490974 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 8321 | 7975168 |
| 2.50%, 08/01/32 | &nbsp;&nbsp; 98 | 93844 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 7233 | 6908386 |
| 2.50%, 02/01/33 | &nbsp;&nbsp; 19 | 18555 |
| 2.50%, 04/01/33 | &nbsp;&nbsp; 890 | 845130 |
| 3.00%, 11/01/26 | &nbsp;&nbsp; 61 | 60440 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 29 | 28440 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 73 | 71940 |
| 3.00%, 04/01/27 | &nbsp;&nbsp; 62 | 61941 |
| 3.00%, 05/01/27 | &nbsp;&nbsp; 502 | 496429 |
| 3.00%, 06/01/27 | &nbsp;&nbsp; 473 | 466801 |
| 3.00%, 07/01/27 | &nbsp;&nbsp; 28 | 27753 |
| 3.00%, 08/01/27 | &nbsp;&nbsp; 68 | 67705 |
| 3.00%, 09/01/27 | &nbsp;&nbsp; 282 | 277624 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 115 | 114115 |
| 3.00%, 12/01/27 | &nbsp;&nbsp; 63 | 62693 |
| 3.00%, 01/01/28 | &nbsp;&nbsp; 11 | 11040 |
| 3.00%, 11/01/28 | &nbsp;&nbsp; 67 | 66265 |
| 3.00%, 01/01/29 | &nbsp;&nbsp; 59 | 57875 |
| 3.00%, 03/01/29 | &nbsp;&nbsp; 315 | 309497 |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 10861 | 10689013 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 2197 | 2146011 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 1079 | 1056565 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 2731 | 2665572 |
| 3.00%, 12/01/30 | &nbsp;&nbsp; 6406 | 6243593 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 2028 | 1973973 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 4279 | 4162215 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 3155 | 3067711 |
| 3.00%, 08/01/31 | &nbsp;&nbsp; 25 | 24305 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 15 | 14822 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 58 | 56379 |
| 3.00%, 07/01/32 | &nbsp;&nbsp; 4894 | 4741724 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 7 | 6554 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 10 | 9961 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 1233 | 1187791 |
| 3.00%, 06/01/42 | &nbsp;&nbsp; 377 | 343319 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 168 | 153211 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 409 | 372258 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 10116 | 9209378 |
| 3.00%, 12/01/44 | &nbsp;&nbsp; 29 | 26386 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 251 | 224417 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 156 | 138994 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 12 | 10766 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 887 | 792080 |
| 3.00%, 02/01/46 | &nbsp;&nbsp; 103 | 92011 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 1936 | 1723046 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 36039 | 32072679 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 14245 | 12842652 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 27731 | 24711247 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 20939 | 18634826 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 12/01/46 | &nbsp;&nbsp; $48523 | $43184634 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 11343 | 10094724 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 24291 | 21617952 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 122 | 108530 |
| 3.00%, 04/01/47 | &nbsp;&nbsp; 314 | 279801 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 18670 | 16647730 |
| 3.00%, 06/01/47 | &nbsp;&nbsp; 20203 | 17978225 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 2504 | 2228538 |
| 3.00%, 09/01/47 | &nbsp;&nbsp; 579 | 517679 |
| 3.00%, 10/01/47 | &nbsp;&nbsp; 6312 | 5617381 |
| 3.00%, 11/01/47 | &nbsp;&nbsp; 10 | 8502 |
| 3.00%, 01/01/48 | &nbsp;&nbsp; 13 | 11863 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 903 | 798182 |
| 3.00%, 03/01/49 | &nbsp;&nbsp; 177 | 155609 |
| 3.00%, 05/01/49 | &nbsp;&nbsp; 209 | 185371 |
| 3.00%, 06/01/49 | &nbsp;&nbsp; 147 | 128965 |
| 3.50%, 11/01/25 | &nbsp;&nbsp; 74 | 73819 |
| 3.50%, 03/01/26 | &nbsp;&nbsp; 112 | 110873 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 32 | 31459 |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 444 | 435149 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 1306 | 1281503 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 982 | 963277 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 84 | 82500 |
| 3.50%, 07/01/33 | &nbsp;&nbsp; 4089 | 3997254 |
| 3.50%, 11/01/33 | &nbsp;&nbsp; 12 | 11593 |
| 3.50%, 06/01/34 | &nbsp;&nbsp; 3578 | 3490335 |
| 3.50%, 03/01/38 | &nbsp;&nbsp; 2892 | 2775907 |
| 3.50%, 06/01/38 | &nbsp;&nbsp; 755 | 724449 |
| 3.50%, 09/01/38 | &nbsp;&nbsp; 494 | 475787 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 47 | 43870 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 5 | 4429 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 7 | 6804 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 6132 | 5747707 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 464 | 434890 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 9 | 8106 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 3336 | 3119942 |
| 3.50%, 06/01/43 | &nbsp;&nbsp; 647 | 604975 |
| 3.50%, 07/01/43 | &nbsp;&nbsp; 1069 | 999593 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 3917 | 3663295 |
| 3.50%, 10/01/43 | &nbsp;&nbsp; 863 | 807499 |
| 3.50%, 01/01/44 | &nbsp;&nbsp; 10127 | 9486591 |
| 3.50%, 02/01/44 | &nbsp;&nbsp; 5098 | 4767996 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 4025 | 3752619 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 5899 | 5486480 |
| 3.50%, 11/01/44 | &nbsp;&nbsp; 81 | 74450 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 8064 | 7391804 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 151 | 139756 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 21371 | 19703109 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 2817 | 2598146 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 83 | 76482 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 3809 | 3511100 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 2701 | 2495417 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 4216 | 3882665 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 831 | 765817 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 607 | 559078 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 3186 | 2931460 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 1661 | 1529484 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 4319 | 3979079 |
| 3.50%, 03/01/47 | &nbsp;&nbsp; 2796 | 2575928 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 6297 | 5789366 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 1305 | 1199614 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 07/01/47 | &nbsp;&nbsp; $5272 | $4846278 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 15353 | 14174776 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 20347 | 18674547 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 3459 | 3180769 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 15619 | 14435454 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 16935 | 15557123 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 7030 | 6449851 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 1593 | 1469030 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 7619 | 6977075 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 1018 | 934592 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 2872 | 2628895 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 1428 | 1312156 |
| 4.00%, 05/01/25 | &nbsp;&nbsp; 1 | 704 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 36 | 36347 |
| 4.00%, 02/01/26 | &nbsp;&nbsp; 32 | 31923 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 80 | 79660 |
| 4.00%, 12/01/32 | &nbsp;&nbsp; 958 | 950956 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 1327 | 1316036 |
| 4.00%, 09/01/41 | &nbsp;&nbsp; 2229 | 2167838 |
| 4.00%, 02/01/42 | &nbsp;&nbsp; 1933 | 1879788 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 423 | 408238 |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 2645 | 2571422 |
| 4.00%, 08/01/42 | &nbsp;&nbsp; 1182 | 1141052 |
| 4.00%, 07/01/44 | &nbsp;&nbsp; 2879 | 2772393 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 725 | 695983 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 1094 | 1049561 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 1701 | 1621452 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 2971 | 2833023 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 4727 | 4506974 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 1383 | 1319132 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 141 | 133872 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 298 | 283698 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 2838 | 2699359 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 65 | 61125 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 2572 | 2468487 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 81 | 77281 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 2286 | 2179860 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 6563 | 6242430 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 2791 | 2655062 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 210 | 199158 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 618 | 585993 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 1134 | 1075220 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 4456 | 4226049 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 6722 | 6380102 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 131 | 123208 |
| 4.00%, 06/01/48 | &nbsp;&nbsp; 23410 | 22191999 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 99 | 93801 |
| 4.00%, 08/01/48 | &nbsp;&nbsp; 4407 | 4170169 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 1600 | 1516052 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 7684 | 7274433 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 1217 | 1151530 |
| 4.50%, 08/01/30 | &nbsp;&nbsp; 652 | 654930 |
| 4.50%, 03/01/39 | &nbsp;&nbsp; 705 | 701589 |
| 4.50%, 05/01/39 | &nbsp;&nbsp; 916 | 911937 |
| 4.50%, 10/01/39 | &nbsp;&nbsp; 556 | 553480 |
| 4.50%, 01/01/40 | &nbsp;&nbsp; 164 | 163477 |
| 4.50%, 02/01/41 | &nbsp;&nbsp; 1057 | 1050508 |
| 4.50%, 04/01/41 | &nbsp;&nbsp; 34 | 33480 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 2830 | 2815432 |
| 4.50%, 05/01/42 | &nbsp;&nbsp; 2922 | 2907211 |
| 4.50%, 01/01/45 | &nbsp;&nbsp; 2201 | 2170271 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 11/01/45 | &nbsp;&nbsp; $162 | $159209 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 109 | 107607 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 3405 | 3356646 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 171 | 167629 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 442 | 431761 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 296 | 288842 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 102 | 99811 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 264 | 257994 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 2049 | 2013519 |
| 4.50%, 05/01/47 | &nbsp;&nbsp; 1753 | 1704042 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 1104 | 1073418 |
| 4.50%, 11/01/47 | &nbsp;&nbsp; 106 | 103811 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 5586 | 5428978 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 6469 | 6293223 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 1141 | 1112656 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 778 | 756573 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 5470 | 5346515 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 29 | 27904 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 5375 | 5224957 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 1278 | 1241813 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 11 | 10682 |
| 5.00%, 08/01/25 | &nbsp;&nbsp; 13 | 13462 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 1862 | 1901216 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 228 | 232485 |
| 5.00%, 12/01/33 | &nbsp;&nbsp; 452 | 461488 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 901 | 920042 |
| 5.00%, 01/01/36 | &nbsp;&nbsp; 456 | 464423 |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 52 | 53142 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 52 | 52703 |
| 5.00%, 02/01/38 | &nbsp;&nbsp; 269 | 274016 |
| 5.00%, 03/01/38 | &nbsp;&nbsp; 1957 | 1990767 |
| 5.00%, 12/01/38 | &nbsp;&nbsp; 239 | 243379 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 63 | 64223 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 306 | 310243 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 1338 | 1356449 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 381 | 385742 |
| 5.00%, 09/01/47 | &nbsp;&nbsp; 260 | 259333 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 226 | 225698 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 4541 | 4535089 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 720 | 719546 |
| 5.00%, 10/01/48 | &nbsp;&nbsp; 583 | 582144 |
| 5.00%, 11/01/48 | &nbsp;&nbsp; 845 | 844502 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 352 | 351988 |
| 5.00%, 06/01/49 | &nbsp;&nbsp; 600 | 598994 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 701 | 722220 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 681 | 705902 |
| 5.50%, 06/01/35 | &nbsp;&nbsp; 383 | 396443 |
| 5.50%, 05/01/36 | &nbsp;&nbsp; 491 | 507755 |
| 5.50%, 07/01/36 | &nbsp;&nbsp; 836 | 864745 |
| 5.50%, 03/01/38 | &nbsp;&nbsp; 844 | 870563 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 146 | 150567 |
| 5.50%, 01/01/39 | &nbsp;&nbsp; 403 | 418456 |
| 5.50%, 11/01/39 | &nbsp;&nbsp; 430 | 444272 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 435 | 451963 |
| 6.00%, 02/01/37 | &nbsp;&nbsp; 359 | 376753 |
| 6.00%, 11/01/37 | &nbsp;&nbsp; 1406 | 1476177 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 20 | 21364 |
| 6.40%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 6 | 6428 |
| 6.78%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 4 | 3579 |
| 6.89%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 106 | 107192 |
| 6.90%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 76 | 76584 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.03%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; $203 | $208192 |
| 7.06%, 12/01/38<sup>(a)</sup> | &nbsp;&nbsp; 415 | 421528 |
| 7.12%, 08/01/41<sup>(a)</sup> | &nbsp;&nbsp; 103 | 104824 |
| 7.38%, 09/01/41<sup>(a)</sup> | &nbsp;&nbsp; 202 | 205261 |
| 7.68%, 11/01/41<sup>(a)</sup> | &nbsp;&nbsp; 135 | 136577 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| Class A2, 2.92%, 06/25/32 | &nbsp;&nbsp; 23000 | 20944211 |
| Series K048, Class A2, 3.28%, 06/25/25<sup>(a)</sup> | &nbsp;&nbsp; 3317 | 3290935 |
| Series K059, Class A2, 3.12%, 09/25/26<sup>(a)</sup> | &nbsp;&nbsp; 14300 | 14084156 |
| Series K063, Class A2, 3.43%, 01/25/27<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 19761975 |
| Series K066, Class A2, 3.12%, 06/25/27 | &nbsp;&nbsp; 18250 | 17914357 |
| Series K069, Class A2, 3.19%, 09/25/27<sup>(a)</sup> | &nbsp;&nbsp; 7046 | 6910873 |
| Series K070, Class A2, 3.30%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1965288 |
| Series K072, Class A2, 3.44%, 12/25/27 | &nbsp;&nbsp; 10000 | 9852609 |
| Series K074, Class A2, 3.60%, 01/25/28 | &nbsp;&nbsp; 10000 | 9887073 |
| Series K076, Class A2, 3.90%, 04/25/28 | &nbsp;&nbsp; 5000 | 4979913 |
| Series K081, Class A2, 3.90%, 08/25/28<sup>(a)</sup> | &nbsp;&nbsp; 19091 | 19001428 |
| Series K085, Class A2, 4.06%, 10/25/28<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 19972604 |
| Series K086, Class A2, 3.86%, 11/25/28, <br> (1-day SOFR + 2.127%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17500 | 17378109 |
| Series K089, Class A2, 3.56%, 01/25/29 | &nbsp;&nbsp; 10000 | 9825380 |
| Series K092, Class A2, 3.30%, 04/25/29 | &nbsp;&nbsp; 414 | 402143 |
| Series K100, Class A2, 2.67%, 09/25/29 | &nbsp;&nbsp; 14000 | 13203953 |
| Series K101, Class A2, 2.52%, 10/25/29 | &nbsp;&nbsp; 31000 | 29029274 |
| Series K105, Class A2, 1.87%, 01/25/30 | &nbsp;&nbsp; 4775 | 4321022 |
| Series K108, Class A2, 1.52%, 03/25/30 | &nbsp;&nbsp; 2000 | 1777255 |
| Series K110, Class A2, 1.48%, 04/25/30 | &nbsp;&nbsp; 13200 | 11674072 |
| Series K111, Class A2, 1.35%, 05/25/30 | &nbsp;&nbsp; 5000 | 4377464 |
| Series K114, Class A2, 1.37%, 06/25/30 | &nbsp;&nbsp; 7000 | 6103191 |
| Series K117, Class A2, 1.41%, 08/25/30 | &nbsp;&nbsp; 15000 | 13049136 |
| Series K120, Class A2, 1.50%, 10/25/30 | &nbsp;&nbsp; 1150 | 999147 |
| Series K124, Class A2, 1.66%, 12/25/30 | &nbsp;&nbsp; 3435 | 2995973 |
| Series K126, Class A2, 2.07%, 01/25/31 | &nbsp;&nbsp; 17440 | 15557824 |
| Series K135, CLASS A2, 2.15%, <br> 10/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 4670 | 4106084 |
| Series K1510, Class A3, 3.79%, 01/25/34 | &nbsp;&nbsp; 20000 | 18909794 |
| Series K-1512, Class A2, 2.99%, 05/25/31 | &nbsp;&nbsp; 10960 | 10238363 |
| Series K-1512, Class A3, 3.06%, 04/25/34 | &nbsp;&nbsp; 16190 | 14441439 |
| Series K-1514, Class A2, 2.86%, 10/25/34 | &nbsp;&nbsp; 15500 | 13394854 |
| Series K154, Class A2, 3.42%, 04/25/32 | &nbsp;&nbsp; 2000 | 1945360 |
| Series K739, Class A2, 1.34%, 09/25/27 | &nbsp;&nbsp; 25490 | 24103015 |
| Federal National Mortgage Association |  |  |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 7467 | 6716002 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 6204 | 5435184 |
| 3.50%, 11/01/51 | &nbsp;&nbsp; 5077 | 4700181 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 7980 | 7629698 |
| 4.00%, 01/01/57 | &nbsp;&nbsp; 5711 | 5337904 |
| 4.00%, 02/01/57 | &nbsp;&nbsp; 6317 | 5904232 |
| 6.59%, 04/01/44<sup>(a)</sup> | &nbsp;&nbsp; 152 | 153368 |
| 6.71%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 56 | 56889 |
| 7.25%, 10/01/41<sup>(a)</sup> | &nbsp;&nbsp; 259 | 263789 |
| 7.54%, 08/01/41<sup>(a)</sup> | &nbsp;&nbsp; 85 | 85984 |
| Federal National Mortgage Association-ACES |  |  |
| Series 2015-M10, Class A2, 3.09%, <br> 04/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 2447 | 2402767 |
| Series 2016-M6, Class A2, 2.49%, <br> 05/25/26<br>| &nbsp;&nbsp; 6601 | 6476277 |
| Series 2017-M4, Class A2, 2.64%, <br> 12/25/26<sup>(a)</sup><br>| &nbsp;&nbsp; 19304 | 18806789 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series 2017-M7, Class A2, 2.96%, <br> 02/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; $13537 | $13257894 |
| Series 2017-M8, Class A2, 3.06%, <br> 05/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 7488 | 7339877 |
| Series 2018-M10, Class A2, 3.47%, <br> 07/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2932 | 2877027 |
| Series 2018-M12, Class A2, 3.75%, <br> 08/25/30<sup>(a)</sup><br>| &nbsp;&nbsp; 12300 | 11981903 |
| Series 2018-M13, Class A2, 3.87%, <br> 09/25/30<sup>(a)</sup><br>| &nbsp;&nbsp; 7376 | 7212558 |
| Series 2018-M2, Class A2, 3.00%, <br> 01/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 8219 | 8001747 |
| Series 2019-M2, Class A2, 3.74%, <br> 11/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 5004 | 4939269 |
| Series 2019-M22, Class A2, 2.52%, <br> 08/25/29<br>| &nbsp;&nbsp; 22017 | 20728067 |
| Series 2019-M5, Class A2, 3.27%, <br> 02/25/29<br>| &nbsp;&nbsp; 13963 | 13593719 |
| Series 2019-M9, Class A2, 2.94%, <br> 06/25/29<br>| &nbsp;&nbsp; 3750 | 3609409 |
| Series 2021-M13, Class A2, 1.65%, <br> 04/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 17050 | 14661663 |
| Series 2021-M17, Class A2, 1.71%, <br> 07/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 20500 | 17714257 |
| Series 2022-M1, Class A2, 1.72%, <br> 10/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 29670 | 25178346 |
| Government National Mortgage Association |  |  |
| 1.50%, 10/20/51 | &nbsp;&nbsp; 3975 | 3053802 |
| 2.00%, 07/20/50 | &nbsp;&nbsp; 4662 | 3804650 |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 67347 | 54952708 |
| 2.00%, 09/20/50 | &nbsp;&nbsp; 1796 | 1465319 |
| 2.00%, 10/20/50 | &nbsp;&nbsp; 46030 | 37551962 |
| 2.00%, 11/20/50 | &nbsp;&nbsp; 37395 | 30503961 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 67666 | 55191669 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 27905 | 22758507 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 185566 | 151318124 |
| 2.00%, 05/20/51 | &nbsp;&nbsp; 2720 | 2218156 |
| 2.00%, 06/20/51 | &nbsp;&nbsp; 6178 | 5036960 |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 111168 | 90638189 |
| 2.00%, 10/20/51 | &nbsp;&nbsp; 78449 | 63958276 |
| 2.00%, 11/20/51 | &nbsp;&nbsp; 56913 | 46399420 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 203829 | 166170100 |
| 2.00%, 01/20/52 | &nbsp;&nbsp; 117931 | 96140637 |
| 2.00%, 02/20/52 | &nbsp;&nbsp; 105186 | 85753566 |
| 2.00%, 03/20/52 | &nbsp;&nbsp; 175882 | 143388452 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 41621 | 33932091 |
| 2.00%, 06/20/52 | &nbsp;&nbsp; 33176 | 27046623 |
| 2.00%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 33668 | 27460143 |
| 2.50%, 02/15/28 | &nbsp;&nbsp; 28 | 27165 |
| 2.50%, 10/20/31 | &nbsp;&nbsp; 48 | 45919 |
| 2.50%, 05/20/45 | &nbsp;&nbsp; 2680 | 2314407 |
| 2.50%, 11/20/46 | &nbsp;&nbsp; 368 | 317503 |
| 2.50%, 12/20/46 | &nbsp;&nbsp; 11332 | 9780491 |
| 2.50%, 01/20/47 | &nbsp;&nbsp; 5296 | 4570566 |
| 2.50%, 06/20/50 | &nbsp;&nbsp; 13602 | 11609838 |
| 2.50%, 08/20/50 | &nbsp;&nbsp; 14879 | 12618897 |
| 2.50%, 09/20/50 | &nbsp;&nbsp; 33218 | 28169658 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 70722 | 60279676 |
| 2.50%, 02/20/51 | &nbsp;&nbsp; 118899 | 101414033 |
| 2.50%, 04/20/51 | &nbsp;&nbsp; 3764 | 3210203 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 245917 | 209695496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 06/20/51 | &nbsp;&nbsp; $7517 | $6409091 |
| 2.50%, 07/20/51 | &nbsp;&nbsp; 201556 | 171837026 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 179927 | 153383373 |
| 2.50%, 09/20/51 | &nbsp;&nbsp; 4068 | 3467878 |
| 2.50%, 10/20/51 | &nbsp;&nbsp; 3699 | 3152630 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 30283 | 25808398 |
| 2.50%, 12/20/51 | &nbsp;&nbsp; 85791 | 73115091 |
| 2.50%, 01/20/52 | &nbsp;&nbsp; 39032 | 33261502 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 3111 | 2650936 |
| 2.50%, 03/20/52 | &nbsp;&nbsp; 126925 | 108177146 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 82893 | 70648823 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 24048 | 20495788 |
| 2.50%, 07/20/52 | &nbsp;&nbsp; 7749 | 6604492 |
| 2.50%, 08/20/52 | &nbsp;&nbsp; 15334 | 13069092 |
| 2.50%, 09/20/52 | &nbsp;&nbsp; 28677 | 24441283 |
| 2.50%, 12/20/52 | &nbsp;&nbsp; 6678 | 5691352 |
| 2.50%, 10/20/53 | &nbsp;&nbsp; 2422 | 2063584 |
| 2.50%, 03/20/54 | &nbsp;&nbsp; 4360 | 3715854 |
| 2.50%, 05/20/55<sup>(i)</sup> | &nbsp;&nbsp; 16848 | 14355894 |
| 3.00%, 08/20/42 | &nbsp;&nbsp; 4033 | 3677383 |
| 3.00%, 09/15/42 | &nbsp;&nbsp; 8 | 7610 |
| 3.00%, 10/15/42 | &nbsp;&nbsp; 24 | 21604 |
| 3.00%, 03/15/43 | &nbsp;&nbsp; 136 | 122732 |
| 3.00%, 06/15/43 | &nbsp;&nbsp; 22 | 19588 |
| 3.00%, 07/15/43 | &nbsp;&nbsp; 57 | 51757 |
| 3.00%, 09/20/43 | &nbsp;&nbsp; 4667 | 4244219 |
| 3.00%, 11/15/43 | &nbsp;&nbsp; 436 | 393797 |
| 3.00%, 01/15/44 | &nbsp;&nbsp; 4052 | 3678020 |
| 3.00%, 08/20/44 | &nbsp;&nbsp; 11887 | 10811577 |
| 3.00%, 10/15/44 | &nbsp;&nbsp; 96 | 91837 |
| 3.00%, 03/20/45 | &nbsp;&nbsp; 3871 | 3486179 |
| 3.00%, 05/20/45 | &nbsp;&nbsp; 16007 | 14446114 |
| 3.00%, 06/20/45 | &nbsp;&nbsp; 5248 | 4725895 |
| 3.00%, 07/20/45 | &nbsp;&nbsp; 10588 | 9534560 |
| 3.00%, 10/20/45 | &nbsp;&nbsp; 3610 | 3251087 |
| 3.00%, 11/20/45 | &nbsp;&nbsp; 2306 | 2076538 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 4246 | 3823423 |
| 3.00%, 02/20/46 | &nbsp;&nbsp; 12651 | 11393193 |
| 3.00%, 04/20/46 | &nbsp;&nbsp; 5736 | 5157058 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 9472 | 8507834 |
| 3.00%, 06/20/46 | &nbsp;&nbsp; 11309 | 10175767 |
| 3.00%, 07/20/46 | &nbsp;&nbsp; 15876 | 14260010 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 27934 | 25090030 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 20914 | 18784444 |
| 3.00%, 11/20/46 | &nbsp;&nbsp; 5647 | 5072273 |
| 3.00%, 12/15/46 | &nbsp;&nbsp; 7056 | 6258205 |
| 3.00%, 12/20/46 | &nbsp;&nbsp; 32692 | 29363226 |
| 3.00%, 01/20/47 | &nbsp;&nbsp; 1716 | 1541154 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 10142 | 9107974 |
| 3.00%, 02/20/47 | &nbsp;&nbsp; 10462 | 9396629 |
| 3.00%, 03/20/47 | &nbsp;&nbsp; 9600 | 8622211 |
| 3.00%, 04/20/47 | &nbsp;&nbsp; 211 | 189391 |
| 3.00%, 06/20/47 | &nbsp;&nbsp; 4600 | 4120649 |
| 3.00%, 09/20/47 | &nbsp;&nbsp; 273 | 244850 |
| 3.00%, 10/20/47 | &nbsp;&nbsp; 5588 | 5004803 |
| 3.00%, 11/20/47 | &nbsp;&nbsp; 102 | 91483 |
| 3.00%, 12/20/47 | &nbsp;&nbsp; 2450 | 2194883 |
| 3.00%, 02/20/48 | &nbsp;&nbsp; 4522 | 4030605 |
| 3.00%, 03/20/48 | &nbsp;&nbsp; 15 | 13779 |
| 3.00%, 03/20/49 | &nbsp;&nbsp; 9521 | 8551889 |
| 3.00%, 07/20/49 | &nbsp;&nbsp; 7628 | 6814306 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 09/20/49 | &nbsp;&nbsp; $23264 | $20757656 |
| 3.00%, 10/15/49 | &nbsp;&nbsp; 8111 | 7184949 |
| 3.00%, 10/20/49 | &nbsp;&nbsp; 12363 | 11015146 |
| 3.00%, 11/20/49 | &nbsp;&nbsp; 138 | 122606 |
| 3.00%, 12/20/49 | &nbsp;&nbsp; 73580 | 65464442 |
| 3.00%, 01/20/50 | &nbsp;&nbsp; 39149 | 34887266 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 48801 | 43395907 |
| 3.00%, 07/20/50 | &nbsp;&nbsp; 25342 | 22558457 |
| 3.00%, 02/20/51 | &nbsp;&nbsp; 1562 | 1388396 |
| 3.00%, 03/20/51 | &nbsp;&nbsp; 9330 | 8290950 |
| 3.00%, 06/20/51 | &nbsp;&nbsp; 592 | 525102 |
| 3.00%, 08/20/51 | &nbsp;&nbsp; 64973 | 57695288 |
| 3.00%, 09/20/51 | &nbsp;&nbsp; 21320 | 18945099 |
| 3.00%, 10/20/51 | &nbsp;&nbsp; 24536 | 21753964 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 42024 | 37261257 |
| 3.00%, 12/20/51 | &nbsp;&nbsp; 50259 | 44598533 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 47549 | 42134981 |
| 3.00%, 03/20/52 | &nbsp;&nbsp; 39911 | 35130467 |
| 3.00%, 04/20/52 | &nbsp;&nbsp; 33749 | 29678871 |
| 3.00%, 05/20/52 | &nbsp;&nbsp; 47534 | 42114924 |
| 3.00%, 06/20/52 | &nbsp;&nbsp; 25826 | 22881667 |
| 3.00%, 07/20/52 | &nbsp;&nbsp; 23772 | 21062082 |
| 3.00%, 08/20/52 | &nbsp;&nbsp; 11632 | 10305687 |
| 3.00%, 09/20/52 | &nbsp;&nbsp; 15904 | 14091150 |
| 3.00%, 11/20/52 | &nbsp;&nbsp; 2249 | 1995212 |
| 3.00%, 05/20/55<sup>(i)</sup> | &nbsp;&nbsp; 57207 | 50639762 |
| 3.50%, 11/20/40 | &nbsp;&nbsp; 50 | 46949 |
| 3.50%, 12/20/40 | &nbsp;&nbsp; 36 | 33896 |
| 3.50%, 05/20/41 | &nbsp;&nbsp; 71 | 66426 |
| 3.50%, 09/15/41 | &nbsp;&nbsp; 125 | 116571 |
| 3.50%, 10/15/41 | &nbsp;&nbsp; 181 | 168527 |
| 3.50%, 12/15/41 | &nbsp;&nbsp; 1215 | 1131704 |
| 3.50%, 04/15/42 | &nbsp;&nbsp; 83 | 77360 |
| 3.50%, 08/20/42 | &nbsp;&nbsp; 7182 | 6687027 |
| 3.50%, 09/15/42 | &nbsp;&nbsp; 251 | 233893 |
| 3.50%, 09/20/42 | &nbsp;&nbsp; 8543 | 7954212 |
| 3.50%, 10/15/42 | &nbsp;&nbsp; 255 | 236756 |
| 3.50%, 10/20/42 | &nbsp;&nbsp; 22928 | 21347879 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 337 | 313393 |
| 3.50%, 11/20/42 | &nbsp;&nbsp; 19979 | 18602494 |
| 3.50%, 12/15/42 | &nbsp;&nbsp; 499 | 464570 |
| 3.50%, 12/20/42 | &nbsp;&nbsp; 7050 | 6564176 |
| 3.50%, 02/15/43 | &nbsp;&nbsp; 322 | 299658 |
| 3.50%, 02/20/43 | &nbsp;&nbsp; 138 | 128699 |
| 3.50%, 03/15/43 | &nbsp;&nbsp; 325 | 302562 |
| 3.50%, 03/20/43 | &nbsp;&nbsp; 606 | 564337 |
| 3.50%, 04/15/43 | &nbsp;&nbsp; 21 | 19324 |
| 3.50%, 04/20/43 | &nbsp;&nbsp; 160 | 148610 |
| 3.50%, 05/15/43 | &nbsp;&nbsp; 621 | 577259 |
| 3.50%, 06/15/43 | &nbsp;&nbsp; 8701 | 8053797 |
| 3.50%, 08/20/43 | &nbsp;&nbsp; 111 | 103021 |
| 3.50%, 09/20/43 | &nbsp;&nbsp; 55 | 50749 |
| 3.50%, 10/20/43 | &nbsp;&nbsp; 149 | 138679 |
| 3.50%, 01/15/44 | &nbsp;&nbsp; 97 | 90321 |
| 3.50%, 01/20/44 | &nbsp;&nbsp; 4570 | 4251534 |
| 3.50%, 02/20/44 | &nbsp;&nbsp; 1481 | 1378057 |
| 3.50%, 03/20/44 | &nbsp;&nbsp; 886 | 824346 |
| 3.50%, 07/20/44 | &nbsp;&nbsp; 25 | 23086 |
| 3.50%, 08/15/44 | &nbsp;&nbsp; 21 | 19273 |
| 3.50%, 08/20/44 | &nbsp;&nbsp; 4829 | 4473840 |
| 3.50%, 09/15/44 | &nbsp;&nbsp; 59 | 54476 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/20/44 | &nbsp;&nbsp; $8744 | $8101357 |
| 3.50%, 10/15/44 | &nbsp;&nbsp; 138 | 126973 |
| 3.50%, 10/20/44 | &nbsp;&nbsp; 1373 | 1271605 |
| 3.50%, 11/20/44 | &nbsp;&nbsp; 12 | 11047 |
| 3.50%, 12/20/44 | &nbsp;&nbsp; 820 | 759274 |
| 3.50%, 01/15/45 | &nbsp;&nbsp; 51 | 46489 |
| 3.50%, 01/20/45 | &nbsp;&nbsp; 117 | 108277 |
| 3.50%, 03/15/45 | &nbsp;&nbsp; 90 | 82320 |
| 3.50%, 04/20/45 | &nbsp;&nbsp; 8418 | 7760262 |
| 3.50%, 05/20/45 | &nbsp;&nbsp; 3225 | 2972756 |
| 3.50%, 06/15/45 | &nbsp;&nbsp; 39 | 35594 |
| 3.50%, 06/20/45 | &nbsp;&nbsp; 4746 | 4374715 |
| 3.50%, 07/20/45 | &nbsp;&nbsp; 171 | 157182 |
| 3.50%, 08/20/45 | &nbsp;&nbsp; 386 | 356074 |
| 3.50%, 09/20/45 | &nbsp;&nbsp; 12397 | 11428317 |
| 3.50%, 10/20/45 | &nbsp;&nbsp; 1201 | 1106834 |
| 3.50%, 11/20/45 | &nbsp;&nbsp; 8793 | 8105665 |
| 3.50%, 12/20/45 | &nbsp;&nbsp; 4870 | 4489387 |
| 3.50%, 03/20/46 | &nbsp;&nbsp; 17873 | 16476493 |
| 3.50%, 04/20/46 | &nbsp;&nbsp; 7936 | 7284964 |
| 3.50%, 06/20/46 | &nbsp;&nbsp; 34769 | 31915468 |
| 3.50%, 07/20/46 | &nbsp;&nbsp; 201 | 184326 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 44 | 40766 |
| 3.50%, 11/20/46 | &nbsp;&nbsp; 357 | 327860 |
| 3.50%, 12/20/46 | &nbsp;&nbsp; 10158 | 9324383 |
| 3.50%, 01/15/47 | &nbsp;&nbsp; 35 | 32327 |
| 3.50%, 01/20/47 | &nbsp;&nbsp; 2404 | 2207125 |
| 3.50%, 02/20/47 | &nbsp;&nbsp; 40911 | 37459066 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 15227 | 13945206 |
| 3.50%, 04/20/47 | &nbsp;&nbsp; 13664 | 12517392 |
| 3.50%, 06/20/47 | &nbsp;&nbsp; 2992 | 2740161 |
| 3.50%, 07/20/47 | &nbsp;&nbsp; 377 | 345234 |
| 3.50%, 08/20/47 | &nbsp;&nbsp; 19751 | 18106021 |
| 3.50%, 09/15/47 | &nbsp;&nbsp; 41 | 37627 |
| 3.50%, 09/20/47 | &nbsp;&nbsp; 28444 | 26050441 |
| 3.50%, 10/20/47 | &nbsp;&nbsp; 12014 | 11001363 |
| 3.50%, 11/15/47 | &nbsp;&nbsp; 16 | 14676 |
| 3.50%, 11/20/47 | &nbsp;&nbsp; 17125 | 15683621 |
| 3.50%, 12/15/47 | &nbsp;&nbsp; 5 | 4751 |
| 3.50%, 12/20/47 | &nbsp;&nbsp; 8947 | 8156516 |
| 3.50%, 01/20/48 | &nbsp;&nbsp; 8246 | 7551672 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 2785 | 2546616 |
| 3.50%, 04/20/48 | &nbsp;&nbsp; 27250 | 24980402 |
| 3.50%, 05/15/48 | &nbsp;&nbsp; 312 | 286151 |
| 3.50%, 05/20/48 | &nbsp;&nbsp; 18965 | 17384820 |
| 3.50%, 08/20/48 | &nbsp;&nbsp; 3565 | 3268529 |
| 3.50%, 09/20/48 | &nbsp;&nbsp; 1676 | 1536442 |
| 3.50%, 11/20/48 | &nbsp;&nbsp; 2896 | 2655450 |
| 3.50%, 01/20/49 | &nbsp;&nbsp; 4675 | 4290307 |
| 3.50%, 06/20/49 | &nbsp;&nbsp; 580 | 532232 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 4694 | 4303997 |
| 3.50%, 10/20/49 | &nbsp;&nbsp; 5983 | 5490917 |
| 3.50%, 01/20/50 | &nbsp;&nbsp; 23791 | 21815270 |
| 3.50%, 03/20/50 | &nbsp;&nbsp; 6629 | 6078353 |
| 3.50%, 08/20/50 | &nbsp;&nbsp; 5349 | 4931579 |
| 3.50%, 10/20/51 | &nbsp;&nbsp; 2206 | 2011718 |
| 3.50%, 01/20/52 | &nbsp;&nbsp; 8697 | 7928070 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 16163 | 14733059 |
| 3.50%, 03/20/52<sup>(i)</sup> | &nbsp;&nbsp; 55826 | 50708477 |
| 3.50%, 05/20/52 | &nbsp;&nbsp; 30469 | 27728210 |
| 3.50%, 07/20/52 | &nbsp;&nbsp; 40001 | 36396261 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 08/20/52 | &nbsp;&nbsp; $7434 | $6764458 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 13203 | 11998852 |
| 3.50%, 12/20/52 | &nbsp;&nbsp; 9668 | 8796709 |
| 3.50%, 01/20/53 | &nbsp;&nbsp; 34625 | 31501480 |
| 3.50%, 05/20/53 | &nbsp;&nbsp; 22832 | 20935727 |
| 3.50%, 06/20/53 | &nbsp;&nbsp; 21261 | 19581789 |
| 3.50%, 07/20/53 | &nbsp;&nbsp; 40907 | 37703451 |
| 4.00%, 06/15/39 | &nbsp;&nbsp; 4 | 4386 |
| 4.00%, 09/20/40 | &nbsp;&nbsp; 1826 | 1753196 |
| 4.00%, 01/15/41 | &nbsp;&nbsp; 1 | 627 |
| 4.00%, 01/20/41 | &nbsp;&nbsp; 600 | 575828 |
| 4.00%, 02/15/41 | &nbsp;&nbsp; 1485 | 1429739 |
| 4.00%, 05/20/41 | &nbsp;&nbsp; 12 | 11134 |
| 4.00%, 07/15/41 | &nbsp;&nbsp; 726 | 697202 |
| 4.00%, 09/15/41 | &nbsp;&nbsp; 16 | 15691 |
| 4.00%, 09/20/41 | &nbsp;&nbsp; 799 | 767116 |
| 4.00%, 10/15/41 | &nbsp;&nbsp; 283 | 270845 |
| 4.00%, 11/15/41 | &nbsp;&nbsp; 150 | 144481 |
| 4.00%, 12/15/41 | &nbsp;&nbsp; 625 | 600572 |
| 4.00%, 12/20/41 | &nbsp;&nbsp; 2680 | 2571903 |
| 4.00%, 01/15/42 | &nbsp;&nbsp; 62 | 59334 |
| 4.00%, 01/20/42 | &nbsp;&nbsp; 1168 | 1121087 |
| 4.00%, 02/15/42 | &nbsp;&nbsp; 285 | 273523 |
| 4.00%, 03/15/42 | &nbsp;&nbsp; 1465 | 1406022 |
| 4.00%, 04/15/42 | &nbsp;&nbsp; 446 | 428301 |
| 4.00%, 09/20/42 | &nbsp;&nbsp; 585 | 561544 |
| 4.00%, 08/15/43 | &nbsp;&nbsp; 11 | 10711 |
| 4.00%, 10/20/43 | &nbsp;&nbsp; 2895 | 2775323 |
| 4.00%, 03/15/44 | &nbsp;&nbsp; 70 | 66338 |
| 4.00%, 04/15/44 | &nbsp;&nbsp; 28 | 27019 |
| 4.00%, 06/15/44 | &nbsp;&nbsp; 101 | 96105 |
| 4.00%, 08/15/44 | &nbsp;&nbsp; 9 | 8272 |
| 4.00%, 08/20/44 | &nbsp;&nbsp; 205 | 196153 |
| 4.00%, 09/15/44 | &nbsp;&nbsp; 2 | 1788 |
| 4.00%, 10/15/44 | &nbsp;&nbsp; 9 | 8648 |
| 4.00%, 10/20/44 | &nbsp;&nbsp; 3856 | 3682037 |
| 4.00%, 12/20/44 | &nbsp;&nbsp; 258 | 245904 |
| 4.00%, 01/20/45 | &nbsp;&nbsp; 6082 | 5807859 |
| 4.00%, 08/20/45 | &nbsp;&nbsp; 3389 | 3221524 |
| 4.00%, 09/20/45 | &nbsp;&nbsp; 3990 | 3794081 |
| 4.00%, 10/20/45 | &nbsp;&nbsp; 474 | 450451 |
| 4.00%, 01/20/46 | &nbsp;&nbsp; 1804 | 1714866 |
| 4.00%, 03/20/46 | &nbsp;&nbsp; 8849 | 8413867 |
| 4.00%, 07/20/46 | &nbsp;&nbsp; 1914 | 1813398 |
| 4.00%, 08/20/46 | &nbsp;&nbsp; 18 | 16987 |
| 4.00%, 09/20/46 | &nbsp;&nbsp; 433 | 410677 |
| 4.00%, 11/20/46 | &nbsp;&nbsp; 4250 | 4040680 |
| 4.00%, 12/15/46 | &nbsp;&nbsp; 3533 | 3350104 |
| 4.00%, 04/20/47 | &nbsp;&nbsp; 14283 | 13493531 |
| 4.00%, 06/20/47 | &nbsp;&nbsp; 5787 | 5467026 |
| 4.00%, 07/20/47 | &nbsp;&nbsp; 25239 | 23855936 |
| 4.00%, 08/20/47 | &nbsp;&nbsp; 1228 | 1160463 |
| 4.00%, 11/20/47 | &nbsp;&nbsp; 15414 | 14569295 |
| 4.00%, 12/20/47 | &nbsp;&nbsp; 35 | 32734 |
| 4.00%, 01/20/48 | &nbsp;&nbsp; 123 | 116152 |
| 4.00%, 03/15/48 | &nbsp;&nbsp; 35 | 33511 |
| 4.00%, 03/20/48 | &nbsp;&nbsp; 17706 | 16727333 |
| 4.00%, 04/20/48 | &nbsp;&nbsp; 9539 | 8999579 |
| 4.00%, 05/15/48 | &nbsp;&nbsp; 1509 | 1418168 |
| 4.00%, 05/20/48 | &nbsp;&nbsp; 10215 | 9632325 |
| 4.00%, 08/20/48 | &nbsp;&nbsp; 15793 | 14905778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 09/20/48 | &nbsp;&nbsp; $8163 | $7706685 |
| 4.00%, 10/20/48 | &nbsp;&nbsp; 484 | 456476 |
| 4.00%, 11/20/48 | &nbsp;&nbsp; 13508 | 12740744 |
| 4.00%, 02/20/49 | &nbsp;&nbsp; 5896 | 5562081 |
| 4.00%, 03/20/49 | &nbsp;&nbsp; 239 | 225698 |
| 4.00%, 05/20/49 | &nbsp;&nbsp; 1030 | 968139 |
| 4.00%, 06/15/49 | &nbsp;&nbsp; 611 | 575418 |
| 4.00%, 06/20/49 | &nbsp;&nbsp; 1453 | 1365895 |
| 4.00%, 09/15/49 | &nbsp;&nbsp; 1616 | 1520276 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 59629 | 56098492 |
| 4.00%, 02/20/50 | &nbsp;&nbsp; 24021 | 22599108 |
| 4.00%, 07/20/50 | &nbsp;&nbsp; 4366 | 4120305 |
| 4.00%, 07/20/52 | &nbsp;&nbsp; 7964 | 7445569 |
| 4.00%, 09/20/52 | &nbsp;&nbsp; 73605 | 68809158 |
| 4.00%, 10/20/52 | &nbsp;&nbsp; 36148 | 33792637 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 15329 | 14329796 |
| 4.00%, 03/20/53 | &nbsp;&nbsp; 8761 | 8189814 |
| 4.00%, 10/20/53 | &nbsp;&nbsp; 6493 | 6070409 |
| 4.00%, 11/20/54 | &nbsp;&nbsp; 76447 | 71139132 |
| 4.00%, 05/20/55<sup>(i)</sup> | &nbsp;&nbsp; 50156 | 46677430 |
| 4.50%, 04/15/39 | &nbsp;&nbsp; 241 | 240151 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 1185 | 1181444 |
| 4.50%, 11/20/39 | &nbsp;&nbsp; 624 | 617602 |
| 4.50%, 01/20/40 | &nbsp;&nbsp; 169 | 167331 |
| 4.50%, 06/15/40 | &nbsp;&nbsp; 1184 | 1173842 |
| 4.50%, 07/15/40 | &nbsp;&nbsp; 572 | 566432 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 866 | 858511 |
| 4.50%, 08/20/40 | &nbsp;&nbsp; 1045 | 1035409 |
| 4.50%, 09/15/40 | &nbsp;&nbsp; 1005 | 995765 |
| 4.50%, 10/20/40 | &nbsp;&nbsp; 2525 | 2502376 |
| 4.50%, 06/20/41 | &nbsp;&nbsp; 2244 | 2228349 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 11580 | 11498703 |
| 4.50%, 09/20/41 | &nbsp;&nbsp; 1543 | 1532491 |
| 4.50%, 12/20/41 | &nbsp;&nbsp; 317 | 314639 |
| 4.50%, 11/20/45 | &nbsp;&nbsp; 2666 | 2623925 |
| 4.50%, 02/15/46 | &nbsp;&nbsp; 4 | 3784 |
| 4.50%, 08/20/46 | &nbsp;&nbsp; 3278 | 3232058 |
| 4.50%, 09/20/46 | &nbsp;&nbsp; 522 | 516690 |
| 4.50%, 10/20/46 | &nbsp;&nbsp; 2384 | 2350461 |
| 4.50%, 11/20/46 | &nbsp;&nbsp; 911 | 898298 |
| 4.50%, 12/20/46 | &nbsp;&nbsp; 382 | 376483 |
| 4.50%, 02/20/47 | &nbsp;&nbsp; 391 | 385186 |
| 4.50%, 04/20/47 | &nbsp;&nbsp; 455 | 446679 |
| 4.50%, 05/20/47 | &nbsp;&nbsp; 443 | 434786 |
| 4.50%, 06/20/47 | &nbsp;&nbsp; 1012 | 993602 |
| 4.50%, 07/20/47 | &nbsp;&nbsp; 2246 | 2205242 |
| 4.50%, 10/20/47 | &nbsp;&nbsp; 713 | 700372 |
| 4.50%, 04/20/48 | &nbsp;&nbsp; 1713 | 1675143 |
| 4.50%, 05/20/48 | &nbsp;&nbsp; 4338 | 4243058 |
| 4.50%, 06/20/48 | &nbsp;&nbsp; 4734 | 4621105 |
| 4.50%, 07/20/48 | &nbsp;&nbsp; 6169 | 6021757 |
| 4.50%, 08/20/48 | &nbsp;&nbsp; 9876 | 9640270 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 495 | 482894 |
| 4.50%, 10/20/48 | &nbsp;&nbsp; 513 | 500732 |
| 4.50%, 11/20/48 | &nbsp;&nbsp; 142 | 138376 |
| 4.50%, 12/20/48 | &nbsp;&nbsp; 5218 | 5093610 |
| 4.50%, 01/20/49 | &nbsp;&nbsp; 138 | 134625 |
| 4.50%, 02/20/49 | &nbsp;&nbsp; 1565 | 1526664 |
| 4.50%, 03/20/49 | &nbsp;&nbsp; 2118 | 2067301 |
| 4.50%, 05/20/49 | &nbsp;&nbsp; 487 | 475372 |
| 4.50%, 06/20/49 | &nbsp;&nbsp; 6717 | 6556426 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 07/20/49 | &nbsp;&nbsp; $5022 | $4902017 |
| 4.50%, 08/20/49 | &nbsp;&nbsp; 1989 | 1941626 |
| 4.50%, 07/20/52 | &nbsp;&nbsp; 4125 | 3968338 |
| 4.50%, 08/20/52 | &nbsp;&nbsp; 91654 | 88171618 |
| 4.50%, 04/20/53 | &nbsp;&nbsp; 68769 | 66124433 |
| 4.50%, 05/20/53 | &nbsp;&nbsp; 35145 | 33793778 |
| 4.50%, 06/20/53 | &nbsp;&nbsp; 57571 | 55357465 |
| 4.50%, 04/20/54 | &nbsp;&nbsp; 1780 | 1706093 |
| 4.50%, 10/20/54 | &nbsp;&nbsp; 97099 | 92924028 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 43776 | 41893779 |
| 4.50%, 05/20/55<sup>(i)</sup> | &nbsp;&nbsp; 87511 | 83757506 |
| 5.00%, 12/15/36 | &nbsp;&nbsp; 313 | 320061 |
| 5.00%, 01/15/39 | &nbsp;&nbsp; 1025 | 1050053 |
| 5.00%, 07/15/39 | &nbsp;&nbsp; 1778 | 1820231 |
| 5.00%, 05/15/40 | &nbsp;&nbsp; 677 | 688844 |
| 5.00%, 07/20/40 | &nbsp;&nbsp; 3468 | 3523944 |
| 5.00%, 08/20/40 | &nbsp;&nbsp; 1315 | 1336028 |
| 5.00%, 05/15/47 | &nbsp;&nbsp; 1002 | 998106 |
| 5.00%, 06/15/47 | &nbsp;&nbsp; 153 | 151964 |
| 5.00%, 11/15/47 | &nbsp;&nbsp; 344 | 343048 |
| 5.00%, 12/15/47 | &nbsp;&nbsp; 249 | 248391 |
| 5.00%, 01/15/48 | &nbsp;&nbsp; 326 | 324654 |
| 5.00%, 02/15/48 | &nbsp;&nbsp; 469 | 467441 |
| 5.00%, 03/20/48 | &nbsp;&nbsp; 911 | 914943 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 3190 | 3198672 |
| 5.00%, 05/20/48 | &nbsp;&nbsp; 3449 | 3438260 |
| 5.00%, 10/20/48 | &nbsp;&nbsp; 70 | 69621 |
| 5.00%, 11/20/48 | &nbsp;&nbsp; 1227 | 1218260 |
| 5.00%, 12/20/48 | &nbsp;&nbsp; 2279 | 2263340 |
| 5.00%, 01/20/49 | &nbsp;&nbsp; 3818 | 3791657 |
| 5.00%, 04/20/49 | &nbsp;&nbsp; 8878 | 8817121 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 1038 | 1032547 |
| 5.00%, 06/20/49 | &nbsp;&nbsp; 7966 | 7922434 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 4229 | 4167385 |
| 5.00%, 09/20/52 | &nbsp;&nbsp; 5325 | 5247522 |
| 5.00%, 11/20/52 | &nbsp;&nbsp; 4567 | 4503589 |
| 5.00%, 12/20/52 | &nbsp;&nbsp; 36924 | 36409088 |
| 5.00%, 01/20/53 | &nbsp;&nbsp; 38811 | 38242403 |
| 5.00%, 02/20/53 | &nbsp;&nbsp; 6974 | 6872003 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 28464 | 28023787 |
| 5.00%, 05/20/53 | &nbsp;&nbsp; 72486 | 71444220 |
| 5.00%, 06/20/53 | &nbsp;&nbsp; 7828 | 7706576 |
| 5.00%, 07/20/53 | &nbsp;&nbsp; 83211 | 81924539 |
| 5.00%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 67855 | 66555454 |
| 5.00%, 05/20/54 | &nbsp;&nbsp; 561 | 550048 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 32337 | 31790448 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; 52276 | 51279119 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 113137 | 110979149 |
| 5.00%, 12/20/54 | &nbsp;&nbsp; 190698 | 187061540 |
| 5.50%, 03/15/36 | &nbsp;&nbsp; 482 | 500420 |
| 5.50%, 06/20/38 | &nbsp;&nbsp; 557 | 577172 |
| 5.50%, 03/20/39 | &nbsp;&nbsp; 828 | 857944 |
| 5.50%, 12/15/39 | &nbsp;&nbsp; 198 | 207287 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1940 | 2026475 |
| 5.50%, 04/20/48 | &nbsp;&nbsp; 191 | 196194 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 65817 | 66092293 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 20551 | 20634556 |
| 5.50%, 03/20/53 | &nbsp;&nbsp; 34526 | 34634371 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 94836 | 95134054 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 20244 | 20307779 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 19812 | 19934411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 09/20/53 | &nbsp;&nbsp; $131442 | $131854875 |
| 5.50%, 10/20/53 | &nbsp;&nbsp; 41959 | 42090650 |
| 5.50%, 04/20/54 | &nbsp;&nbsp; 28014 | 28047283 |
| 5.50%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 173124 | 173031346 |
| 5.50%, 05/20/54 | &nbsp;&nbsp; 1898 | 1899483 |
| 5.50%, 07/20/54 | &nbsp;&nbsp; 7657 | 7667351 |
| 5.50%, 08/20/54 | &nbsp;&nbsp; 92560 | 92562833 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 25684 | 25684705 |
| 5.50%, 11/20/54 | &nbsp;&nbsp; 67795 | 67797742 |
| 5.50%, 02/20/55 | &nbsp;&nbsp; 50719 | 50712401 |
| 6.00%, 03/15/37 | &nbsp;&nbsp; 1549 | 1643195 |
| 6.00%, 09/20/38 | &nbsp;&nbsp; 619 | 651477 |
| 6.00%, 11/15/39 | &nbsp;&nbsp; 265 | 283224 |
| 6.00%, 02/20/53 | &nbsp;&nbsp; 9046 | 9195599 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 22317 | 22689147 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 33999 | 34565849 |
| 6.00%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 94300 | 95371926 |
| 6.00%, 06/20/54 | &nbsp;&nbsp; 50737 | 51430177 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 84351 | 85389710 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 189947 | 192284592 |
| 6.00%, 09/20/54 | &nbsp;&nbsp; 162261 | 164149268 |
| 6.00%, 01/20/55 | &nbsp;&nbsp; 64781 | 65578784 |
| 6.00%, 04/20/55 | &nbsp;&nbsp; 62644 | 63428062 |
| 6.50%, 10/20/38 | &nbsp;&nbsp; 920 | 985175 |
| 6.50%, 03/20/53 | &nbsp;&nbsp; 12275 | 12605791 |
| 6.50%, 05/20/53 | &nbsp;&nbsp; 10802 | 11092384 |
| 6.50%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 121229 | 123922966 |
| 6.50%, 06/20/54 | &nbsp;&nbsp; 21224 | 21731215 |
| 6.50%, 07/20/54 | &nbsp;&nbsp; 69563 | 71148786 |
| 6.50%, 08/20/54 | &nbsp;&nbsp; 6474 | 6614197 |
| 6.50%, 11/20/54 | &nbsp;&nbsp; 6102 | 6241530 |
| 6.50%, 01/20/55 | &nbsp;&nbsp; 58251 | 59667303 |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 148667 | 152055892 |
| 6.50%, 03/20/55 | &nbsp;&nbsp; 38137 | 39135183 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 14812 | 13143133 |
| 1.50%, 04/01/36 | &nbsp;&nbsp; 263 | 233468 |
| 1.50%, 07/01/36 | &nbsp;&nbsp; 2701 | 2391965 |
| 1.50%, 10/01/36 | &nbsp;&nbsp; 10863 | 9612457 |
| 1.50%, 01/01/37 | &nbsp;&nbsp; 1386 | 1227035 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 131557 | 116402858 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 135030 | 119257205 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 20808 | 18377368 |
| 1.50%, 05/01/37 | &nbsp;&nbsp; 5865 | 5179871 |
| 1.50%, 08/01/37 | &nbsp;&nbsp; 10771 | 9530387 |
| 1.50%, 11/01/37 | &nbsp;&nbsp; 45215 | 39933316 |
| 1.50%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 123138 | 108662863 |
| 1.50%, 11/01/50 | &nbsp;&nbsp; 81560 | 61553003 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 22829 | 17196512 |
| 1.50%, 04/01/51 | &nbsp;&nbsp; 8274 | 6240316 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 92563 | 69805904 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 126947 | 95732111 |
| 1.50%, 11/01/51 | &nbsp;&nbsp; 82786 | 62394300 |
| 1.50%, 04/01/52 | &nbsp;&nbsp; 8572 | 6462690 |
| 1.50%, 05/13/55<sup>(i)</sup> | &nbsp;&nbsp; 64650 | 48678816 |
| 2.00%, 10/01/35 | &nbsp;&nbsp; 24465 | 22448773 |
| 2.00%, 11/01/35 | &nbsp;&nbsp; 11304 | 10411600 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 55362 | 50613907 |
| 2.00%, 01/01/36 | &nbsp;&nbsp; 3949 | 3606243 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 278229 | 254944020 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 56676 | 51782471 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 04/01/36 | &nbsp;&nbsp; $390 | $357138 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 62591 | 57167120 |
| 2.00%, 06/01/36 | &nbsp;&nbsp; 34186 | 31190722 |
| 2.00%, 07/01/36 | &nbsp;&nbsp; 13506 | 12289351 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 21199 | 19326250 |
| 2.00%, 09/01/36 | &nbsp;&nbsp; 17552 | 15965318 |
| 2.00%, 10/01/36 | &nbsp;&nbsp; 29857 | 27158685 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 40676 | 37025023 |
| 2.00%, 12/01/36 | &nbsp;&nbsp; 71882 | 65417253 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 104421 | 95050890 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 62202 | 56579610 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 28925 | 26278400 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 127325 | 115608238 |
| 2.00%, 05/01/37 | &nbsp;&nbsp; 53299 | 48382306 |
| 2.00%, 06/01/37 | &nbsp;&nbsp; 107560 | 97759024 |
| 2.00%, 08/01/37 | &nbsp;&nbsp; 15898 | 14455740 |
| 2.00%, 10/01/37 | &nbsp;&nbsp; 8241 | 7480932 |
| 2.00%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 158264 | 143739815 |
| 2.00%, 05/01/50 | &nbsp;&nbsp; 27781 | 22267034 |
| 2.00%, 06/01/50 | &nbsp;&nbsp; 61927 | 49619889 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 53563 | 42902829 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 58998 | 47349211 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 143765 | 115242875 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 2289 | 1830036 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 209139 | 168528179 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 89789 | 72529499 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 429742 | 343393666 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 441032 | 352721100 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 510883 | 408859490 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 103492 | 82965258 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 261610 | 209522953 |
| 2.00%, 07/01/51 | &nbsp;&nbsp; 275118 | 220041139 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 150881 | 120079347 |
| 2.00%, 09/01/51 | &nbsp;&nbsp; 46563 | 37019980 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 626336 | 499526726 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 486688 | 388184239 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 411375 | 327865372 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 219680 | 175054967 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 524201 | 416802532 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 455826 | 361885335 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 79441 | 63096542 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 51399 | 40906945 |
| 2.00%, 06/01/52 | &nbsp;&nbsp; 72675 | 57758205 |
| 2.00%, 07/01/52 | &nbsp;&nbsp; 9221 | 7340328 |
| 2.00%, 08/01/52 | &nbsp;&nbsp; 7746 | 6148574 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 71649 | 57009696 |
| 2.00%, 12/01/53 | &nbsp;&nbsp; 22462 | 17829177 |
| 2.00%, 05/13/55<sup>(i)</sup> | &nbsp;&nbsp; 44931 | 35628378 |
| 2.50%, 05/01/27 | &nbsp;&nbsp; 343 | 337535 |
| 2.50%, 10/01/27 | &nbsp;&nbsp; 419 | 411111 |
| 2.50%, 01/01/28 | &nbsp;&nbsp; 58 | 56686 |
| 2.50%, 03/01/28 | &nbsp;&nbsp; 87 | 84815 |
| 2.50%, 06/01/28 | &nbsp;&nbsp; 16 | 15231 |
| 2.50%, 09/01/28 | &nbsp;&nbsp; 44 | 42927 |
| 2.50%, 12/01/28 | &nbsp;&nbsp; 20 | 19763 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 36 | 35089 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 734 | 719357 |
| 2.50%, 02/01/30 | &nbsp;&nbsp; 656 | 634948 |
| 2.50%, 03/01/30 | &nbsp;&nbsp; 2369 | 2291099 |
| 2.50%, 04/01/30 | &nbsp;&nbsp; 133 | 129064 |
| 2.50%, 06/01/30 | &nbsp;&nbsp; 364 | 351590 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 07/01/30 | &nbsp;&nbsp; $718 | $692966 |
| 2.50%, 08/01/30 | &nbsp;&nbsp; 2050 | 1976328 |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 767 | 740302 |
| 2.50%, 12/01/30 | &nbsp;&nbsp; 1481 | 1425886 |
| 2.50%, 01/01/31 | &nbsp;&nbsp; 1016 | 979961 |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 560 | 538249 |
| 2.50%, 05/01/31 | &nbsp;&nbsp; 17 | 15930 |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 3011 | 2885265 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 26391 | 25396141 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 5221 | 5004301 |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 10276 | 9846274 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 11858 | 11375202 |
| 2.50%, 03/01/32 | &nbsp;&nbsp; 4837 | 4627097 |
| 2.50%, 04/01/32 | &nbsp;&nbsp; 27990 | 26856917 |
| 2.50%, 05/01/32 | &nbsp;&nbsp; 18489 | 17727236 |
| 2.50%, 06/01/32 | &nbsp;&nbsp; 502 | 482069 |
| 2.50%, 07/01/32 | &nbsp;&nbsp; 7619 | 7320152 |
| 2.50%, 09/01/32 | &nbsp;&nbsp; 2991 | 2872067 |
| 2.50%, 10/01/32 | &nbsp;&nbsp; 568 | 542417 |
| 2.50%, 11/01/32 | &nbsp;&nbsp; 576 | 545902 |
| 2.50%, 12/01/32 | &nbsp;&nbsp; 5586 | 5319494 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 14698 | 14191909 |
| 2.50%, 03/01/33 | &nbsp;&nbsp; 89 | 84174 |
| 2.50%, 07/01/33 | &nbsp;&nbsp; 89 | 84274 |
| 2.50%, 08/01/34 | &nbsp;&nbsp; 339 | 325175 |
| 2.50%, 10/01/34 | &nbsp;&nbsp; 107 | 100771 |
| 2.50%, 11/01/34 | &nbsp;&nbsp; 17507 | 16418295 |
| 2.50%, 07/01/35 | &nbsp;&nbsp; 9979 | 9361611 |
| 2.50%, 09/01/35 | &nbsp;&nbsp; 19217 | 17970382 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 61359 | 57451220 |
| 2.50%, 03/01/36 | &nbsp;&nbsp; 18112 | 16925125 |
| 2.50%, 04/01/36 | &nbsp;&nbsp; 1189 | 1109732 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 15658 | 14608760 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 26684 | 24868440 |
| 2.50%, 08/01/36 | &nbsp;&nbsp; 31136 | 29005321 |
| 2.50%, 10/01/36 | &nbsp;&nbsp; 1114 | 1041336 |
| 2.50%, 02/01/37 | &nbsp;&nbsp; 3487 | 3248615 |
| 2.50%, 03/01/37 | &nbsp;&nbsp; 11817 | 10982503 |
| 2.50%, 04/01/37 | &nbsp;&nbsp; 41896 | 38961774 |
| 2.50%, 05/01/37 | &nbsp;&nbsp; 55090 | 51195083 |
| 2.50%, 06/01/37 | &nbsp;&nbsp; 27119 | 25215616 |
| 2.50%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 190652 | 177115001 |
| 2.50%, 05/01/43 | &nbsp;&nbsp; 185 | 163034 |
| 2.50%, 02/01/47 | &nbsp;&nbsp; 655 | 560409 |
| 2.50%, 04/01/47 | &nbsp;&nbsp; 8159 | 6982252 |
| 2.50%, 12/01/47 | &nbsp;&nbsp; 159 | 135748 |
| 2.50%, 05/01/50 | &nbsp;&nbsp; 81605 | 68478647 |
| 2.50%, 07/01/50 | &nbsp;&nbsp; 38072 | 32365557 |
| 2.50%, 08/01/50 | &nbsp;&nbsp; 54951 | 46572682 |
| 2.50%, 09/01/50 | &nbsp;&nbsp; 134059 | 113218607 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 162545 | 136906720 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 189224 | 159279346 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 72680 | 60693935 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 136037 | 113679428 |
| 2.50%, 02/01/51 | &nbsp;&nbsp; 52193 | 43747427 |
| 2.50%, 03/01/51 | &nbsp;&nbsp; 66513 | 55457596 |
| 2.50%, 04/01/51 | &nbsp;&nbsp; 49788 | 41602460 |
| 2.50%, 05/01/51 | &nbsp;&nbsp; 46127 | 38679664 |
| 2.50%, 06/01/51 | &nbsp;&nbsp; 6431 | 5374718 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 269524 | 225423423 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 282445 | 236876616 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 09/01/51 | &nbsp;&nbsp; $130784 | $109541391 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 208415 | 174571146 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 87712 | 73596461 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 389347 | 326617901 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 433699 | 361969062 |
| 2.50%, 02/01/52 | &nbsp;&nbsp; 340118 | 284113798 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 228235 | 190289133 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 277988 | 231799761 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 105511 | 87856897 |
| 2.50%, 06/01/52 | &nbsp;&nbsp; 12290 | 10232532 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 160296 | 133499261 |
| 2.50%, 08/01/52 | &nbsp;&nbsp; 10437 | 8690134 |
| 2.50%, 04/01/53 | &nbsp;&nbsp; 129229 | 107595591 |
| 2.50%, 01/01/54 | &nbsp;&nbsp; 29446 | 24590513 |
| 2.50%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 64077 | 53258514 |
| 3.00%, 11/01/25 | &nbsp;&nbsp; 9 | 8440 |
| 3.00%, 10/01/26 | &nbsp;&nbsp; 16 | 15924 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 446 | 440347 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 5 | 4908 |
| 3.00%, 10/01/27 | &nbsp;&nbsp; 887 | 874691 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 493 | 485721 |
| 3.00%, 12/01/27 | &nbsp;&nbsp; 32 | 31957 |
| 3.00%, 03/01/29 | &nbsp;&nbsp; 74 | 72630 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 111 | 109030 |
| 3.00%, 09/01/29 | &nbsp;&nbsp; 59 | 57804 |
| 3.00%, 10/01/29 | &nbsp;&nbsp; 17 | 16959 |
| 3.00%, 01/01/30 | &nbsp;&nbsp; 43 | 42315 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 16334 | 16049885 |
| 3.00%, 04/01/30 | &nbsp;&nbsp; 2071 | 2020872 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 290 | 284421 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 1714 | 1670854 |
| 3.00%, 08/01/30 | &nbsp;&nbsp; 6141 | 5983776 |
| 3.00%, 09/01/30 | &nbsp;&nbsp; 8100 | 7895608 |
| 3.00%, 10/01/30 | &nbsp;&nbsp; 3547 | 3453350 |
| 3.00%, 11/01/30 | &nbsp;&nbsp; 882 | 859003 |
| 3.00%, 12/01/30 | &nbsp;&nbsp; 2529 | 2459356 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 8123 | 7930714 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 5853 | 5704534 |
| 3.00%, 03/01/31 | &nbsp;&nbsp; 4026 | 3916728 |
| 3.00%, 04/01/31 | &nbsp;&nbsp; 628 | 611054 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 185 | 179825 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 3593 | 3492892 |
| 3.00%, 07/01/31 | &nbsp;&nbsp; 1021 | 990307 |
| 3.00%, 09/01/31 | &nbsp;&nbsp; 3411 | 3315995 |
| 3.00%, 10/01/31 | &nbsp;&nbsp; 664 | 644849 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 4901 | 4811088 |
| 3.00%, 01/01/32 | &nbsp;&nbsp; 6054 | 5876973 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 11222 | 10904862 |
| 3.00%, 03/01/32 | &nbsp;&nbsp; 1629 | 1579078 |
| 3.00%, 04/01/32 | &nbsp;&nbsp; 113 | 109861 |
| 3.00%, 05/01/32 | &nbsp;&nbsp; 2509 | 2423548 |
| 3.00%, 06/01/32 | &nbsp;&nbsp; 3646 | 3546241 |
| 3.00%, 08/01/32 | &nbsp;&nbsp; 2253 | 2183280 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 623 | 605367 |
| 3.00%, 11/01/32 | &nbsp;&nbsp; 3812 | 3692134 |
| 3.00%, 12/01/32 | &nbsp;&nbsp; 7577 | 7328880 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 4033 | 3904113 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 374 | 360079 |
| 3.00%, 09/01/33 | &nbsp;&nbsp; 282 | 271971 |
| 3.00%, 10/01/33 | &nbsp;&nbsp; 3641 | 3509761 |
| 3.00%, 07/01/34 | &nbsp;&nbsp; 2911 | 2794547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 08/01/34 | &nbsp;&nbsp; $331 | $316904 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 4246 | 4077508 |
| 3.00%, 11/01/34 | &nbsp;&nbsp; 2912 | 2792280 |
| 3.00%, 12/01/34 | &nbsp;&nbsp; 10624 | 10164120 |
| 3.00%, 03/01/35 | &nbsp;&nbsp; 2819 | 2703115 |
| 3.00%, 04/01/35 | &nbsp;&nbsp; 17635 | 16889244 |
| 3.00%, 06/01/35 | &nbsp;&nbsp; 412 | 394266 |
| 3.00%, 07/01/35 | &nbsp;&nbsp; 2285 | 2190882 |
| 3.00%, 09/01/35 | &nbsp;&nbsp; 11356 | 11042181 |
| 3.00%, 10/01/35 | &nbsp;&nbsp; 7292 | 6982284 |
| 3.00%, 12/01/35 | &nbsp;&nbsp; 4484 | 4323950 |
| 3.00%, 02/01/37 | &nbsp;&nbsp; 5521 | 5252515 |
| 3.00%, 04/01/37 | &nbsp;&nbsp; 9388 | 8913300 |
| 3.00%, 06/01/37 | &nbsp;&nbsp; 1672 | 1608231 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 13905 | 13244913 |
| 3.00%, 09/01/37 | &nbsp;&nbsp; 2252 | 2142323 |
| 3.00%, 07/01/38 | &nbsp;&nbsp; 18047 | 17133419 |
| 3.00%, 11/01/38 | &nbsp;&nbsp; 59520 | 56507897 |
| 3.00%, 08/01/42 | &nbsp;&nbsp; 197 | 179115 |
| 3.00%, 09/01/42 | &nbsp;&nbsp; 67 | 61010 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 2853 | 2594094 |
| 3.00%, 11/01/42 | &nbsp;&nbsp; 2221 | 2019659 |
| 3.00%, 12/01/42 | &nbsp;&nbsp; 11884 | 10805194 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 5602 | 5093688 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 203 | 184656 |
| 3.00%, 03/01/43 | &nbsp;&nbsp; 8590 | 7804712 |
| 3.00%, 04/01/43 | &nbsp;&nbsp; 9237 | 8392773 |
| 3.00%, 05/01/43 | &nbsp;&nbsp; 3396 | 3086432 |
| 3.00%, 06/01/43 | &nbsp;&nbsp; 1873 | 1701609 |
| 3.00%, 07/01/43 | &nbsp;&nbsp; 1321 | 1200528 |
| 3.00%, 08/01/43 | &nbsp;&nbsp; 2262 | 2055392 |
| 3.00%, 09/01/43 | &nbsp;&nbsp; 5508 | 5004057 |
| 3.00%, 01/01/44 | &nbsp;&nbsp; 7588 | 6894085 |
| 3.00%, 10/01/44 | &nbsp;&nbsp; 23917 | 21729504 |
| 3.00%, 12/01/44 | &nbsp;&nbsp; 6 | 5330 |
| 3.00%, 01/01/45 | &nbsp;&nbsp; 2420 | 2198192 |
| 3.00%, 02/01/45 | &nbsp;&nbsp; 232 | 208472 |
| 3.00%, 03/01/45 | &nbsp;&nbsp; 10272 | 9332904 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 85 | 75803 |
| 3.00%, 05/01/45 | &nbsp;&nbsp; 9978 | 8990243 |
| 3.00%, 06/01/45 | &nbsp;&nbsp; 52 | 46105 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 111 | 98866 |
| 3.00%, 09/01/45 | &nbsp;&nbsp; 772 | 688045 |
| 3.00%, 11/01/45 | &nbsp;&nbsp; 1708 | 1524400 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 186 | 165891 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 445 | 396758 |
| 3.00%, 04/01/46 | &nbsp;&nbsp; 2660 | 2373126 |
| 3.00%, 06/01/46 | &nbsp;&nbsp; 51 | 45590 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 64495 | 57547087 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 11211 | 9971534 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 3449 | 3064638 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 42917 | 38246053 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 96284 | 85598809 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 35877 | 31930101 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 59148 | 52568997 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 32073 | 28505691 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 1211 | 1076496 |
| 3.00%, 07/01/47 | &nbsp;&nbsp; 14636 | 13008624 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 4532 | 4027452 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 23171 | 20612378 |
| 3.00%, 03/01/48 | &nbsp;&nbsp; 3706 | 3295029 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 04/01/48 | &nbsp;&nbsp; $109 | $94561 |
| 3.00%, 09/01/48 | &nbsp;&nbsp; 358 | 318115 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 41039 | 36480686 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 18819 | 16791360 |
| 3.00%, 09/01/49 | &nbsp;&nbsp; 8597 | 7592811 |
| 3.00%, 11/01/49 | &nbsp;&nbsp; 13763 | 12120826 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 26646 | 23447023 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 7117 | 6201124 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 17425 | 15339556 |
| 3.00%, 04/01/50 | &nbsp;&nbsp; 14725 | 12952112 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 47729 | 41894023 |
| 3.00%, 07/01/50 | &nbsp;&nbsp; 47574 | 41734569 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 44228 | 39090239 |
| 3.00%, 09/01/50 | &nbsp;&nbsp; 9126 | 8001011 |
| 3.00%, 10/01/50 | &nbsp;&nbsp; 126220 | 109977438 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 17130 | 15016111 |
| 3.00%, 12/01/50 | &nbsp;&nbsp; 7911 | 6932397 |
| 3.00%, 01/01/51 | &nbsp;&nbsp; 24832 | 21841679 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 3790 | 3318101 |
| 3.00%, 05/01/51 | &nbsp;&nbsp; 60473 | 53486921 |
| 3.00%, 06/01/51 | &nbsp;&nbsp; 70701 | 61897885 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 39576 | 34683033 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 55685 | 48539925 |
| 3.00%, 10/01/51 | &nbsp;&nbsp; 7756 | 6728888 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 16329 | 14245739 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 22670 | 19895165 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 71932 | 62751116 |
| 3.00%, 02/01/52 | &nbsp;&nbsp; 85858 | 75336589 |
| 3.00%, 02/25/52<sup>(i)</sup> | &nbsp;&nbsp; 111847 | 97050141 |
| 3.00%, 03/01/52 | &nbsp;&nbsp; 124618 | 108611376 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 173263 | 151458804 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 98547 | 85747838 |
| 3.00%, 07/01/52 | &nbsp;&nbsp; 205325 | 178212775 |
| 3.00%, 08/01/52 | &nbsp;&nbsp; 26945 | 23580409 |
| 3.00%, 10/01/53 | &nbsp;&nbsp; 27201 | 23600525 |
| 3.50%, 10/01/25 | &nbsp;&nbsp; 12 | 11548 |
| 3.50%, 01/01/27 | &nbsp;&nbsp; 66 | 65087 |
| 3.50%, 11/01/28 | &nbsp;&nbsp; 57 | 56688 |
| 3.50%, 01/01/29 | &nbsp;&nbsp; 107 | 105519 |
| 3.50%, 11/01/29 | &nbsp;&nbsp; 49 | 48392 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 468 | 462125 |
| 3.50%, 07/01/30 | &nbsp;&nbsp; 2752 | 2714356 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 723 | 713273 |
| 3.50%, 11/01/30 | &nbsp;&nbsp; 187 | 183464 |
| 3.50%, 03/01/31 | &nbsp;&nbsp; 1387 | 1363582 |
| 3.50%, 06/01/31 | &nbsp;&nbsp; 3803 | 3745084 |
| 3.50%, 01/01/32 | &nbsp;&nbsp; 5327 | 5230543 |
| 3.50%, 02/01/32 | &nbsp;&nbsp; 673 | 659946 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 2671 | 2618588 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 2501 | 2452551 |
| 3.50%, 07/01/32 | &nbsp;&nbsp; 973 | 952210 |
| 3.50%, 08/01/32 | &nbsp;&nbsp; 611 | 598848 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 1324 | 1300322 |
| 3.50%, 10/01/32 | &nbsp;&nbsp; 563 | 551817 |
| 3.50%, 11/01/32 | &nbsp;&nbsp; 713 | 698986 |
| 3.50%, 12/01/32 | &nbsp;&nbsp; 86 | 84075 |
| 3.50%, 02/01/33 | &nbsp;&nbsp; 423 | 412887 |
| 3.50%, 03/01/33 | &nbsp;&nbsp; 3079 | 3018009 |
| 3.50%, 04/01/33 | &nbsp;&nbsp; 3694 | 3620883 |
| 3.50%, 05/01/33 | &nbsp;&nbsp; 2772 | 2712081 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 3291 | 3215523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 10/01/33 | &nbsp;&nbsp; $452 | $441088 |
| 3.50%, 01/01/34 | &nbsp;&nbsp; 847 | 825140 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 15913 | 15565506 |
| 3.50%, 03/01/34 | &nbsp;&nbsp; 458 | 446569 |
| 3.50%, 04/01/34 | &nbsp;&nbsp; 1202 | 1176560 |
| 3.50%, 05/01/34 | &nbsp;&nbsp; 1469 | 1430625 |
| 3.50%, 07/01/34 | &nbsp;&nbsp; 1972 | 1947503 |
| 3.50%, 08/01/34 | &nbsp;&nbsp; 3990 | 3884667 |
| 3.50%, 01/01/35 | &nbsp;&nbsp; 2822 | 2747010 |
| 3.50%, 05/01/35 | &nbsp;&nbsp; 221 | 216371 |
| 3.50%, 09/01/37 | &nbsp;&nbsp; 23171 | 22378021 |
| 3.50%, 07/01/38 | &nbsp;&nbsp; 31540 | 30390351 |
| 3.50%, 08/01/38 | &nbsp;&nbsp; 776 | 743300 |
| 3.50%, 09/01/38 | &nbsp;&nbsp; 1340 | 1282395 |
| 3.50%, 11/01/38 | &nbsp;&nbsp; 19711 | 18992426 |
| 3.50%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 4166 | 4012824 |
| 3.50%, 11/01/40 | &nbsp;&nbsp; 205 | 192759 |
| 3.50%, 02/01/41 | &nbsp;&nbsp; 222 | 208312 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 6473 | 6080088 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 48 | 45191 |
| 3.50%, 04/01/42 | &nbsp;&nbsp; 23 | 21716 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 2196 | 2056000 |
| 3.50%, 08/01/42 | &nbsp;&nbsp; 369 | 345455 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 13155 | 12312797 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 8082 | 7564537 |
| 3.50%, 12/01/42 | &nbsp;&nbsp; 2836 | 2654563 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 79 | 73542 |
| 3.50%, 02/01/43 | &nbsp;&nbsp; 425 | 397831 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 74 | 69227 |
| 3.50%, 05/01/43 | &nbsp;&nbsp; 104 | 97262 |
| 3.50%, 06/01/43 | &nbsp;&nbsp; 2920 | 2727993 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 58 | 54127 |
| 3.50%, 10/01/43 | &nbsp;&nbsp; 3210 | 3004774 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 184 | 170599 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 3778 | 3528787 |
| 3.50%, 01/01/45 | &nbsp;&nbsp; 92 | 86005 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 4608 | 4304817 |
| 3.50%, 03/01/45 | &nbsp;&nbsp; 17623 | 16244015 |
| 3.50%, 05/01/45 | &nbsp;&nbsp; 19840 | 18308327 |
| 3.50%, 06/01/45 | &nbsp;&nbsp; 76 | 69920 |
| 3.50%, 07/01/45 | &nbsp;&nbsp; 8157 | 7527064 |
| 3.50%, 08/01/45 | &nbsp;&nbsp; 3167 | 2922225 |
| 3.50%, 10/01/45 | &nbsp;&nbsp; 1634 | 1529475 |
| 3.50%, 11/01/45 | &nbsp;&nbsp; 231 | 213791 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 30644 | 28276441 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 13222 | 12275113 |
| 3.50%, 02/01/46 | &nbsp;&nbsp; 13982 | 12901549 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 16960 | 15711821 |
| 3.50%, 04/01/46 | &nbsp;&nbsp; 2334 | 2136440 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 14093 | 12983673 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 2699 | 2477996 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 22628 | 20840408 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 7311 | 6721712 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 5754 | 5257164 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 8341 | 7679226 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 11799 | 10870864 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 50383 | 46495479 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 26335 | 24332196 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 11290 | 10411782 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 10421 | 9580784 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 11857 | 10900765 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 06/01/47 | &nbsp;&nbsp; $3819 | $3517510 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 57940 | 53233739 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 7227 | 6638072 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 3138 | 2880931 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 10130 | 9336436 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 8228 | 7600330 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 14284 | 13116107 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 31084 | 28574006 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 65761 | 60424254 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 2099 | 1924400 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 9519 | 8743289 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 26044 | 23852845 |
| 3.50%, 06/01/48 | &nbsp;&nbsp; 2814 | 2575163 |
| 3.50%, 07/01/48 | &nbsp;&nbsp; 2203 | 2026424 |
| 3.50%, 11/01/48 | &nbsp;&nbsp; 38359 | 35128865 |
| 3.50%, 02/01/49 | &nbsp;&nbsp; 86 | 78431 |
| 3.50%, 03/01/49 | &nbsp;&nbsp; 1244 | 1137977 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 1858 | 1697736 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 1439 | 1304028 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 71637 | 65749348 |
| 3.50%, 07/01/49 | &nbsp;&nbsp; 10985 | 10019909 |
| 3.50%, 09/01/49 | &nbsp;&nbsp; 15612 | 14240506 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 40113 | 36735669 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 15805 | 14416966 |
| 3.50%, 06/01/50 | &nbsp;&nbsp; 4549 | 4147620 |
| 3.50%, 07/01/50 | &nbsp;&nbsp; 20154 | 18305095 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 25403 | 23174760 |
| 3.50%, 05/01/51 | &nbsp;&nbsp; 6381 | 5823462 |
| 3.50%, 07/01/51 | &nbsp;&nbsp; 3388 | 3076784 |
| 3.50%, 09/01/51 | &nbsp;&nbsp; 1167 | 1064007 |
| 3.50%, 01/01/52 | &nbsp;&nbsp; 3580 | 3263717 |
| 3.50%, 03/25/52<sup>(i)</sup> | &nbsp;&nbsp; 141136 | 127359386 |
| 3.50%, 04/01/52 | &nbsp;&nbsp; 156167 | 142346588 |
| 3.50%, 05/01/52 | &nbsp;&nbsp; 139239 | 126018152 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 64200 | 58360539 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 39103 | 35550877 |
| 3.50%, 08/01/52 | &nbsp;&nbsp; 3955 | 3598961 |
| 3.50%, 09/01/52 | &nbsp;&nbsp; 61675 | 55662421 |
| 3.50%, 04/01/53 | &nbsp;&nbsp; 8367 | 7616376 |
| 3.50%, 05/01/53 | &nbsp;&nbsp; 49865 | 45063307 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 26 | 25954 |
| 4.00%, 11/01/25 | &nbsp;&nbsp; 0 | 4 |
| 4.00%, 03/01/26 | &nbsp;&nbsp; 32 | 31913 |
| 4.00%, 06/01/26 | &nbsp;&nbsp; 66 | 66026 |
| 4.00%, 09/01/26 | &nbsp;&nbsp; 27 | 26746 |
| 4.00%, 12/01/30 | &nbsp;&nbsp; 683 | 678805 |
| 4.00%, 01/01/31 | &nbsp;&nbsp; 239 | 237580 |
| 4.00%, 02/01/31 | &nbsp;&nbsp; 178 | 176752 |
| 4.00%, 10/01/31 | &nbsp;&nbsp; 805 | 799356 |
| 4.00%, 02/01/32 | &nbsp;&nbsp; 1096 | 1087347 |
| 4.00%, 07/01/32 | &nbsp;&nbsp; 730 | 726154 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 3249 | 3219928 |
| 4.00%, 06/01/33 | &nbsp;&nbsp; 562 | 556906 |
| 4.00%, 07/01/33 | &nbsp;&nbsp; 929 | 919937 |
| 4.00%, 12/01/33 | &nbsp;&nbsp; 822 | 817765 |
| 4.00%, 07/01/37 | &nbsp;&nbsp; 4019 | 3930627 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 4161 | 4069496 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 5578 | 5455279 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 8011 | 7834901 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 4210 | 4117673 |
| 4.00%, 04/01/38 | &nbsp;&nbsp; 3555 | 3471275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 05/01/38 | &nbsp;&nbsp; $6634 | $6477894 |
| 4.00%, 06/01/38 | &nbsp;&nbsp; 5534 | 5408331 |
| 4.00%, 07/01/38 | &nbsp;&nbsp; 13607 | 13286401 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 2335 | 2279672 |
| 4.00%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 21865 | 21354198 |
| 4.00%, 11/01/39 | &nbsp;&nbsp; 49822 | 48624568 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 84456 | 82426428 |
| 4.00%, 12/01/40 | &nbsp;&nbsp; 18 | 17000 |
| 4.00%, 12/01/41 | &nbsp;&nbsp; 930 | 902817 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 1978 | 1907378 |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 1576 | 1530639 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 55 | 52813 |
| 4.00%, 09/01/43 | &nbsp;&nbsp; 96 | 91959 |
| 4.00%, 10/01/43 | &nbsp;&nbsp; 66 | 63648 |
| 4.00%, 04/01/44 | &nbsp;&nbsp; 32 | 30584 |
| 4.00%, 05/01/44 | &nbsp;&nbsp; 2171 | 2080396 |
| 4.00%, 06/01/44 | &nbsp;&nbsp; 3474 | 3374194 |
| 4.00%, 10/01/44 | &nbsp;&nbsp; 976 | 939404 |
| 4.00%, 12/01/44 | &nbsp;&nbsp; 7440 | 7130235 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 10411 | 10026946 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 31846 | 30677674 |
| 4.00%, 03/01/45 | &nbsp;&nbsp; 4990 | 4770108 |
| 4.00%, 05/01/45 | &nbsp;&nbsp; 9181 | 8747658 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 4936 | 4747315 |
| 4.00%, 07/01/45 | &nbsp;&nbsp; 398 | 378991 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 332 | 316284 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 695 | 662551 |
| 4.00%, 11/01/45 | &nbsp;&nbsp; 122 | 115911 |
| 4.00%, 12/01/45 | &nbsp;&nbsp; 741 | 705886 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 636 | 605868 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 1145 | 1088644 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 1419 | 1349430 |
| 4.00%, 04/01/46 | &nbsp;&nbsp; 1928 | 1831386 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 2512 | 2386302 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 15765 | 15108628 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 18892 | 17970294 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 3328 | 3162241 |
| 4.00%, 09/01/46 | &nbsp;&nbsp; 131 | 124088 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 3449 | 3308996 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 1114 | 1063268 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 2565 | 2442333 |
| 4.00%, 03/01/47 | &nbsp;&nbsp; 1978 | 1871654 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 5353 | 5072640 |
| 4.00%, 05/01/47 | &nbsp;&nbsp; 4977 | 4720738 |
| 4.00%, 06/01/47 | &nbsp;&nbsp; 9616 | 9131459 |
| 4.00%, 07/01/47 | &nbsp;&nbsp; 15145 | 14353942 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 12693 | 12043062 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 13088 | 12410823 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 11454 | 10881074 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 5839 | 5531782 |
| 4.00%, 12/01/47 | &nbsp;&nbsp; 8881 | 8414391 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 1772 | 1678624 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 18776 | 17786814 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 19584 | 18509943 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 1594 | 1506543 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 2426 | 2292602 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 9788 | 9249942 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 6987 | 6617516 |
| 4.00%, 11/01/48 | &nbsp;&nbsp; 20851 | 19704123 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 2649 | 2504791 |
| 4.00%, 02/01/49 | &nbsp;&nbsp; 2833 | 2673981 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 03/01/49 | &nbsp;&nbsp; $33208 | $31374998 |
| 4.00%, 04/01/49 | &nbsp;&nbsp; 9550 | 9040482 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 7337 | 6946554 |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 28226 | 26706670 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 50343 | 47591789 |
| 4.00%, 08/01/49 | &nbsp;&nbsp; 823 | 779795 |
| 4.00%, 10/01/49 | &nbsp;&nbsp; 1597 | 1504498 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 37771 | 35478222 |
| 4.00%, 12/01/49 | &nbsp;&nbsp; 3095 | 2918030 |
| 4.00%, 01/01/50 | &nbsp;&nbsp; 17382 | 16426010 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 505 | 476218 |
| 4.00%, 05/01/50 | &nbsp;&nbsp; 8999 | 8485554 |
| 4.00%, 11/01/50 | &nbsp;&nbsp; 3901 | 3678898 |
| 4.00%, 03/01/51 | &nbsp;&nbsp; 7012 | 6612373 |
| 4.00%, 05/01/51 | &nbsp;&nbsp; 17966 | 16978178 |
| 4.00%, 08/01/51 | &nbsp;&nbsp; 1217 | 1147548 |
| 4.00%, 10/01/51 | &nbsp;&nbsp; 3454 | 3257115 |
| 4.00%, 11/01/51 | &nbsp;&nbsp; 8340 | 7863811 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 14519 | 13570613 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 35201 | 33003085 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 44288 | 41410067 |
| 4.00%, 06/25/52<sup>(i)</sup> | &nbsp;&nbsp; 191040 | 178019468 |
| 4.00%, 07/01/52 | &nbsp;&nbsp; 127064 | 119028864 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 171018 | 159804501 |
| 4.00%, 09/01/52 | &nbsp;&nbsp; 19206 | 17935389 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 29138 | 27417883 |
| 4.00%, 11/01/52 | &nbsp;&nbsp; 4006 | 3750475 |
| 4.00%, 12/01/52 | &nbsp;&nbsp; 54811 | 51165822 |
| 4.00%, 02/01/53 | &nbsp;&nbsp; 27513 | 25933643 |
| 4.00%, 03/01/53 | &nbsp;&nbsp; 5044 | 4705178 |
| 4.00%, 04/01/53 | &nbsp;&nbsp; 3910 | 3669138 |
| 4.00%, 07/01/53 | &nbsp;&nbsp; 5991 | 5595618 |
| 4.50%, 06/01/25 | &nbsp;&nbsp; 9 | 8918 |
| 4.50%, 08/01/31 | &nbsp;&nbsp; 715 | 717193 |
| 4.50%, 08/01/34 | &nbsp;&nbsp; 232 | 232250 |
| 4.50%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 4200 | 4168648 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2289 | 2274345 |
| 4.50%, 12/01/40 | &nbsp;&nbsp; 1249 | 1241224 |
| 4.50%, 01/01/41 | &nbsp;&nbsp; 2623 | 2606000 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 1574 | 1563024 |
| 4.50%, 06/01/41 | &nbsp;&nbsp; 9191 | 9244956 |
| 4.50%, 08/01/41 | &nbsp;&nbsp; 3526 | 3497180 |
| 4.50%, 09/01/41 | &nbsp;&nbsp; 1120 | 1110988 |
| 4.50%, 01/01/42 | &nbsp;&nbsp; 1204 | 1193415 |
| 4.50%, 09/01/42 | &nbsp;&nbsp; 1089 | 1076793 |
| 4.50%, 08/01/43 | &nbsp;&nbsp; 2024 | 2004016 |
| 4.50%, 12/01/43 | &nbsp;&nbsp; 61 | 60156 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 11 | 11163 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 3236 | 3186337 |
| 4.50%, 06/01/44 | &nbsp;&nbsp; 614 | 608978 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 234 | 229941 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 1275 | 1255081 |
| 4.50%, 08/01/45 | &nbsp;&nbsp; 1786 | 1758136 |
| 4.50%, 10/01/45 | &nbsp;&nbsp; 313 | 307950 |
| 4.50%, 11/01/45 | &nbsp;&nbsp; 177 | 173672 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 555 | 544673 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 70 | 68884 |
| 4.50%, 02/01/46 | &nbsp;&nbsp; 6446 | 6405840 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 1095 | 1087242 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 223 | 217924 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 74 | 72882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 06/01/46 | &nbsp;&nbsp; $4 | $3736 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 26 | 25408 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 1629 | 1601433 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 617 | 605272 |
| 4.50%, 10/01/46 | &nbsp;&nbsp; 745 | 728525 |
| 4.50%, 01/01/47 | &nbsp;&nbsp; 347 | 338315 |
| 4.50%, 02/01/47 | &nbsp;&nbsp; 123 | 119367 |
| 4.50%, 03/01/47 | &nbsp;&nbsp; 1458 | 1423082 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 4416 | 4313836 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 2449 | 2387812 |
| 4.50%, 07/01/47 | &nbsp;&nbsp; 16 | 15698 |
| 4.50%, 08/01/47 | &nbsp;&nbsp; 192 | 186675 |
| 4.50%, 10/01/47 | &nbsp;&nbsp; 5804 | 5669325 |
| 4.50%, 01/01/48 | &nbsp;&nbsp; 8358 | 8113412 |
| 4.50%, 02/01/48 | &nbsp;&nbsp; 842 | 820958 |
| 4.50%, 03/01/48 | &nbsp;&nbsp; 4537 | 4410131 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 5914 | 5749730 |
| 4.50%, 05/01/48 | &nbsp;&nbsp; 887 | 873391 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 2893 | 2823349 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 1803 | 1750275 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 8163 | 7962931 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 249 | 241497 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 10526 | 10226822 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 3919 | 3804303 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 14793 | 14398950 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 4866 | 4723719 |
| 4.50%, 02/01/49 | &nbsp;&nbsp; 9362 | 9089018 |
| 4.50%, 03/01/49 | &nbsp;&nbsp; 594 | 579662 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 10726 | 10464780 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 8945 | 8675682 |
| 4.50%, 07/01/49 | &nbsp;&nbsp; 776 | 751257 |
| 4.50%, 08/01/49 | &nbsp;&nbsp; 142 | 137665 |
| 4.50%, 05/01/50 | &nbsp;&nbsp; 2299 | 2241800 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 32108 | 31166215 |
| 4.50%, 05/01/52 | &nbsp;&nbsp; 8760 | 8502254 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 72428 | 69545389 |
| 4.50%, 07/01/52 | &nbsp;&nbsp; 6622 | 6355347 |
| 4.50%, 08/01/52 | &nbsp;&nbsp; 25645 | 24654069 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 64627 | 62144191 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 91703 | 88321728 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 37492 | 35939397 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 152456 | 146688978 |
| 4.50%, 02/01/53 | &nbsp;&nbsp; 24791 | 23776825 |
| 4.50%, 04/01/53 | &nbsp;&nbsp; 27525 | 26402033 |
| 4.50%, 05/01/53 | &nbsp;&nbsp; 10342 | 9914100 |
| 4.50%, 07/01/53 | &nbsp;&nbsp; 5222 | 5022375 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 22033 | 21131269 |
| 4.50%, 11/01/53 | &nbsp;&nbsp; 22911 | 21911449 |
| 4.50%, 03/01/54 | &nbsp;&nbsp; 3863 | 3694870 |
| 4.50%, 04/01/54 | &nbsp;&nbsp; 32165 | 30756712 |
| 4.50%, 11/01/54 | &nbsp;&nbsp; 40166 | 38408018 |
| 4.50%, 12/01/54 | &nbsp;&nbsp; 34747 | 33259109 |
| 4.50%, 05/13/55<sup>(i)</sup> | &nbsp;&nbsp; 190070 | 181754496 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 64 | 65219 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 1865 | 1901909 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 95 | 97134 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 38 | 38317 |
| 5.00%, 12/01/36 | &nbsp;&nbsp; 28 | 28653 |
| 5.00%, 05/01/39 | &nbsp;&nbsp; 18 | 18490 |
| 5.00%, 05/15/39<sup>(i)</sup> | &nbsp;&nbsp; 975 | 980193 |
| 5.00%, 06/01/39 | &nbsp;&nbsp; 383 | 390021 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 12/01/39 | &nbsp;&nbsp; $66 | $66552 |
| 5.00%, 01/01/40 | &nbsp;&nbsp; 1 | 1503 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 1042 | 1055215 |
| 5.00%, 04/01/40 | &nbsp;&nbsp; 168 | 169841 |
| 5.00%, 05/01/40 | &nbsp;&nbsp; 11 | 11291 |
| 5.00%, 06/01/40 | &nbsp;&nbsp; 98 | 99719 |
| 5.00%, 07/01/40 | &nbsp;&nbsp; 717 | 725771 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 886 | 900214 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 7 | 6995 |
| 5.00%, 10/01/40 | &nbsp;&nbsp; 31 | 31570 |
| 5.00%, 04/01/41 | &nbsp;&nbsp; 462 | 469361 |
| 5.00%, 05/01/41 | &nbsp;&nbsp; 1788 | 1810192 |
| 5.00%, 06/01/41 | &nbsp;&nbsp; 492 | 496701 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 893 | 902476 |
| 5.00%, 10/01/41 | &nbsp;&nbsp; 2216 | 2238076 |
| 5.00%, 01/01/42 | &nbsp;&nbsp; 11810 | 11957083 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 4223 | 4275521 |
| 5.00%, 09/01/47 | &nbsp;&nbsp; 317 | 316222 |
| 5.00%, 02/01/48 | &nbsp;&nbsp; 1501 | 1497391 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 1247 | 1244900 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 1819 | 1814644 |
| 5.00%, 05/01/48 | &nbsp;&nbsp; 1490 | 1485547 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 1971 | 1966415 |
| 5.00%, 09/01/48 | &nbsp;&nbsp; 1319 | 1314801 |
| 5.00%, 01/01/49 | &nbsp;&nbsp; 108 | 107264 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 5767 | 5752581 |
| 5.00%, 05/01/49 | &nbsp;&nbsp; 225 | 224702 |
| 5.00%, 09/01/49 | &nbsp;&nbsp; 60 | 60099 |
| 5.00%, 10/01/49 | &nbsp;&nbsp; 174 | 173253 |
| 5.00%, 07/01/50 | &nbsp;&nbsp; 3530 | 3520802 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 13048 | 12896690 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 22586 | 22329290 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 28198 | 27856962 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 38823 | 38311047 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 49283 | 48631465 |
| 5.00%, 01/01/53 | &nbsp;&nbsp; 41508 | 40904536 |
| 5.00%, 02/01/53 | &nbsp;&nbsp; 68479 | 67306287 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 49949 | 49303323 |
| 5.00%, 04/01/53 | &nbsp;&nbsp; 92380 | 90741032 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 70961 | 69747474 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 141288 | 139179089 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 57494 | 56598784 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 41391 | 40677480 |
| 5.00%, 09/01/53 | &nbsp;&nbsp; 23130 | 22691670 |
| 5.00%, 11/01/53 | &nbsp;&nbsp; 11934 | 11713221 |
| 5.00%, 12/01/53 | &nbsp;&nbsp; 14427 | 14146555 |
| 5.00%, 01/01/54 | &nbsp;&nbsp; 6467 | 6341838 |
| 5.00%, 02/01/54 | &nbsp;&nbsp; 48029 | 47062885 |
| 5.00%, 04/01/54 | &nbsp;&nbsp; 17423 | 17177518 |
| 5.00%, 05/15/54<sup>(i)</sup> | &nbsp;&nbsp; 78820 | 77150416 |
| 5.00%, 06/01/54 | &nbsp;&nbsp; 17755 | 17478753 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 40913 | 40124687 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 78663 | 77030027 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 51248 | 50488566 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 106767 | 104607923 |
| 5.00%, 02/01/55 | &nbsp;&nbsp; 10060 | 9879408 |
| 5.50%, 05/01/33 | &nbsp;&nbsp; 682 | 702552 |
| 5.50%, 11/01/33 | &nbsp;&nbsp; 1419 | 1461243 |
| 5.50%, 09/01/34 | &nbsp;&nbsp; 2177 | 2256048 |
| 5.50%, 09/01/36 | &nbsp;&nbsp; 151 | 155580 |
| 5.50%, 03/01/38 | &nbsp;&nbsp; 135 | 139384 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 06/01/38 | &nbsp;&nbsp; $3831 | $3949853 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 322 | 331856 |
| 5.50%, 07/01/40 | &nbsp;&nbsp; 924 | 954401 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 22736 | 23412617 |
| 5.50%, 01/01/47 | &nbsp;&nbsp; 1855 | 1920121 |
| 5.50%, 12/01/48 | &nbsp;&nbsp; 174 | 177277 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 11378 | 11538716 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 21806 | 21936796 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 54256 | 54853309 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 73569 | 74359966 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 72329 | 72778751 |
| 5.50%, 03/01/53 | &nbsp;&nbsp; 72619 | 73161912 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 97045 | 97347387 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 145787 | 145960672 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 35183 | 35372442 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 42455 | 42704130 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 38193 | 38236145 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 85562 | 85522108 |
| 5.50%, 10/01/53 | &nbsp;&nbsp; 46371 | 46356823 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 35015 | 35158534 |
| 5.50%, 02/01/54 | &nbsp;&nbsp; 89307 | 89237995 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 81865 | 81994443 |
| 5.50%, 04/01/54 | &nbsp;&nbsp; 76866 | 76829517 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 52726 | 52815092 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 24121 | 24154975 |
| 5.50%, 07/01/54 | &nbsp;&nbsp; 13193 | 13304319 |
| 5.50%, 08/01/54 | &nbsp;&nbsp; 61476 | 61631672 |
| 5.50%, 09/01/54 | &nbsp;&nbsp; 7475 | 7543212 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 11996 | 12003176 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 103203 | 103998419 |
| 5.50%, 01/01/55 | &nbsp;&nbsp; 55077 | 54976538 |
| 5.50%, 05/15/55<sup>(i)</sup> | &nbsp;&nbsp; 95230 | 95024419 |
| 6.00%, 03/01/34 | &nbsp;&nbsp; 1157 | 1201361 |
| 6.00%, 05/01/34 | &nbsp;&nbsp; 92 | 95755 |
| 6.00%, 08/01/34 | &nbsp;&nbsp; 197 | 205334 |
| 6.00%, 11/01/34 | &nbsp;&nbsp; 64 | 66861 |
| 6.00%, 09/01/36 | &nbsp;&nbsp; 295 | 308350 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 716 | 750914 |
| 6.00%, 03/01/38 | &nbsp;&nbsp; 244 | 256075 |
| 6.00%, 05/01/38 | &nbsp;&nbsp; 115 | 120401 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 95 | 99526 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 1692 | 1761997 |
| 6.00%, 10/01/39 | &nbsp;&nbsp; 121 | 126517 |
| 6.00%, 07/01/41 | &nbsp;&nbsp; 962 | 1007396 |
| 6.00%, 02/01/49 | &nbsp;&nbsp; 4740 | 4962654 |
| 6.00%, 11/01/52 | &nbsp;&nbsp; 2741 | 2799991 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 11203 | 11571530 |
| 6.00%, 04/01/53 | &nbsp;&nbsp; 2371 | 2446073 |
| 6.00%, 05/01/53 | &nbsp;&nbsp; 3101 | 3192958 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 14918 | 15249404 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 91266 | 93252226 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 188296 | 192997307 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 85910 | 87799148 |
| 6.00%, 10/01/53 | &nbsp;&nbsp; 21069 | 21444917 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 93147 | 95039334 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 13663 | 13966020 |
| 6.00%, 01/01/54 | &nbsp;&nbsp; 6633 | 6746667 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 27482 | 27980557 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 20667 | 21097636 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 50127 | 51172821 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 22511 | 22913069 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 07/01/54 | &nbsp;&nbsp; $23837 | $24314636 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 139789 | 142598448 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 37110 | 37798597 |
| 6.00%, 10/01/54 | &nbsp;&nbsp; 136257 | 138557700 |
| 6.00%, 11/01/54 | &nbsp;&nbsp; 19477 | 19817977 |
| 6.00%, 01/01/55 | &nbsp;&nbsp; 18767 | 19084796 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 37469 | 38085334 |
| 6.00%, 03/01/55 | &nbsp;&nbsp; 8879 | 9067224 |
| 6.00%, 05/15/55<sup>(i)</sup> | &nbsp;&nbsp; 58825 | 59672738 |
| 6.50%, 08/01/36 | &nbsp;&nbsp; 19 | 20121 |
| 6.50%, 09/01/36 | &nbsp;&nbsp; 133 | 141441 |
| 6.50%, 10/01/36 | &nbsp;&nbsp; 18 | 19570 |
| 6.50%, 12/01/36 | &nbsp;&nbsp; 31 | 32835 |
| 6.50%, 07/01/37 | &nbsp;&nbsp; 33 | 34696 |
| 6.50%, 08/01/37 | &nbsp;&nbsp; 1505 | 1606963 |
| 6.50%, 10/01/37 | &nbsp;&nbsp; 57 | 60400 |
| 6.50%, 11/01/37 | &nbsp;&nbsp; 14 | 14509 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 458 | 486694 |
| 6.50%, 06/01/38 | &nbsp;&nbsp; 14 | 15352 |
| 6.50%, 10/01/39 | &nbsp;&nbsp; 407 | 434874 |
| 6.50%, 05/01/40 | &nbsp;&nbsp; 13 | 13600 |
| 6.50%, 07/01/53 | &nbsp;&nbsp; 6575 | 6850675 |
| 6.50%, 09/01/53 | &nbsp;&nbsp; 33033 | 34271464 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 73228 | 76174214 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 95462 | 98877937 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 177524 | 184888531 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 84860 | 88229355 |
| 6.50%, 02/01/54 | &nbsp;&nbsp; 41628 | 43428300 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 23735 | 24642524 |
| 6.50%, 04/01/54 | &nbsp;&nbsp; 18131 | 18807346 |
| 6.50%, 05/01/54 | &nbsp;&nbsp; 4965 | 5132907 |
| 6.50%, 06/01/54 | &nbsp;&nbsp; 22529 | 23368296 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 15294 | 15885657 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 48003 | 49705996 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 7204 | 7471323 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 22286 | 23076701 |
| 6.50%, 02/01/55 | &nbsp;&nbsp; 33537 | 34925895 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 15603 | 16138516 |
| 6.50%, 05/15/55<sup>(i)</sup> | &nbsp;&nbsp; 1425 | 1467422 |
| 7.00%, 04/01/37 | &nbsp;&nbsp; 495 | 537437 |
|  |  | 31244669628 |
| **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** |
| Federal Home Loan Banks |  |  |
| 1.25%, 12/21/26 | &nbsp;&nbsp; 180 | 172964 |
| 2.13%, 12/14/29 | &nbsp;&nbsp; 70 | 65004 |
| 3.13%, 06/13/25 | &nbsp;&nbsp; 980 | 978420 |
| 3.25%, 11/16/28<sup>(b)</sup> | &nbsp;&nbsp; 25470 | 25144698 |
| 4.25%, 12/10/27 | &nbsp;&nbsp; 75 | 76136 |
| 5.50%, 07/15/36 | &nbsp;&nbsp; 7900 | 8604647 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.25%, 07/15/32 | &nbsp;&nbsp; 73453 | 83362094 |
| 6.75%, 03/15/31 | &nbsp;&nbsp; 21820 | 25033651 |
| Federal National Mortgage Association |  |  |
| 0.38%, 08/25/25 | &nbsp;&nbsp; 24991 | 24680217 |
| 0.88%, 08/05/30 | &nbsp;&nbsp; 17530 | 15046364 |
| 1.88%, 09/24/26 | &nbsp;&nbsp; 1285 | 1252508 |
| 5.63%, 07/15/37 | &nbsp;&nbsp; 795 | 876555 |
| 6.25%, 05/15/29 | &nbsp;&nbsp; 580 | 635631 |
| 6.63%, 11/15/30 | &nbsp;&nbsp; 8180 | 9290723 |
| 7.13%, 01/15/30 | &nbsp;&nbsp; 10000 | 11443304 |
| 7.25%, 05/15/30 | &nbsp;&nbsp; 17396 | 20146395 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** |
| Tennessee Valley Authority |  |  |
| 1.50%, 09/15/31 | &nbsp;&nbsp; $1000 | $852331 |
| 3.50%, 12/15/42 | &nbsp;&nbsp; 525 | 430886 |
| 4.63%, 09/15/60 | &nbsp;&nbsp; 1000 | 868128 |
| 4.88%, 01/15/48 | &nbsp;&nbsp; 8035 | 7635491 |
| 5.25%, 09/15/39 | &nbsp;&nbsp; 458 | 479304 |
| 5.25%, 02/01/55 | &nbsp;&nbsp; 1600 | 1563437 |
| 5.50%, 06/15/38 | &nbsp;&nbsp; 10000 | 10693544 |
| 5.88%, 04/01/36 | &nbsp;&nbsp; 95 | 105236 |
| 6.15%, 01/15/38 | &nbsp;&nbsp; 3553 | 4024368 |
| 7.13%, 05/01/30 | &nbsp;&nbsp; 3556 | 4082158 |
| Series B, 4.70%, 07/15/33 | &nbsp;&nbsp; 1500 | 1532580 |
| Series E, 6.75%, 11/01/25 | &nbsp;&nbsp; 7000 | 7085158 |
|  |  | 266161932 |
| **U.S. Government Obligations — 44.8%** | **U.S. Government Obligations — 44.8%** | **U.S. Government Obligations — 44.8%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 07/31/27 | &nbsp;&nbsp; 119701 | 111452853 |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 105000 | 97248047 |
| 0.50%, 04/30/27 | &nbsp;&nbsp; 93800 | 88230625 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 108400 | 101684282 |
| 0.50%, 06/30/27 | &nbsp;&nbsp; 136901 | 128130780 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 155022 | 144388925 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 202200 | 187350937 |
| 0.63%, 07/31/26 | &nbsp;&nbsp; 76400 | 73463375 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 75600 | 71453813 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 197000 | 182702110 |
| 0.63%, 12/31/27 | &nbsp;&nbsp; 187400 | 173374281 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 270400 | 232058126 |
| 0.63%, 08/15/30 | &nbsp;&nbsp; 396000 | 336816564 |
| 0.75%, 03/31/26 | &nbsp;&nbsp; 20499 | 19917661 |
| 0.75%, 04/30/26 | &nbsp;&nbsp; 94000 | 91113907 |
| 0.75%, 05/31/26 | &nbsp;&nbsp; 71500 | 69145527 |
| 0.75%, 08/31/26 | &nbsp;&nbsp; 244200 | 234689555 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 422276 | 391133145 |
| 0.88%, 06/30/26 | &nbsp;&nbsp; 170000 | 164295703 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 190610 | 183149406 |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 263800 | 225713875 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 218112 | 200816401 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 171100 | 164697118 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 40300 | 38533727 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 132340 | 123644849 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 273600 | 252396000 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 257200 | 221935470 |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 156499 | 97934140 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 108000 | 66892500 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 214900 | 206908406 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 191230 | 183804899 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 216000 | 202128750 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 205432 | 191854229 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 229110 | 213537680 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 212175 | 197389055 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 317000 | 293076406 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 468900 | 400506541 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 205900 | 100183219 |
| 1.38%, 08/31/26 | &nbsp;&nbsp; 42500 | 41190137 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 185000 | 171414062 |
| 1.38%, 12/31/28 | &nbsp;&nbsp; 196730 | 181621752 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 673447 | 575586733 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 284800 | 182939500 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 118100 | 58939281 |
| 1.50%, 08/15/26 | &nbsp;&nbsp; 321956 | 312750071 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 1.50%, 01/31/27 | &nbsp;&nbsp; $325280 | $313475895 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 284200 | 264039562 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 83185 | 75191441 |
| 1.63%, 05/15/26 | &nbsp;&nbsp; 270000 | 263830079 |
| 1.63%, 09/30/26 | &nbsp;&nbsp; 44500 | 43224102 |
| 1.63%, 10/31/26 | &nbsp;&nbsp; 76300 | 73996098 |
| 1.63%, 11/30/26 | &nbsp;&nbsp; 81200 | 78643469 |
| 1.63%, 08/15/29 | &nbsp;&nbsp; 54000 | 49730625 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 390910 | 344367278 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 235359 | 125475980 |
| 1.75%, 12/31/26 | &nbsp;&nbsp; 91870 | 89027772 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 170700 | 159457806 |
| 1.75%, 11/15/29 | &nbsp;&nbsp; 125000 | 115126954 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 346352 | 231785252 |
| 1.88%, 06/30/26 | &nbsp;&nbsp; 80000 | 78221875 |
| 1.88%, 07/31/26 | &nbsp;&nbsp; 49900 | 48746063 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 178100 | 172590031 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 259200 | 242919000 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 422760 | 371236125 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 240200 | 166488625 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 540694 | 307350859 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 239482 | 134895720 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 181000 | 176397226 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 148492 | 102993123 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 203854 | 121101898 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 429990 | 251006429 |
| 2.13%, 05/31/26 | &nbsp;&nbsp; 105300 | 103358531 |
| 2.25%, 03/31/26 | &nbsp;&nbsp; 88500 | 87169043 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 161206 | 157326883 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 146750 | 142473614 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 153750 | 148789161 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 347524 | 254452729 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 118960 | 78699475 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 107706 | 68275190 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 252900 | 156402844 |
| 2.38%, 04/30/26 | &nbsp;&nbsp; 124400 | 122553438 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 190870 | 186277191 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 244200 | 232905750 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 191600 | 182454095 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 141000 | 103436719 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 229400 | 149110000 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 221437 | 142100275 |
| 2.50%, 03/31/27 | &nbsp;&nbsp; 116200 | 113826070 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 50824 | 36124746 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 146503 | 102620773 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 123517 | 86153108 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 132700 | 130097837 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 211491 | 203890542 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 317379 | 304336707 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 169300 | 166529035 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 136360 | 133877823 |
| 2.75%, 02/15/28 | &nbsp;&nbsp; 222702 | 217760799 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 285900 | 276072187 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 404850 | 373916930 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 106523 | 82222441 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 128580 | 98785603 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 219000 | 157816875 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 158550 | 113957813 |
| 2.88%, 05/15/28 | &nbsp;&nbsp; 252994 | 247756235 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 219930 | 214964394 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 176320 | 171223250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 2.88%, 05/15/32 | &nbsp;&nbsp; $489500 | $457453047 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 121184 | 94182690 |
| 2.88%, 08/15/45 | &nbsp;&nbsp; 127941 | 96635437 |
| 2.88%, 11/15/46 | &nbsp;&nbsp; 54000 | 40170938 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 42000 | 30456563 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 205000 | 146094531 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 43150 | 34735750 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; 99727 | 77553325 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 107414 | 83128366 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 65100 | 50106656 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 116190 | 88122853 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 152118 | 115205617 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 154550 | 116009094 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 161252 | 120535571 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 33660 | 25055365 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 204180 | 149370431 |
| 3.13%, 08/31/27 | &nbsp;&nbsp; 239200 | 236695875 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 207515 | 204045609 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 208900 | 204281353 |
| 3.13%, 11/15/41 | &nbsp;&nbsp; 53900 | 44551719 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 71800 | 59089156 |
| 3.13%, 02/15/43 | &nbsp;&nbsp; 76200 | 61793438 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 60519 | 48178798 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 150667 | 115589993 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 381353 | 378701407 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 334154 | 328750105 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 155200 | 129592000 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 326860 | 325404453 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 513227 | 490211977 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 67783 | 57446093 |
| 3.38%, 05/15/44 | &nbsp;&nbsp; 84200 | 69951781 |
| 3.38%, 11/15/48 | &nbsp;&nbsp; 249432 | 199273103 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 294603 | 293647841 |
| 3.50%, 01/31/28 | &nbsp;&nbsp; 234655 | 234105027 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 184772 | 184281199 |
| 3.50%, 09/30/29 | &nbsp;&nbsp; 248401 | 246557400 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 291747 | 289034666 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 195601 | 193538022 |
| 3.50%, 02/15/33 | &nbsp;&nbsp; 455849 | 440464096 |
| 3.50%, 02/15/39 | &nbsp;&nbsp; 24000 | 21761250 |
| 3.63%, 03/31/28 | &nbsp;&nbsp; 196026 | 196301662 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 192612 | 192747431 |
| 3.63%, 08/31/29 | &nbsp;&nbsp; 231929 | 231476015 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 198200 | 197317392 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 155183 | 152867379 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 73600 | 63928500 |
| 3.63%, 02/15/44 | &nbsp;&nbsp; 83950 | 72590516 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 252636 | 209135404 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 268228 | 222126312 |
| 3.75%, 04/15/26 | &nbsp;&nbsp; 238673 | 238309396 |
| 3.75%, 08/31/26 | &nbsp;&nbsp; 325301 | 325161221 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 101003 | 101302575 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 326609 | 327757236 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 246207 | 247361218 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 182947 | 183633051 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 184698 | 184784577 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 184750 | 184764435 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 188697 | 188107322 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 191781 | 190327661 |
| 3.75%, 08/15/41 | &nbsp;&nbsp; 52000 | 46970625 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 36600 | 32293781 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.88%, 03/31/27<sup>(b)</sup> | &nbsp;&nbsp; $93854 | $94304939 |
| 3.88%, 10/15/27 | &nbsp;&nbsp; 322313 | 324478540 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 162801 | 163920257 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 162637 | 163894896 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 275882 | 278188202 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 280787 | 282892902 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 192418 | 193801004 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 274278 | 276292229 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 292824 | 294974426 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 532628 | 525886927 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 568018 | 556657640 |
| 3.88%, 08/15/40 | &nbsp;&nbsp; 50516 | 46814124 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 184663 | 167120015 |
| 3.88%, 05/15/43 | &nbsp;&nbsp; 185341 | 167357131 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 250423 | 251812066 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 389162 | 393357653 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 232563 | 235088490 |
| 4.00%, 06/30/28 | &nbsp;&nbsp; 183445 | 185709399 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 220679 | 223403006 |
| 4.00%, 07/31/29 | &nbsp;&nbsp; 251198 | 254396851 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 293597 | 297244027 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 559636 | 567068666 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 217178 | 219960593 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 169344 | 171302040 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 187728 | 189458617 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 132327 | 132898917 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 588896 | 584571295 |
| 4.00%, 11/15/42 | &nbsp;&nbsp; 166665 | 153696380 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 234889 | 208427286 |
| 4.13%, 06/15/26 | &nbsp;&nbsp; 270732 | 271556888 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 320650 | 322503758 |
| 4.13%, 01/31/27 | &nbsp;&nbsp; 351903 | 354693482 |
| 4.13%, 02/15/27 | &nbsp;&nbsp; 277031 | 279260235 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 144751 | 145989300 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 267000 | 270441798 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 154214 | 156177820 |
| 4.13%, 11/15/27 | &nbsp;&nbsp; 325289 | 329482180 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 192105 | 195136657 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 240318 | 244410916 |
| 4.13%, 10/31/29 | &nbsp;&nbsp; 237081 | 241341049 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 261117 | 265931345 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 177479 | 180543287 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 181787 | 184528008 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 180913 | 183400554 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 152228 | 154202207 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 146902 | 148761228 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 101000 | 102215156 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 128298 | 129861632 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 367597 | 371215533 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 205370 | 190352319 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 295417 | 267860133 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 222304 | 224162324 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 183865 | 185545642 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 298724 | 302049638 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 291530 | 296449569 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 330198 | 336002263 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 234703 | 239708776 |
| 4.25%, 06/30/29 | &nbsp;&nbsp; 250452 | 255989338 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 321958 | 329579351 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 191977 | 196176497 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 203146 | 207383500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.25%, 11/15/34 | &nbsp;&nbsp; $548279 | $552648098 |
| 4.25%, 05/15/39 | &nbsp;&nbsp; 37340 | 36581531 |
| 4.25%, 11/15/40 | &nbsp;&nbsp; 28889 | 27918510 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 359156 | 332724363 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 352011 | 326600206 |
| 4.38%, 08/15/26 | &nbsp;&nbsp; 220205 | 221830732 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 249112 | 251788008 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 350738 | 356464896 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 199192 | 203891686 |
| 4.38%, 11/30/28 | &nbsp;&nbsp; 223027 | 228532979 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 271409 | 279212009 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 171290 | 176201206 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 106709 | 109576804 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 569618 | 580654349 |
| 4.38%, 02/15/38 | &nbsp;&nbsp; 32000 | 32140000 |
| 4.38%, 11/15/39 | &nbsp;&nbsp; 50933 | 50312254 |
| 4.38%, 05/15/40 | &nbsp;&nbsp; 32403 | 31927081 |
| 4.38%, 05/15/41 | &nbsp;&nbsp; 15949 | 15587655 |
| 4.38%, 08/15/43 | &nbsp;&nbsp; 209492 | 201996114 |
| 4.50%, 07/15/26 | &nbsp;&nbsp; 264110 | 266214627 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 299493 | 304453353 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 298486 | 303639549 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 262995 | 271254687 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 95183 | 98440043 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 546868 | 563786729 |
| 4.50%, 02/15/36 | &nbsp;&nbsp; 27685 | 28558808 |
| 4.50%, 05/15/38 | &nbsp;&nbsp; 47000 | 47771094 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 50707 | 50865459 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 209249 | 204508202 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 260295 | 252120110 |
| 4.63%, 06/30/26 | &nbsp;&nbsp; 174281 | 175833190 |
| 4.63%, 09/15/26 | &nbsp;&nbsp; 260811 | 263867379 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 263056 | 266375028 |
| 4.63%, 11/15/26 | &nbsp;&nbsp; 263612 | 267174882 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 288111 | 294143324 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 197522 | 203895172 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 259650 | 268879747 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 182484 | 189997209 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 199727 | 208012551 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 197795 | 205954044 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 538963 | 559258325 |
| 4.63%, 02/15/40 | &nbsp;&nbsp; 45950 | 46610531 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 209746 | 208107359 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 201758 | 199866519 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 350123 | 345527636 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 272290 | 269609645 |
| 4.75%, 02/15/37 | &nbsp;&nbsp; 21977 | 23044945 |
| 4.75%, 02/15/41 | &nbsp;&nbsp; 56158 | 57377682 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 204910 | 207119186 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 83540 | 84140444 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 319670 | 321568041 |
| 4.88%, 04/30/26 | &nbsp;&nbsp; 140225 | 141539609 |
| 4.88%, 05/31/26 | &nbsp;&nbsp; 226649 | 228986318 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 198503 | 206551677 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 178613 | 188171587 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 53658 | 57388908 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 29377 | 30889457 |
| 5.25%, 02/15/29 | &nbsp;&nbsp; 60090 | 63587426 |
| 5.50%, 08/15/28 | &nbsp;&nbsp; 77000 | 81523750 |
| 6.13%, 08/15/29 | &nbsp;&nbsp; 14600 | 15988141 |
| 6.25%, 05/15/30 | &nbsp;&nbsp; 5000 | 5564844 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 6.50%, 11/15/26 | &nbsp;&nbsp; $16950 | $17696197 |
| 6.63%, 02/15/27 | &nbsp;&nbsp; 28800 | 30314250 |
| 6.75%, 08/15/26 | &nbsp;&nbsp; 14400 | 14927625 |
|  |  | 55633842791 |
| **Total U.S. Government & Agency Obligations — 70.2%** <br>**(Cost: $92,572,635,408)** | **Total U.S. Government & Agency Obligations — 70.2%** <br>**(Cost: $92,572,635,408)** | 87144674351 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $130,661,706,141)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $130,661,706,141)** | 122656498441 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.46%<sup>(j)(k)</sup><br>| &nbsp;&nbsp; 2681377699 | 2682450250 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 515092247 | 515092247 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $3,196,169,750)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $3,196,169,750)** | 3197542497 |
| **Total Investments Before TBA Sales Commitments — 101.3%** <br>**(Cost: $133,857,875,891)** | **Total Investments Before TBA Sales Commitments — 101.3%** <br>**(Cost: $133,857,875,891)** | 125854040938 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> |
| **Mortgage-Backed Securities — (0.2)%** | **Mortgage-Backed Securities — (0.2)%** | **Mortgage-Backed Securities — (0.2)%** |
| Government National Mortgage Association |  |  |
| 2.00%, 05/15/54 | &nbsp;&nbsp; (20000)<br>| (16312310)<br>|
| 3.00%, 05/20/55 | &nbsp;&nbsp; (20000)<br>| (17704044)<br>|
| 3.50%, 03/20/52 | &nbsp;&nbsp; (4050)<br>| (3678717)<br>|
| 4.00%, 05/20/55 | &nbsp;&nbsp; (3675)<br>| (3420120)<br>|

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 05/15/54 | &nbsp;&nbsp; (28025)<br>| $(28010001)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.50%, 05/15/54 | &nbsp;&nbsp; (15000)<br>| (12467562)<br>|
| 3.00%, 02/25/52 | &nbsp;&nbsp; (30000)<br>| (26031066)<br>|
| 3.50%, 03/25/52 | &nbsp;&nbsp; (46700)<br>| (42141504)<br>|
| 4.00%, 06/25/52 | &nbsp;&nbsp; (27925)<br>| (26021742)<br>|
| 4.50%, 05/13/55 | &nbsp;&nbsp; (71775)<br>| (68634866)<br>|
| 5.50%, 05/15/55 | &nbsp;&nbsp; (17925)<br>| (17886304)<br>|
| **Total TBA Sales Commitments — (0.2)%** <br>**(Proceeds: $(260256202))** | **Total TBA Sales Commitments — (0.2)%** <br>**(Proceeds: $(260256202))** | (262308236)<br>|
| **Total Investments, Net of TBA Sales Commitments — 101.1%** <br>**(Cost: $133,597,619,689)** | **Total Investments, Net of TBA Sales Commitments — 101.1%** <br>**(Cost: $133,597,619,689)** | 125591732702 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (1394902331)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $124196830371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> 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. 

<sup>(f)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(g)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(h)</sup> Perpetual security with no stated maturity date.

<sup>(i)</sup> Represents or includes a TBA transaction.

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

<sup>(l)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $491970491 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $491970491 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1265402836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1265402836 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 30464295313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30464295313 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2734098724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2734098724 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 556056726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 556056726 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 87144674351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87144674351 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3197542497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3197542497 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (262308236)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (262308236)<br>|
|  | &nbsp;&nbsp; $3197542497 | &nbsp;&nbsp; $122394190205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125591732702 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 1.1%** | **Advertising — 1.1%** | **Advertising — 1.1%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 5.13%, 08/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $16216 | $15704182 |
| 7.50%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15160 | 12412250 |
| 7.75%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13726 | 11392580 |
| 7.88%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11598 | 11612498 |
| 9.00%, 09/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10178 | 10510821 |
| Lamar Media Corp. |  |  |
| 3.63%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8235 | 7451783 |
| 3.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 8561 | 8162999 |
| 4.00%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7608 | 7095867 |
| 4.88%, 01/15/29 | &nbsp;&nbsp; 4713 | 4579693 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 36048 | 32082720 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7224 | 6709651 |
| 4.63%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7235 | 6686552 |
| 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9207 | 9019545 |
| 7.38%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5626 | 5880960 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 15662 | 14785711 |
|  |  | 164087812 |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10146 | 10021382 |
| 7.00%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10475 | 10592844 |
| 7.25%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10946 | 11206886 |
| 7.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9951 | 10249530 |
| 7.88%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9239 | 9257274 |
| 8.75%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10097 | 10794324 |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(c)</sup> | &nbsp;&nbsp; 4044 | 863340 |
| Spirit AeroSystems Inc. |  |  |
| 4.60%, 06/15/28 | &nbsp;&nbsp; 10585 | 10231990 |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; 13582 | 14447852 |
| 9.75%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 17216 | 19076361 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 15909 | 15316783 |
| 4.88%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 9216 | 8868137 |
| 5.50%, 11/15/27 | &nbsp;&nbsp; 33949 | 33821691 |
| 6.00%, 01/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 20914 | 20878707 |
| 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 38316 | 39045920 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 30932 | 31679899 |
| 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 28824 | 29378862 |
| 6.88%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 19034 | 19606052 |
| 7.13%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12769 | 13262595 |
|  |  | 318600429 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7143 | 7054988 |
| 6.00%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13315 | 13260908 |
|  |  | 20315896 |
| **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
| Air Canada, 3.88%, 08/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 16476 | 16138242 |
| American Airlines Inc. |  |  |
| 7.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9756 | 9634050 |
| 8.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12821 | 13018245 |
| American Airlines Inc./AAdvantage Loyalty <br> IP Ltd.<br>|  |  |
| 5.50%, 04/20/26<sup>(a)</sup> | &nbsp;&nbsp; 3448 | 3426832 |
| 5.75%, 04/20/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 41824 | 40465782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| JetBlue Airways Corp./JetBlue Loyalty LP, <br> 9.88%, 09/20/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $26286 | $24229120 |
| VistaJet Malta Finance PLC/Vista Management <br> Holding Inc.<br>|  |  |
| 6.38%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13242 | 11355015 |
| 7.88%, 05/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6445 | 6251650 |
| 9.50%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6914 | 6754408 |
|  |  | 131273344 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| VF Corp. |  |  |
| 2.80%, 04/23/27<sup>(b)</sup> | &nbsp;&nbsp; 7439 | 6901681 |
| 2.95%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp; 11376 | 9356419 |
|  |  | 16258100 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| Allison Transmission Inc. |  |  |
| 3.75%, 01/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14326 | 12873487 |
| 4.75%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 6218 | 6096971 |
| 5.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6921 | 6910169 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14644 | 12582271 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6252 | 5951904 |
| 5.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6048 | 5772574 |
| 5.88%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7202 | 7101100 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 12713 | 11985796 |
| 2.75%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10101 | 9195060 |
| 5.30%, 09/13/27<sup>(a)</sup> | &nbsp;&nbsp; 5576 | 5465189 |
| 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11854 | 12118633 |
| Nissan Motor Co. Ltd. |  |  |
| 4.35%, 09/17/27<sup>(a)</sup> | &nbsp;&nbsp; 19652 | 18936634 |
| 4.81%, 09/17/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 33035 | 30488005 |
|  |  | 145477793 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7888 | 7933159 |
| 7.50%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11149 | 10563678 |
| 8.25%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6911 | 6841890 |
| American Axle & Manufacturing Inc. |  |  |
| 5.00%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 8668 | 7606170 |
| 6.50%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 7382 | 7172844 |
| 6.88%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5958 | 5734575 |
| Aptiv PLC/Aptiv Global Financing DAC, 6.88%, <br> 12/15/54, (5-year CMT + 3.385%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 6335 | 5924365 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9709 | 9839769 |
| 6.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9852 | 10010351 |
| 8.50%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 27362 | 27464607 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5865 | 5392633 |
| 5.38%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5980 | 5942625 |
| 5.63%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 6113 | 6042028 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 4.88%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 10039 | 9871909 |
| 5.00%, 05/31/26<sup>(b)</sup> | &nbsp;&nbsp; 13171 | 13088681 |
| 5.00%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11776 | 11135268 |
| 5.25%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; 8006 | 7463594 |
| 5.25%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8167 | 7601435 |
| 5.63%, 04/30/33<sup>(b)</sup> | &nbsp;&nbsp; 6791 | 6257295 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| IHO Verwaltungs GmbH |  |  |
| 6.38%, 05/15/29, (6.38% Cash)<sup>(a)(e)</sup> | &nbsp;&nbsp; $4948 | $4792982 |
| 7.75%, 11/15/30, (7.75% Cash and 8.50% <br> PIK)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 6444 | 6299010 |
| 8.00%, 11/15/32, (8.00% Cash and 8.75% <br> PIK)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 6002 | 5746915 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; 26836 | 25606018 |
| ZF North America Capital Inc. |  |  |
| 6.75%, 04/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11064 | 10066027 |
| 6.88%, 04/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9081 | 8650742 |
| 6.88%, 04/23/32<sup>(a)</sup> | &nbsp;&nbsp; 10602 | 9354547 |
| 7.13%, 04/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7884 | 7253280 |
|  |  | 249656397 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Freedom Mortgage Corp. |  |  |
| 6.63%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8369 | 8295771 |
| 7.63%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp; 7003 | 7000812 |
| 12.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9906 | 10602293 |
| 12.25%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6755 | 7420582 |
| Intesa Sanpaolo SpA, 4.20%, 06/01/32, (1-year <br> CMT + 2.600%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 4865 | 4351971 |
| UniCredit SpA |  |  |
| 5.46%, 06/30/35, (5-year CMT + <br> 4.750%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 8775 | 8580170 |
| 5.86%, 06/19/32, (5-year USD ICE Swap + <br> 3.703%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2550 | 2554864 |
| 7.30%, 04/02/34, (5-year USD ICE Swap + <br> 4.914%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 9910 | 10363877 |
|  |  | 59170340 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc.<br>|  |  |
| 4.38%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; 10482 | 9942491 |
| 6.25%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10020 | 9969900 |
|  |  | 19912391 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 18854 | 17044186 |
| 5.00%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7823 | 7500301 |
| 6.38%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8612 | 8667759 |
| 6.38%, 03/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 13774 | 13653477 |
| Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9329 | 8090109 |
| Cornerstone Building Brands Inc., 9.50%, <br> 08/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7386 | 6425820 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 39021 | 39601632 |
| 6.75%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7119 | 7243583 |
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9614 | 9591297 |
| MIWD Holdco II LLC/MIWD Finance Corp., <br> 5.50%, 02/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6692 | 6031165 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 52369 | 52709760 |
| 6.75%, 03/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 19949 | 20022696 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 15281 | 14892202 |
| 8.88%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15076 | 15481846 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15917 | 14043092 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; $20946 | $19505962 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 13430 | 13076120 |
| 5.00%, 02/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 11963 | 11841251 |
| 6.50%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14561 | 14670207 |
|  |  | 300092465 |
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| ASP Unifrax Holdings Inc. |  |  |
| 5.25%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 2234 | 949450 |
| 7.10%, 09/30/29, (5.85% Cash and 1.25% <br> PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 9627 | 3850857 |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10021 | 9898869 |
| 7.13%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9717 | 9886614 |
| Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7121 | 7379136 |
| Axalta Coating Systems LLC, 3.38%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10755 | 9951171 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7999 | 7880648 |
| Celanese U.S. Holdings LLC |  |  |
| 1.40%, 08/05/26<sup>(b)</sup> | &nbsp;&nbsp; 2148 | 2048999 |
| 6.42%, 07/15/27 | &nbsp;&nbsp; 5166 | 5205003 |
| 6.50%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10077 | 9839246 |
| 6.58%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11351 | 11447711 |
| 6.60%, 11/15/28 | &nbsp;&nbsp; 15853 | 16011847 |
| 6.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15126 | 14864623 |
| 6.75%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15094 | 14140248 |
| 6.80%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 14199 | 14193036 |
| 6.95%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 13571 | 13594478 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8994 | 7523841 |
| 5.38%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 7147 | 6939880 |
| 5.75%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10661 | 9653855 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6643 | 6471736 |
| 7.50%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9905 | 9303866 |
| Methanex Corp. |  |  |
| 5.13%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 9561 | 9381731 |
| 5.25%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 10180 | 9661634 |
| Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8608 | 8152292 |
| NOVA Chemicals Corp. |  |  |
| 4.25%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7102 | 6711390 |
| 5.25%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 15256 | 15050044 |
| 7.00%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5391 | 5566208 |
| 8.50%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4789 | 5043056 |
| 9.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8885 | 9474875 |
| Olin Corp. |  |  |
| 5.00%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7548 | 7070787 |
| 5.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 8955 | 8686350 |
| 6.63%, 04/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8177 | 7754566 |
| Olympus Water U.S. Holding Corp. |  |  |
| 4.25%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11513 | 10633599 |
| 6.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5278 | 4838765 |
| 7.25%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11424 | 11424000 |
| 9.75%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 24535 | 25583116 |
| SCIH Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15254 | 14586638 |
| 6.63%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9609 | 9365105 |
| Tronox Inc., 4.63%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15575 | 12537875 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $10298 | $9970421 |
| 5.63%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15826 | 13967236 |
|  |  | 396494802 |
| **Commercial Services — 4.8%** | **Commercial Services — 4.8%** | **Commercial Services — 4.8%** |
| ADT Security Corp. (The), 4.13%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13510 | 12747361 |
| Albion Financing 1 SARL/Aggreko <br> Holdings Inc., 6.13%, 10/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; 7776 | 7761381 |
| Albion Financing 2 SARL, 8.75%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6057 | 6096794 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 32158 | 32828092 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp.<br>|  |  |
| 6.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12469 | 11706271 |
| 9.75%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 15351 | 15406386 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 26381 | 25314140 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| 4.75%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6785 | 6310050 |
| 5.38%, 03/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8286 | 7598193 |
| 5.75%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5049 | 4924138 |
| 8.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7735 | 7661208 |
| 8.25%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9615 | 9592886 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14821 | 14774166 |
| Block Inc. |  |  |
| 2.75%, 06/01/26<sup>(b)</sup> | &nbsp;&nbsp; 14234 | 13867190 |
| 3.50%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 13164 | 11683050 |
| 6.50%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 25767 | 26236217 |
| Boost Newco Borrower LLC, 7.50%, <br> 01/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 30394 | 32046078 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8261 | 8108502 |
| 6.50%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5128 | 5224972 |
| 6.75%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5804 | 5941845 |
| EquipmentShare.com Inc. |  |  |
| 8.00%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7382 | 7272418 |
| 8.63%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8972 | 9144935 |
| 9.00%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15060 | 15323550 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7914 | 7772988 |
| 6.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7363 | 6888087 |
| 7.75%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4671 | 4821406 |
| 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 7475 | 7343221 |
| 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 13952 | 13748763 |
| GEO Group Inc. (The) |  |  |
| 8.63%, 04/15/29 | &nbsp;&nbsp; 8912 | 9356998 |
| 10.25%, 04/15/31 | &nbsp;&nbsp; 9305 | 10167574 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 17185 | 16953480 |
| 6.63%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11096 | 10963403 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 7425 | 6209156 |
| 5.00%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13367 | 8264566 |
| 12.63%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16708 | 16248530 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(a)</sup> | &nbsp;&nbsp; 13851 | 13212053 |
| 5.75%, 04/15/26<sup>(a)</sup> | &nbsp;&nbsp; 3329 | 3328018 |
| 6.25%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 17779 | 17745220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $18198 | $17811292 |
| RR Donnelley & Sons Co. |  |  |
| 9.50%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14354 | 13672185 |
| 10.88%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6006 | 5668163 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11574 | 10375441 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; 10640 | 9718480 |
| 4.63%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 6720 | 6599393 |
| 5.13%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 11061 | 10922738 |
| 5.75%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 11159 | 11019513 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc.<br>|  |  |
| 4.63%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 6369 | 6283597 |
| 6.75%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15281 | 15498449 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 10692 | 10037757 |
| United Rentals North America Inc. |  |  |
| 3.75%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 9393 | 8353117 |
| 3.88%, 11/15/27 | &nbsp;&nbsp; 9497 | 9183141 |
| 3.88%, 02/15/31 | &nbsp;&nbsp; 14907 | 13619175 |
| 4.00%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 9766 | 9089523 |
| 4.88%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 22543 | 22218944 |
| 5.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10268 | 10152141 |
| 5.50%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5120 | 5110195 |
| 6.13%, 03/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 14942 | 15072122 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 17676 | 18160853 |
| Williams Scotsman Inc. |  |  |
| 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7525 | 7213540 |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7181 | 7255682 |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6820 | 6941396 |
| 7.38%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7746 | 8017918 |
|  |  | 708588041 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14657 | 14913497 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 28421 | 24548639 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 19497 | 20911117 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8753 | 8486034 |
| 5.13%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6095 | 5844800 |
| Seagate HDD Cayman |  |  |
| 4.09%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 6503 | 6172322 |
| 4.88%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 6777 | 6706384 |
| 8.25%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6106 | 6546670 |
| 8.50%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 7145 | 7646222 |
| 9.63%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10220 | 11512713 |
|  |  | 113288398 |
| **Cosmetics & Personal Care — 0.4%** | **Cosmetics & Personal Care — 0.4%** | **Cosmetics & Personal Care — 0.4%** |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6544 | 6106430 |
| 5.50%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9130 | 8940187 |
| Opal Bidco SAS, 6.50%, 03/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11425 | 11425000 |
| Perrigo Finance Unlimited Co. |  |  |
| 4.90%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 9497 | 9032787 |
| 6.13%, 09/30/32<sup>(b)</sup> | &nbsp;&nbsp; 10990 | 10879422 |
| Prestige Brands Inc. |  |  |
| 3.75%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7989 | 7185107 |
| 5.13%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5513 | 5440823 |
|  |  | 59009756 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** |
| American Builders & Contractors Supply <br> Co. Inc.<br>|  |  |
| 3.88%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $5857 | $5397421 |
| 4.00%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10334 | 9959392 |
| H&E Equipment Services Inc., 3.88%, <br> 12/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 16229 | 16173172 |
| Ritchie Bros Holdings Inc. |  |  |
| 6.75%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7217 | 7359536 |
| 7.75%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11519 | 12047261 |
|  |  | 50936782 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7862 | 7748777 |
| AG TTMT Escrow Issuer LLC, 8.63%, <br> 09/30/27<sup>(a)</sup><br>| &nbsp;&nbsp; 7828 | 8054890 |
| Ally Financial Inc. |  |  |
| 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(d)</sup> | &nbsp;&nbsp; 7047 | 6697138 |
| 6.70%, 02/14/33<sup>(b)</sup> | &nbsp;&nbsp; 7393 | 7345026 |
| Aretec Group Inc. |  |  |
| 7.50%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4975 | 4858174 |
| 10.00%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10045 | 10813744 |
| Bread Financial Holdings Inc. |  |  |
| 8.38%, 06/15/35, (5-year CMT + <br> 4.300%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 6310 | 5906949 |
| 9.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11093 | 11654483 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5140 | 5089046 |
| 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 9377 | 9871637 |
| Coinbase Global Inc. |  |  |
| 3.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13946 | 12828142 |
| 3.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11449 | 9937274 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6664 | 6547113 |
| 9.25%, 12/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8594 | 9098897 |
| Encore Capital Group Inc. |  |  |
| 8.50%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7419 | 7695877 |
| 9.25%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6699 | 7071397 |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14926 | 14981972 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9046 | 8831157 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10346 | 10426285 |
| 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 16014 | 16314879 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5998 | 5948696 |
| 6.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4871 | 4961973 |
| 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9645 | 9880145 |
| 8.00%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8299 | 8695089 |
| 7.75%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; 5864 | 5920492 |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15094 | 15056265 |
| goeasy Ltd. |  |  |
| 7.38%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 2997327 |
| 7.63%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9993 | 10080439 |
| 9.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7969 | 8328860 |
| Series 144\*, 6.88%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7124 | 6947681 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 4.50%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7695 | 7319432 |
| 6.13%, 11/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 22024 | 21650096 |
| 6.75%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 16125 | 16201916 |
| 7.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 18462 | 19041476 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.00%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $13878 | $12868671 |
| 6.63%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7181 | 7030608 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 3015 | 3022538 |
| Midcap Financial Issuer Trust |  |  |
| 5.63%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5931 | 5222246 |
| 6.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 12986 | 12397864 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8070 | 8077566 |
| 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11010 | 10915864 |
| 5.75%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7641 | 7660395 |
| 6.00%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9242 | 9244310 |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9628 | 9791676 |
| 7.13%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 13661 | 14180664 |
| Navient Corp. |  |  |
| 4.88%, 03/15/28 | &nbsp;&nbsp; 6752 | 6484030 |
| 5.00%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 9766 | 9643925 |
| 5.50%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9755 | 9245301 |
| 6.75%, 06/15/26 | &nbsp;&nbsp; 8111 | 8159159 |
| 9.38%, 07/25/30 | &nbsp;&nbsp; 7267 | 7719516 |
| 11.50%, 03/15/31 | &nbsp;&nbsp; 6797 | 7556281 |
| OneMain Finance Corp. |  |  |
| 3.50%, 01/15/27 | &nbsp;&nbsp; 10739 | 10272525 |
| 3.88%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 7526 | 6949490 |
| 4.00%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11594 | 10271704 |
| 5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9707 | 9279407 |
| 6.63%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 10964 | 11032525 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; 12340 | 12383892 |
| 6.75%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 8185 | 8028094 |
| 7.13%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 9775 | 9814002 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; 10182 | 10309275 |
| 7.88%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 8618 | 8898054 |
| 9.00%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11302 | 11795104 |
| PennyMac Financial Services Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8040 | 7501947 |
| 5.75%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7021 | 6690241 |
| 6.88%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11721 | 11719476 |
| 7.13%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8948 | 9088669 |
| 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10583 | 11043149 |
| PRA Group Inc. |  |  |
| 8.38%, 02/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6160 | 6221600 |
| 8.88%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8166 | 8410980 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 15042 | 14496027 |
| 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10866 | 10108640 |
| 3.88%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 16929 | 15320745 |
| 4.00%, 10/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 10997 | 9513725 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; 6070 | 5865532 |
| 6.50%, 01/31/30<sup>(b)</sup> | &nbsp;&nbsp; 7482 | 7708686 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp; 10678 | 10891560 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10492 | 10144085 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7808 | 7704997 |
|  |  | 735487489 |
| **Electric — 3.7%** | **Electric — 3.7%** | **Electric — 3.7%** |
| AES Corp. (The) |  |  |
| 6.95%, 07/15/55, (5-year CMT + 2.890%)<sup>(d)</sup> | &nbsp;&nbsp; 6311 | 5884376 |
| 7.60%, 01/15/55, (5-year CMT + 3.201%)<sup>(d)</sup> | &nbsp;&nbsp; 13066 | 12939619 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; $14522 | $14778858 |
| Atlantica Sustainable Infrastructure PLC, <br> 4.13%, 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 6466 | 6142700 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 11317 | 11118500 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 12076 | 11141116 |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 16100 | 15727687 |
| 4.63%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10386 | 10039108 |
| 5.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 11267 | 10850121 |
| 5.13%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 18543 | 18314778 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12270 | 10935961 |
| 4.75%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12193 | 11907135 |
| DPL Inc., 4.35%, 04/15/29 | &nbsp;&nbsp; 4832 | 4584360 |
| Edison International |  |  |
| 7.88%, 06/15/54, (5-year CMT + <br> 3.658%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 7158 | 6717087 |
| 8.13%, 06/15/53, (5-year CMT + <br> 3.864%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 7129 | 6808195 |
| Electricite de France SA, 9.13%, (5-year CMT + <br> 5.411%)<sup>(a)(d)(f)</sup><br>| &nbsp;&nbsp; 21109 | 23484501 |
| Emera Inc., Series 16-A, 6.75%, 06/15/76<sup>(b)(d)</sup> | &nbsp;&nbsp; 18081 | 18081000 |
| EUSHI Finance Inc., 7.63%, 12/15/54, (5-year <br> CMT + 3.136%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 8117 | 8148453 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 20799 | 21526965 |
| NextEra Energy Operating Partners LP |  |  |
| 3.88%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 9813 | 9445173 |
| 4.50%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9234 | 8720936 |
| 7.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12974 | 12796869 |
| NRG Energy Inc. |  |  |
| 3.38%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7155 | 6615871 |
| 3.63%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14015 | 12578463 |
| 3.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6910 | 6167175 |
| 5.25%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9974 | 9861793 |
| 5.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 9833 | 9867612 |
| 5.75%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9785 | 9739445 |
| 6.00%, 02/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 12346 | 12207108 |
| 6.25%, 11/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 12647 | 12604854 |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 12584 | 12262374 |
| 5.25%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 14205 | 13686802 |
| 7.38%, 03/15/55, (5-year CMT + 3.883%)<sup>(d)</sup> | &nbsp;&nbsp; 20454 | 19917082 |
| Pike Corp. |  |  |
| 5.50%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11138 | 10914813 |
| 8.63%, 01/31/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5452 | 5724600 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14888 | 15830150 |
| Vistra Operations Co. LLC |  |  |
| 4.38%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 16142 | 15525053 |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; 18843 | 18678124 |
| 5.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 13829 | 13762344 |
| 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18148 | 18134933 |
| 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 13750 | 14183538 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 18437 | 19481698 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 8.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12720 | 12767700 |
| 8.63%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8375 | 8348828 |
|  |  | 538953858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| Energizer Holdings Inc. |  |  |
| 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; $10922 | $10172577 |
| 4.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8871 | 8540999 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12372 | 12526650 |
| 6.38%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11502 | 11617020 |
| 6.63%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11026 | 11237332 |
| 7.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 18602 | 18905027 |
| Wolverine Escrow LLC, 1.00%, 01/31/33<sup>(c)(g)(h)</sup> | &nbsp;&nbsp; 13501 | 1 |
|  |  | 72999606 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 27564 | 26307024 |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12794 | 11769328 |
| 5.88%, 09/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6814 | 6650771 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10190 | 8878037 |
| 4.38%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6019 | 5559750 |
| 6.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7770 | 7697040 |
|  |  | 66861950 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| TerraForm Power Operating LLC |  |  |
| 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10791 | 10143001 |
| 5.00%, 01/31/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10179 | 9911801 |
|  |  | 20054802 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6018 | 5666717 |
| 6.88%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8550 | 8710312 |
| Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 19061 | 18107950 |
|  |  | 32484979 |
| **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
| AMC Entertainment Holdings Inc., 7.50%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 12646 | 8722958 |
| Caesars Entertainment Inc. |  |  |
| 4.63%, 10/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16763 | 15484821 |
| 6.00%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14548 | 13681667 |
| 6.50%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 20016 | 20116080 |
| 7.00%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 28429 | 29112717 |
| 8.13%, 07/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6588 | 6603773 |
| Cedar Fair LP/Canada's Wonderland <br> Co./Magnum Management <br> Corp./Millennium Op<br>|  |  |
| 5.25%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6768 | 6446114 |
| 5.38%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 6193 | 6146676 |
| Churchill Downs Inc. |  |  |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9883 | 9574156 |
| 5.50%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8789 | 8711597 |
| 5.75%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 15581 | 15246788 |
| 6.75%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7710 | 7791418 |
| Cinemark USA Inc. |  |  |
| 5.25%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10992 | 10773589 |
| 7.00%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7204 | 7362992 |
| International Game Technology PLC |  |  |
| 5.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10575 | 10339178 |
| 6.25%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 10633 | 10650624 |
| Light & Wonder International Inc. |  |  |
| 7.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8469 | 8474560 |
| 7.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6871 | 6989486 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| 7.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; $8364 | $8583555 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7130 | 6835388 |
| 4.75%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 13457 | 13171442 |
| 6.50%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 18566 | 18775610 |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6395 | 5874783 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC<br>|  |  |
| 8.25%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6985 | 6978758 |
| 11.88%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5275 | 5210751 |
| Motion Bondco DAC, 6.63%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5652 | 5334452 |
| Motion Finco SARL, 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5976 | 5627360 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5533 | 5619253 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.<br>|  |  |
| 5.63%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10223 | 5980455 |
| 5.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10338 | 5453295 |
| Resorts World Las Vegas LLC/RWLV <br> Capital Inc.<br>|  |  |
| 4.63%, 04/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14286 | 12267960 |
| 8.45%, 07/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5765 | 5592050 |
| Six Flags Entertainment Corp./DE |  |  |
| 5.50%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6408 | 6342158 |
| 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11730 | 11891288 |
| Six Flags Entertainment Corp./Six Flags Theme <br> Parks Inc., 6.63%, 05/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11598 | 11699714 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10973 | 10585982 |
| 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11330 | 10938876 |
| 7.13%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14365 | 14836459 |
|  |  | 379828783 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Clean Harbors Inc. |  |  |
| 4.88%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6687 | 6536543 |
| 6.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6689 | 6794710 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10563 | 10028829 |
| 4.38%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8249 | 7859400 |
| 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10418 | 10092385 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8731 | 8313892 |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 14220 | 13437900 |
| Reworld Holding Corp. |  |  |
| 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10097 | 9421006 |
| 5.00%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7040 | 6470200 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7102 | 7293500 |
|  |  | 86248365 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 18413 | 17124090 |
| 4.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18792 | 18578188 |
| 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14971 | 14467376 |
| 5.88%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11595 | 11591739 |
| 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7813 | 7911053 |
| 6.50%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10963 | 11134617 |
| B&G Foods Inc. |  |  |
| 5.25%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 7761 | 7277746 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 8.00%, 09/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $10792 | $10738040 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, <br> (8.75% PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 8024 | 8505487 |
| Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| 4.63%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5089 | 4984167 |
| 7.63%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6317 | 6604649 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14001 | 14333524 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; 13463 | 12610456 |
| 4.38%, 01/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9898 | 9046875 |
| 4.88%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6282 | 6187770 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14446 | 13673847 |
| 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 14454 | 14317988 |
| 6.13%, 09/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 13421 | 13427403 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 12187 | 10833280 |
| 4.25%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 13567 | 12874065 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 13848 | 14412832 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 6437 | 6973521 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13569 | 12350097 |
| 4.63%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 18651 | 17583230 |
| 5.50%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17991 | 17631396 |
| 6.25%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12698 | 12809107 |
| 6.25%, 10/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 7724 | 7670627 |
| 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 16695 | 16548919 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8008 | 7627620 |
| 4.75%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12548 | 12176579 |
| 5.75%, 04/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7647 | 7494978 |
| 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6288 | 6437978 |
| 7.25%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6027 | 6283147 |
|  |  | 372222391 |
| **Food Service — 0.2%** | **Food Service — 0.2%** | **Food Service — 0.2%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15955 | 15680255 |
| TKC Holdings Inc. |  |  |
| 6.88%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5162 | 5174905 |
| 10.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9251 | 9201854 |
|  |  | 30057014 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Glatfelter Corp., 4.75%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7806 | 6781039 |
| Magnera Corp., 7.25%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11331 | 10708815 |
| Mercer International Inc. |  |  |
| 5.13%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 12151 | 9963820 |
| 12.88%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5484 | 5592583 |
|  |  | 33046257 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27 | &nbsp;&nbsp; 6886 | 6571172 |
| 5.88%, 08/20/26<sup>(b)</sup> | &nbsp;&nbsp; 9144 | 9029700 |
| 9.38%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7245 | 7199719 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 16220 | 16614212 |
| 7.75%, 05/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 8945 | 9188491 |
|  |  | 48603294 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products — 1.3%** | **Health Care - Products — 1.3%** | **Health Care - Products — 1.3%** |
| Avantor Funding Inc. |  |  |
| 3.88%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $10698 | $9881935 |
| 4.63%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 20869 | 20057849 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 20248 | 21033622 |
| Hologic Inc. |  |  |
| 3.25%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12935 | 12017003 |
| 4.63%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5848 | 5740178 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 60309 | 56278248 |
| 5.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 34113 | 32407350 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 20472 | 20625540 |
| Teleflex Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9253 | 8862262 |
| 4.63%, 11/15/27 | &nbsp;&nbsp; 7461 | 7277389 |
|  |  | 194181376 |
| **Health Care - Services — 4.5%** | **Health Care - Services — 4.5%** | **Health Care - Services — 4.5%** |
| Acadia Healthcare Co. Inc. |  |  |
| 5.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7785 | 7355203 |
| 5.50%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5880 | 5741453 |
| 7.38%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7245 | 7234797 |
| Charles River Laboratories International Inc. |  |  |
| 3.75%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6705 | 6135075 |
| 4.00%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7251 | 6374862 |
| 4.25%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6675 | 6347769 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13916 | 11445910 |
| 5.25%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 22131 | 18824739 |
| 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 26286 | 25628850 |
| 6.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8293 | 7731688 |
| 6.13%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16199 | 11018722 |
| 6.88%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8436 | 6516810 |
| 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 18118 | 13163926 |
| 8.00%, 12/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9465 | 9469733 |
| 10.88%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 29522 | 30502992 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 19304 | 16962039 |
| 4.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 38301 | 35593368 |
| 6.88%, 09/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15315 | 15449006 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 10958 | 10769462 |
| 4.63%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7288 | 6937720 |
| 4.75%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 12409 | 12045292 |
| IQVIA Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 16271 | 16125375 |
| 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 16012 | 15876699 |
| 6.50%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7572 | 7673717 |
| LifePoint Health Inc. |  |  |
| 5.38%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6512 | 5879115 |
| 8.38%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9204 | 9379451 |
| 9.88%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10257 | 10898062 |
| 10.00%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11739 | 11313461 |
| 11.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 15146 | 16599789 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9990 | 9001146 |
| 3.88%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11160 | 9824654 |
| 4.38%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10941 | 10503232 |
| 6.25%, 01/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 10301 | 10197037 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9974 | 7929134 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.75%, 03/31/31, (6.00% Cash and 0.75% <br> PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; $10022 | $6764858 |
| 11.50%, 12/31/30, (6.50% Cash and 5.00% <br> PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 7719 | 7217448 |
| Prime Healthcare Services Inc., 9.38%, <br> 09/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 21763 | 20781750 |
| Radiology Partners Inc. |  |  |
| 7.78%, 01/31/29, (4.28% Cash and 3.50% <br> PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 10895 | 10677260 |
| 9.78%, 02/15/30, (6.78% PIK)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 8426 | 7762320 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14939 | 15118268 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; 18530 | 17614433 |
| 4.38%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 19309 | 18313621 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; 8755 | 8516912 |
| 5.13%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 19482 | 19326144 |
| 6.13%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 33990 | 33905025 |
| 6.13%, 06/15/30 | &nbsp;&nbsp; 27366 | 27502830 |
| 6.25%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 19521 | 19521195 |
| 6.75%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 18220 | 18670945 |
| U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15110 | 15336650 |
|  |  | 659479947 |
| **Holding Companies - Diversified — 0.6%** | **Holding Companies - Diversified — 0.6%** | **Holding Companies - Diversified — 0.6%** |
| Compass Group Diversified Holdings LLC, <br> 5.25%, 04/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13525 | 12756780 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 9225 | 7679813 |
| 5.25%, 05/15/27 | &nbsp;&nbsp; 19801 | 18846394 |
| 6.25%, 05/15/26<sup>(b)</sup> | &nbsp;&nbsp; 11047 | 11011097 |
| 9.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10197 | 9589960 |
| 9.75%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9960 | 9830520 |
| 10.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7063 | 6904083 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11692 | 11516620 |
| 7.63%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6311 | 6360825 |
|  |  | 94496092 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 04/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4993 | 4569868 |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7214 | 6280148 |
| 6.25%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8333 | 8170757 |
| Century Communities Inc. |  |  |
| 3.88%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7263 | 6483922 |
| 6.75%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 6243 | 6224505 |
| LGI Homes Inc. |  |  |
| 7.00%, 11/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5739 | 5294228 |
| 8.75%, 12/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5876 | 5923302 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8422 | 7690233 |
| 5.25%, 12/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6975 | 6761935 |
| Taylor Morrison Communities Inc. |  |  |
| 5.13%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8552 | 8293473 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6160 | 6154025 |
| 5.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7135 | 7172316 |
|  |  | 79018712 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Tempur Sealy International Inc. |  |  |
| 3.88%, 10/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $11071 | $9742480 |
| 4.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11066 | 10274006 |
|  |  | 20016486 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Central Garden & Pet Co. |  |  |
| 4.13%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7651 | 6981078 |
| 4.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5270 | 4744239 |
| Kronos Acquisition Holdings Inc. |  |  |
| 8.25%, 06/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7467 | 6175956 |
| 10.75%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5986 | 3711320 |
|  |  | 21612593 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| Newell Brands Inc. |  |  |
| 5.20%, 04/01/26 | &nbsp;&nbsp; 10846 | 10710425 |
| 6.38%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 6306 | 6169302 |
| 6.38%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10055 | 9128583 |
| 6.63%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7207 | 6760730 |
| 6.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 6748 | 6056330 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.00%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 6422 | 5620277 |
| 4.38%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 5819 | 5039196 |
| 4.50%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6133 | 5718512 |
|  |  | 55203355 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9032 | 8446352 |
| 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7139 | 6782607 |
| 7.50%, 11/06/30<sup>(a)</sup> | &nbsp;&nbsp; 15008 | 15272902 |
| 8.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 13409 | 13674096 |
| 8.50%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6356 | 6574901 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 10257 | 9890308 |
| 5.88%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5605 | 5398705 |
| 6.50%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14697 | 14660257 |
| 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 17069 | 16996262 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 17805 | 17938537 |
| 7.00%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 19273 | 19559782 |
| 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9313 | 9393907 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12219 | 11587049 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10225 | 10316066 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15341 | 15647820 |
| Ardonagh Group Finance Ltd., 8.88%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 22206 | 22623462 |
| AssuredPartners Inc. |  |  |
| 5.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6569 | 6550525 |
| 7.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7544 | 8023359 |
| FWD Group Holdings Ltd., 8.40%, <br> 04/05/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 12177 | 12505604 |
| Global Atlantic Fin Co. |  |  |
| 4.70%, 10/15/51, (5-year CMT + <br> 3.796%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 9689 | 9228869 |
| 7.95%, 10/15/54, (5-year CMT + <br> 3.608%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 8656 | 8809451 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $14392 | $14785395 |
| 8.13%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6903 | 6980659 |
| HUB International Ltd. |  |  |
| 5.63%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6607 | 6443857 |
| 7.25%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 42591 | 44089671 |
| 7.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp; 26408 | 27112256 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9631 | 10124011 |
| 10.50%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6267 | 6737025 |
| Liberty Mutual Group Inc., 4.13%, 12/15/51, <br> (5-year CMT + 3.315%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 7655 | 7241451 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 41240 | 42292676 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6038 | 5721005 |
| 5.88%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 16636 | 16433443 |
|  |  | 437842270 |
| **Internet — 1.7%** | **Internet — 1.7%** | **Internet — 1.7%** |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 12247 | 11526335 |
| 6.13%, 12/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6275 | 5625930 |
| Cogent Communications Group LLC |  |  |
| 3.50%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp; 5765 | 5637997 |
| 7.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6033 | 6033000 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 13758 | 13721456 |
| 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; 13117 | 13330151 |
| 7.13%, 09/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8969 | 9225525 |
| Go Daddy Operating Co. LLC/GD Finance <br> Co. Inc.<br>|  |  |
| 3.50%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10598 | 9867904 |
| 5.25%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8138 | 8050805 |
| ION Trading Technologies SARL |  |  |
| 5.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5642 | 5077800 |
| 9.50%, 05/30/29<sup>(a)</sup> | &nbsp;&nbsp; 11584 | 11261965 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7380 | 6321130 |
| 4.13%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6879 | 6180438 |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7930 | 7604870 |
| 5.00%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6407 | 6298337 |
| Newfold Digital Holdings Group Inc. |  |  |
| 6.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9529 | 5567128 |
| 11.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8253 | 4603627 |
| Rakuten Group Inc. |  |  |
| 5.13%, (5-year CMT + 4.578%)<sup>(a)(b)(d)(f)</sup> | &nbsp;&nbsp; 5013 | 4713223 |
| 6.25%, (5-year CMT + 4.956%)<sup>(a)(b)(d)(f)</sup> | &nbsp;&nbsp; 14828 | 12900360 |
| 8.13%, , (5-year CMT + 4.250%)<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 8090 | 7606622 |
| 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 26219 | 27705617 |
| 11.25%, 02/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 24109 | 25887039 |
| Snap Inc., 6.88%, 03/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 21267 | 21240416 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11258 | 10283507 |
| 7.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10054 | 9192875 |
|  |  | 255464057 |
| **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** |
| ATI Inc., 7.25%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 6717 | 6960961 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Cleveland-Cliffs Inc. |  |  |
| 5.88%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; $7700 | $7598129 |
| 6.75%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10433 | 10039885 |
| 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 12300 | 11902202 |
| 7.00%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 20205 | 19012113 |
| 7.38%, 05/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 13310 | 12531782 |
| 7.50%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11527 | 11164093 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8044 | 7622655 |
| 8.13%, 05/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9102 | 8852878 |
| 8.50%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8679 | 7873535 |
| 9.25%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 14052 | 13278578 |
|  |  | 116836811 |
| **Leisure Time — 0.8%** | **Leisure Time — 0.8%** | **Leisure Time — 0.8%** |
| NCL Corp. Ltd. |  |  |
| 5.88%, 02/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 14105 | 14035180 |
| 6.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 25244 | 24612900 |
| 7.75%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9362 | 9652891 |
| 8.13%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11954 | 12502106 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 7460 | 7401247 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8507 | 8145453 |
| 10.75%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10500 | 10014375 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 11346 | 11311080 |
| 7.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6269 | 6291673 |
| 9.13%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10255 | 10947315 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9052 | 8870960 |
|  |  | 123785180 |
| **Lodging — 2.6%** | **Lodging — 2.6%** | **Lodging — 2.6%** |
| Boyd Gaming Corp. |  |  |
| 4.75%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 14372 | 14086837 |
| 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12283 | 11433692 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 21219 | 18805551 |
| 3.75%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11122 | 10438906 |
| 4.00%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13848 | 12694877 |
| 4.88%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 13361 | 13053697 |
| 5.75%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5841 | 5837641 |
| 5.88%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8134 | 8215340 |
| 5.88%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14048 | 14033601 |
| 6.13%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5447 | 5532300 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7953 | 6919110 |
| 5.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11729 | 10829776 |
| 6.63%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11171 | 10933281 |
| Hilton Worldwide Finance LLC/Hilton Worldwide <br> Finance Corp., 4.88%, 04/01/27<sup>(b)</sup><br>| &nbsp;&nbsp; 8390 | 8336891 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16457 | 14850797 |
| 5.63%, 07/17/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8881 | 8560964 |
| 5.75%, 07/21/28<sup>(a)</sup> | &nbsp;&nbsp; 10921 | 10325501 |
| 7.63%, 04/17/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10309 | 9907980 |
| MGM China Holdings Ltd. |  |  |
| 4.75%, 02/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 10806 | 10532054 |
| 5.88%, 05/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 9578 | 9566027 |
| 7.13%, 06/26/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7550 | 7585391 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| MGM Resorts International |  |  |
| 4.63%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; $5967 | $5901661 |
| 4.75%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 9551 | 9176635 |
| 5.50%, 04/15/27 | &nbsp;&nbsp; 9150 | 9105394 |
| 6.13%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 10982 | 10923795 |
| 6.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 11292 | 11080840 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9579 | 9235393 |
| 4.63%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6709 | 6080635 |
| 6.63%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6944 | 6906138 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15840 | 13892947 |
| 6.50%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6799 | 6512519 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9318 | 8740750 |
| 6.00%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 5784 | 5816159 |
| 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp; 9081 | 9144113 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13067 | 12037974 |
| 5.50%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 10437 | 10176075 |
| 5.63%, 08/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 17378 | 16542813 |
|  |  | 373754055 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| Chart Industries Inc. |  |  |
| 7.50%, 01/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 20763 | 21541612 |
| 9.50%, 01/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6175 | 6580234 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13888 | 14076356 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8838 | 8455315 |
| 6.25%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10081 | 9646509 |
| TK Elevator Holdco GmbH, 7.63%, <br> 07/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4707 | 4707736 |
| TK Elevator U.S. Newco Inc., 5.25%, <br> 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 21954 | 21583526 |
|  |  | 86591288 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| Axon Enterprise Inc. |  |  |
| 6.13%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13651 | 13941084 |
| 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 10738 | 10952760 |
| FXI Holdings Inc. |  |  |
| 12.25%, 11/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6736 | 5973225 |
| 12.25%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 11495 | 10157499 |
| Hillenbrand Inc., 6.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7200 | 7162596 |
|  |  | 48187164 |
| **Media — 9.2%** | **Media — 9.2%** | **Media — 9.2%** |
| AMC Networks Inc. |  |  |
| 4.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 13440 | 9843180 |
| 10.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12004 | 12370789 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 41001 | 36999302 |
| 4.25%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 26465 | 22293454 |
| 4.50%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 37607 | 34881042 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; 40793 | 36254779 |
| 4.50%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 24370 | 21206199 |
| 4.75%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 42681 | 40324155 |
| 4.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15372 | 13892445 |
| 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 35465 | 34578375 |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 43538 | 42915659 |
| 5.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 19434 | 19016898 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 5.50%, 05/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; $10207 | $10194241 |
| 6.38%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 20175 | 20346487 |
| 7.38%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14705 | 15118394 |
| CSC Holdings LLC |  |  |
| 3.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13554 | 9047295 |
| 4.13%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 14329 | 9815365 |
| 4.50%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 19616 | 13338880 |
| 4.63%, 12/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 32582 | 15069175 |
| 5.00%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6376 | 2842633 |
| 5.38%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 14757 | 12893929 |
| 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18829 | 17475666 |
| 5.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 31798 | 15938748 |
| 6.50%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 22930 | 18745275 |
| 7.50%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 15610 | 11434325 |
| 11.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14407 | 14039322 |
| 11.75%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 27320 | 25783250 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9888 | 9433152 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 49295 | 47665061 |
| 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 30281 | 28842652 |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 38368 | 34914880 |
| 5.75%, 12/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 33012 | 27730080 |
| 7.38%, 07/01/28 | &nbsp;&nbsp; 13251 | 8891421 |
| 7.75%, 07/01/26 | &nbsp;&nbsp; 27986 | 24279000 |
| 5.13%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 21714 | 13584821 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 47632 | 50086815 |
| Gray Television Inc. |  |  |
| 4.75%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11751 | 7050600 |
| 5.38%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 16188 | 9611625 |
| 7.00%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8199 | 7977627 |
| 10.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 18364 | 18851381 |
| iHeartCommunications Inc. |  |  |
| 7.75%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9128 | 6536100 |
| 9.13%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10077 | 7755863 |
| 10.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 8728 | 3666014 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11254 | 8285758 |
| 6.75%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 15982 | 13005752 |
| McGraw-Hill Education Inc. |  |  |
| 5.75%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11743 | 11488378 |
| 7.38%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9285 | 9487599 |
| 8.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9282 | 9178088 |
| Nexstar Media Inc. |  |  |
| 4.75%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15010 | 14161609 |
| 5.63%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 24077 | 23872827 |
| Paramount Global |  |  |
| 6.25%, 02/28/57<sup>(d)</sup> | &nbsp;&nbsp; 8420 | 7802994 |
| 6.38%, 03/30/62, (5-year CMT + <br> 3.999%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 14194 | 13662435 |
| Radiate Holdco LLC/Radiate Finance Inc. |  |  |
| 4.50%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 15195 | 13067700 |
| 6.50%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 16003 | 10385697 |
| Scripps Escrow II Inc., 3.88%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7209 | 5493052 |
| Scripps Escrow Inc., 5.88%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5879 | 4641279 |
| Sinclair Television Group Inc. |  |  |
| 4.38%, 12/31/32<sup>(a)</sup> | &nbsp;&nbsp; 1379 | 840328 |
| 5.50%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7534 | 5433898 |
| 8.13%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 22087 | 21838521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; $14958 | $14561763 |
| 3.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 20518 | 17614785 |
| 4.00%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 29124 | 27412965 |
| 4.13%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 20383 | 18223421 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 22695 | 22377724 |
| 5.50%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16382 | 15947549 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 19041 | 17358252 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 14061 | 13445831 |
| 5.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 15441 | 14278100 |
| Telenet Finance Luxembourg Notes SARL, <br> 5.50%, 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 13600 | 13299667 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14044 | 12029696 |
| 6.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 21382 | 20660357 |
| 7.38%, 06/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11716 | 10683586 |
| 8.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 19777 | 19261973 |
| 8.50%, 07/31/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 17345 | 16271778 |
| Virgin Media Finance PLC, 5.00%, <br> 07/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13046 | 11414141 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11665 | 10495584 |
| 5.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 19790 | 19080331 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6149 | 5956780 |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 20581 | 17960010 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7335 | 6486497 |
| Ziggo BV, 4.88%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12615 | 11573136 |
|  |  | 1352576195 |
| **Mining — 1.1%** | **Mining — 1.1%** | **Mining — 1.1%** |
| Alcoa Nederland Holding BV |  |  |
| 4.13%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6290 | 5843158 |
| 7.13%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10205 | 10500984 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6862 | 6770118 |
| 6.38%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 7302525 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10982 | 11351270 |
| 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6126 | 6726838 |
| Constellium SE, 3.75%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7154 | 6572594 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| 4.38%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 20158 | 18182718 |
| 4.50%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8798 | 8579196 |
| FMG Resources August Pty. Ltd. |  |  |
| 5.88%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9986 | 9866525 |
| 6.13%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11066 | 10900010 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7439 | 6680966 |
| 4.63%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7039 | 6753921 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 9288 | 8980010 |
| 3.88%, 08/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10647 | 9164405 |
| 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 22095 | 20516215 |
| Novelis Inc., 6.88%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10372 | 10519839 |
|  |  | 165211292 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1975 | 2010728 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11162 | 7143680 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office & Business Equipment (continued)** | **Office & Business Equipment (continued)** | **Office & Business Equipment (continued)** |
| 8.88%, 11/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $7087 | $4243341 |
| Xerox Issuer Corp., 13.50%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 5811094 |
|  |  | 19208843 |
| **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 14029 | 14043614 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 5654 | 5479836 |
| 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8607 | 8463550 |
| 8.25%, 12/31/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6803 | 6888804 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8005 | 6904312 |
| 8.50%, 04/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10772 | 9984438 |
| CITGO Petroleum Corp. |  |  |
| 6.38%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp; 9643 | 9594785 |
| 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13718 | 13705139 |
| Civitas Resources Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 5799 | 5622377 |
| 8.38%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 18458 | 18134985 |
| 8.63%, 11/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12994 | 12502827 |
| 8.75%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 18810 | 17869500 |
| CNX Resources Corp. |  |  |
| 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6578 | 6381004 |
| 7.25%, 03/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 8618531 |
| 7.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7145 | 7156253 |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 12986 | 11752330 |
| 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 21683 | 20504926 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 14289 | 12520736 |
| 7.63%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15661 | 14231934 |
| 9.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13609 | 13753255 |
| CVR Energy Inc. |  |  |
| 5.75%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5925 | 5380641 |
| 8.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8234 | 7561529 |
| Encino Acquisition Partners Holdings LLC |  |  |
| 8.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10352 | 10364940 |
| 8.75%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7385 | 7495775 |
| Energian Israel Finance Ltd. |  |  |
| 4.88%, 03/30/26<sup>(a)(i)</sup> | &nbsp;&nbsp; 5142 | 5063767 |
| 5.38%, 03/30/28<sup>(a)(i)</sup> | &nbsp;&nbsp; 8498 | 8000032 |
| 5.88%, 03/30/31<sup>(a)(i)</sup> | &nbsp;&nbsp; 7807 | 7059175 |
| 8.50%, 09/30/33<sup>(a)(i)</sup> | &nbsp;&nbsp; 9895 | 9921722 |
| EQT Corp. |  |  |
| 4.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 910 | 882049 |
| 4.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1090 | 1052347 |
| 6.38%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 697 | 712536 |
| 7.50%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1242 | 1260744 |
| 7.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 3182602 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7830 | 7264772 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6310 | 5742100 |
| 6.00%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7528 | 6718740 |
| 6.25%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7742 | 7475869 |
| 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7195 | 6207936 |
| 6.88%, 05/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6414 | 5455909 |
| 7.25%, 02/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 14027 | 12164039 |
| 8.38%, 11/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7912 | 7510837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27<sup>(a)</sup> | &nbsp;&nbsp; $7678 | $7542691 |
| 6.75%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 7385 | 7151079 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11135 | 10524357 |
| 6.50%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12756 | 12276502 |
| 6.88%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6298 | 6262101 |
| Nabors Industries Inc. |  |  |
| 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9604 | 9051770 |
| 8.88%, 08/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7163 | 4838607 |
| 9.13%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9171 | 8268417 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 18960 | 18054281 |
| Northern Oil & Gas Inc. |  |  |
| 8.13%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9877 | 9709091 |
| 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 6542709 |
| Parkland Corp. |  |  |
| 4.50%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11104 | 10457423 |
| 4.63%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10959 | 10305522 |
| 5.88%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6419 | 6366236 |
| 6.63%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7838 | 7797556 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 6.00%, 02/15/28 | &nbsp;&nbsp; 10758 | 9498418 |
| 7.88%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7256 | 5955217 |
| 9.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 11727 | 10332120 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9640 | 9370482 |
| 6.25%, 02/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 13668 | 13297825 |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 13418 | 13501862 |
| 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8459 | 8560773 |
| Range Resources Corp. |  |  |
| 4.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7162 | 6741232 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; 8131 | 8325006 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4804 | 4599902 |
| 6.63%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5587 | 5489227 |
| 6.75%, 09/15/26 | &nbsp;&nbsp; 5852 | 5798630 |
| 6.75%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10737 | 10036894 |
| 7.00%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11145 | 10274910 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 13654 | 13629696 |
| 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9807 | 10067997 |
| 7.25%, 05/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9747 | 10085399 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.50%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 10883 | 10308736 |
| 4.50%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 11217 | 10558001 |
| 5.88%, 03/15/28 | &nbsp;&nbsp; 5253 | 5231725 |
| 6.00%, 04/15/27 | &nbsp;&nbsp; 7385 | 7357306 |
| 7.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6605 | 6758691 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9451 | 8987901 |
| 9.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9160 | 8580447 |
| Transocean Inc. |  |  |
| 8.00%, 02/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7820 | 7224379 |
| 8.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12659 | 10203027 |
| 8.50%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12117 | 9360382 |
| 8.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13390 | 13017591 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 6159 | 6068372 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 15155 | 14187505 |
| Vital Energy Inc., 7.88%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14712 | 11395233 |
|  |  | 770544425 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $11662 | $11624594 |
| 6.63%, 09/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9835 | 9764192 |
| USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.88%, 09/01/27 | &nbsp;&nbsp; 9470 | 9377573 |
| 7.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14189 | 14324505 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 22128 | 21858591 |
|  |  | 66949455 |
| **Packaging & Containers — 2.5%** | **Packaging & Containers — 2.5%** | **Packaging & Containers — 2.5%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| 3.25%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9243 | 8454572 |
| 4.00%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15039 | 13079418 |
| 6.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9640 | 9603850 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc.<br>|  |  |
| 4.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; 17613 | 15543472 |
| 5.25%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 27047 | 12425428 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 17768 | 15748116 |
| 3.13%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10974 | 9594591 |
| 6.00%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 14652 | 14941377 |
| 6.88%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 10812 | 11076137 |
| Berry Global Inc., 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7557 | 7552774 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7290 | 7349231 |
| 6.75%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11385 | 11648221 |
| 6.88%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7902 | 8046271 |
| 8.75%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16130 | 16618416 |
| Crown Americas LLC, 5.25%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7549 | 7510953 |
| Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; 5950 | 5858668 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6737 | 6341201 |
| 3.75%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5727 | 5240205 |
| 6.38%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7042 | 7086013 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7218 | 5970730 |
| 8.25%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6182 | 4180578 |
| 8.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12747 | 10420672 |
| 10.50%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9195 | 8265443 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 36207 | 36304035 |
| 9.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 19118 | 17564662 |
| OI European Group BV, 4.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6397 | 5922471 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8510 | 8499362 |
| 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9865 | 9779389 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6719 | 6463678 |
| 5.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5595 | 5438452 |
| 6.50%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6069 | 6167621 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11173 | 11264395 |
| 7.25%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7040 | 7337933 |
| Silgan Holdings Inc., 4.13%, 02/01/28 | &nbsp;&nbsp; 3006 | 2885760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Trivium Packaging Finance BV |  |  |
| 5.50%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; $14170 | $14008128 |
| 8.50%, 08/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9598 | 9454030 |
|  |  | 363646253 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 45644 | 44788175 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7801 | 6965643 |
| 5.13%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8002 | 7144152 |
| Bausch Health Americas Inc. |  |  |
| 8.50%, 01/31/27<sup>(a)</sup> | &nbsp;&nbsp; 8901 | 8455950 |
| 9.25%, 04/01/26<sup>(a)</sup> | &nbsp;&nbsp; 4738 | 4624051 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 20090 | 16278425 |
| 5.00%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; 5510 | 4187600 |
| 5.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 3855600 |
| 5.25%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 10258 | 5968874 |
| 5.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6070 | 3290130 |
| 6.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10183 | 6669865 |
| 11.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 22323 | 20992549 |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54, (5-year CMT + <br> 2.516%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 9598 | 9554809 |
| 7.00%, 03/10/55, (5-year CMT + 2.886%)<sup>(d)</sup> | &nbsp;&nbsp; 30822 | 31137926 |
| Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15166 | 15760330 |
| HLF Financing SARL LLC/Herbalife <br> International Inc.<br>|  |  |
| 4.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8383 | 6454910 |
| 12.25%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10663 | 11340634 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 21552 | 20437848 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV<br>|  |  |
| 4.13%, 04/30/28<sup>(a)</sup> | &nbsp;&nbsp; 27693 | 26083067 |
| 5.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 26483 | 22209536 |
| 6.75%, 05/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6879 | 6489907 |
| 7.88%, 05/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6637 | 6106040 |
| Owens & Minor Inc. |  |  |
| 4.50%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7182 | 5835171 |
| 6.63%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8266 | 7047922 |
| 10.00%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7873 | 8107960 |
| Teva Pharmaceutical Finance Netherlands <br> III BV<br>|  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; 43861 | 42380691 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; 12632 | 12396278 |
| 5.13%, 05/09/29<sup>(b)</sup> | &nbsp;&nbsp; 12846 | 12500764 |
| 6.75%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 15815 | 16182259 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; 7784 | 8335538 |
| 8.13%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6544 | 7199791 |
|  |  | 408782395 |
| **Pipelines — 4.8%** | **Pipelines — 4.8%** | **Pipelines — 4.8%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10390 | 10118717 |
| 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8221 | 8188116 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8995 | 8940310 |
| 6.63%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7776 | 7857872 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 7.00%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $7125 | $7228099 |
| 7.25%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6468 | 6610167 |
| Buckeye Partners LP |  |  |
| 3.95%, 12/01/26 | &nbsp;&nbsp; 8423 | 8210993 |
| 4.13%, 12/01/27 | &nbsp;&nbsp; 5225 | 5019762 |
| 4.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7213 | 6933496 |
| 6.75%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6863 | 6977097 |
| 6.88%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7706 | 7814366 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 19445 | 18691506 |
| 7.50%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6301 | 6631424 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6301 | 6222238 |
| 8.63%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15234 | 15682337 |
| DT Midstream Inc. |  |  |
| 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13825 | 12966744 |
| 4.38%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13390 | 12318800 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + <br> 2.829%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 5312 | 5255237 |
| 8.00%, 05/15/54, (5-year CMT + <br> 4.020%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 10876 | 11256660 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp.<br>|  |  |
| 7.75%, 02/01/28 | &nbsp;&nbsp; 8198 | 8160961 |
| 7.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 9166 | 8919343 |
| 8.00%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 8651 | 8391124 |
| 8.25%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7411 | 7521296 |
| 8.88%, 04/15/30 | &nbsp;&nbsp; 6878 | 7032755 |
| Global Partners LP/GLP Finance Corp. |  |  |
| 7.00%, 08/01/27 | &nbsp;&nbsp; 5678 | 5634734 |
| 8.25%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6433 | 6536346 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 11323 | 11439768 |
| 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7552 | 7684462 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9654 | 9047259 |
| 5.13%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6935 | 6792139 |
| 5.50%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5112 | 4992942 |
| 5.88%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10938 | 10954768 |
| 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8200 | 8327674 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8498 | 8634765 |
| 8.88%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7712 | 8013651 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 16894 | 15394657 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13426 | 13090350 |
| 6.63%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14731 | 14837652 |
| New Fortress Energy Inc., 6.50%, 09/30/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6334 | 5178045 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 36502 | 25186446 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12629 | 11872775 |
| 8.38%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 17984 | 16313736 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/27<sup>(b)</sup> | &nbsp;&nbsp; 7676 | 7651667 |
| 6.00%, 06/01/26 | &nbsp;&nbsp; 7269 | 7264457 |
| 6.38%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8768 | 8901186 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Rockies Express Pipeline LLC |  |  |
| 4.95%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $7368 | $7047639 |
| 6.75%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6975 | 7076815 |
| South Bow Canadian Infrastructure <br> Holdings Ltd.<br>|  |  |
| 7.50%, 03/01/55, (5-year CMT + <br> 3.667%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 9098 | 8938785 |
| 7.63%, 03/01/55, (5-year CMT + <br> 3.949%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 5689 | 5662831 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10030 | 9743205 |
| 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5452 | 5363973 |
| 6.00%, 12/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9856 | 9178181 |
| 6.00%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6668 | 6124836 |
| 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11095 | 11013522 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 11/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 17285 | 14562613 |
| 6.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13764 | 13767624 |
| 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 17215 | 15783745 |
| 4.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 17391 | 15537631 |
| Venture Global LNG Inc. |  |  |
| 7.00%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 20489 | 19285681 |
| 8.13%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 32046 | 31805655 |
| 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 31038 | 29912872 |
| 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 41644 | 43153595 |
| 9.88%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 27435 | 27820805 |
|  |  | 708478907 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7957 | 7025491 |
| Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.25%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5991 | 4388408 |
| 5.75%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7255 | 5677038 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8197 | 8217492 |
| 8.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5948 | 6364360 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9581 | 8746655 |
| 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 9284 | 8232866 |
| 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10001 | 9650965 |
| Kennedy-Wilson Inc. |  |  |
| 4.75%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 8585 | 7686269 |
| 4.75%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7897 | 6903478 |
| 5.00%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 8655 | 7381365 |
|  |  | 80274387 |
| **Real Estate Investment Trusts — 3.8%** | **Real Estate Investment Trusts — 3.8%** | **Real Estate Investment Trusts — 3.8%** |
| Brandywine Operating Partnership LP |  |  |
| 3.95%, 11/15/27 | &nbsp;&nbsp; 6049 | 5700396 |
| 8.88%, 04/12/29<sup>(b)</sup> | &nbsp;&nbsp; 5914 | 6200888 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC<br>|  |  |
| 4.50%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9312 | 9015742 |
| 5.75%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; 12444 | 12324745 |
| Diversified Healthcare Trust |  |  |
| 4.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 6474 | 5004213 |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 7717 | 6900464 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Hudson Pacific Properties LP |  |  |
| 3.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; $6038 | $3997579 |
| 3.95%, 11/01/27 | &nbsp;&nbsp; 5865 | 5095923 |
| 4.65%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 6375 | 4564819 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 14698 | 13588301 |
| 4.88%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 12197 | 12017313 |
| 4.88%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14146 | 13626446 |
| 5.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5994 | 5854759 |
| 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10389 | 10226296 |
| 5.25%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16617 | 16094153 |
| 5.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7790 | 7546563 |
| 6.25%, 01/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 15526 | 15498149 |
| 7.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13592 | 13963231 |
| Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 10101 | 9444435 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.25%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8768 | 8539506 |
| 4.75%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8228 | 7880943 |
| 7.00%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7156 | 7374123 |
| MPT Operating Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 3.50%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 18698 | 12398498 |
| 4.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 11723 | 8931754 |
| 5.00%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 18954 | 16888962 |
| 8.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 20805 | 21158373 |
| Office Properties Income Trust |  |  |
| 3.25%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5682 | 4546808 |
| 9.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7234 | 5353160 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9810 | 9172350 |
| 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9886 | 9657090 |
| 7.00%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8133 | 8130293 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8009 | 7669418 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; 10130 | 9938543 |
| 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 13637 | 13585861 |
| 7.25%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4936 | 5081841 |
| RLJ Lodging Trust LP |  |  |
| 3.75%, 07/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 7285 | 7131869 |
| 4.00%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7906 | 7145443 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 22165 | 20530331 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; 21560 | 21098400 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 5819 | 5133580 |
| 4.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5374 | 4005941 |
| 4.75%, 10/01/26 | &nbsp;&nbsp; 6187 | 5989820 |
| 4.95%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5721 | 5437639 |
| 4.95%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 5582 | 4379916 |
| 5.50%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 6269 | 5991061 |
| 8.38%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9289 | 9012497 |
| 8.63%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13897 | 14748608 |
| 8.88%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 7191 | 6936259 |
| Starwood Property Trust Inc. |  |  |
| 3.63%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; 6219 | 6062669 |
| 4.38%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7224 | 7061460 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6045 | 5969438 |
| 6.50%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7276 | 7329920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 6.50%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $3890 | $3924038 |
| 7.25%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9342 | 9645615 |
| Uniti Group LP/Uniti Fiber Holdings Inc./CSL <br> Capital LLC, 6.00%, 01/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8904 | 7936870 |
| Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC<br>|  |  |
| 4.75%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7783 | 7444673 |
| 6.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15640 | 14314197 |
| 10.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 38755 | 41157316 |
|  |  | 561359498 |
| **Retail — 4.7%** | **Retail — 4.7%** | **Retail — 4.7%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 3.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9611 | 8997273 |
| 3.88%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 21580 | 20719027 |
| 4.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 40893 | 37212630 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9488 | 9179640 |
| 5.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6314 | 6298116 |
| 6.13%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16716 | 16965737 |
| Advance Auto Parts Inc., 3.90%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7051 | 6342657 |
| Asbury Automotive Group Inc. |  |  |
| 4.50%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5647 | 5458619 |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11037 | 10378091 |
| 4.75%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5917 | 5532395 |
| 5.00%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8453 | 7705332 |
| Bath & Body Works Inc. |  |  |
| 5.25%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 6359 | 6312134 |
| 6.63%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12196 | 12401990 |
| 7.50%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6260 | 6405357 |
| BCPE Ulysses Intermediate Inc., 7.75%, <br> 04/01/27, (7.75% PIK)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 5332 | 5156118 |
| Beacon Roofing Supply Inc., 6.75%, <br> 04/30/32<sup>(a)</sup><br>| &nbsp;&nbsp; 27470 | 27538678 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28, (9.00% PIK)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 8503 | 8741807 |
| 13.00%, 06/01/30, (13.00% PIK)<sup>(a)(e)</sup> | &nbsp;&nbsp; 21904 | 23231057 |
| 14.00%, 06/01/31, (14.00% PIK)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 27556 | 30135838 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15017 | 16526359 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc.<br>|  |  |
| 4.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12809 | 11908367 |
| 6.75%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 17553 | 15310604 |
| FirstCash Inc. |  |  |
| 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6322 | 6097717 |
| 5.63%, 01/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7432 | 7302312 |
| 6.88%, 03/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7172 | 7331649 |
| Gap Inc. (The) |  |  |
| 3.63%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10628 | 9606685 |
| 3.88%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9783 | 8444686 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7031 | 6204566 |
| 8.75%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7558 | 6054260 |
| 11.50%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7597 | 7179165 |
| Group 1 Automotive Inc. |  |  |
| 4.00%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10171 | 9662450 |
| 6.38%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7184 | 7252607 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco <br> Bell of America LLC, 4.75%, 06/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 9179 | 9140173 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10860 | 9501957 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 13852 | 13097343 |
| 8.25%, 08/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10860 | 11306279 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Lithia Motors Inc. |  |  |
| 3.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $11717 | $10890600 |
| 4.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7616 | 6987680 |
| 4.63%, 12/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5352 | 5209838 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6772 | 6293868 |
| 6.13%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6484 | 5828805 |
| Michaels Companies Inc. (The) |  |  |
| 5.25%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11989 | 6290628 |
| 7.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 16682 | 5844539 |
| Murphy Oil USA Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7221 | 6500091 |
| 4.75%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7355 | 7089913 |
| Nordstrom Inc. |  |  |
| 4.25%, 08/01/31 | &nbsp;&nbsp; 6266 | 5336000 |
| 4.38%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7320 | 6490424 |
| PetSmart Inc./PetSmart Finance Corp. |  |  |
| 4.75%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 16352 | 15555401 |
| 7.75%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16619 | 15474129 |
| QVC Inc., 6.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8451 | 5641043 |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 29031 | 17600044 |
| Sonic Automotive Inc. |  |  |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8827 | 8282374 |
| 4.88%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7335 | 6692271 |
| Staples Inc. |  |  |
| 10.75%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 31977 | 27899932 |
| 12.75%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10715 | 6245044 |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., 5.00%, 06/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8988 | 8213234 |
| Walgreens Boots Alliance Inc. |  |  |
| 3.20%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5865 | 5518906 |
| 3.45%, 06/01/26 | &nbsp;&nbsp; 20050 | 19585040 |
| 8.13%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11447 | 11907513 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 14146 | 12760456 |
| 4.63%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 14808 | 13912375 |
| 4.75%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11485 | 11100827 |
| 5.38%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 12671 | 12458761 |
|  |  | 688249411 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Entegris Inc. |  |  |
| 3.63%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4822 | 4439166 |
| 4.38%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6149 | 5922640 |
| 4.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 22280 | 21632488 |
| 5.95%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11863 | 11804041 |
|  |  | 43798335 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 32483 | 31014781 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10449 | 8976091 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10859 | 9589854 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11560 | 10907785 |
| 4.88%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13243 | 12022161 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 52367 | 52367000 |
| 8.25%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 25514 | 26582399 |
| 9.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 51833 | 52283258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $12127 | $11601734 |
| 5.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; 5806 | 5797880 |
| Helios Software Holdings Inc./ION Corporate <br> Solutions Finance SARL, 8.75%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 9810 | 9539072 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12752 | 12163081 |
| 3.88%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11607 | 10673904 |
| Open Text Holdings Inc. |  |  |
| 4.13%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12706 | 11731450 |
| 4.13%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9367 | 8358689 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 13845 | 12806486 |
| Rocket Software Inc. |  |  |
| 6.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7939 | 7502355 |
| 9.00%, 11/28/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10742 | 11066403 |
| SS&C Technologies Inc. |  |  |
| 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; 26719 | 26555480 |
| 6.50%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9923 | 10058201 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6514 | 6083485 |
| 3.88%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6855 | 6199491 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 34140 | 35172735 |
|  |  | 389053775 |
| **Telecommunications — 6.4%** | **Telecommunications — 6.4%** | **Telecommunications — 6.4%** |
| Altice Financing SA |  |  |
| 5.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 16605 | 12636777 |
| 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 28381 | 20860035 |
| Altice France Holding SA |  |  |
| 6.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14377 | 4439701 |
| 10.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 20915 | 6498355 |
| Altice France SA |  |  |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6151 | 4989650 |
| 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 34385 | 28109737 |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 15070 | 12470425 |
| 5.50%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 27623 | 22581802 |
| 8.13%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 23943 | 21907845 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 6.88%, 09/15/55, (5-year CMT + 2.390%)<sup>(d)</sup> | &nbsp;&nbsp; 14045 | 14083563 |
| 7.00%, 09/15/55, (5-year CMT + 2.363%)<sup>(d)</sup> | &nbsp;&nbsp; 17118 | 17001521 |
| British Telecommunications PLC |  |  |
| 4.25%, 11/23/81, (5-year CMT + <br> 2.985%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 7053 | 6833511 |
| 4.88%, 11/23/81, (5-year CMT + <br> 3.493%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 6713 | 6025723 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12774 | 11282900 |
| 7.13%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10237 | 8688518 |
| 8.25%, 03/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 13651 | 12441139 |
| 9.50%, 12/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14561 | 14888622 |
| CommScope Technologies LLC, 5.00%, <br> 03/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9743 | 8476410 |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 26693 | 24957955 |
| Consolidated Communications Inc. |  |  |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6661 | 6320803 |
| 6.50%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9936 | 9737280 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(b)(e)</sup> | &nbsp;&nbsp; 31092 | 29003006 |
| Series ., 10.75%, 11/30/29 | &nbsp;&nbsp; 74749 | 79109857 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 22378 | 22143926 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; $18019 | $18001882 |
| 5.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 9746 | 9723220 |
| 6.00%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13306 | 13343257 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 14514 | 14571194 |
| 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9394 | 9952379 |
| 8.75%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16596 | 17368416 |
| Hughes Satellite Systems Corp. |  |  |
| 5.25%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 9555 | 8903349 |
| 6.63%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 10482 | 8511594 |
| Iliad Holding SASU |  |  |
| 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 15370 | 15550118 |
| 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11694 | 11809580 |
| 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13046 | 13761704 |
| Intelsat Jackson Holdings SA, 6.50%, <br> 03/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 42261 | 41651596 |
| Level 3 Financing Inc. |  |  |
| 3.75%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6690 | 5049987 |
| 3.88%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6231 | 4914390 |
| 4.00%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6872 | 5324412 |
| 4.25%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 425 | 368382 |
| 4.50%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10451 | 8702861 |
| 4.88%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7816 | 6821554 |
| 10.50%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9853 | 10919125 |
| 10.50%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11546 | 12497448 |
| 10.75%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10333 | 11456714 |
| 11.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 21271 | 23791410 |
| Lumen Technologies Inc. |  |  |
| 4.13%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6193 | 5790728 |
| 10.00%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6141 | 6125049 |
| Optics Bidco SpA |  |  |
| Series 2033, 6.38%, 11/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7034 | 6735055 |
| Series 2034, 6.00%, 09/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6379 | 5924496 |
| Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp; 6592 | 6418828 |
| Series 2038, 7.72%, 06/04/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 7365 | 7329709 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82, (5-year CMT + <br> 3.590%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 10029 | 9765037 |
| 7.00%, 04/15/55, (5-year CMT + <br> 2.653%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 14626 | 14717412 |
| 7.13%, 04/15/55, (5-year CMT + 2.620%)<sup>(d)</sup> | &nbsp;&nbsp; 13659 | 13605047 |
| Viasat Inc. |  |  |
| 5.63%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8208 | 8031183 |
| 6.50%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5555 | 4881456 |
| 7.50%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9651 | 7305807 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; 18845 | 16424339 |
| 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 18110 | 15914162 |
| 7.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9505 | 9574655 |
| Vodafone Group PLC |  |  |
| 3.25%, 06/04/81, (5-year CMT + <br> 2.447%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 8411 | 8107931 |
| 4.13%, 06/04/81, (5-year CMT + <br> 2.767%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 13836 | 12249011 |
| 7.00%, 04/04/79, (5-year USD Swap + <br> 4.873%)<sup>(d)</sup><br>| &nbsp;&nbsp; 28057 | 28825201 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 30312 | 30991292 |
| Zayo Group Holdings Inc. |  |  |
| 4.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 23546 | 21660201 |
| 6.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16915 | 13791011 |
|  |  | 932651243 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Brightline East LLC, 11.00%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $18646 | $15253094 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 135 | 137103 |
| XPO Inc. |  |  |
| 7.13%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5480 | 5610972 |
| 7.13%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8038 | 8234690 |
|  |  | 29235859 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| Fortress Transportation and Infrastructure <br> Investors LLC<br>|  |  |
| 5.88%, 04/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7151 | 6845298 |
| 7.00%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9537 | 9717853 |
| 7.00%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10438 | 10574947 |
| 7.88%, 12/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7498 | 7822094 |
| 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 12975 | 12747937 |
|  |  | 47708129 |
| **Total Corporate Bonds & Notes — 97.9%** <br>**(Cost: $15,264,925,450)** | **Total Corporate Bonds & Notes — 97.9%** <br>**(Cost: $15,264,925,450)** | 14364209322 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term <br> Loan, 15.00%, 12/09/27<sup>(c)</sup><br>| &nbsp;&nbsp; 714 | 695691 |
| **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $676,087)** | **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $676,087)** | 695691 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Incora Top Holdco LLC, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 203132 | 3046980 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Office Properties Income Trust, NVS | &nbsp;&nbsp; 18325 | 7513 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| New Fortress Energy Inc., (Acquired 12/24/24, <br> Cost $—)<sup>(j)</sup><br>| &nbsp;&nbsp; 404350 | 2195621 |
| **Total Common Stocks — 0.0%** <br>**(Cost $20,967,666)** | **Total Common Stocks — 0.0%** <br>**(Cost $20,967,666)** | 5250114 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Veritas Kapital Assurance PLC, Series G-1, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 23800 | 487900 |
| Veritas Kapital Assurance PLC, Series G, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 34448 | 792304 |
|  |  | 1280204 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $1,161,960)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $1,161,960)** | 1280204 |
| **Total Long-Term Investments — 97.9%** <br>**(Cost: $15,287,731,163)** | **Total Long-Term Investments — 97.9%** <br>**(Cost: $15,287,731,163)** | 14371435331 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 21.2%** | **Money Market Funds — 21.2%** | **Money Market Funds — 21.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(k)(l)(m)</sup><br>| &nbsp;&nbsp; 3085359500 | $3086593643 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(k)(l)</sup><br>| &nbsp;&nbsp; 25270000 | 25270000 |
| **Total Short-Term Securities — 21.2%** <br>**(Cost: $3,110,656,653)** | **Total Short-Term Securities — 21.2%** <br>**(Cost: $3,110,656,653)** | 3111863643 |
| **Total Investments — 119.1%** <br>**(Cost: $18,398,387,816)** | **Total Investments — 119.1%** <br>**(Cost: $18,398,387,816)** | 17483298974 |
| **Liabilities in Excess of Other Assets — (19.1)%** | **Liabilities in Excess of Other Assets — (19.1)%** | (2808496253)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14674802721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(f)</sup> Perpetual security with no stated maturity date.

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> Non-income producing security.

<sup>(i)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,195,621, representing less than 0.05% of its net assets as of period end, and an original cost of $—. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

<sup>(m)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14363345981 | &nbsp;&nbsp; $863341 | &nbsp;&nbsp; $14364209322 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 695691 | &nbsp;&nbsp; 695691 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 2203134 | &nbsp;&nbsp; 3046980 | &nbsp;&nbsp; 5250114 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280204 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3111863643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3111863643 |
|  | &nbsp;&nbsp; $3111863643 | &nbsp;&nbsp; $14366829319 | &nbsp;&nbsp; $4606012 | &nbsp;&nbsp; $17483298974 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Omnicom Group Inc., 2.60%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; $7353 | $6438358 |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Boeing Co. (The) |  |  |
| 2.95%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6369 | 5840818 |
| 3.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6968 | 6576797 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 7218 | 5945224 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 8434 | 7276724 |
| 3.63%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10899 | 10178626 |
| 3.75%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8956 | 6216996 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 5455 | 3821967 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 6313 | 4220948 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 28743 | 28997631 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 21575 | 20917495 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 41116 | 38536530 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 26312 | 24194184 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 11361 | 11935704 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 8162 | 8700548 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 17298 | 18576466 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 18657 | 19953747 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 11971 | 12761067 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 8056 | 7667773 |
| General Dynamics Corp. |  |  |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 9852 | 9554885 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 6682 | 5915109 |
| 4.25%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 4584 | 3804660 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 1755 | 1769015 |
| General Electric Co. |  |  |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 7622 | 8026928 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 9374 | 10489012 |
| L3Harris Technologies Inc. |  |  |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 5491 | 5473484 |
| 5.05%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 6220616 |
| 5.25%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6830 | 6980737 |
| 5.35%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7801 | 7864368 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 9393 | 9521267 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 9072 | 5582287 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 6921 | 5416473 |
| 3.90%, 06/15/32 | &nbsp;&nbsp; 4116 | 3915157 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 10651 | 8801702 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 12146 | 9388354 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 6942 | 5409879 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 9739 | 8598517 |
| 4.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6650 | 6561616 |
| 5.20%, 02/15/55 | &nbsp;&nbsp; 8273 | 7679319 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 6785 | 6152924 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 5947 | 6127104 |
| 5.70%, 11/15/54 | &nbsp;&nbsp; 7995 | 7943009 |
| 5.90%, 11/15/63<sup>(a)</sup> | &nbsp;&nbsp; 5780 | 5882788 |
| Northrop Grumman Corp. |  |  |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 15911 | 12428851 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 6314 | 6280324 |
| 4.70%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7615 | 7517972 |
| 4.75%, 06/01/43<sup>(a)</sup> | &nbsp;&nbsp; 6307 | 5585554 |
| 4.90%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6679 | 6610230 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 7772 | 6858677 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 8542 | 7829016 |
| 5.25%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 6271 | 5779589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| RTX Corp. |  |  |
| 1.90%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; $8800 | $7444600 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 10004 | 8963952 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 7704 | 6601484 |
| 2.82%, 09/01/51<sup>(a)</sup> | &nbsp;&nbsp; 7493 | 4505400 |
| 3.03%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8947 | 5609458 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 6391 | 4139430 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 7640 | 5719277 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 24108 | 23917147 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 6518 | 5252517 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 7676 | 6284474 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 7887 | 7158151 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 26842 | 23295683 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 12608 | 10614399 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 8005 | 8082396 |
| 5.38%, 02/27/53<sup>(a)</sup> | &nbsp;&nbsp; 9101 | 8548420 |
| 6.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7662 | 8187843 |
| 6.10%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 11857 | 12724468 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 13743 | 14742357 |
|  |  | 636080124 |
| **Agriculture — 1.7%** | **Agriculture — 1.7%** | **Agriculture — 1.7%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 10508 | 8901384 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 10261 | 9638696 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 12773 | 9185032 |
| 3.70%, 02/04/51<sup>(a)</sup> | &nbsp;&nbsp; 9660 | 6516133 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 13477 | 9637438 |
| 4.00%, 02/04/61<sup>(a)</sup> | &nbsp;&nbsp; 7754 | 5270957 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 5939 | 4697324 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 18328 | 18431588 |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 13668 | 12687928 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 12756 | 12637415 |
| 5.95%, 02/14/49<sup>(a)</sup> | &nbsp;&nbsp; 18567 | 17945189 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 6729 | 4034416 |
| 2.90%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6997 | 6259859 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 8722 | 8275038 |
| BAT Capital Corp. |  |  |
| 2.73%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 13322 | 11837432 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 18867 | 16523802 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 15254 | 11976370 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 4121 | 4007321 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 5835 | 4658017 |
| 4.91%, 04/02/30<sup>(a)</sup> | &nbsp;&nbsp; 6726 | 6760047 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 9012 | 9063355 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 10516 | 10560159 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 9601 | 10001475 |
| 6.00%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 6896 | 7196248 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 5558 | 5935064 |
| 6.42%, 08/02/33<sup>(a)</sup> | &nbsp;&nbsp; 7587 | 8109598 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 5395 | 5771334 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 8748 | 9473347 |
| BAT International Finance PLC, 5.93%, <br> 02/02/29<sup>(a)</sup><br>| &nbsp;&nbsp; 5818 | 6088289 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31<sup>(a)</sup> | &nbsp;&nbsp; 13226 | 11831537 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 4320 | 4261896 |
| 4.65%, 09/17/34<sup>(a)</sup> | &nbsp;&nbsp; 5510 | 5326683 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8515 | 8749710 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; $10974 | $9504023 |
| 2.10%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10009 | 8937099 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 9402 | 9018924 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 8106 | 6411389 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 5857 | 4795388 |
| 4.25%, 11/10/44<sup>(a)</sup> | &nbsp;&nbsp; 6707 | 5561261 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 3750 | 3725482 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 4876 | 4166220 |
| 4.63%, 11/01/29 | &nbsp;&nbsp; 7186 | 7241885 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 10167 | 10202501 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 8017 | 8140297 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 5552 | 4983334 |
| 4.90%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4196 | 4126174 |
| 5.13%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 14377 | 14736954 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 7011 | 7188647 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 13006 | 13134092 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 15120 | 15472582 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 5941 | 6224622 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 8077 | 8383193 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 8634 | 9047993 |
| 6.38%, 05/16/38<sup>(a)</sup> | &nbsp;&nbsp; 8619 | 9358385 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6439 | 6469688 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 16667 | 15551729 |
|  |  | 484631943 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 2.85%, 03/27/30<sup>(a)</sup> | &nbsp;&nbsp; 11053 | 10334157 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 8748 | 6760948 |
| 3.38%, 03/27/50<sup>(a)</sup> | &nbsp;&nbsp; 9890 | 6852481 |
| 3.88%, 11/01/45<sup>(a)</sup> | &nbsp;&nbsp; 6372 | 4973898 |
| Tapestry Inc. |  |  |
| 5.10%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200633 |
| 5.50%, 03/11/35<sup>(a)</sup> | &nbsp;&nbsp; 202 | 196802 |
|  |  | 29318919 |
| **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** |
| American Honda Finance Corp. |  |  |
| 4.40%, 09/05/29 | &nbsp;&nbsp; 5688 | 5654498 |
| 4.90%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 6981 | 7063914 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 3918 | 3842123 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 9028 | 9159774 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 5512 | 5625838 |
| 5.65%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5485 | 5699197 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7897 | 6818697 |
| 5.15%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 5372 | 5446676 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 7481 | 7123809 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 18262 | 14907444 |
| 4.75%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 13182 | 9828374 |
| 5.29%, 12/08/46<sup>(a)</sup> | &nbsp;&nbsp; 9133 | 7124080 |
| 6.10%, 08/19/32 | &nbsp;&nbsp; 14548 | 13960144 |
| 7.45%, 07/16/31 | &nbsp;&nbsp; 9314 | 9850866 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/10/29<sup>(a)</sup> | &nbsp;&nbsp; 7595 | 6749693 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 8316 | 7111705 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 13772 | 12209930 |
| 5.11%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 11437 | 10967919 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 5936 | 5718815 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.80%, 03/08/29 | &nbsp;&nbsp; $14546 | $14260221 |
| 5.88%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 9871 | 9705493 |
| 6.05%, 03/05/31<sup>(a)</sup> | &nbsp;&nbsp; 7774 | 7594316 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 8764 | 8500967 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 11456 | 10784069 |
| 6.50%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 9434 | 9131444 |
| 6.53%, 03/19/32 | &nbsp;&nbsp; 5907 | 5839350 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 4467 | 4529310 |
| 6.80%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 11473 | 11698689 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 9086 | 9139102 |
| 7.20%, 06/10/30 | &nbsp;&nbsp; 7032 | 7243449 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 10388 | 10713491 |
| General Motors Co. |  |  |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6839 | 6844029 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 7197 | 6579975 |
| 5.15%, 04/01/38<sup>(a)</sup> | &nbsp;&nbsp; 6561 | 5878724 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 9496 | 7747933 |
| 5.40%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4853 | 4887863 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 6127 | 5108778 |
| 5.60%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7708 | 7620042 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 6829 | 6084276 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 11115 | 10445307 |
| 6.60%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp; 8912 | 9149052 |
| 6.75%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 5568 | 5491732 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 9110 | 7719498 |
| 2.40%, 10/15/28 | &nbsp;&nbsp; 9529 | 8718611 |
| 2.70%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 10457 | 8935155 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 10763 | 9212407 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 10373 | 9541065 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 11329 | 10939101 |
| 4.90%, 10/06/29<sup>(a)</sup> | &nbsp;&nbsp; 6956 | 6835152 |
| 5.35%, 01/07/30<sup>(a)</sup> | &nbsp;&nbsp; 9412 | 9439021 |
| 5.45%, 09/06/34<sup>(a)</sup> | &nbsp;&nbsp; 8020 | 7675991 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 12820 | 12907881 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 6201 | 6219465 |
| 5.63%, 04/04/32<sup>(a)</sup> | &nbsp;&nbsp; 5404 | 5363137 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 7816 | 7914553 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 1528 | 1558314 |
| 5.80%, 01/07/29<sup>(a)</sup> | &nbsp;&nbsp; 5445 | 5548483 |
| 5.85%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 9640 | 9785289 |
| 5.90%, 01/07/35<sup>(a)</sup> | &nbsp;&nbsp; 8772 | 8683356 |
| 5.95%, 04/04/34<sup>(a)</sup> | &nbsp;&nbsp; 9801 | 9721535 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 11882 | 11940794 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 7861 | 8094410 |
| Honda Motor Co. Ltd., 2.97%, 03/10/32<sup>(a)</sup> | &nbsp;&nbsp; 7958 | 7067087 |
| Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>| &nbsp;&nbsp; 11064 | 13072999 |
| Toyota Motor Credit Corp. |  |  |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 8568 | 7728634 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 9954 | 9461712 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 7254 | 7275879 |
| 4.55%, 08/09/29<sup>(a)</sup> | &nbsp;&nbsp; 5934 | 5973312 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 7204 | 7178608 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 6476 | 6541291 |
| 4.80%, 01/05/34<sup>(a)</sup> | &nbsp;&nbsp; 5599 | 5542958 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 7585 | 7773395 |
| 5.10%, 03/21/31 | &nbsp;&nbsp; 6334 | 6482147 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 5327 | 5491552 |
| 5.35%, 01/09/35<sup>(a)</sup> | &nbsp;&nbsp; 5648 | 5769549 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.55%, 11/20/30 | &nbsp;&nbsp; $5508 | $5780833 |
|  |  | 607734282 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv PLC, 3.10%, 12/01/51 | &nbsp;&nbsp; 11039 | 6252272 |
| Aptiv PLC/Aptiv Corp. |  |  |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6222 | 5403294 |
| 4.15%, 05/01/52<sup>(a)</sup> | &nbsp;&nbsp; 8403 | 5735673 |
|  |  | 17391239 |
| **Banks — 23.1%** | **Banks — 23.1%** | **Banks — 23.1%** |
| Australia & New Zealand Banking Group <br> Ltd./New York, 4.62%, 12/16/29<sup>(a)</sup><br>| &nbsp;&nbsp; 5895 | 5971469 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29 | &nbsp;&nbsp; 5919 | 6074107 |
| 6.03%, 03/13/35, (1-year CMT + <br> 1.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6777 | 6931813 |
| Banco Santander SA |  |  |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 10911 | 9545520 |
| 2.96%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 6279 | 5657697 |
| 3.31%, 06/27/29<sup>(a)</sup> | &nbsp;&nbsp; 9434 | 8965851 |
| 3.49%, 05/28/30<sup>(a)</sup> | &nbsp;&nbsp; 5397 | 5069126 |
| 5.44%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10879 | 11221224 |
| 5.54%, 03/14/30, (1-year CMT + <br> 1.450%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11212 | 11506348 |
| 5.57%, 01/17/30<sup>(a)</sup> | &nbsp;&nbsp; 12114 | 12515594 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 3834 | 3950605 |
| 6.03%, 01/17/35<sup>(a)</sup> | &nbsp;&nbsp; 10110 | 10496483 |
| 6.35%, 03/14/34<sup>(a)</sup> | &nbsp;&nbsp; 10176 | 10373946 |
| 6.61%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 9007 | 9602233 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 15561 | 16529051 |
| 6.94%, 11/07/33<sup>(a)</sup> | &nbsp;&nbsp; 11516 | 12917764 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 25667 | 22212253 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 22853 | 19688342 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 14684 | 13652806 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 36491 | 31347692 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 21596 | 19530697 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 29232 | 25372327 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(c)</sup> | &nbsp;&nbsp; 25399 | 22941037 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(c)</sup> | &nbsp;&nbsp; 40010 | 28198156 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(c)</sup> | &nbsp;&nbsp; 35455 | 31343464 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 9765 | 5944738 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11923 | 11053113 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(c)</sup> | &nbsp;&nbsp; 27343 | 24006342 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15815 | 9922078 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11239 | 10604992 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 28563 | 21407811 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10553 | 8078608 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20587 | 20138967 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11575 | 9931389 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(c)</sup><br>| &nbsp;&nbsp; 41266 | 31766063 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16043 | 14310723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; $22409 | $22248724 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20544 | 16597929 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13855 | 11554481 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 30079 | 29139479 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 15898 | 14683103 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(c)</sup> | &nbsp;&nbsp; 35734 | 35593844 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 25518 | 25982530 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 38700 | 38712837 |
| 5.47%, 01/23/35, (1-day SOFR + <br> 1.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 36336 | 36773340 |
| 5.51%, 01/24/36, (1-day SOFR + <br> 1.310%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 25750 | 26093286 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 13858 | 14428253 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 27611 | 28745801 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 11099 | 11415850 |
| 6.11%, 01/29/37<sup>(a)</sup> | &nbsp;&nbsp; 13196 | 13626002 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 11835 | 13870790 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19512 | 17292974 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7233 | 5023428 |
| Bank of America NA, 6.00%, 10/15/36 | &nbsp;&nbsp; 8115 | 8381131 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30, (1-day SOFR + <br> 1.250%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8399 | 8407302 |
| 5.51%, 06/04/31<sup>(a)</sup> | &nbsp;&nbsp; 7680 | 7989568 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 3485 | 3626862 |
| Bank of New York Mellon Corp. (The), 3.30%, <br> 08/23/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2868 | 2730128 |
| Bank of Nova Scotia (The) |  |  |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 5168 | 4433637 |
| 4.85%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9588 | 9696811 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 11157 | 11350992 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 3 | 3083 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 6198 | 6410443 |
| Barclays PLC |  |  |
| 2.65%, 06/24/31, (1-year CMT + <br> 1.900%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10674 | 9529272 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 9578 | 8393044 |
| 2.89%, 11/24/32, (1-year CMT + <br> 1.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8768 | 7616691 |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 5655 | 4049846 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 10037 | 10015630 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 10419 | 9205018 |
| 4.97%, 05/16/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 15131 | 15198943 |
| 5.25%, 08/17/45<sup>(a)</sup> | &nbsp;&nbsp; 9810 | 9213889 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 15912 | 15421603 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 16079 | 16300942 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 12553 | 12889432 |
| 5.75%, 08/09/33, (1-year CMT + <br> 3.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7336 | 7463899 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(c)</sup> | &nbsp;&nbsp; 22036 | 22034444 |
| 6.04%, 03/12/55, (1-day SOFR + 2.420%)<sup>(c)</sup> | &nbsp;&nbsp; 4963 | 4911741 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(c)</sup> | &nbsp;&nbsp; 14271 | 14871502 |
| 6.49%, 09/13/29, (1-day SOFR + <br> 2.220%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8379 | 8819440 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(c)</sup> | &nbsp;&nbsp; 11866 | 12670461 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(c)</sup> | &nbsp;&nbsp; 12946 | 14434227 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; $5397 | $5288924 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32<sup>(a)</sup> | &nbsp;&nbsp; 9261 | 8504924 |
| 4.63%, 09/11/30, (1-day SOFR + 1.335%)<sup>(c)</sup> | &nbsp;&nbsp; 4469 | 4451990 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(c)</sup> | &nbsp;&nbsp; 14243 | 14521463 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 6908 | 7080873 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 4942 | 5238633 |
| Citibank NA |  |  |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 6324 | 6437072 |
| 5.57%, 04/30/34<sup>(a)</sup> | &nbsp;&nbsp; 15908 | 16408224 |
| 5.80%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; 5543 | 5797804 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + <br> 1.177%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14995 | 13014096 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(c)</sup> | &nbsp;&nbsp; 26156 | 22839029 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(c)</sup> | &nbsp;&nbsp; 26185 | 23424357 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(c)</sup> | &nbsp;&nbsp; 19553 | 17738681 |
| 2.90%, 11/03/42, (1-day SOFR + <br> 1.379%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11612 | 8019078 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(c)</sup> | &nbsp;&nbsp; 16169 | 14976654 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(c)</sup> | &nbsp;&nbsp; 25821 | 22650396 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(c)</sup> | &nbsp;&nbsp; 25984 | 23863516 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7220 | 6044453 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15872 | 15447597 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 11548 | 11442655 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7461 | 5961688 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(c)</sup> | &nbsp;&nbsp; 27066 | 26538329 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(c)</sup> | &nbsp;&nbsp; 24338 | 24088076 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 7699 | 6611359 |
| 4.65%, 07/23/48<sup>(a)</sup> | &nbsp;&nbsp; 18229 | 15260528 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 14896 | 12323187 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(c)</sup> | &nbsp;&nbsp; 17279 | 16945721 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(c)</sup> | &nbsp;&nbsp; 23898 | 24224628 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 6274 | 5697396 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(c)</sup> | &nbsp;&nbsp; 7504 | 7178562 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(c)</sup> | &nbsp;&nbsp; 21877 | 21884027 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(c)</sup> | &nbsp;&nbsp; 16784 | 16064109 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 6984 | 7056310 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(c)</sup> | &nbsp;&nbsp; 19146 | 20298846 |
| 6.63%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6853 | 7376400 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 6645 | 7004012 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 15461 | 19089721 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19545 | 19360255 |
| Citizens Financial Group Inc. |  |  |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 9967 | 9148413 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 9115 | 9114830 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 4367 | 4430080 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(c)</sup> | &nbsp;&nbsp; 6727 | 6904646 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(c)</sup> | &nbsp;&nbsp; 5080 | 5368402 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 11223 | 10833924 |
| 5.25%, 08/04/45<sup>(a)</sup> | &nbsp;&nbsp; 8912 | 8169937 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 9403 | 9087964 |
| Cooperatieve Rabobank UA/New York, 4.49%, <br> 10/17/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2877 | 2890365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Deutsche Bank AG/New York |  |  |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(c)</sup> | &nbsp;&nbsp; $4854 | $4276831 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(c)</sup> | &nbsp;&nbsp; 15467 | 14296403 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 5555 | 5563305 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8870 | 8651013 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 9709 | 9989868 |
| 6.82%, 11/20/29, (1-day SOFR + <br> 2.510%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12489 | 13262923 |
| Discover Bank, 4.65%, 09/13/28 | &nbsp;&nbsp; 1907 | 1900882 |
| Fifth Third Bancorp |  |  |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10289 | 10248496 |
| 4.90%, 09/06/30, (1-day SOFR + <br> 1.486%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5212 | 5198070 |
| 5.63%, 01/29/32, (1-day SOFR + <br> 1.840%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8851 | 9057558 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(c)</sup> | &nbsp;&nbsp; 15028 | 15736704 |
| 8.25%, 03/01/38<sup>(a)</sup> | &nbsp;&nbsp; 3161 | 3709271 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 6545 | 6676058 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(c)</sup> | &nbsp;&nbsp; 22662 | 19299578 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(c)</sup> | &nbsp;&nbsp; 33822 | 29086000 |
| 2.60%, 02/07/30<sup>(a)</sup> | &nbsp;&nbsp; 10013 | 9137441 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(c)</sup> | &nbsp;&nbsp; 30466 | 26740526 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(c)</sup> | &nbsp;&nbsp; 25544 | 22132323 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(c)</sup> | &nbsp;&nbsp; 11111 | 7706896 |
| 3.10%, 02/24/33, (1-day SOFR + <br> 1.410%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 31881 | 28097761 |
| 3.21%, 04/22/42, (1-day SOFR + <br> 1.513%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18585 | 13532848 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(c)</sup> | &nbsp;&nbsp; 18455 | 13698777 |
| 3.80%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 23010 | 22158579 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17223 | 14644147 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(c)</sup><br>| &nbsp;&nbsp; 24075 | 23839005 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13578 | 11942894 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(c)</sup> | &nbsp;&nbsp; 13465 | 13422817 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 13241 | 11475291 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 13259 | 11607920 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(c)</sup> | &nbsp;&nbsp; 25658 | 24919796 |
| 5.05%, 07/23/30, (1-day SOFR + <br> 1.210%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17541 | 17744667 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 14154 | 12491068 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(c)</sup> | &nbsp;&nbsp; 14305 | 14539934 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 27400 | 27868348 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 23876 | 23673214 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 23018 | 23253902 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 23182 | 22284326 |
| 5.73%, 04/25/30, (1-day SOFR <br> +1.265%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18198 | 18835640 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(c)</sup> | &nbsp;&nbsp; 23456 | 22878183 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(c)</sup> | &nbsp;&nbsp; 21009 | 21642800 |
| 6.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8376 | 9008586 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 18672 | 19469821 |
| 6.48%, 10/24/29, (1-day SOFR + <br> 1.770%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17284 | 18329119 |
| 6.56%, 10/24/34, (1-day SOFR + <br> 1.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9041 | 9831465 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.75%, 10/01/37 | &nbsp;&nbsp; $40348 | $43362722 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(c)</sup> | &nbsp;&nbsp; 22591 | 20810025 |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(c)</sup> | &nbsp;&nbsp; 15493 | 13592379 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(c)</sup> | &nbsp;&nbsp; 27664 | 24339955 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(c)</sup> | &nbsp;&nbsp; 16417 | 14826175 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 12440 | 10860375 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(c)</sup><br>| &nbsp;&nbsp; 22190 | 21445166 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20746 | 20647216 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 19840 | 20041007 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 12380 | 12465587 |
| 5.25%, 03/14/44<sup>(a)</sup> | &nbsp;&nbsp; 10825 | 10013028 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 14393 | 14602748 |
| 5.40%, 08/11/33, (1-day SOFR + <br> 2.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15522 | 15671672 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 20944 | 20797706 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 10244 | 10500655 |
| 5.72%, 03/04/35, (1-day SOFR + <br> 1.780%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8758 | 8950392 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(c)</sup> | &nbsp;&nbsp; 9815 | 10127904 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 5918 | 6203118 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(c)</sup> | &nbsp;&nbsp; 17208 | 18169401 |
| 6.33%, 03/09/44, (1-day SOFR + <br> 2.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20352 | 21358443 |
| 6.50%, 05/02/36<sup>(a)</sup> | &nbsp;&nbsp; 10868 | 11543331 |
| 6.50%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 10875 | 11516719 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 6856 | 7100242 |
| 6.80%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp; 6142 | 6740244 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 8172 | 7363919 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(c)</sup> | &nbsp;&nbsp; 8038 | 8092842 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9378 | 9377530 |
| 6.21%, 08/21/29, (1-day SOFR + <br> 2.020%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8501 | 8832604 |
| Huntington National Bank (The), 5.65%, <br> 01/10/30<sup>(a)</sup><br>| &nbsp;&nbsp; 5867 | 6049634 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(c)</sup> | &nbsp;&nbsp; 3591 | 3182030 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 6671 | 6526413 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(c)</sup> | &nbsp;&nbsp; 6470 | 6149351 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 4741 | 4736410 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(c)</sup><br>| &nbsp;&nbsp; 9655 | 9738916 |
| 5.34%, 03/19/30, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 8530 | 8705582 |
| 5.53%, 03/25/36, (1-day SOFR + <br> 1.610%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8178 | 8205293 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 14235 | 14375173 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 9986 | 10493529 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(c)</sup><br>| &nbsp;&nbsp; 18138 | 15514741 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(c)</sup> | &nbsp;&nbsp; 26795 | 22973114 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(c)</sup> | &nbsp;&nbsp; 15642 | 14583986 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; 21098 | 19083084 |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12868 | 8890366 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(c)</sup> | &nbsp;&nbsp; 22680 | 19742858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(c)</sup><br>| &nbsp;&nbsp; $25129 | $22238426 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 23712 | 21917360 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 23097 | 20452816 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14824 | 11169195 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(c)</sup> | &nbsp;&nbsp; 15503 | 10189272 |
| 3.16%, 04/22/42, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 15589 | 11612386 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 24746 | 16916526 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19759 | 19114128 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19216 | 16596631 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11834 | 9093856 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(c)</sup><br>| &nbsp;&nbsp; 24178 | 18837261 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10726 | 8448831 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19099 | 18933496 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13904 | 11377672 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20037 | 19987631 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(c)</sup><br>| &nbsp;&nbsp; 21827 | 21646812 |
| 4.57%, 06/14/30, (1-day SOFR + <br> 1.750%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5720 | 5711616 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 18120 | 17686754 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(c)</sup> | &nbsp;&nbsp; 11488 | 11470288 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 6941 | 6342877 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(c)</sup> | &nbsp;&nbsp; 32125 | 31925896 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 19434 | 18950949 |
| 4.95%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 10889 | 9851503 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(c)</sup> | &nbsp;&nbsp; 20816 | 21104751 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 15974 | 16223313 |
| 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(c)</sup> | &nbsp;&nbsp; 16512 | 16809517 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 17659 | 17998289 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 23902 | 23921382 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 19266 | 19723184 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 20338 | 20491184 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(c)</sup> | &nbsp;&nbsp; 31041 | 31522567 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 9876 | 9762097 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(c)</sup> | &nbsp;&nbsp; 20527 | 20841716 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 10066 | 10100139 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 17873 | 17580667 |
| 5.57%, 04/22/36, (1-day SOFR + <br> 1.680%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16785 | 17121126 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(c)</sup> | &nbsp;&nbsp; 19702 | 20395621 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 13184 | 13286167 |
| 5.63%, 08/16/43<sup>(a)</sup> | &nbsp;&nbsp; 7934 | 7868201 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 20846 | 21579137 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 17010 | 17867535 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(c)</sup> | &nbsp;&nbsp; 22332 | 23883009 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 17893 | 19579109 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 5758 | 5550637 |
| KeyBank NA/Cleveland OH, 4.90%, 08/08/32 | &nbsp;&nbsp; 3958 | 3686554 |
| KeyCorp |  |  |
| 2.55%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4057 | 3680177 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(c)</sup><br>| &nbsp;&nbsp; $4570 | $4343206 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5410 | 5664299 |
| Lloyds Banking Group PLC |  |  |
| 4.34%, 01/09/48<sup>(a)</sup> | &nbsp;&nbsp; 9926 | 7605374 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 3708 | 3702632 |
| 4.98%, 08/11/33, (1-year CMT + <br> 2.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9952 | 9754298 |
| 5.30%, 12/01/45<sup>(a)</sup> | &nbsp;&nbsp; 5638 | 5045734 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 7878 | 7880230 |
| 5.68%, 01/05/35, (1-year CMT + <br> 1.750%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 13979 | 14155250 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 11266 | 11643312 |
| M&T Bank Corp. |  |  |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(c)</sup> | &nbsp;&nbsp; 4317 | 4150241 |
| 5.39%, 01/16/36, (1-day SOFR + <br> 1.610%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11386 | 11075318 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 6986 | 7264106 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5705 | 6132621 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 18127 | 15883628 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 18538 | 15929503 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(c)</sup> | &nbsp;&nbsp; 6771 | 5859273 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 13688 | 12433956 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 7771 | 6785603 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 16934 | 16018003 |
| 3.74%, 03/07/29<sup>(a)</sup> | &nbsp;&nbsp; 4914 | 4793994 |
| 3.75%, 07/18/39 | &nbsp;&nbsp; 10176 | 8548116 |
| 4.05%, 09/11/28<sup>(a)</sup> | &nbsp;&nbsp; 8725 | 8650963 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 6719 | 6707356 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 3887 | 3952674 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(c)</sup> | &nbsp;&nbsp; 13738 | 13995063 |
| 5.26%, 04/17/30, (1-year CMT + <br> 0.820%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9759 | 9968256 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5697 | 5796838 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 14046 | 14155092 |
| 5.44%, 02/22/34, (1-year CMT + <br> 1.630%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9156 | 9319816 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 4046 | 4124939 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 8731 | 8875932 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(c)</sup> | &nbsp;&nbsp; 5522 | 5627369 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12127 | 10457433 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10122 | 8888039 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 6005 | 5154653 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10637 | 9989805 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9768 | 9652907 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(c)</sup> | &nbsp;&nbsp; 5605 | 5735010 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 7662 | 7826132 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(c)</sup> | &nbsp;&nbsp; 7954 | 7982919 |
| 5.58%, 05/26/35, (1-year CMT + <br> 1.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6536 | 6663906 |
| 5.67%, 05/27/29, (1-year CMT + <br> 1.500%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5371 | 5539707 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(c)</sup> | &nbsp;&nbsp; $3501 | $3588307 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 6559 | 6740434 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 6307 | 6490807 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 10339 | 10699229 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(c)</sup> | &nbsp;&nbsp; 25889 | 21803252 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 22945 | 19342415 |
| 2.24%, 07/21/32, (1-day SOFR + <br> 1.178%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 30542 | 26042739 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 21739 | 18737679 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 27183 | 24819460 |
| 2.80%, 01/25/52, (1-day SOFR + <br> 1.430%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17806 | 10723420 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 22293 | 19558070 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(c)</sup> | &nbsp;&nbsp; 16244 | 11946297 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(c)</sup> | &nbsp;&nbsp; 23296 | 22091702 |
| 3.97%, 07/22/38<sup>(c)</sup> | &nbsp;&nbsp; 14732 | 12665628 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 21021 | 17333881 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 16934 | 14043490 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20751 | 20580433 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7344 | 6697146 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 14694 | 14628870 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(c)</sup> | &nbsp;&nbsp; 11057 | 10889125 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(c)</sup> | &nbsp;&nbsp; 13482 | 13638771 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 12175 | 12390728 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 26400 | 26865223 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(c)</sup> | &nbsp;&nbsp; 17688 | 18029479 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(c)</sup> | &nbsp;&nbsp; 26087 | 26041136 |
| 5.32%, 07/19/35, (1-day SOFR + <br> 1.555%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 26368 | 26203770 |
| 5.42%, 07/21/34, (1-day SOFR + <br> 1.880%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17094 | 17251858 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 12966 | 13303381 |
| 5.47%, 01/18/35, (1-day SOFR + <br> 1.730%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17558 | 17714338 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(c)</sup> | &nbsp;&nbsp; 24069 | 23005470 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 22949 | 23272319 |
| 5.60%, 03/24/51, (1-day SOFR + <br> 4.840%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15060 | 14561806 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 15499 | 16020100 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(c)</sup> | &nbsp;&nbsp; 13829 | 14127625 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 24070 | 24827861 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(c)</sup> | &nbsp;&nbsp; 24075 | 25772995 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 16494 | 17652773 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 13514 | 14297350 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 15165 | 16489713 |
| 7.25%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 8889 | 10127502 |
| National Australia Bank Ltd./New York |  |  |
| 4.79%, 01/10/29<sup>(a)</sup> | &nbsp;&nbsp; 4170 | 4248925 |
| 4.90%, 06/13/28<sup>(a)</sup> | &nbsp;&nbsp; 1065 | 1087781 |
| 4.90%, 01/14/30 | &nbsp;&nbsp; 9454 | 9699316 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 6263358 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 6317 | 6546703 |
| NatWest Group PLC |  |  |
| 4.45%, 05/08/30<sup>(c)</sup> | &nbsp;&nbsp; 13069 | 12871131 |
| 4.89%, 05/18/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 11237 | 11300476 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 7583 | 7618311 |
| 5.08%, 01/27/30<sup>(c)</sup> | &nbsp;&nbsp; 14049 | 14162083 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.78%, 03/01/35, (1-year CMT + <br> 1.500%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; $11743 | $11939675 |
| 5.81%, 09/13/29, (1-year CMT + <br> 1.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6303 | 6512539 |
| 6.02%, 03/02/34, (1-year CMT + <br> 2.100%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7412 | 7719779 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 7943 | 7057586 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 5022 | 5389115 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29<sup>(a)</sup> | &nbsp;&nbsp; 7767 | 7136906 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 5736 | 5647002 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(c)</sup> | &nbsp;&nbsp; 8852 | 7647046 |
| 2.55%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 9315 | 8499611 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 7002 | 6760784 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 15190 | 15050091 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(c)</sup> | &nbsp;&nbsp; 14483 | 14278987 |
| 5.22%, 01/29/31, (1-day SOFR + <br> 1.072%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11239 | 11487252 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(c)</sup> | &nbsp;&nbsp; 13204 | 13188323 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(c)</sup> | &nbsp;&nbsp; 10645 | 10948704 |
| 5.58%, 06/12/29, (1-day SOFR + <br> 1.841%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9952 | 10251892 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(c)</sup> | &nbsp;&nbsp; 14921 | 15100139 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(c)</sup> | &nbsp;&nbsp; 9369 | 9545379 |
| 5.94%, 08/18/34, (1-day SOFR + <br> 1.946%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7557 | 7819890 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8929 | 9326101 |
| 6.88%, 10/20/34, (1-day SOFR + <br> 2.284%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17067 | 18746599 |
| Regions Financial Corp. |  |  |
| 5.50%, 09/06/35, (1-day SOFR <br> +2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8313 | 8124293 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 7306 | 7465329 |
| Royal Bank of Canada |  |  |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 11289 | 9783576 |
| 3.88%, 05/04/32<sup>(a)</sup> | &nbsp;&nbsp; 5777 | 5441284 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15275 | 15243984 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 8775 | 8941650 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 12162 | 12305150 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12271 | 12396016 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 10066 | 10097383 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 7265 | 7278421 |
| 5.15%, 02/04/31, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 12928 | 13149780 |
| 5.15%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6693 | 6788395 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 6902 | 7083214 |
| Santander Holdings USA Inc. |  |  |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 11140 | 11160006 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 7855 | 7935562 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; 3046 | 3134792 |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4638 | 4735303 |
| Santander U.K. Group Holdings PLC |  |  |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5019 | 4981674 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11044 | 11321094 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| State Street Bank & Trust Co., 4.78%, <br> 11/23/29<sup>(a)</sup><br>| &nbsp;&nbsp; $9041 | $9180360 |
| State Street Corp. |  |  |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 4986 | 4350457 |
| 2.40%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 7398 | 6807911 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 7292 | 7395721 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 18513 | 17050262 |
| 2.13%, 07/08/30<sup>(a)</sup> | &nbsp;&nbsp; 15636 | 13789058 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 9125 | 7832050 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 17726 | 16297336 |
| 2.93%, 09/17/41<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 1712528 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 24406 | 22950348 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 7165 | 7078880 |
| 5.24%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6358 | 6514730 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 6484 | 6655190 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 6795 | 6990568 |
| 5.56%, 07/09/34<sup>(a)</sup> | &nbsp;&nbsp; 9119 | 9325328 |
| 5.63%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8342 | 8572208 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 7336 | 7644463 |
| 5.72%, 09/14/28<sup>(a)</sup> | &nbsp;&nbsp; 5213 | 5417533 |
| 5.77%, 01/13/33<sup>(a)</sup> | &nbsp;&nbsp; 9395 | 9759254 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 3720 | 3866330 |
| 5.81%, 09/14/33<sup>(a)</sup> | &nbsp;&nbsp; 7734 | 8100046 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 8314 | 8285422 |
| 6.18%, 07/13/43<sup>(a)</sup> | &nbsp;&nbsp; 3853 | 4063306 |
| Toronto-Dominion Bank (The) |  |  |
| 2.00%, 09/10/31<sup>(a)</sup> | &nbsp;&nbsp; 5692 | 4908370 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 10377 | 9287564 |
| 4.46%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 10753 | 10455175 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 13949 | 14061946 |
| 4.99%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 10159 | 10357971 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 6957 | 7087914 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 7733 | 8010600 |
| Truist Bank, 2.25%, 03/11/30 | &nbsp;&nbsp; 11822 | 10410849 |
| Truist Financial Corp. |  |  |
| 1.89%, 06/07/29, (1-day SOFR + <br> 0.862%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16791 | 15474886 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 6929 | 6037476 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(c)</sup> | &nbsp;&nbsp; 10294 | 10097687 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(c)</sup> | &nbsp;&nbsp; 8646 | 8683012 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 6639 | 6777136 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(c)</sup> | &nbsp;&nbsp; 16248 | 16517199 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(c)</sup> | &nbsp;&nbsp; 11758 | 12043962 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 3922 | 4098803 |
| 7.16%, 10/30/29, (1-day SOFR + <br> 2.446%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9205 | 9935970 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 6710 | 5706885 |
| 2.68%, 01/27/33, (1-day SOFR + <br> 1.020%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4732 | 4069808 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 8167 | 7625398 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 13741 | 13321454 |
| 5.05%, 02/12/31, (1-day SOFR + <br> 1.061%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12623 | 12774192 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 8403 | 8534668 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 11840 | 12115533 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10318 | 10325021 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(c)</sup> | &nbsp;&nbsp; 13795 | 14040479 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 7809 | 8070623 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; $12372 | $12717723 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 14330 | 14798544 |
| UBS AG/London |  |  |
| 4.50%, 06/26/48<sup>(a)</sup> | &nbsp;&nbsp; 7868 | 6599390 |
| 5.65%, 09/11/28 | &nbsp;&nbsp; 4141 | 4298958 |
| UBS Group AG, 4.88%, 05/15/45 | &nbsp;&nbsp; 14846 | 13018726 |
| Wachovia Corp., 5.50%, 08/01/35 | &nbsp;&nbsp; 5121 | 5118412 |
| Wells Fargo & Co. |  |  |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(c)</sup><br>| &nbsp;&nbsp; 22992 | 20835311 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 27290 | 25246765 |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(c)</sup> | &nbsp;&nbsp; 30229 | 22228375 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 35611 | 31939235 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 17723 | 13820216 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 12893 | 12756904 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 16063 | 12727418 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16825 | 16575514 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(c)</sup> | &nbsp;&nbsp; 26254 | 21736569 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 14875 | 12387659 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 15225 | 12602544 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 29237 | 28640486 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 14373 | 12248055 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(c)</sup><br>| &nbsp;&nbsp; 41751 | 36721666 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 24175 | 24508509 |
| 5.20%, 01/23/30, (1-day SOFR + <br> 1.500%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16816 | 17146998 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 19908 | 19655133 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 22805 | 23253449 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 14364 | 13246439 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 28521 | 28590731 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 23812 | 23984311 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 31258 | 31662707 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 28961 | 29791422 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16109 | 16357101 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 17804 | 16744913 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 17372 | 18325252 |
| 6.49%, 10/23/34, (1-day SOFR + <br> 2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 25153 | 27044138 |
| Wells Fargo Bank NA |  |  |
| 5.85%, 02/01/37 | &nbsp;&nbsp; 6564 | 6721598 |
| 6.60%, 01/15/38 | &nbsp;&nbsp; 9308 | 10156952 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 16727 | 15507876 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 17319 | 15234406 |
| 2.65%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 4708 | 4375054 |
| 2.96%, 11/16/40<sup>(a)</sup> | &nbsp;&nbsp; 7746 | 5613202 |
| 3.13%, 11/18/41<sup>(a)</sup> | &nbsp;&nbsp; 4690 | 3301865 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 4567 | 4042790 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 9073 | 9344340 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 4805 | 5024956 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 5641 | 6136716 |
|  |  | 6391175771 |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 43036 | 41583010 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.90%, 02/01/46 | &nbsp;&nbsp; $68540 | $62244382 |
| Anheuser-Busch InBev Finance Inc., 4.90%, <br> 02/01/46<sup>(a)</sup><br>| &nbsp;&nbsp; 13107 | 11829605 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 12671 | 12162765 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 16205 | 13644999 |
| 4.50%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 3839 | 3348761 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 21018 | 21335277 |
| 4.90%, 01/23/31<sup>(a)</sup> | &nbsp;&nbsp; 5934 | 6076413 |
| 4.95%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; 12251 | 11402033 |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7802 | 7871784 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 16416 | 16608007 |
| 5.55%, 01/23/49<sup>(a)</sup> | &nbsp;&nbsp; 29610 | 29300214 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 15094 | 15283298 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 10293 | 13052274 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 11464 | 9762932 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 14364 | 12666193 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 3587 | 3170051 |
| 2.13%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 8172 | 7562984 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 14088 | 12380275 |
| 2.50%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 9445 | 6802828 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 12876 | 7605042 |
| 2.60%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 12809 | 7818565 |
| 2.75%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 7131 | 4169282 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 4878 | 3605718 |
| 3.00%, 03/05/51<sup>(a)</sup> | &nbsp;&nbsp; 11577 | 7633973 |
| 3.45%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; 10795 | 10466721 |
| 4.65%, 08/14/34 | &nbsp;&nbsp; 4211 | 4201523 |
| 5.00%, 05/13/34<sup>(a)</sup> | &nbsp;&nbsp; 6864 | 7019946 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 11077 | 10540907 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 9467 | 9148094 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 12905 | 12449034 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 8915 | 7609604 |
| 3.15%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11033 | 10386798 |
| 4.90%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3791 | 3699320 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 7535 | 6691440 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 4057 | 3396134 |
| 2.38%, 10/24/29<sup>(a)</sup> | &nbsp;&nbsp; 7465 | 6871842 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 5195 | 5346145 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 6731 | 6990597 |
| Diageo Investment Corp. |  |  |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 2303 | 2358016 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 1299 | 1334634 |
| Keurig Dr Pepper Inc. |  |  |
| 3.20%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6556 | 6135088 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 5442 | 3949915 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 7556 | 7385408 |
| 4.05%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5286 | 5037536 |
| 4.50%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; 9309 | 7575090 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 3527 | 3543268 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 5579 | 5677046 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 14193 | 11319613 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 7794 | 7073359 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31 | &nbsp;&nbsp; 12467 | 10590619 |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 11192 | 9855874 |
| 1.95%, 10/21/31<sup>(a)</sup> | &nbsp;&nbsp; 10592 | 9125401 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 2.63%, 07/29/29<sup>(a)</sup> | &nbsp;&nbsp; $4774 | $4493197 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 4427 | 3094396 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 11217 | 10438935 |
| 2.75%, 10/21/51<sup>(a)</sup> | &nbsp;&nbsp; 9183 | 5680371 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 9834 | 6379219 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 5082 | 3767319 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 3467 | 2571060 |
| 3.90%, 07/18/32<sup>(a)</sup> | &nbsp;&nbsp; 6312 | 6065301 |
| 4.45%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8965 | 8972532 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 8781 | 7619561 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 8252 | 8388968 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 6491 | 6603934 |
| 5.00%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 9361 | 9432407 |
| 5.25%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp; 6930 | 6679731 |
|  |  | 634886568 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 10619 | 9758464 |
| 2.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9061 | 7602163 |
| 2.30%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; 10729 | 9414421 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 12203 | 11076268 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 6757 | 3882754 |
| 2.80%, 08/15/41<sup>(a)</sup> | &nbsp;&nbsp; 6844 | 4832960 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 9005 | 8565783 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 7003 | 4382761 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 11341 | 8558416 |
| 3.35%, 02/22/32<sup>(a)</sup> | &nbsp;&nbsp; 8317 | 7592056 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 13394 | 9142973 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 9398 | 9241369 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 4218 | 3993705 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 7598 | 5833255 |
| 4.40%, 05/01/45<sup>(a)</sup> | &nbsp;&nbsp; 17483 | 14553905 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 9053 | 6885717 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 10998 | 9088822 |
| 4.66%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 27092 | 22632158 |
| 4.88%, 03/01/53<sup>(a)</sup> | &nbsp;&nbsp; 8930 | 7623086 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 19492 | 20035628 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 30755 | 31081698 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 20577 | 20014122 |
| 5.65%, 03/02/53<sup>(a)</sup> | &nbsp;&nbsp; 31832 | 30505077 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 20992 | 19986206 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 5859 | 5204785 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 13308 | 8075377 |
| 5.20%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 8842 | 7803752 |
| Gilead Sciences Inc. |  |  |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 8199 | 7096999 |
| 2.60%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 8040 | 5668505 |
| 2.80%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 10312 | 6375350 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 8331 | 7504217 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 14219 | 11516861 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 14635 | 12564456 |
| 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 9617 | 9249434 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 19022 | 16765367 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 3379 | 3437344 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 12472 | 11204415 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 6187 | 6199586 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 5842 | 5962076 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 7312 | 7092999 |
| 5.55%, 10/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7992 | 7784809 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 6571 | 6349265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 5.65%, 12/01/41 | &nbsp;&nbsp; $8606 | $8596407 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 10871 | 9293815 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 5425 | 3095576 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 12703 | 11030918 |
| 3.30%, 09/02/40<sup>(a)</sup> | &nbsp;&nbsp; 9981 | 7331826 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 7454 | 4878741 |
|  |  | 476366647 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4771 | 4291577 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 10814 | 9987216 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 14184 | 11091030 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 10097 | 7200187 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 6609 | 6950983 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 4945 | 5004088 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 9940 | 10088799 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 7799 | 7946615 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 9226 | 9422140 |
| Holcim Finance U.S. LLC |  |  |
| 4.95%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1467 | 1481376 |
| 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 1830 | 1827544 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 5040 | 4372945 |
| 3.20%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 8050 | 5106073 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 8466 | 8396375 |
| 5.50%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 4382 | 4079129 |
| Owens Corning, 5.70%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4321 | 4424485 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/29<sup>(a)</sup><br>| &nbsp;&nbsp; 8079 | 7910450 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5954 | 5620081 |
| 5.35%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4740 | 4763116 |
| 5.70%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5615 | 5358443 |
|  |  | 125322652 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Air Products and Chemicals Inc. |  |  |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 10024 | 8966480 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 6168 | 4449239 |
| 2.80%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6487 | 4073063 |
| 4.60%, 02/08/29<sup>(a)</sup> | &nbsp;&nbsp; 9487 | 9618189 |
| 4.85%, 02/08/34<sup>(a)</sup> | &nbsp;&nbsp; 5442 | 5405864 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 6020 | 5136495 |
| 5.15%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5854 | 5654750 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 4932 | 4431858 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6502 | 5624121 |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 7913 | 5175665 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 9686 | 7597831 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 6263 | 5534409 |
| 5.55%, 11/30/48<sup>(a)</sup> | &nbsp;&nbsp; 5973 | 5316057 |
| 6.90%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6635 | 6911495 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 11794 | 11918802 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 7912 | 8076467 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 15231 | 14828597 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; $6678 | $5453875 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 7750 | 7802417 |
| 5.63%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 6218 | 6200202 |
| Ecolab Inc., 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 7090 | 4264805 |
| International Flavors & Fragrances Inc., 5.00%, <br> 09/26/48<sup>(a)</sup><br>| &nbsp;&nbsp; 5017 | 4164536 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 7516 | 6210080 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 6375 | 5544997 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 7183 | 5138421 |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 7056 | 4568634 |
| 4.20%, 10/15/49<sup>(a)</sup> | &nbsp;&nbsp; 7138 | 5108960 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 6716 | 4806160 |
| 5.50%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6419 | 6218133 |
| LyondellBasell Industries NV, 4.63%, <br> 02/26/55<sup>(a)</sup><br>| &nbsp;&nbsp; 7630 | 5763585 |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7551 | 7448299 |
| 5.00%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 4018 | 3509925 |
| 5.80%, 03/27/53<sup>(a)</sup> | &nbsp;&nbsp; 5582 | 5404153 |
| Sherwin-Williams Co. (The) |  |  |
| 2.95%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7896 | 7382661 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 8991 | 7441287 |
|  |  | 221150512 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 11264 | 9697329 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 3745 | 3501595 |
| 4.45%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 7493 | 7288318 |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 9793 | 8428996 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 9963 | 8952289 |
| 2.90%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7671 | 6657482 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 6757 | 6284365 |
| 4.15%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 4497 | 3204729 |
| 5.40%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4148 | 4123661 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5312 | 4848075 |
| Massachusetts Institute of Technology, <br> 5.60%<sup>(a)</sup><br>| &nbsp;&nbsp; 3785 | 3773516 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 11465 | 10352967 |
| 2.85%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7711 | 7241907 |
| 3.25%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 3936 | 2601244 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 8092 | 7883135 |
| 5.05%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 5934 | 5278636 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 8381 | 8396688 |
| President and Fellows of Harvard College, <br> Series ., 4.61%, 02/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 4390 | 4323215 |
| Quanta Services Inc., 2.90%, 10/01/30 | &nbsp;&nbsp; 7885 | 7135931 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 8835 | 8257493 |
| 4.00%, 03/18/29<sup>(a)</sup> | &nbsp;&nbsp; 9342 | 9229764 |
| 4.75%, 03/27/30<sup>(a)</sup> | &nbsp;&nbsp; 5518 | 5580006 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 4162 | 4197477 |
| S&P Global Inc. |  |  |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 11677 | 11020651 |
| 2.90%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 13951 | 12482985 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 3070 | 2291202 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 8641 | 8607658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 5.25%, 09/15/33 | &nbsp;&nbsp; $5885 | $6015560 |
|  |  | 187656874 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| Accenture Capital Inc. |  |  |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 11809 | 11738390 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 7319 | 7241437 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 10457 | 10062625 |
| Apple Inc. |  |  |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 15562 | 13476932 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 17837 | 16490385 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 20583 | 18280299 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 26218 | 22892577 |
| 1.70%, 08/05/31<sup>(a)</sup> | &nbsp;&nbsp; 8332 | 7210368 |
| 2.20%, 09/11/29<sup>(a)</sup> | &nbsp;&nbsp; 8527 | 7923057 |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 13515 | 9352365 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 10572 | 6205463 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 14931 | 8542200 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 18081 | 11268808 |
| 2.65%, 02/08/51<sup>(a)</sup> | &nbsp;&nbsp; 20270 | 12504443 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 15072 | 9357905 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 13926 | 8261698 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 7460 | 4460994 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 12768 | 8501361 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 8409 | 8188566 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 11916 | 11231197 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 16178 | 12400418 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 9758 | 7642015 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 9704 | 7584372 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 20779 | 17224052 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 12679 | 10199007 |
| 3.95%, 08/08/52<sup>(a)</sup> | &nbsp;&nbsp; 13228 | 10498435 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 9874 | 7783042 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 9151 | 7779637 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 4244 | 4243616 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 12594 | 11041880 |
| 4.45%, 05/06/44<sup>(a)</sup> | &nbsp;&nbsp; 9380 | 8496299 |
| 4.50%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 8378 | 8301281 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 29959 | 27183745 |
| 4.85%, 05/10/53<sup>(a)</sup> | &nbsp;&nbsp; 8166 | 7667620 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41<sup>(a)</sup> | &nbsp;&nbsp; 7442 | 5341858 |
| 4.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5409 | 5093959 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 4727 | 4736658 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 9103 | 9283857 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 6547 | 6558600 |
| 5.40%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7836 | 7805778 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 7699 | 7553428 |
| 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 7062 | 7279810 |
| 6.20%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7563 | 8000889 |
| 8.10%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 8422 | 9911691 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 14436 | 14299819 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 8606 | 8501279 |
| 5.00%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 15390 | 14837414 |
| 5.60%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 11451 | 10549309 |
| 6.20%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7874 | 8161214 |
| 6.35%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 12233 | 12109570 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 9555 | 8256807 |
| 4.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11595 | 11229344 |
| 5.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6565 | 6526828 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; $5722 | $5574070 |
| IBM International Capital Pte Ltd. |  |  |
| 4.90%, 02/05/34<sup>(a)</sup> | &nbsp;&nbsp; 7303 | 7162407 |
| 5.25%, 02/05/44<sup>(a)</sup> | &nbsp;&nbsp; 8454 | 7957141 |
| 5.30%, 02/05/54<sup>(a)</sup> | &nbsp;&nbsp; 10461 | 9600537 |
| International Business Machines Corp. |  |  |
| 1.95%, 05/15/30 | &nbsp;&nbsp; 13287 | 11735052 |
| 2.95%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 3926518 |
| 3.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 15684 | 15163591 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 9531 | 7751036 |
| 4.15%, 05/15/39<sup>(a)</sup> | &nbsp;&nbsp; 14906 | 12889378 |
| 4.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 22075 | 17514290 |
| 4.40%, 07/27/32<sup>(a)</sup> | &nbsp;&nbsp; 6757 | 6540688 |
| 4.75%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 4242 | 4204812 |
| 4.90%, 07/27/52<sup>(a)</sup> | &nbsp;&nbsp; 6503 | 5663119 |
| Series .., 4.80%, 02/10/30<sup>(a)</sup> | &nbsp;&nbsp; 11955 | 12095279 |
| Series .., 5.00%, 02/10/32<sup>(a)</sup> | &nbsp;&nbsp; 7473 | 7541960 |
| Series .., 5.20%, 02/10/35<sup>(a)</sup> | &nbsp;&nbsp; 7359 | 7348708 |
| Series .., 5.70%, 02/10/55<sup>(a)</sup> | &nbsp;&nbsp; 8355 | 8088248 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 6297 | 5441098 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 4873 | 4738816 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 2409 | 2466868 |
|  |  | 690678217 |
| **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** | **Cosmetics & Personal Care — 0.5%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 6904 | 6641662 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 15803 | 14622675 |
| 4.00%, 03/24/52<sup>(a)</sup> | &nbsp;&nbsp; 3783 | 2872518 |
| Kenvue Inc. |  |  |
| 4.90%, 03/22/33<sup>(a)</sup> | &nbsp;&nbsp; 7609 | 7696052 |
| 5.00%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 8774 | 9038342 |
| 5.05%, 03/22/53<sup>(a)</sup> | &nbsp;&nbsp; 10107 | 9363253 |
| 5.10%, 03/22/43<sup>(a)</sup> | &nbsp;&nbsp; 4462 | 4262379 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 5718 | 5291898 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30<sup>(a)</sup> | &nbsp;&nbsp; 12822 | 10994607 |
| 1.95%, 04/23/31<sup>(a)</sup> | &nbsp;&nbsp; 5651 | 5000022 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5723 | 5101066 |
| 3.00%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; 12313 | 11742928 |
| 4.05%, 01/26/33<sup>(a)</sup> | &nbsp;&nbsp; 5982 | 5857025 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 6859 | 6838422 |
| Unilever Capital Corp. |  |  |
| 1.75%, 08/12/31<sup>(a)</sup> | &nbsp;&nbsp; 8598 | 7383999 |
| 2.13%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 6490 | 5979120 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 4430 | 4361515 |
| 5.00%, 12/08/33<sup>(a)</sup> | &nbsp;&nbsp; 6450 | 6590661 |
| 5.90%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8184 | 8896182 |
|  |  | 138534326 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 22839 | 21575974 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 30789 | 27159608 |
| 3.40%, 10/29/33<sup>(a)</sup> | &nbsp;&nbsp; 10012 | 8610855 |
| 3.85%, 10/29/41<sup>(a)</sup> | &nbsp;&nbsp; 11629 | 8978140 |
| 4.63%, 09/10/29<sup>(a)</sup> | &nbsp;&nbsp; 6179 | 6124280 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 10851 | 10391613 |
| 5.10%, 01/19/29<sup>(a)</sup> | &nbsp;&nbsp; 13118 | 13261078 |
| 5.38%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7153 | 7160522 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.75%, 06/06/28<sup>(a)</sup> | &nbsp;&nbsp; $4547 | $4681538 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 10513 | 11095421 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11369 | 9871014 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 8031 | 7302575 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28<sup>(a)</sup> | &nbsp;&nbsp; 5974 | 5405026 |
| 8.00%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 14533 | 16098390 |
| American Express Co. |  |  |
| 4.05%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 3230 | 3210330 |
| 4.05%, 12/03/42<sup>(a)</sup> | &nbsp;&nbsp; 7160 | 5952568 |
| Ameriprise Financial Inc. |  |  |
| 5.15%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7237 | 7323523 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 6559 | 6548033 |
| Apollo Global Management Inc., 5.80%, <br> 05/21/54<br>| &nbsp;&nbsp; 5935 | 5681781 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 7146 | 4723107 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 10454 | 10204673 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 5555 | 4544344 |
| 4.85%, 03/29/29<sup>(a)</sup> | &nbsp;&nbsp; 6135 | 6163460 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 6408 | 6235338 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31<sup>(a)</sup> | &nbsp;&nbsp; 8445 | 7142998 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 5096 | 4269858 |
| 2.30%, 05/13/31<sup>(a)</sup> | &nbsp;&nbsp; 10589 | 9335481 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 7254 | 6383820 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 6717 | 5971559 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 3475 | 3504385 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 6919 | 6868750 |
| Discover Financial Services, 6.70%, 11/29/32 | &nbsp;&nbsp; 5903 | 6290482 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 12322 | 10092807 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 10884 | 9731310 |
| 2.65%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 9333 | 6669802 |
| 3.00%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 9120 | 5873335 |
| 3.00%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 13867 | 8297867 |
| 3.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2512 | 2461244 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 10549 | 8518663 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 10443 | 10462950 |
| 4.60%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11349 | 11183377 |
| 4.95%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 10391 | 9233892 |
| 5.20%, 06/15/62<sup>(a)</sup> | &nbsp;&nbsp; 7589 | 6844654 |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8418 | 8721294 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 8412 | 7081229 |
| 4.15%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; 6395 | 6152014 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 3728 | 3821948 |
| 6.20%, 04/14/34<sup>(a)</sup> | &nbsp;&nbsp; 11854 | 12006584 |
| LPL Holdings Inc. |  |  |
| 5.20%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6319 | 6378253 |
| 6.75%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; 4511 | 4791951 |
| Mastercard Inc. |  |  |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 5410 | 4665983 |
| 2.95%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5284 | 5055044 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 13869 | 13329012 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 7504 | 5673827 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 10438 | 8098529 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 9436 | 9337749 |
| 4.55%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 10379 | 10131100 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 4.85%, 03/09/33 | &nbsp;&nbsp; $5151 | $5201728 |
| 4.88%, 05/09/34<sup>(a)</sup> | &nbsp;&nbsp; 9316 | 9348771 |
| Nasdaq Inc. |  |  |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 3483 | 3578083 |
| 5.55%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8252 | 8444577 |
| 5.95%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6729 | 6739797 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 6273 | 6285212 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 10386 | 9614229 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 8252 | 7151083 |
| 2.68%, 07/16/30<sup>(a)</sup> | &nbsp;&nbsp; 15278 | 13645786 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 10446 | 9058558 |
| 3.10%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 7421 | 6855547 |
| 5.78%, 07/03/34<sup>(a)</sup> | &nbsp;&nbsp; 7313 | 7430152 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 2953 | 3071016 |
| 6.18%, 01/18/33<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1214526 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 7631 | 5399980 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 8042 | 7132211 |
| Synchrony Financial, 2.88%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 3800 | 3217612 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11511 | 9755698 |
| 2.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 16918 | 9176506 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 15489 | 14040616 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 10133 | 7585657 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 5925 | 4538815 |
| 4.15%, 12/14/35<sup>(a)</sup> | &nbsp;&nbsp; 8910 | 8460290 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 26775 | 22914158 |
|  |  | 652545550 |
| **Electric — 4.2%** | **Electric — 4.2%** | **Electric — 4.2%** |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9636 | 8229604 |
| 5.45%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 23 | 23343 |
| 5.80%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9431 | 9411564 |
| Ameren Corp. |  |  |
| 3.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8405 | 7860185 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 5970 | 5957497 |
| American Electric Power Co. Inc. |  |  |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 6540 | 6673147 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 6393 | 6542577 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51 | &nbsp;&nbsp; 11188 | 6670089 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 11434 | 11022204 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 6256 | 4548191 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 7487 | 5803407 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 6572 | 5304199 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 6147 | 5179229 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 7971 | 6495926 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 5588 | 5193394 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 11190 | 11766523 |
| Commonwealth Edison Co., 4.00%, 03/01/48 | &nbsp;&nbsp; 6499 | 5018711 |
| Connecticut Light and Power Co. (The), 4.00%, <br> 04/01/48<br>| &nbsp;&nbsp; 7192 | 5567004 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7344 | 6540252 |
| 3.60%, 06/15/61<sup>(a)</sup> | &nbsp;&nbsp; 6259 | 4147523 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 6372 | 5399467 |
| 4.63%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5275 | 4349352 |
| 5.70%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7416 | 7268895 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 6996 | 7035543 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 8173 | 6253135 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42<sup>(a)</sup> | &nbsp;&nbsp; $6085 | $5798410 |
| 5.75%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7902 | 7436812 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 5871 | 6093911 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 6584 | 6800934 |
| Dominion Energy Inc. |  |  |
| 5.00%, 06/15/30 | &nbsp;&nbsp; 8901 | 8989817 |
| 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5530 | 5591424 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 13091 | 11194744 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 4886 | 4586301 |
| DTE Energy Co. |  |  |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 3456 | 3489779 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 11376 | 11532249 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 12647 | 12859530 |
| 5.85%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4980 | 5133673 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 7148 | 4743504 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 10969 | 11004635 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 4287 | 4224098 |
| 5.35%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 5302 | 4968320 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; 7395 | 7036205 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 11461 | 10292914 |
| 2.55%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6691 | 5874063 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 6820 | 4962192 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 6198 | 4109104 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 10796 | 7803292 |
| 4.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6293 | 6077280 |
| 5.00%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 7919 | 6757092 |
| 5.45%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7308 | 7420649 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 6608 | 6334424 |
| 6.10%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 5464 | 5440017 |
| Duke Energy Florida LLC, 6.40%, 06/15/38 | &nbsp;&nbsp; 5610 | 6092646 |
| Duke Energy Progress LLC |  |  |
| 5.05%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7010 | 6974823 |
| 5.55%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 7170 | 6925760 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 9893 | 7963109 |
| Entergy Louisiana LLC |  |  |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 6603 | 5192677 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 4920 | 4814124 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 6432 | 6328097 |
| 5.95%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5705 | 5945710 |
| Exelon Corp. |  |  |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 12789 | 12459300 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 4780 | 3858894 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 7746 | 6349691 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 5323 | 5372692 |
| 5.60%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6677 | 6252945 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; 5994 | 3933123 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 12096 | 10529864 |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 10078 | 6312004 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 5397 | 3602848 |
| 3.95%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 6026 | 4727431 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 8995 | 8925164 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 5510 | 5581978 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9364 | 9691741 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 10026 | 10268265 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 6428 | 6085699 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 4467 | 4418699 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.70%, 03/15/55 | &nbsp;&nbsp; $9932 | $10061781 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 7616 | 6437071 |
| 4.65%, 05/16/28 | &nbsp;&nbsp; 685 | 692865 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 7212 | 7190772 |
| 5.13%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 4734 | 4332097 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 5968 | 6022211 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 2815 | 1867966 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6380 | 6241132 |
| 4.25%, 07/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5996 | 4796581 |
| 5.85%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 8160 | 8233388 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34<sup>(a)</sup> | &nbsp;&nbsp; 8049 | 8136229 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 2514 | 2597652 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 8945 | 8297288 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 8261 | 7347655 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 9581 | 8190201 |
| 2.75%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5094 | 4713754 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 8369 | 8469645 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 7093 | 7073969 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 9105 | 9245960 |
| 5.05%, 02/28/33<sup>(a)</sup> | &nbsp;&nbsp; 9485 | 9430859 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 8225 | 8188440 |
| 5.25%, 02/28/53<sup>(a)</sup> | &nbsp;&nbsp; 7373 | 6600154 |
| 5.30%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8171 | 8323973 |
| 5.45%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9077 | 9126137 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5808 | 5400433 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 6315 | 6143670 |
| Northern States Power Co./MN, 5.10%, <br> 05/15/53<br>| &nbsp;&nbsp; 5747 | 5238773 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5591 | 4918318 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 5786 | 5496137 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 4104 | 4259525 |
| Pacific Gas and Electric Co. |  |  |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 18607 | 16061549 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 3857 | 3648013 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 8926 | 7949801 |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 7287 | 5219105 |
| 3.50%, 08/01/50<sup>(a)</sup> | &nbsp;&nbsp; 13926 | 8887920 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 5157 | 4990178 |
| 3.95%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp; 6512 | 4553137 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 14724 | 12223168 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 24019 | 23252599 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 24078 | 19313525 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 5654 | 5729788 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 9204 | 9073800 |
| 5.80%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6084 | 6072653 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 5352 | 4870598 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 7619 | 7873967 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 5901 | 6025771 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 6606 | 6192980 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 8381 | 8662364 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 5806 | 5851201 |
| 6.75%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 11157 | 11271031 |
| 6.95%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5084 | 5438221 |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 8695 | 5071200 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 8179 | 7301355 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; $8871 | $8936044 |
| 5.50%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 9811 | 8926982 |
| 5.80%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 11885 | 11288224 |
| PPL Capital Funding Inc., 5.25%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6617 | 6612290 |
| PPL Electric Utilities Corp., 5.25%, 05/15/53 | &nbsp;&nbsp; 4108 | 3860105 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9393 | 7957226 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 5454 | 4929528 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 7118 | 7148071 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 5132 | 4977676 |
| Public Service Enterprise Group Inc. |  |  |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 7967 | 6926032 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 6354 | 6507940 |
| San Diego Gas & Electric Co. |  |  |
| 5.35%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 5579 | 5131407 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 5624 | 5672562 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 8815 | 7552924 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 3348 | 2052339 |
| Sempra |  |  |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 7233 | 5837362 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 7455 | 5389730 |
| 6.00%, 10/15/39<sup>(a)</sup> | &nbsp;&nbsp; 6743 | 6706992 |
| Southern California Edison Co. |  |  |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 7914 | 5249419 |
| 4.00%, 04/01/47<sup>(a)</sup> | &nbsp;&nbsp; 11973 | 8545427 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 5782 | 4659056 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 7850 | 7521240 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 8109 | 8176396 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 7978 | 8068432 |
| 5.45%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 6551 | 6358904 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 5070 | 5167244 |
| Series 20A, 2.95%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; 8227 | 4757276 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 9429 | 6827685 |
| Southern Co. (The) |  |  |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 13727 | 11116322 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 4257 | 4323876 |
| 4.85%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7337 | 7105414 |
| 5.20%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8659 | 8703515 |
| 5.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5281 | 5476709 |
| 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7033 | 7261529 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 11941 | 11453701 |
| Series B, 4.00%, 01/15/51, (5-year CMT + <br> 3.733%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4582 | 4520718 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 6006 | 3296687 |
| 2.95%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 5577 | 3415858 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 5204 | 5161768 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 6258 | 5836052 |
| Xcel Energy Inc. |  |  |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 5449 | 5468790 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 5650 | 5665947 |
| 5.60%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5633 | 5674032 |
|  |  | 1168257609 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Emerson Electric Co. |  |  |
| 2.00%, 12/21/28<sup>(a)</sup> | &nbsp;&nbsp; 6320 | 5860363 |
| 2.20%, 12/21/31<sup>(a)</sup> | &nbsp;&nbsp; 9587 | 8338405 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 5955 | 3668038 |
|  |  | 17866806 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; $7773 | $6750669 |
| 2.80%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8132 | 7589129 |
| 5.00%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5019 | 5021845 |
| Honeywell International Inc. |  |  |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 12901 | 10856429 |
| 1.95%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10864 | 9628504 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 7666 | 7156303 |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 8554 | 5324491 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 7420 | 7409127 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 8114 | 7835503 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 6092 | 6158283 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 8590 | 8616095 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 6531 | 6507220 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 10819 | 10140181 |
| Keysight Technologies Inc., 5.35%, 07/30/30 | &nbsp;&nbsp; 400 | 410079 |
|  |  | 99403858 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Warnermedia Holdings Inc. |  |  |
| 4.05%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8289 | 7739675 |
| 4.28%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 40314 | 34488554 |
| 5.05%, 03/15/42 | &nbsp;&nbsp; 31736 | 23875224 |
| 5.14%, 03/15/52 | &nbsp;&nbsp; 53423 | 36529136 |
| 5.39%, 03/15/62 | &nbsp;&nbsp; 20455 | 13928965 |
|  |  | 116561554 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| Republic Services Inc. |  |  |
| 1.75%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6080 | 5038669 |
| 3.95%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 629 | 624619 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 9647 | 9815704 |
| 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5269 | 5284998 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 6439 | 4038480 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 4223 | 4034657 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 6621 | 6643404 |
| Waste Management Inc. |  |  |
| 1.50%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12910 | 10971880 |
| 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5631 | 5453602 |
| 4.63%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7546 | 7647593 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 7836 | 7896861 |
| 4.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7449 | 7624214 |
| 4.88%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5823 | 5837036 |
| 4.95%, 07/03/31<sup>(a)</sup> | &nbsp;&nbsp; 6410 | 6555089 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 12600 | 12514147 |
| 5.35%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 8261 | 7927029 |
|  |  | 107907982 |
| **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
| Conagra Brands Inc. |  |  |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 8528 | 8575981 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 9293 | 8776837 |
| 5.40%, 11/01/48<sup>(a)</sup> | &nbsp;&nbsp; 6747 | 5977167 |
| General Mills Inc. |  |  |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9327 | 8609051 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 8758 | 8850216 |
| 4.95%, 03/29/33<sup>(a)</sup> | &nbsp;&nbsp; 6935 | 6882874 |
| 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 6470 | 6458098 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 55 | 51175 |
| 1.80%, 06/11/30<sup>(a)</sup> | &nbsp;&nbsp; 9185 | 8117105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| J.M. Smucker Co. (The) |  |  |
| 5.90%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; $6448 | $6769329 |
| 6.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6434 | 6856422 |
| 6.50%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 6394 | 6763787 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 9327 | 9925267 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 10090 | 8699776 |
| 3.63%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8100 | 7332889 |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 7025 | 5383546 |
| 5.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4644 | 4717421 |
| 5.75%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 9778 | 9976283 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 12088 | 12373280 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 10245 | 11115505 |
| 7.25%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7179 | 7982590 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7284 | 7396371 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 23112 | 18642708 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 12510 | 10673733 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 11543 | 10404030 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 11806 | 10683221 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 7897 | 7382893 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 5264 | 5833861 |
| Kroger Co. (The) |  |  |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 6828 | 5070508 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 8136 | 6618503 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 15463 | 15133937 |
| 5.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 15634 | 14618201 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 11220 | 10390229 |
| Mondelez International Inc. |  |  |
| 2.63%, 09/04/50 | &nbsp;&nbsp; 7041 | 4157253 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 5486 | 5043159 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 6758 | 6021229 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51<sup>(a)</sup> | &nbsp;&nbsp; 8716 | 5428759 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 5632 | 5929159 |
| 6.60%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8381 | 8866097 |
| The Campbell's Co. |  |  |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 7948 | 7602731 |
| 5.40%, 03/21/34<sup>(a)</sup> | &nbsp;&nbsp; 9078 | 9140118 |
| Tyson Foods Inc. |  |  |
| 4.35%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8284 | 8207960 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 6985 | 5701045 |
| 5.10%, 09/28/48<sup>(a)</sup> | &nbsp;&nbsp; 11803 | 10445397 |
| 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4646 | 4743294 |
|  |  | 364328995 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp., 4.13%, 10/15/44 | &nbsp;&nbsp; 6778 | 5563259 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12771 | 10777752 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 6677 | 6244027 |
| 3.60%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10728 | 10216146 |
| 3.95%, 03/30/48<sup>(a)</sup> | &nbsp;&nbsp; 5950 | 4517520 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 6573 | 5308784 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 4530 | 3942197 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 4925 | 4819861 |
|  |  | 51389546 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Regal Rexnord Corp. |  |  |
| 6.30%, 02/15/30 | &nbsp;&nbsp; $13401 | $13850005 |
| 6.40%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10134 | 10324843 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8027 | 6973991 |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 6493 | 3536965 |
|  |  | 34685804 |
| **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 12122 | 11956423 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 24381 | 22740217 |
| Agilent Technologies Inc., 2.30%, 03/12/31 | &nbsp;&nbsp; 10107 | 8819141 |
| Baxter International Inc. |  |  |
| 2.27%, 12/01/28 | &nbsp;&nbsp; 13801 | 12724998 |
| 2.54%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 14663 | 12508518 |
| 3.13%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; 7984 | 4898024 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 6406 | 3793372 |
| 2.80%, 12/10/51<sup>(a)</sup> | &nbsp;&nbsp; 7855 | 4807026 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10821 | 10037037 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 6882 | 5424249 |
| 3.40%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5388 | 3778262 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 6091 | 6126087 |
| 5.86%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8055 | 8431458 |
| 5.91%, 11/22/32<sup>(a)</sup> | &nbsp;&nbsp; 10922 | 11493869 |
| 6.38%, 11/22/52<sup>(a)</sup> | &nbsp;&nbsp; 7565 | 7914572 |
| Medtronic Global Holdings SCA, 4.50%, <br> 03/30/33<sup>(a)</sup><br>| &nbsp;&nbsp; 7860 | 7700341 |
| Medtronic Inc. |  |  |
| 4.38%, 03/15/35 | &nbsp;&nbsp; 15724 | 15045410 |
| 4.63%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 12153 | 10739548 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 13408 | 13666390 |
| 5.45%, 03/13/31<sup>(a)</sup> | &nbsp;&nbsp; 12450 | 12694936 |
| 5.60%, 03/23/34<sup>(a)</sup> | &nbsp;&nbsp; 13649 | 13800728 |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 10899 | 10516468 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 10757 | 9510653 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 4318 | 4291208 |
| 4.63%, 09/11/34<sup>(a)</sup> | &nbsp;&nbsp; 4783 | 4647915 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 6960 | 6042943 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 9884 | 10007781 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 6481 | 6526893 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.00%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12408 | 10703681 |
| 2.60%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11549 | 10759887 |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 8191 | 5738025 |
| 4.10%, 08/15/47<sup>(a)</sup> | &nbsp;&nbsp; 4419 | 3539487 |
| 4.98%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 7738 | 7939447 |
| 5.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 5056 | 5192993 |
| 5.09%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 5946 | 6016167 |
| Zimmer Biomet Holdings Inc., 2.60%, <br> 11/24/31<sup>(a)</sup><br>| &nbsp;&nbsp; 10359 | 9069269 |
|  |  | 319603423 |
| **Health Care - Services — 4.2%** | **Health Care - Services — 4.2%** | **Health Care - Services — 4.2%** |
| Aetna Inc., 6.63%, 06/15/36 | &nbsp;&nbsp; 8139 | 8642880 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; $6564 | $5207628 |
| Series B, 2.53%, 11/15/29 | &nbsp;&nbsp; 4948 | 4554881 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 16977 | 15619492 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 14105 | 11948591 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 12472 | 10555071 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 18531 | 16305192 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 17361 | 15835748 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 23210 | 22337956 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 16336 | 14326855 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 11871 | 10747314 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 6801 | 5130368 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 10146 | 6752787 |
| 3.40%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 11173 | 7376354 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 8455 | 6209258 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 11872 | 11849102 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 17318 | 16050838 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 11296 | 9725340 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 23435 | 20158447 |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6316 | 6433039 |
| 5.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9191 | 9369384 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10472 | 10545471 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 5571 | 5692431 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 12301 | 11550964 |
| CommonSpirit Health |  |  |
| 3.35%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2660 | 2518007 |
| 4.19%, 10/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1859 | 1398625 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 7235 | 6490867 |
| 2.55%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7306 | 6506359 |
| 2.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6986 | 6534447 |
| 3.13%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 7971 | 5109520 |
| 3.60%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10432 | 7256747 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 6407 | 4570162 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 10418 | 8409253 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 6501 | 5354994 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 7963 | 6904038 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 7642 | 6641391 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 7078 | 6094974 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 6710 | 6762208 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 7197 | 7064176 |
| 4.95%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6782 | 6841337 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 8358 | 7369106 |
| 5.20%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7956 | 7956025 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 7120 | 7201845 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 7845 | 7462896 |
| 5.70%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 11191 | 10710375 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 6594 | 6335746 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 6840 | 6906475 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 7166 | 6126364 |
| 3.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 17031 | 15878664 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 11937 | 7725082 |
| 3.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11988 | 10855539 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 17128 | 16654618 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 16256 | 12742071 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 6657 | 6119972 |
| 5.20%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2836 | 2879937 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 7548 | 7664644 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.25%, 06/15/49<sup>(a)</sup> | &nbsp;&nbsp; $15368 | $13297666 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 14030 | 14297019 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 11075 | 10972546 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 7600 | 7694520 |
| 5.50%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 10705 | 10753305 |
| 5.50%, 06/15/47<sup>(a)</sup> | &nbsp;&nbsp; 11322 | 10249444 |
| 5.60%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 8847 | 8880262 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 3013 | 3084450 |
| 5.75%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 12484 | 12583912 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 5909 | 6104547 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 8690 | 8175922 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 8399 | 7911784 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 11401 | 10795947 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 9504 | 9328010 |
| Humana Inc. |  |  |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 3071 | 2525179 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 2980 | 2869064 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 3361 | 2850725 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 6779 | 6856791 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 4077 | 3610929 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 100 | 100049 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 4935 | 4528650 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 4320 | 4414357 |
| 5.95%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3356 | 3438866 |
| ICON Investments Six DAC, 5.85%, 05/08/29 | &nbsp;&nbsp; 4381 | 4488159 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2668 | 2716213 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 15447 | 16073666 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 6358 | 5142268 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 2775 | 1897368 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 9678 | 6791969 |
| Series 2021, 3.00%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 4661 | 2990094 |
| Laboratory Corp. of America Holdings |  |  |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 3730 | 3171620 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 11169 | 10750286 |
| Providence St. Joseph Health Obligated Group, <br> Series 21A, 2.70%, 10/01/51<br>| &nbsp;&nbsp; 6614 | 3705259 |
| Quest Diagnostics Inc. |  |  |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 7201 | 6654601 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 4955 | 4884394 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 5564 | 6045499 |
| UnitedHealth Group Inc. |  |  |
| 2.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10701 | 9509276 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 10682 | 9390740 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 5962 | 4241103 |
| 2.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8586 | 8115057 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 9725 | 6007185 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 11573 | 8367107 |
| 3.13%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 8551 | 5049043 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 16249 | 10647550 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 8815 | 7052160 |
| 3.70%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 9763 | 7035326 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 7832 | 5756818 |
| 3.85%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2491 | 2470098 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 6000 | 5928045 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 10166 | 7083714 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 7594 | 7505706 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 11423 | 10984363 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 6975 | 5530498 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 8224 | 8213253 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.25%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; $6881 | $5716943 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 11603 | 9201621 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 8227 | 6744257 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 13714 | 13251606 |
| 4.63%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7083 | 6824609 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 16096 | 14074299 |
| 4.75%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 16395 | 13823449 |
| 4.80%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9680 | 9836471 |
| 4.90%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6740 | 6854562 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 11353 | 11465067 |
| 4.95%, 05/15/62<sup>(a)</sup> | &nbsp;&nbsp; 7416 | 6273668 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 10438 | 10363738 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 15130 | 13384553 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 15688 | 15717569 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 13213 | 11636026 |
| 5.30%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9014 | 9342025 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 12937 | 13243624 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 13837 | 12849154 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 11334 | 10941068 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 8282 | 7665760 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 20392 | 19626384 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 13823 | 13290324 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 5782 | 6027511 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 15627 | 15466600 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 10711 | 10847172 |
| 6.88%, 02/15/38<sup>(a)</sup> | &nbsp;&nbsp; 8447 | 9536976 |
| Universal Health Services Inc., 2.65%, <br> 10/15/30<br>| &nbsp;&nbsp; 11527 | 10111291 |
|  |  | 1161610564 |
| **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31<sup>(a)</sup> | &nbsp;&nbsp; 7870 | 8005634 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 9101 | 9359648 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 3660 | 3396320 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 5589 | 5637333 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 5985 | 6056071 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 8210 | 8031993 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7187 | 7069496 |
| 6.20%, 03/21/32<sup>(b)</sup> | &nbsp;&nbsp; 6191 | 6133438 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32<sup>(a)</sup> | &nbsp;&nbsp; 2674 | 2668478 |
| 6.00%, 11/22/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3464 | 3313115 |
| Blue Owl Capital Corp. |  |  |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 1447 | 1318134 |
| 5.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 102 | 101149 |
| Blue Owl Credit Income Corp. |  |  |
| 5.80%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6403 | 6262352 |
| 6.60%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11814 | 11950585 |
| 6.65%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5388 | 5454733 |
| FS KKR Capital Corp., 3.13%, 10/12/28 | &nbsp;&nbsp; 1949 | 1758740 |
| HA Sustainable Infrastructure Capital Inc., <br> 6.38%, 07/01/34<sup>(b)</sup><br>| &nbsp;&nbsp; 6366 | 6094236 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6349 | 6370871 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 4909 | 4992158 |
|  |  | 103974484 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Kimberly-Clark Corp., 3.10%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp; 9640 | 9136673 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Allstate Corp. (The), 5.25%, 03/30/33<sup>(a)</sup> | &nbsp;&nbsp; $4745 | $4799346 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 8066 | 6548748 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 8085 | 6973408 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 5311 | 5311091 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 5515 | 5058066 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 10006 | 9724460 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 3.90%, 02/28/52<sup>(a)</sup> | &nbsp;&nbsp; 7867 | 5726365 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 4480 | 4552882 |
| Aon North America Inc. |  |  |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 8221 | 8390434 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 12201 | 12399987 |
| 5.75%, 03/01/54<sup>(a)</sup> | &nbsp;&nbsp; 15403 | 14899508 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | &nbsp;&nbsp; 4383 | 3114984 |
| Arthur J Gallagher & Co. |  |  |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 7432 | 5034980 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 8999 | 9103853 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 8924 | 8852623 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 11837 | 11112745 |
| Athene Holding Ltd., 6.25%, 04/01/54 | &nbsp;&nbsp; 8600 | 8337310 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7104 | 6199757 |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 11926 | 7033541 |
| 2.85%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 12062 | 7659126 |
| 2.88%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3462 | 3168905 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 21681 | 16553190 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 16775 | 13862546 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 17654 | 14728956 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 4914 | 5253975 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(a)</sup> | &nbsp;&nbsp; 10521 | 9702388 |
| Brighthouse Financial Inc., 4.70%, 06/22/47<sup>(a)</sup> | &nbsp;&nbsp; 1973 | 1473896 |
| Chubb Corp. (The), 6.00%, 05/11/37 | &nbsp;&nbsp; 7798 | 8325760 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13634 | 11700065 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 7046 | 4258684 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 9903 | 8401105 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 8483 | 8496079 |
| Corebridge Financial Inc. |  |  |
| 3.85%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 6405 | 6207697 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 10578 | 9736797 |
| 4.40%, 04/05/52<sup>(a)</sup> | &nbsp;&nbsp; 9764 | 7611839 |
| 5.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5989 | 6089291 |
| Equitable Holdings Inc., 5.00%, 04/20/48<sup>(a)</sup> | &nbsp;&nbsp; 9279 | 8054291 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8898 | 5391500 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 7408 | 4884103 |
| Fairfax Financial Holdings Ltd. |  |  |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 1943 | 1970130 |
| 6.00%, 12/07/33<sup>(a)</sup> | &nbsp;&nbsp; 4083 | 4242037 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 6491 | 6507583 |
| Hartford Financial Services Group Inc. (The), <br> 3.60%, 08/19/49<br>| &nbsp;&nbsp; 5927 | 4226845 |
| Manulife Financial Corp. |  |  |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 3440 | 3203753 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 4409 | 4210615 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 6050 | 5368627 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 10554 | 10576860 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 7950 | 8014272 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.85%, 11/15/31 | &nbsp;&nbsp; $10798 | $10898952 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 8918 | 7930410 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 14560 | 14419164 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 11971 | 11344734 |
| 5.70%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6307 | 6250584 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 8105 | 6495683 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 6758 | 5603138 |
| 4.55%, 03/23/30<sup>(a)</sup> | &nbsp;&nbsp; 5040 | 5089577 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 6421 | 5553944 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 6733 | 6072396 |
| 5.00%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 7028 | 6285537 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6914 | 6462547 |
| 5.30%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5077 | 5154850 |
| 5.38%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9007 | 9265384 |
| 5.70%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8720 | 9130009 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 5885 | 6019792 |
| 6.38%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5307 | 5765846 |
| Progressive Corp. (The), 4.13%, 04/15/47 | &nbsp;&nbsp; 6903 | 5559846 |
| Prudential Financial Inc. |  |  |
| 3.70%, 03/13/51<sup>(a)</sup> | &nbsp;&nbsp; 11237 | 8146279 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 6772 | 5165643 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 9051 | 6753064 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 6776 | 5521166 |
| 4.60%, 05/15/44<sup>(a)</sup> | &nbsp;&nbsp; 5975 | 5144226 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 8710 | 8733190 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 6558 | 6799734 |
| Travelers Companies Inc. (The) |  |  |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 6101 | 3979390 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 5361 | 5336753 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 4150 | 4065217 |
| 6.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; 8482 | 9261108 |
| Willis North America Inc. |  |  |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 6550 | 6611332 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 4783 | 4643273 |
|  |  | 566517771 |
| **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** |
| Alphabet Inc. |  |  |
| 1.10%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 18841 | 16245522 |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 11673 | 7775347 |
| 2.05%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 21909 | 12197544 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 15182 | 8208212 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 7435 | 7415248 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 11250 | 11232516 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 4610 | 4568757 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 5190 | 5112782 |
| Amazon.com Inc. |  |  |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 20677 | 18155982 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 19196 | 16916116 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 20438 | 12175569 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 16582 | 9421330 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 12196 | 9001268 |
| 3.10%, 05/12/51<sup>(a)</sup> | &nbsp;&nbsp; 24998 | 16801366 |
| 3.25%, 05/12/61<sup>(a)</sup> | &nbsp;&nbsp; 14177 | 9169227 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 16832 | 16521093 |
| 3.60%, 04/13/32<sup>(a)</sup> | &nbsp;&nbsp; 21978 | 20811214 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 22193 | 19978014 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 19075 | 15012727 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 26236 | 21667355 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 10971 | 8519639 |
| 4.25%, 08/22/57<sup>(a)</sup> | &nbsp;&nbsp; 17821 | 14375156 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 4.65%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; $12803 | $13137756 |
| 4.70%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10314 | 10452379 |
| 4.80%, 12/05/34<sup>(a)</sup> | &nbsp;&nbsp; 8439 | 8558645 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 11513 | 11037432 |
| Booking Holdings Inc., 4.63%, 04/13/30 | &nbsp;&nbsp; 11409 | 11495556 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 3797 | 3357613 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 6331 | 5789872 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 4843 | 3397152 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 9656 | 7633176 |
| Expedia Group Inc. |  |  |
| 3.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10805 | 10085254 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 8248 | 8111386 |
| Meta Platforms Inc. |  |  |
| 3.85%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 21488 | 20439244 |
| 4.30%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13465 | 13583336 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 21357 | 17787993 |
| 4.55%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8435 | 8536291 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 11314 | 9441733 |
| 4.75%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 15942 | 15882866 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 6852 | 7056403 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 10323 | 10503721 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 26254 | 25231029 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 23773 | 22854109 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 18228 | 18009366 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 12602 | 12544579 |
| Netflix Inc. |  |  |
| 4.90%, 08/15/34 | &nbsp;&nbsp; 5148 | 5180684 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 6618 | 6415693 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 16898 | 17807123 |
| 6.38%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10969 | 11814126 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6473 | 6403220 |
| 4.80%, 09/15/34 | &nbsp;&nbsp; 12427 | 12047917 |
| 5.35%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 9296 | 8478183 |
|  |  | 624355821 |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
| ArcelorMittal SA, 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 5936 | 6365701 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Las Vegas Sands Corp., 3.90%, 08/08/29 | &nbsp;&nbsp; 7983 | 7425910 |
| Marriott International Inc./MD |  |  |
| 4.90%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5376 | 5422074 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 6852 | 6752938 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 7172 | 7042362 |
| 5.50%, 04/15/37 | &nbsp;&nbsp; 10605 | 10319828 |
| Series FF, 4.63%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6874 | 6825314 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 8791 | 7811972 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 11620 | 10389088 |
| Sands China Ltd., 5.40%, 08/08/28 | &nbsp;&nbsp; 9735 | 9587420 |
|  |  | 71576906 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Caterpillar Financial Services Corp., 4.70%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 5274 | 5369121 |
| Caterpillar Inc. |  |  |
| 2.60%, 04/09/30<sup>(a)</sup> | &nbsp;&nbsp; 9573 | 8871568 |
| 3.25%, 09/19/49<sup>(a)</sup> | &nbsp;&nbsp; 8964 | 6210399 |
| 3.25%, 04/09/50<sup>(a)</sup> | &nbsp;&nbsp; 5690 | 3924025 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 10683 | 8710720 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 6108 | 5981994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Deere & Co. |  |  |
| 3.75%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; $5773 | $4470507 |
| 3.90%, 06/09/42<sup>(a)</sup> | &nbsp;&nbsp; 7344 | 6173421 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 10924 | 11273756 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 6065 | 6240371 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7581 | 7728057 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 5964 | 6009896 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 6138 | 6294569 |
| John Deere Capital Corp. |  |  |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 9705 | 9687749 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 11745 | 11857373 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 3801 | 3865437 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 8251 | 8451672 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 8004 | 8181734 |
| 4.95%, 07/14/28<sup>(a)</sup> | &nbsp;&nbsp; 6942 | 7123029 |
| 5.10%, 04/11/34<sup>(a)</sup> | &nbsp;&nbsp; 6487 | 6566389 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 7298 | 7450389 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 7835 | 7893990 |
| Otis Worldwide Corp. |  |  |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 6756 | 6171824 |
| 3.11%, 02/15/40<sup>(a)</sup> | &nbsp;&nbsp; 7090 | 5321821 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 5444 | 3652874 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 5128 | 5266886 |
| Westinghouse Air Brake Technologies Corp., <br> 4.70%, 09/15/28<br>| &nbsp;&nbsp; 7620 | 7636710 |
|  |  | 186386281 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| 3M Co. |  |  |
| 2.38%, 08/26/29<sup>(a)</sup> | &nbsp;&nbsp; 10576 | 9732240 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 6598 | 4448594 |
| 3.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5957 | 5733411 |
| 4.00%, 09/14/48<sup>(a)</sup> | &nbsp;&nbsp; 8117 | 6326199 |
| Eaton Corp. |  |  |
| 4.15%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10305 | 9888723 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 7556 | 6398684 |
| Illinois Tool Works Inc., 3.90%, 09/01/42 | &nbsp;&nbsp; 8217 | 6722310 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 7273 | 6966452 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 4447 | 3455363 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 9614 | 9667449 |
| Teledyne Technologies Inc., 2.75%, 04/01/31 | &nbsp;&nbsp; 8575 | 7637153 |
|  |  | 76976578 |
| **Media — 3.3%** | **Media — 3.3%** | **Media — 3.3%** |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 4834 | 4381631 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6034 | 4899318 |
| 2.80%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8831 | 7659822 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 11306 | 7682874 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 10140 | 6801838 |
| 3.70%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 15606 | 9636796 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 13839 | 8179207 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 18193 | 11507922 |
| 3.95%, 06/30/62<sup>(a)</sup> | &nbsp;&nbsp; 10430 | 6231957 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 8228 | 7441654 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 10798 | 6999417 |
| 4.80%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 21154 | 15763665 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 3508 | 3499586 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 5.13%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; $9392 | $7290066 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 11857 | 9377566 |
| 5.38%, 04/01/38<sup>(a)</sup> | &nbsp;&nbsp; 6063 | 5440754 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 18915 | 15303151 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 7405 | 5821574 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 18591 | 15869772 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 6108 | 6301498 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 16321 | 16518323 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 26632 | 24761001 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 7778 | 8019723 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 5576 | 5783643 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 14464 | 12168978 |
| 1.95%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11493 | 9966008 |
| 2.45%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 12184 | 6541781 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 10593 | 9808801 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 10274 | 5315222 |
| 2.80%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 12573 | 7428020 |
| 2.89%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 38109 | 22910041 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 47520 | 27556073 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 31972 | 17908275 |
| 3.20%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 9699 | 8006345 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 11445 | 8816013 |
| 3.40%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 9408151 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 12149 | 8544253 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 14366 | 9696352 |
| 3.75%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 12582 | 10300201 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 10144 | 8661713 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 14936 | 11311948 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 7965 | 6058067 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 8761 | 6632400 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 15575 | 11683882 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 8125 | 6064112 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 15109 | 15071339 |
| 4.20%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8844 | 8276200 |
| 4.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10144 | 10013418 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 12994 | 12423322 |
| 4.40%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6867 | 6448605 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 5667 | 5725975 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 8385 | 7655020 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 7459 | 6323848 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 8638 | 8474775 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 15533 | 13181532 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 6961 | 6863000 |
| 4.95%, 10/15/58<sup>(a)</sup> | &nbsp;&nbsp; 8708 | 7360758 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 4238 | 4368586 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 5927 | 6015715 |
| 5.35%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 12716 | 11665436 |
| 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4677 | 4860062 |
| 5.50%, 05/15/64<sup>(a)</sup> | &nbsp;&nbsp; 11616 | 10672162 |
| 5.65%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6297 | 6529651 |
| 5.65%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 9100 | 8743649 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 3796 | 4288712 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 6497 | 5758305 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 3912 | 3656904 |
| Fox Corp. |  |  |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 6831 | 6816378 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 10749 | 10252949 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 12203 | 11113410 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 10158 | 10794658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Global |  |  |
| 4.20%, 05/19/32<sup>(a)</sup> | &nbsp;&nbsp; $5308 | $4753675 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 8277 | 5950266 |
| 4.95%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2943 | 2844293 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 3539 | 2598732 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 7383 | 6251749 |
| 6.88%, 04/30/36<sup>(a)</sup> | &nbsp;&nbsp; 7318 | 7327134 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 1924 | 2105383 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 8045 | 9129406 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 8483 | 6370382 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 8986 | 7662865 |
| 5.88%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 6017 | 5460169 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 13735 | 13541196 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 12068 | 12054660 |
| 7.30%, 07/01/38<sup>(a)</sup> | &nbsp;&nbsp; 12179 | 12674123 |
| TWDC Enterprises 18 Corp., 4.13%, 06/01/44 | &nbsp;&nbsp; 7641 | 6260305 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 20449 | 18678485 |
| 2.65%, 01/13/31<sup>(a)</sup> | &nbsp;&nbsp; 16823 | 15342309 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 21638 | 13354580 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 16259 | 13154469 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 21808 | 15818202 |
| 3.80%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 12771 | 12492550 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 3365 | 2405447 |
| 4.63%, 03/23/40<sup>(a)</sup> | &nbsp;&nbsp; 7420 | 6942873 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 14401 | 12654841 |
| 6.20%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7863 | 8664729 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 5954 | 6608635 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 9922 | 11187249 |
|  |  | 901602470 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 6107 | 5970715 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 6628 | 6507084 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 6845 | 6936335 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 6288 | 5232621 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 7208 | 7125308 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 10597 | 10804261 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 16896 | 15587727 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 6763 | 6830745 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 5529 | 5705955 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 8651 | 8733536 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 12085 | 12131652 |
| 5.50%, 09/08/53<sup>(a)</sup> | &nbsp;&nbsp; 6970 | 6704108 |
| Freeport-McMoRan Inc., 5.45%, 03/15/43 | &nbsp;&nbsp; 13337 | 12321498 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 7352 | 6555856 |
| 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6375 | 5567036 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 6571 | 5948910 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 7487 | 8027677 |
| Newmont Corp./Newcrest Finance Pty. Ltd., <br> 5.35%, 03/15/34<br>| &nbsp;&nbsp; 9144 | 9298094 |
| Rio Tinto Alcan Inc., 6.13%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6111 | 6547011 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51<sup>(a)</sup> | &nbsp;&nbsp; 10155 | 6015506 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 8717 | 8442987 |
| 7.13%, 07/15/28 | &nbsp;&nbsp; 6901 | 7459337 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; $5659 | $4682473 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 13178 | 13368769 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 9526 | 9587149 |
| 5.13%, 03/09/53<sup>(a)</sup> | &nbsp;&nbsp; 8590 | 7752193 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 13958 | 13999300 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 12818 | 12630459 |
| 5.88%, 03/14/65<sup>(a)</sup> | &nbsp;&nbsp; 7733 | 7642834 |
|  |  | 244117136 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp., 3.57%, <br> 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 9006 | 8135167 |
| **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 8715 | 7557268 |
| 2.72%, 01/12/32<sup>(a)</sup> | &nbsp;&nbsp; 14230 | 12478367 |
| 2.77%, 11/10/50<sup>(a)</sup> | &nbsp;&nbsp; 14263 | 8445024 |
| 2.94%, 06/04/51<sup>(a)</sup> | &nbsp;&nbsp; 17698 | 10817655 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 14987 | 9394357 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 10931 | 6699763 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 11602 | 8332432 |
| 3.38%, 02/08/61<sup>(a)</sup> | &nbsp;&nbsp; 14492 | 9084535 |
| 3.63%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 13460 | 12879980 |
| 3.94%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 8274 | 8179551 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 6698 | 6678933 |
| 4.70%, 04/10/29<sup>(a)</sup> | &nbsp;&nbsp; 6306 | 6382299 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 16737 | 16406320 |
| 4.89%, 09/11/33<sup>(a)</sup> | &nbsp;&nbsp; 10345 | 10138405 |
| 4.97%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; 8940 | 9135734 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 7024 | 6914612 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 14555 | 14507510 |
| BP Capital Markets PLC, 3.72%, 11/28/28<sup>(a)</sup> | &nbsp;&nbsp; 7120 | 6973602 |
| Canadian Natural Resources Ltd. |  |  |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 4084 | 3326855 |
| 5.00%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6773 | 6731005 |
| 5.40%, 12/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 5501 | 5317974 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 8842 | 8872600 |
| Cenovus Energy Inc., 3.75%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 3641 | 2367725 |
| Chevron Corp. |  |  |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 8310 | 7508214 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 8972 | 5902123 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50<sup>(a)</sup> | &nbsp;&nbsp; 6237 | 3478180 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 8500 | 8626922 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 10726 | 10723729 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | &nbsp;&nbsp; 4774 | 3696239 |
| 3.80%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 9994 | 7116026 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 12805 | 8930604 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 5689 | 4591726 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 6869 | 6921687 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 7573 | 7434616 |
| 5.05%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10185 | 10161064 |
| 5.30%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 9561 | 8575089 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 11096 | 10259042 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7780 | 7247223 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 10344 | 11251467 |
| Coterra Energy Inc. |  |  |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 6314 | 6091095 |
| 5.90%, 02/15/55 | &nbsp;&nbsp; 5407 | 4865647 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; $6005 | $4746720 |
| 5.00%, 06/15/45<sup>(a)</sup> | &nbsp;&nbsp; 6943 | 5523686 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8379 | 7815321 |
| 5.60%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 8959 | 7865036 |
| 5.75%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7762 | 6616673 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 12276 | 11038206 |
| 3.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7842 | 7430861 |
| 4.25%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5851 | 4244630 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 5187 | 5257025 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 9274 | 9064471 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 11353 | 11147394 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 9599 | 8586154 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 7852 | 6957151 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 8982 | 9327648 |
| EOG Resources Inc. |  |  |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 6851 | 6814111 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 6159 | 5351150 |
| 5.65%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 7952 | 7518383 |
| EQT Corp., 5.75%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7539 | 7517761 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 1449 | 1317450 |
| 3.13%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 3707 | 3504424 |
| 3.25%, 11/18/49<sup>(a)</sup> | &nbsp;&nbsp; 2012 | 1355103 |
| 3.63%, 09/10/28<sup>(a)</sup> | &nbsp;&nbsp; 2778 | 2743655 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 1709 | 1251022 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 1649 | 1329194 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 1854 | 1665404 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 1661 | 1597896 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 8190 | 7655797 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 9236 | 9152902 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 6721 | 6632788 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 11830 | 11106580 |
| 2.61%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7801 | 7164381 |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 7059 | 5401771 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 12519 | 8254527 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 22290 | 15540873 |
| 3.48%, 03/19/30<sup>(a)</sup> | &nbsp;&nbsp; 18650 | 18119851 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 7797 | 5824951 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 20053 | 16217206 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 14244 | 12557280 |
| 4.33%, 03/19/50<sup>(a)</sup> | &nbsp;&nbsp; 20887 | 17045413 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 8920 | 8746287 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 6330 | 6609097 |
| Marathon Petroleum Corp. |  |  |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 5307 | 4247819 |
| 5.15%, 03/01/30 | &nbsp;&nbsp; 10529 | 10596720 |
| 5.70%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5549 | 5423218 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 9030 | 9039342 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 9109 | 8983488 |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 7054 | 6722469 |
| 5.55%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 9657 | 8990301 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 6804 | 5842325 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 7064 | 7141205 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 12923 | 12589393 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 9030 | 8503574 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.63%, 09/01/30 | &nbsp;&nbsp; $15577 | $16119966 |
| 7.50%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; 5146 | 5493020 |
| 8.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10623 | 11913412 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9289 | 8092465 |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8400 | 5142475 |
| 4.65%, 11/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6378 | 5926236 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 12359 | 10247943 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 11079 | 10546935 |
| Phillips 66 Co. |  |  |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7449 | 7576715 |
| 5.30%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 5528 | 5461750 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 7246 | 6361135 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 4595 | 4022094 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 9205 | 8496346 |
| 2.75%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 7432 | 6885385 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 14024 | 9400552 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 6481 | 4903175 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 13469 | 10540953 |
| 4.13%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp; 8174 | 7624021 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 18557 | 15438058 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 7147 | 6157980 |
| Shell International Finance BV |  |  |
| 3.00%, 11/26/51<sup>(a)</sup> | &nbsp;&nbsp; 9372 | 5899488 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 12292 | 8014380 |
| 3.88%, 11/13/28<sup>(a)</sup> | &nbsp;&nbsp; 8768 | 8709768 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 8886 | 8859739 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 19566 | 21420962 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51<sup>(a)</sup> | &nbsp;&nbsp; 5191 | 3456880 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 5525 | 3979828 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 5522 | 5939354 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30<sup>(a)</sup> | &nbsp;&nbsp; 10218 | 9596812 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 5314 | 3815908 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 19149 | 12432622 |
| 3.39%, 06/29/60<sup>(a)</sup> | &nbsp;&nbsp; 6854 | 4384622 |
| 3.46%, 02/19/29<sup>(a)</sup> | &nbsp;&nbsp; 9586 | 9363006 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 8794 | 6141964 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 4083 | 4056092 |
| 4.72%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 5226 | 5112232 |
| 5.15%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 8172 | 8244427 |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 8393 | 7681450 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 8006 | 7281135 |
| 5.49%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 14476 | 13598996 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 10103 | 9510883 |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; 7740 | 5017749 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 8335 | 8654243 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 8746 | 8327556 |
| 5.70%, 09/12/54<sup>(a)</sup> | &nbsp;&nbsp; 4985 | 4375307 |
|  |  | 1082925305 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Holdings LLC, 5.13%, <br> 09/15/40<sup>(a)</sup><br>| &nbsp;&nbsp; 8679 | 8258261 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc., 4.08%, 12/15/47<br>| &nbsp;&nbsp; 10547 | 7965201 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; $7032 | $6471649 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 8428 | 6987935 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 7349 | 6889943 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 14754 | 12566138 |
| 6.70%, 09/15/38<sup>(a)</sup> | &nbsp;&nbsp; 5751 | 6191617 |
| 7.45%, 09/15/39<sup>(a)</sup> | &nbsp;&nbsp; 7799 | 8833186 |
|  |  | 64163930 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Amcor Flexibles North America Inc. |  |  |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 7589 | 6721214 |
| 5.50%, 03/17/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 6948 | 6922618 |
| Berry Global Inc. |  |  |
| 5.65%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5933 | 5979349 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 7096 | 7393502 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7162 | 7258059 |
| 5.44%, 04/03/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6518 | 6515942 |
| 5.78%, 04/03/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 8184 | 7820696 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7860 | 7862231 |
| WRKCo Inc., 4.90%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6078 | 6104405 |
|  |  | 62578016 |
| **Pharmaceuticals — 7.0%** | **Pharmaceuticals — 7.0%** | **Pharmaceuticals — 7.0%** |
| AbbVie Inc. |  |  |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 39968 | 38083505 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 30280 | 26205741 |
| 4.25%, 11/14/28<sup>(a)</sup> | &nbsp;&nbsp; 6244 | 6269865 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 41901 | 34009487 |
| 4.30%, 05/14/36<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 7447138 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 19139 | 16646559 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 16938 | 14413369 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 17915 | 17157806 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 11200 | 10767938 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 21021 | 18597665 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 8183 | 7294214 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 11717 | 11941833 |
| 4.85%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; 9431 | 8564375 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 11239 | 11479961 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 13781 | 12372718 |
| 4.95%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12566 | 12858822 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 20593 | 20743039 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 10389 | 10520557 |
| 5.35%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 7517 | 7250688 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 22119 | 21216600 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 11564 | 11074914 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 7019 | 6940735 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 4866 | 4537562 |
| 2.25%, 05/28/31<sup>(a)</sup> | &nbsp;&nbsp; 5080 | 4503130 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 12245 | 12503006 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 7949 | 8151893 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 11108 | 11214426 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 17769 | 15316990 |
| 3.00%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 6400 | 4187839 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 9178 | 9119967 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 6297 | 5262597 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 8193 | 7047134 |
| 4.38%, 08/17/48 | &nbsp;&nbsp; 5714 | 4842562 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 6.45%, 09/15/37 | &nbsp;&nbsp; $18143 | $20223133 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 8723 | 7470277 |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 5972 | 5465706 |
| 4.67%, 06/06/47<sup>(a)</sup> | &nbsp;&nbsp; 12571 | 10644780 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 8418 | 7232156 |
| Bristol-Myers Squibb Co. |  |  |
| 1.45%, 11/13/30<sup>(a)</sup> | &nbsp;&nbsp; 11642 | 9995134 |
| 2.35%, 11/13/40<sup>(a)</sup> | &nbsp;&nbsp; 6113 | 4124507 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 12494 | 7159589 |
| 2.95%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 13599 | 12188329 |
| 3.40%, 07/26/29<sup>(a)</sup> | &nbsp;&nbsp; 11943 | 11542144 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 7984 | 6206820 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 14100 | 10117456 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 7765 | 5463035 |
| 4.13%, 06/15/39<sup>(a)</sup> | &nbsp;&nbsp; 16754 | 14695729 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 28336 | 22639025 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 9500 | 7797441 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 10469 | 8848869 |
| 4.90%, 02/22/29<sup>(a)</sup> | &nbsp;&nbsp; 10208 | 10454984 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 11342 | 11683784 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 12355 | 12516795 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 20972 | 20183950 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 12721 | 12239317 |
| 5.75%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10076 | 10724078 |
| 5.90%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5675 | 6049681 |
| 6.25%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10367 | 10912156 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 8366 | 8946369 |
| Cardinal Health Inc. |  |  |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 4783 | 4859812 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 6132 | 6155638 |
| Cencora Inc., 2.70%, 03/15/31 | &nbsp;&nbsp; 8634 | 7710814 |
| CVS Health Corp. |  |  |
| 1.75%, 08/21/30<sup>(a)</sup> | &nbsp;&nbsp; 11345 | 9685634 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 11883 | 10000555 |
| 2.13%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8202 | 6898926 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 14444 | 13599422 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 6751 | 6423789 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 37080 | 33437376 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 9043 | 9136153 |
| 5.05%, 03/25/48<sup>(a)</sup> | &nbsp;&nbsp; 58173 | 49247848 |
| 5.13%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 7027 | 7106333 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 25487 | 22092330 |
| 5.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 8117 | 8215605 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 11162 | 11040877 |
| 5.30%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 9395 | 9322627 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 6414 | 5714836 |
| 5.40%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8717 | 8938825 |
| 5.55%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7639 | 7845643 |
| 5.63%, 02/21/53<sup>(a)</sup> | &nbsp;&nbsp; 10185 | 9210329 |
| 5.70%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 9798 | 9953342 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 8928 | 8356448 |
| 6.00%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 6681 | 6454672 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 5976 | 5557930 |
| 6.05%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 8286 | 7972647 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 8464 | 4784311 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 7491 | 4088330 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 6170 | 6021581 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 6583 | 5245695 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 11024 | 11063687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.50%, 02/09/29 | &nbsp;&nbsp; $10403 | $10566099 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 5912 | 5811980 |
| 4.70%, 02/27/33<sup>(a)</sup> | &nbsp;&nbsp; 7637 | 7666628 |
| 4.70%, 02/09/34<sup>(a)</sup> | &nbsp;&nbsp; 13249 | 13132727 |
| 4.75%, 02/12/30<sup>(a)</sup> | &nbsp;&nbsp; 7210 | 7387607 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 9963 | 8986933 |
| 4.90%, 02/12/32<sup>(a)</sup> | &nbsp;&nbsp; 6779 | 6946334 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 3962 | 3554250 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 9149 | 8448721 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 9811 | 9133209 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 11880 | 12081956 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 11245 | 10290269 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 5721 | 5341230 |
| 5.50%, 02/12/55<sup>(a)</sup> | &nbsp;&nbsp; 10297 | 10318794 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 9040 | 9005044 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 7018 | 7044138 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 8020 | 7942671 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 19105 | 20986850 |
| GlaxoSmithKline Capital PLC, 3.38%, <br> 06/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 10723 | 10368576 |
| Johnson & Johnson |  |  |
| 1.30%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 16166 | 14012817 |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 6932 | 4726312 |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 10043 | 5797199 |
| 2.45%, 09/01/60<sup>(a)</sup> | &nbsp;&nbsp; 9560 | 5253345 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 5916 | 5047960 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 5817 | 4424477 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 6455 | 5778772 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 11452 | 10163033 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 11787 | 9441602 |
| 3.75%, 03/03/47<sup>(a)</sup> | &nbsp;&nbsp; 9424 | 7486343 |
| 4.38%, 12/05/33<sup>(a)</sup> | &nbsp;&nbsp; 5507 | 5458967 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 9460 | 9714061 |
| 4.80%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9812 | 10101377 |
| 4.85%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10945 | 11208260 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 6244 | 6461555 |
| 4.95%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6815 | 7009146 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 15830 | 16134610 |
| 5.25%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 8319 | 8210691 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 5873 | 6435732 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 12296 | 10684519 |
| 1.90%, 12/10/28<sup>(a)</sup> | &nbsp;&nbsp; 11207 | 10406614 |
| 2.15%, 12/10/31<sup>(a)</sup> | &nbsp;&nbsp; 15744 | 13674344 |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 6358 | 4421885 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 9967 | 5755275 |
| 2.75%, 12/10/51<sup>(a)</sup> | &nbsp;&nbsp; 15312 | 9324706 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 15112 | 8687180 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 6242 | 6071668 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 14036 | 10927826 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 4685 | 4054266 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 9543 | 7527210 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 9961 | 8373795 |
| 4.30%, 05/17/30<sup>(a)</sup> | &nbsp;&nbsp; 5443 | 5464461 |
| 4.50%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 9191 | 9102049 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 6048 | 5601045 |
| 5.00%, 05/17/53<sup>(a)</sup> | &nbsp;&nbsp; 13355 | 12149177 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 7589 | 6901821 |
| Mylan Inc., 5.20%, 04/15/48 | &nbsp;&nbsp; 5095 | 3768146 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Novartis Capital Corp. |  |  |
| 2.20%, 08/14/30 | &nbsp;&nbsp; $11922 | $10772325 |
| 2.75%, 08/14/50<sup>(a)</sup> | &nbsp;&nbsp; 10506 | 6639613 |
| 3.80%, 09/18/29<sup>(a)</sup> | &nbsp;&nbsp; 5814 | 5744716 |
| 4.00%, 09/18/31<sup>(a)</sup> | &nbsp;&nbsp; 5302 | 5191777 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 10771 | 8839546 |
| 4.20%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 10938 | 10445407 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 12682 | 11142691 |
| 4.70%, 09/18/54<sup>(a)</sup> | &nbsp;&nbsp; 5273 | 4671083 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 8790 | 7710378 |
| 1.75%, 08/18/31<sup>(a)</sup> | &nbsp;&nbsp; 11410 | 9777780 |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 9295 | 6503422 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 11894 | 10964128 |
| 2.70%, 05/28/50<sup>(a)</sup> | &nbsp;&nbsp; 10107 | 6129410 |
| 3.45%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9666 | 9429371 |
| 3.60%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5916 | 5845550 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 7778 | 6659266 |
| 4.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 6940 | 6273333 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 7708 | 5971008 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 7914 | 6356739 |
| 4.20%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 7340 | 5919992 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 6377 | 5404492 |
| 4.40%, 05/15/44<sup>(a)</sup> | &nbsp;&nbsp; 9287 | 7985220 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 19505 | 22740743 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28<sup>(a)</sup> | &nbsp;&nbsp; 5649 | 5687192 |
| 4.65%, 05/19/30 | &nbsp;&nbsp; 15731 | 15914411 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 35543 | 35067747 |
| 5.11%, 05/19/43<sup>(a)</sup> | &nbsp;&nbsp; 22989 | 21503191 |
| 5.30%, 05/19/53<sup>(a)</sup> | &nbsp;&nbsp; 45237 | 41866653 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 30505 | 27638656 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 13806 | 12278305 |
| 3.03%, 07/09/40<sup>(a)</sup> | &nbsp;&nbsp; 13816 | 10129672 |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 15636 | 10025142 |
| 3.38%, 07/09/60<sup>(a)</sup> | &nbsp;&nbsp; 8668 | 5435008 |
| 5.00%, 11/26/28<sup>(a)</sup> | &nbsp;&nbsp; 12268 | 12491760 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 6821 | 6868869 |
| 5.65%, 07/05/44<sup>(a)</sup> | &nbsp;&nbsp; 6243 | 6086020 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 6820 | 5174879 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 8542 | 7395764 |
| 3.85%, 06/22/40<sup>(a)</sup> | &nbsp;&nbsp; 8118 | 5692304 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 13360 | 8398365 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 16529 | 17404606 |
| 6.50%, 02/01/34 | &nbsp;&nbsp; 6347 | 6990589 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 8503 | 7541881 |
| 4.70%, 02/01/43<sup>(a)</sup> | &nbsp;&nbsp; 8770 | 7879470 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 4096 | 4284980 |
|  |  | 1949861610 |
| **Pipelines — 4.0%** | **Pipelines — 4.0%** | **Pipelines — 4.0%** |
| Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/29<br>| &nbsp;&nbsp; 9645 | 9209056 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 8579 | 8483573 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 12781 | 12726556 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 7817 | 6848482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.00%, 03/01/31 | &nbsp;&nbsp; $6491 | $5970883 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 7824 | 7665095 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 9187 | 9208697 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 10689 | 10887796 |
| Eastern Energy Gas Holdings LLC, 5.65%, <br> 10/15/54<br>| &nbsp;&nbsp; 5531 | 5192195 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 6404 | 5199286 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 11544 | 10773780 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 8319 | 5372448 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 9578 | 9801347 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 3976 | 3650294 |
| 5.63%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 8069 | 8147290 |
| 5.70%, 03/08/33<sup>(a)</sup> | &nbsp;&nbsp; 16573 | 16899607 |
| 5.95%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 6459 | 6227447 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 4586 | 4796742 |
| 6.20%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6394 | 6769905 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 9300 | 9756493 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 12810 | 12099664 |
| 4.95%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2174 | 2190024 |
| 4.95%, 06/15/28 | &nbsp;&nbsp; 6095 | 6151444 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 15183 | 12115436 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 8171 | 6834380 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 10777 | 10906050 |
| 5.25%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8513 | 8589787 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 7833 | 6618850 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 6461 | 5531139 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 12262 | 10477631 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 9318 | 9150913 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 10362 | 10223307 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 3797 | 3744825 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 12038 | 12182999 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 12996 | 11781317 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 8831 | 8126800 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 10221 | 9326777 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 7247 | 6831248 |
| 6.20%, 04/01/55 | &nbsp;&nbsp; 6213 | 5824376 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 12080 | 11404006 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 10125 | 10760063 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 7858 | 7802178 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 12430 | 13090319 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; 10402 | 9693296 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 7453 | 7104322 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 8715 | 5532673 |
| 3.30%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 8587 | 5521240 |
| 3.70%, 01/31/51<sup>(a)</sup> | &nbsp;&nbsp; 5717 | 4021193 |
| 3.95%, 01/31/60<sup>(a)</sup> | &nbsp;&nbsp; 9055 | 6389218 |
| 4.15%, 10/16/28<sup>(a)</sup> | &nbsp;&nbsp; 4887 | 4860657 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 9664 | 7444406 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 9540 | 7526652 |
| 4.45%, 02/15/43<sup>(a)</sup> | &nbsp;&nbsp; 8177 | 6871653 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 9660 | 8190870 |
| 4.85%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 7055 | 6914093 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 4869 | 4333526 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 10444 | 9239355 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 8331 | 7342164 |
| 4.95%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8899 | 8717552 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 9401 | 8528939 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 7555 | 7706336 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.55%, 02/16/55<sup>(a)</sup> | &nbsp;&nbsp; $11306 | $10558586 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 6256 | 6325678 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 5434 | 4936005 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 8537 | 9208378 |
| Kinder Morgan Inc. |  |  |
| 2.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12007 | 10224920 |
| 3.60%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 8080 | 5324977 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 3881 | 3724074 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 8672 | 8749550 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 5253 | 4470393 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 1815 | 1830841 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 11406 | 11219316 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 5824 | 5001403 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 5397 | 5243864 |
| 5.40%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7032 | 6949343 |
| 5.45%, 08/01/52<sup>(a)</sup> | &nbsp;&nbsp; 3709 | 3298112 |
| 5.55%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 12573 | 11482099 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 1155 | 1168828 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 5259 | 4987856 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 8145 | 9219416 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 10407 | 9308063 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 13783 | 11813994 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 11300 | 8850823 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 5431 | 5432965 |
| 4.95%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 7226 | 7003175 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 11244 | 9020361 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 5779 | 5569476 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 7795 | 6635310 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 9853 | 9558389 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 11609 | 11399575 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 11265 | 9894114 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 8619 | 7899424 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 6526 | 6021418 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 6097 | 4179889 |
| 4.55%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3052 | 3049941 |
| 4.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9205 | 8966922 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 11968 | 11321663 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 6829 | 5735072 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 4398 | 4530823 |
| 5.70%, 11/01/54<sup>(a)</sup> | &nbsp;&nbsp; 11590 | 10294352 |
| 5.85%, 11/01/64<sup>(a)</sup> | &nbsp;&nbsp; 6398 | 5680228 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 11080 | 11355410 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 5535 | 5739863 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 13119 | 13063236 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>| &nbsp;&nbsp; 7704 | 7711709 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4688 | 4436091 |
| 3.80%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6218 | 5857717 |
| Sabine Pass Liquefaction LLC, 4.50%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 16472 | 16239898 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 5953 | 5899073 |
| 5.58%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10385 | 10032875 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 3900 | 3554910 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 6470 | 5210792 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.50%, 02/15/35 | &nbsp;&nbsp; $8874 | $8641714 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 11691 | 11402536 |
| 6.13%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5253 | 5388673 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 7650 | 7204037 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 6095 | 6346465 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 8198 | 8605104 |
| 6.50%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 6587010 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 6525 | 5960337 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 8822 | 8567632 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 7768 | 7773532 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 16040 | 15471741 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 1472 | 1460009 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 7147 | 6704809 |
| 5.10%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 6135 | 5470643 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 4432 | 4493136 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 9646 | 9870927 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 7623 | 8737955 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 10806 | 10255831 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 8909 | 7126398 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 5670 | 5385852 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 4908 | 4954542 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 14776 | 13021511 |
| 3.50%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9420 | 8809317 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 5552 | 5341242 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 4540 | 3778241 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 8976 | 9058405 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 8284 | 7240200 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 7436 | 7271231 |
| 5.30%, 08/15/28 | &nbsp;&nbsp; 4406 | 4501405 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 7171 | 6345589 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 9316 | 9375471 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 6425 | 6564406 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 6064 | 5755278 |
| 6.30%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp; 8150 | 8454204 |
|  |  | 1118405223 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc., 5.95%, 08/15/34 | &nbsp;&nbsp; 5700 | 5880811 |
| **Real Estate Investment Trusts — 1.8%** | **Real Estate Investment Trusts — 1.8%** | **Real Estate Investment Trusts — 1.8%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8473 | 6587051 |
| 2.00%, 05/18/32<sup>(a)</sup> | &nbsp;&nbsp; 7536 | 6087603 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 5887 | 4841214 |
| 3.00%, 05/18/51<sup>(a)</sup> | &nbsp;&nbsp; 7607 | 4520400 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 7077 | 6428661 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 9661 | 6349548 |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 13252 | 11399761 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 11875 | 10464828 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 13362 | 12366945 |
| 2.95%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 4404 | 2736859 |
| 3.10%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 4401 | 2815515 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 8783 | 8480351 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 5253 | 5373559 |
| 5.65%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4785 | 4939555 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 5768 | 6005084 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.90%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; $5814 | $6086823 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8314 | 6499528 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 5488 | 4517637 |
| 3.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 12354 | 11120547 |
| 3.40%, 06/21/29<sup>(a)</sup> | &nbsp;&nbsp; 6163 | 5777787 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 5114 | 5032189 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8215 | 8087164 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6523 | 6836593 |
| Brixmor Operating Partnership LP |  |  |
| 4.05%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 8263 | 7936653 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 5805 | 5646194 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 12921 | 10961765 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 11138 | 9595220 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 7518 | 6476514 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 6255 | 4375770 |
| 3.25%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 5801 | 3693711 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 8651 | 8001920 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 5138 | 5020874 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 5218 | 5358456 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 6313 | 6450449 |
| Digital Realty Trust LP, 3.60%, 07/01/29 | &nbsp;&nbsp; 8671 | 8349123 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 4117 | 4189827 |
| Equinix Inc. |  |  |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 10516 | 9272495 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 7942 | 6952821 |
| 3.20%, 11/18/29<sup>(a)</sup> | &nbsp;&nbsp; 6724 | 6325317 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 10217 | 9522704 |
| ERP Operating LP, 4.50%, 07/01/44<sup>(a)</sup> | &nbsp;&nbsp; 5672 | 4830531 |
| Extra Space Storage LP, 5.50%, 07/01/30 | &nbsp;&nbsp; 6379 | 6551701 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 5352 | 4614687 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 3782 | 3783905 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 5045 | 4941730 |
| Healthcare Realty Holdings LP, 2.00%, <br> 03/15/31<br>| &nbsp;&nbsp; 9848 | 8309907 |
| Healthpeak OP LLC |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 6461 | 5984243 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 7582 | 7597823 |
| Host Hotels & Resorts LP, Series I, 3.50%, <br> 09/15/30<br>| &nbsp;&nbsp; 9062 | 8275678 |
| Prologis LP |  |  |
| 1.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9804 | 8298403 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 5818 | 5236380 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 3434 | 3369075 |
| 4.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2522 | 2567378 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 8284 | 8201227 |
| 5.13%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7109 | 7109739 |
| 5.25%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7338 | 6796972 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 8421 | 7776297 |
| Public Storage Operating Co., 5.35%, 08/01/53 | &nbsp;&nbsp; 8235 | 7792224 |
| Realty Income Corp. |  |  |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 7046 | 6520705 |
| 5.13%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8581 | 8525102 |
| 5.63%, 10/13/32<sup>(a)</sup> | &nbsp;&nbsp; 5930 | 6123387 |
| Simon Property Group LP |  |  |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 11104 | 10207612 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 6601 | 6014621 |
| 3.25%, 09/13/49<sup>(a)</sup> | &nbsp;&nbsp; 9207 | 6053461 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.80%, 07/15/50 | &nbsp;&nbsp; $4935 | $3580564 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 5689 | 5431706 |
| Ventas Realty LP, 4.40%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6806 | 6748795 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5540 | 5510204 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 9974 | 9869351 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 6710 | 6568350 |
| 5.63%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2475 | 2445350 |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 4430 | 3964575 |
| Welltower OP LLC |  |  |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 6123 | 5506101 |
| 3.10%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10933 | 10274716 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 8113 | 7893015 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 5625 | 5445674 |
|  |  | 500206204 |
| **Retail — 2.8%** | **Retail — 2.8%** | **Retail — 2.8%** |
| AutoZone Inc. |  |  |
| 4.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9880 | 9595442 |
| 4.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4120 | 4053505 |
| Costco Wholesale Corp. |  |  |
| 1.60%, 04/20/30<sup>(a)</sup> | &nbsp;&nbsp; 13446 | 11914396 |
| 1.75%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; 6236 | 5269897 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30<sup>(a)</sup> | &nbsp;&nbsp; 7406 | 6949015 |
| 5.45%, 07/05/33<sup>(a)</sup> | &nbsp;&nbsp; 5428 | 5467967 |
| Dollar Tree Inc., 2.65%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8892 | 7701334 |
| Home Depot Inc. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 15687 | 13175078 |
| 1.50%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 12261 | 11291184 |
| 1.88%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13563 | 11594827 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 10919 | 6103470 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 11411 | 10582949 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 8191 | 4964228 |
| 2.95%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 18137 | 17270470 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 11594 | 7707669 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 6463 | 5911515 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 8813 | 6962014 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 11069 | 7662389 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 4231 | 2904079 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 11525 | 8298976 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 6767 | 6730772 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 8912 | 6930850 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 9248 | 7755050 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 12862 | 10644509 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 9135 | 7754754 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6575 | 6540160 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 9708 | 8199225 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 9117 | 9302131 |
| 4.85%, 06/25/31<sup>(a)</sup> | &nbsp;&nbsp; 6452 | 6576862 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 6918 | 6304070 |
| 4.90%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5216 | 5352321 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 10209 | 10256299 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 8163 | 7337508 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 11997 | 11338749 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 22080 | 23439845 |
| 5.95%, 04/01/41<sup>(a)</sup> | &nbsp;&nbsp; 8776 | 9164546 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 7287 | 6672135 |
| 1.70%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 14617 | 12542884 |
| 2.63%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 13831 | 12330040 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 2.80%, 09/15/41 | &nbsp;&nbsp; $9061 | $6133642 |
| 3.00%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 12950 | 7895552 |
| 3.65%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 11921 | 11558932 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 10541 | 7634145 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 12291 | 11422657 |
| 4.05%, 05/03/47<sup>(a)</sup> | &nbsp;&nbsp; 12227 | 9284344 |
| 4.25%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 10392 | 7908643 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 8459 | 6405656 |
| 4.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9758 | 9709317 |
| 5.00%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8016 | 7978324 |
| 5.15%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6183 | 6205992 |
| 5.63%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 11212 | 10456923 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 6599 | 6211206 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 14922 | 13440875 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 9171 | 8570974 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 5241 | 5037184 |
| 3.63%, 09/01/49<sup>(a)</sup> | &nbsp;&nbsp; 12134 | 8701295 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 5991 | 4714226 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 8829 | 7335009 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 7252 | 5996988 |
| 4.60%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 5074 | 5048705 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 6222 | 6027986 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 12941 | 11498068 |
| 4.95%, 03/03/35<sup>(a)</sup> | &nbsp;&nbsp; 4292 | 4255096 |
| 5.15%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 7459 | 6770977 |
| 5.45%, 08/14/53<sup>(a)</sup> | &nbsp;&nbsp; 5464 | 5183601 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 5745 | 6253230 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 5773 | 6210076 |
| O'Reilly Automotive Inc., 4.70%, 06/15/32 | &nbsp;&nbsp; 5504 | 5394027 |
| Starbucks Corp. |  |  |
| 2.25%, 03/12/30<sup>(a)</sup> | &nbsp;&nbsp; 11541 | 10345032 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 8700 | 7797958 |
| 3.00%, 02/14/32<sup>(a)</sup> | &nbsp;&nbsp; 5503 | 4897459 |
| 3.50%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 10288 | 6858045 |
| 3.55%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12320 | 11879226 |
| 4.00%, 11/15/28 | &nbsp;&nbsp; 5387 | 5311963 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 6796 | 5417125 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 10192 | 8227859 |
| Target Corp. |  |  |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7654 | 6997994 |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8038 | 5026026 |
| 3.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11032 | 10714048 |
| 4.00%, 07/01/42<sup>(a)</sup> | &nbsp;&nbsp; 7195 | 5969549 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4851 | 4773285 |
| 4.50%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7525 | 7212744 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 8247 | 7194258 |
| 5.00%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8162 | 8069167 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41<sup>(a)</sup> | &nbsp;&nbsp; 9866 | 6912800 |
| 2.65%, 09/22/51<sup>(a)</sup> | &nbsp;&nbsp; 9358 | 5787822 |
| 3.70%, 06/26/28 | &nbsp;&nbsp; 6251 | 6230048 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 12175 | 10004003 |
| 4.10%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11253 | 10963885 |
| 4.15%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 10916 | 10755028 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 5145 | 5205825 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 9532 | 8299486 |
| 4.50%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7994 | 6976775 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 7808 | 7902572 |
| 5.25%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 9232 | 9620960 |
| 6.20%, 04/15/38 | &nbsp;&nbsp; 6597 | 7330463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 6.50%, 08/15/37 | &nbsp;&nbsp; $8212 | $9359942 |
|  |  | 781838111 |
| **Semiconductors — 3.2%** | **Semiconductors — 3.2%** | **Semiconductors — 3.2%** |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 9693 | 8922797 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 9840 | 8490529 |
| 2.80%, 10/01/41<sup>(a)</sup> | &nbsp;&nbsp; 7047 | 5032847 |
| 2.95%, 10/01/51<sup>(a)</sup> | &nbsp;&nbsp; 6585 | 4168040 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 7825 | 6896107 |
| 2.75%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 6210 | 3831125 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 5054 | 4244470 |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 26608 | 23502032 |
| 2.60%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 15644 | 13166344 |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 26863 | 22207470 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 23311 | 18995588 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 14965 | 13325563 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 24120 | 21169256 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 19470 | 15066569 |
| 3.75%, 02/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 13122 | 9578678 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11716 | 11475869 |
| 4.11%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5466 | 5419402 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 11609 | 11298464 |
| 4.15%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9150 | 8687296 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 12914 | 12326634 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 10266 | 10137775 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 7794 | 7860052 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 13238 | 12862491 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 18858 | 18028769 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 11534 | 11749770 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 10329 | 10518069 |
| 5.15%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7991 | 8137410 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 11577 | 11763680 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 8584 | 8415196 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 5112 | 4635955 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 10243 | 8558897 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 14220 | 12807547 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 5306 | 3415823 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 10590 | 6059038 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 8150 | 4353135 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 5840 | 3172508 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 16337 | 9978890 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 15100 | 10276036 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 10560 | 10072972 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 4461 | 4314540 |
| 4.00%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5106 | 4643349 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 9487 | 6836952 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 7527 | 5407782 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 6496 | 5976074 |
| 4.60%, 03/25/40<sup>(a)</sup> | &nbsp;&nbsp; 4801 | 4070789 |
| 4.75%, 03/25/50<sup>(a)</sup> | &nbsp;&nbsp; 16055 | 12560607 |
| 4.80%, 10/01/41<sup>(a)</sup> | &nbsp;&nbsp; 5194 | 4312456 |
| 4.90%, 07/29/45<sup>(a)</sup> | &nbsp;&nbsp; 5365 | 4391777 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 12215 | 9693179 |
| 4.95%, 03/25/60<sup>(a)</sup> | &nbsp;&nbsp; 8160 | 6316700 |
| 5.05%, 08/05/62<sup>(a)</sup> | &nbsp;&nbsp; 4764 | 3730936 |
| 5.13%, 02/10/30<sup>(a)</sup> | &nbsp;&nbsp; 8923 | 9000677 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 6255 | 6086293 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 15989 | 15676020 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; $8156 | $7182740 |
| 5.63%, 02/10/43<sup>(a)</sup> | &nbsp;&nbsp; 6783 | 6229187 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 14716 | 13125689 |
| 5.90%, 02/10/63<sup>(a)</sup> | &nbsp;&nbsp; 9285 | 8366474 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 6267 | 4252995 |
| 4.10%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6062 | 6021176 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 5600 | 5552931 |
| 4.95%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 11002 | 9858713 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 7393 | 6762811 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 10938 | 9700948 |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6421 | 4079013 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 5292 | 5246549 |
| 4.88%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5909 | 5268625 |
| Marvell Technology Inc., 2.95%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9791 | 8783733 |
| Microchip Technology Inc. |  |  |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 10275 | 10283488 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 6282 | 6249484 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 5449 | 4614328 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 10164 | 9997555 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 8746 | 8780780 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 5699 | 5662021 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 6977 | 7109733 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 8940 | 9126871 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 4934 | 4997278 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 8299 | 8862931 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 8089 | 7529500 |
| 2.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9956 | 8770223 |
| 2.85%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 15985 | 15064355 |
| 3.50%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 7878 | 6526472 |
| 3.50%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 13718 | 10144071 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31<sup>(a)</sup> | &nbsp;&nbsp; 13301 | 11478904 |
| 2.65%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10870 | 9156941 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 6492 | 4588111 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 11627 | 10768162 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 6181 | 6041327 |
| 5.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5553 | 5367400 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 440 | 405154 |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 10180 | 8344542 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 7647 | 6899767 |
| 3.25%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 6908 | 4648035 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 11123 | 9149191 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 8009 | 6613443 |
| 4.65%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 7283 | 7158845 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 12482 | 11200720 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 9596 | 9904584 |
| Texas Instruments Inc. |  |  |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 5819 | 5147002 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 4182 | 3855240 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 6048 | 5270423 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 13050 | 10580910 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 5198 | 5254957 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 11039 | 9859450 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 7332 | 6796445 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 160 | 145385 |
|  |  | 886412836 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| Adobe Inc. |  |  |
| 2.30%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; $12674 | $11660366 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 4881 | 5009208 |
| 4.95%, 04/04/34<sup>(a)</sup> | &nbsp;&nbsp; 4878 | 4923282 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 2992 | 3016630 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 2817 | 2842527 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 3581 | 3570620 |
| Autodesk Inc., 2.40%, 12/15/31 | &nbsp;&nbsp; 9355 | 8085002 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 10402 | 9141372 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 4449 | 4134726 |
| Cadence Design Systems Inc. |  |  |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 4491 | 4482964 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 7365 | 7215937 |
| Fidelity National Information Services Inc. |  |  |
| 2.25%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 9137 | 7912520 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 6758 | 4811087 |
| 5.10%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4325 | 4329299 |
| Fiserv Inc. |  |  |
| 2.65%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 13367 | 12071793 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 22785 | 21714909 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 6099 | 6040597 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 13864 | 10930550 |
| 4.75%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6268 | 6261256 |
| 5.15%, 08/12/34<sup>(a)</sup> | &nbsp;&nbsp; 9142 | 8976833 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 6421 | 6438776 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 7488 | 7627037 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 6510 | 6627230 |
| Intuit Inc. |  |  |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 6687 | 6915780 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 6315 | 6477729 |
| 5.50%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7171 | 7006811 |
| Microsoft Corp. |  |  |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 6963 | 4245453 |
| 2.53%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 49224 | 30274389 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 28694 | 16940008 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 46332 | 30708340 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 15175 | 9732888 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 9715 | 8669180 |
| 3.50%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 16156 | 14993734 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 14609 | 11777314 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 4745 | 4501180 |
| 4.25%, 02/06/47<sup>(a)</sup> | &nbsp;&nbsp; 11266 | 10092748 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 9830 | 8935739 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 8100 | 7224487 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 24037 | 21608576 |
| 2.95%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 20183 | 18652481 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 23119 | 17970507 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 34119 | 23204943 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 14468 | 11037821 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 13682 | 11391500 |
| 3.85%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 9716 | 8352367 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 27093 | 18138457 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 10531 | 9330564 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 24252 | 17434220 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 22427 | 16787146 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 17867 | 13238504 |
| 4.10%, 03/25/61<sup>(a)</sup> | &nbsp;&nbsp; 10638 | 7437349 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 15927 | 12319018 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.20%, 09/27/29 | &nbsp;&nbsp; $11958 | $11783043 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 13088 | 12125651 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 10027 | 7574068 |
| 4.50%, 05/06/28<sup>(a)</sup> | &nbsp;&nbsp; 96 | 96507 |
| 4.50%, 07/08/44<sup>(a)</sup> | &nbsp;&nbsp; 8705 | 7146123 |
| 4.65%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp; 7173 | 7184607 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 13581 | 12909527 |
| 4.90%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 11227 | 11030706 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 9145 | 9259116 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 15337 | 14508083 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 13460 | 11929694 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 12054 | 12095001 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 11055 | 9726510 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 18435 | 16804126 |
| 6.00%, 08/03/55<sup>(a)</sup> | &nbsp;&nbsp; 13320 | 12961303 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 9856 | 10117105 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 8576 | 8312761 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 9561 | 10155122 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 17814 | 18982785 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 10152 | 10822297 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 17970 | 19343194 |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; 5675 | 5749933 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 5217 | 5292186 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 1984 | 2014769 |
| Roper Technologies Inc. |  |  |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 10391 | 8779586 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 9263 | 9179687 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 6926 | 6712962 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4753 | 4398730 |
| 1.95%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 21351 | 18580349 |
| 2.70%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 9442 | 6648408 |
| 2.90%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 15945 | 10126180 |
| 3.05%, 07/15/61<sup>(a)</sup> | &nbsp;&nbsp; 8486 | 5094334 |
| Synopsys Inc. |  |  |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 17776 | 17962504 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 16458 | 16552922 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 16354 | 16372559 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 14509 | 14011145 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 4487 | 4100380 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 12514 | 10627688 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 7558 | 7488369 |
| Workday Inc. |  |  |
| 3.70%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4646 | 4495376 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 9782 | 9046104 |
|  |  | 971325254 |
| **Telecommunications — 6.0%** | **Telecommunications — 6.0%** | **Telecommunications — 6.0%** |
| AT&T Inc. |  |  |
| 2.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 21349 | 18139767 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 25781 | 21261359 |
| 2.75%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 24184 | 21665166 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 7846 | 5069633 |
| 3.50%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 19376 | 14840069 |
| 3.50%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 61171 | 40879081 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 54926 | 36567347 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 23751 | 16605141 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 49524 | 32687974 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 44676 | 30796489 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 12361 | 8390544 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.30%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; $20262 | $20098269 |
| 4.30%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 11181 | 9282152 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 24580 | 24526797 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 9167 | 7399862 |
| 4.50%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 16997 | 16008138 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 13728 | 11158069 |
| 4.55%, 03/09/49<sup>(a)</sup> | &nbsp;&nbsp; 6054 | 4919623 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 14529 | 12337805 |
| 4.85%, 03/01/39<sup>(a)</sup> | &nbsp;&nbsp; 8131 | 7548512 |
| 5.25%, 03/01/37<sup>(a)</sup> | &nbsp;&nbsp; 8058 | 7899427 |
| 5.40%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 18230 | 18599258 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 6658 | 6459318 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 4.46%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 9588 | 7647796 |
| 5.10%, 05/11/33<sup>(a)</sup> | &nbsp;&nbsp; 6637 | 6563597 |
| 5.55%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5671 | 5311067 |
| British Telecommunications PLC, 9.63%, <br> 12/15/30<br>| &nbsp;&nbsp; 15508 | 18963364 |
| Cisco Systems Inc. |  |  |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 5715 | 5840243 |
| 4.85%, 02/26/29<sup>(a)</sup> | &nbsp;&nbsp; 8247 | 8446505 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 14116 | 14507761 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 8461 | 8621925 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 18398 | 18607029 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 12568 | 12730189 |
| 5.30%, 02/26/54<sup>(a)</sup> | &nbsp;&nbsp; 16092 | 15373814 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 6483 | 6122797 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 14384 | 14648815 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 8137 | 7995737 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 14484 | 15413673 |
| Corning Inc. |  |  |
| 4.38%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 7091 | 5403655 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 7651 | 6564924 |
| Deutsche Telekom International Finance BV, <br> 8.75%, 06/15/30<br>| &nbsp;&nbsp; 23596 | 27754517 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 7632 | 6722111 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 7477 | 6623980 |
| 4.60%, 05/23/29<sup>(a)</sup> | &nbsp;&nbsp; 6947 | 6945174 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 4915 | 4953280 |
| Orange SA |  |  |
| 5.38%, 01/13/42<sup>(a)</sup> | &nbsp;&nbsp; 6328 | 6108766 |
| 5.50%, 02/06/44<sup>(a)</sup> | &nbsp;&nbsp; 4001 | 3900306 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 17499 | 21253127 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 9231 | 6479228 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 10909 | 9960009 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 5754 | 4435381 |
| 4.35%, 05/01/49 | &nbsp;&nbsp; 8738 | 6744646 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 8903 | 7432914 |
| 4.55%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 17161 | 13533942 |
| 5.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6174 | 6226424 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 8316 | 7243439 |
| 5.30%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9684 | 9535426 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 11642 | 12431714 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 13015 | 15613184 |
| Telefonica Emisiones SA |  |  |
| 4.90%, 03/06/48<sup>(a)</sup> | &nbsp;&nbsp; 9314 | 7739666 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 18780 | 16378769 |
| 5.52%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 8390 | 7624180 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 7.05%, 06/20/36 | &nbsp;&nbsp; $16474 | $18225573 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 11846 | 13628195 |
| TELUS Corp. |  |  |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 5086 | 4546266 |
| 4.60%, 11/16/48 | &nbsp;&nbsp; 5215 | 4157135 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 10525 | 9036777 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 24645 | 21858267 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 10773 | 10038530 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 5850 | 5079220 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 14068 | 12687859 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 18985 | 13540087 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 22044 | 14406920 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 14441 | 13775139 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 20858 | 13804033 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 24102 | 22421148 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 11507 | 7529907 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 51137 | 49295275 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 13940 | 12123126 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 22240 | 17996717 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 5292 | 5073664 |
| 4.80%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4243 | 4285467 |
| 4.85%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10135 | 10241226 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 16816 | 16714529 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 8161 | 8244128 |
| 5.15%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6422 | 6412779 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 7672 | 7711311 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 7903 | 7084368 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 15642 | 15695979 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 5804 | 5404088 |
| 5.65%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 12831 | 12237614 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 5471 | 5685278 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 9584 | 9226801 |
| 5.80%, 09/15/62<sup>(a)</sup> | &nbsp;&nbsp; 6147 | 5918144 |
| 5.88%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 10244 | 10090274 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 6508 | 6497427 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 10454 | 8948122 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 11977 | 10272765 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 20636 | 17637531 |
| 2.36%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 39687 | 33841581 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 34495 | 30678073 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 24495 | 17117809 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 7526 | 5248209 |
| 2.88%, 11/20/50<sup>(a)</sup> | &nbsp;&nbsp; 19835 | 12179307 |
| 2.99%, 10/30/56<sup>(a)</sup> | &nbsp;&nbsp; 26216 | 15550560 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 14996 | 8675948 |
| 3.15%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 7689 | 7228909 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 28007 | 21311075 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 33580 | 23678756 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 26332 | 17890861 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 3848 | 3786041 |
| 3.88%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 7332 | 5393860 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 8969 | 6795445 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 18735 | 18399128 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 9169 | 7229284 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 11510 | 10543319 |
| 4.33%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 9668 | 9704137 |
| 4.40%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 17841 | 16820259 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 18181 | 17510719 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 10142 | 8435726 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.78%, 02/15/35 | &nbsp;&nbsp; $1187 | $1152317 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 13688 | 12713364 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 19973 | 17552866 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 7656 | 6767678 |
| 5.05%, 05/09/33<sup>(a)</sup> | &nbsp;&nbsp; 5968 | 6010783 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 13969 | 14022253 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 7459 | 7365627 |
| 5.50%, 02/23/54<sup>(a)</sup> | &nbsp;&nbsp; 8859 | 8472421 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 7286 | 7884202 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50<sup>(a)</sup> | &nbsp;&nbsp; 11177 | 8448598 |
| 4.38%, 02/19/43<sup>(a)</sup> | &nbsp;&nbsp; 5686 | 4772015 |
| 4.88%, 06/19/49<sup>(a)</sup> | &nbsp;&nbsp; 12847 | 10810395 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 10136 | 9175808 |
| 5.75%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; 15435 | 14540355 |
| 5.88%, 06/28/64<sup>(a)</sup> | &nbsp;&nbsp; 7686 | 7241718 |
| 6.15%, 02/27/37<sup>(a)</sup> | &nbsp;&nbsp; 9471 | 9991048 |
|  |  | 1670014997 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc., 3.90%, 11/19/29 | &nbsp;&nbsp; 6795 | 6462585 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 8637 | 5888969 |
| 3.55%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 5520 | 3982275 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 6546 | 5132247 |
| 4.05%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 5476 | 4363994 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 5838 | 4735024 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 8492 | 6990508 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 6685 | 5367793 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 8019 | 6976475 |
| 4.45%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6880 | 5722051 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 5435 | 4740133 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 7612 | 6960501 |
| 5.20%, 04/15/54<sup>(a)</sup> | &nbsp;&nbsp; 11522 | 10791549 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 10037 | 9814584 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 6010 | 6193042 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 5665 | 5298103 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 4153 | 3940902 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/31<sup>(a)</sup> | &nbsp;&nbsp; 10153 | 8829656 |
| 3.00%, 12/02/41<sup>(a)</sup> | &nbsp;&nbsp; 8723 | 6250592 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 11163 | 7194997 |
| 6.13% | &nbsp;&nbsp; 6309 | 6200233 |
| CSX Corp. |  |  |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 4930 | 3782858 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 4269 | 4088902 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 5936 | 4872404 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 12498 | 12461261 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 5703 | 4657604 |
| 4.50%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 7359 | 6142707 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4386 | 3847576 |
| 4.55%, 04/01/46 | &nbsp;&nbsp; 886 | 683228 |
| 5.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 722 | 618665 |
| Norfolk Southern Corp. |  |  |
| 3.05%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6997 | 4498873 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 6419 | 4037679 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 5165 | 4290006 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 8360 | 7870135 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Union Pacific Corp. |  |  |
| 2.38%, 05/20/31 | &nbsp;&nbsp; $5957 | $5317647 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 14273 | 13073212 |
| 2.80%, 02/14/32<sup>(a)</sup> | &nbsp;&nbsp; 9501 | 8484638 |
| 2.95%, 03/10/52<sup>(a)</sup> | &nbsp;&nbsp; 7560 | 4762380 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 7197 | 4115283 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 8628 | 6485925 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 10985 | 7483204 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 6846 | 4799266 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 5862 | 5751354 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 5965 | 3995833 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 8475 | 6320319 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 6088 | 4122490 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 15161 | 10756828 |
| 3.95%, 09/10/28<sup>(a)</sup> | &nbsp;&nbsp; 3530 | 3509468 |
| 4.50%, 01/20/33<sup>(a)</sup> | &nbsp;&nbsp; 4142 | 4078518 |
| 5.10%, 02/20/35<sup>(a)</sup> | &nbsp;&nbsp; 9359 | 9414506 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 8726 | 8576426 |
| United Parcel Service Inc. |  |  |
| 3.40%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12223 | 11871601 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 6402 | 4785097 |
| 4.25%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 4584 | 3662571 |
| 4.45%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6241 | 6273609 |
| 4.88%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; 5730 | 5754703 |
| 5.05%, 03/03/53<sup>(a)</sup> | &nbsp;&nbsp; 9747 | 8754372 |
| 5.15%, 05/22/34<sup>(a)</sup> | &nbsp;&nbsp; 6802 | 6892367 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7742 | 7233403 |
| 5.50%, 05/22/54<sup>(a)</sup> | &nbsp;&nbsp; 9651 | 9183354 |
| 6.20%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; 10703 | 11507755 |
| Walmart Inc. |  |  |
| 1.50%, 09/22/28<sup>(a)</sup> | &nbsp;&nbsp; 15393 | 14242946 |
| 1.80%, 09/22/31<sup>(a)</sup> | &nbsp;&nbsp; 20103 | 17462744 |
|  |  | 405897345 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 6492 | 4831384 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 4.45%, 06/01/32 | &nbsp;&nbsp; $11062 | $10753126 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 6006 | 6048949 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 4630 | 5099978 |
|  |  | 26733437 |
| **Total Long-Term Investments — 97.7%** <br>**(Cost: $30,289,386,971)** | **Total Long-Term Investments — 97.7%** <br>**(Cost: $30,289,386,971)** | 27073378775 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 8.2%** | **Money Market Funds — 8.2%** | **Money Market Funds — 8.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2040558317 | 2041374540 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 239190000 | 239190000 |
| **Total Short-Term Securities — 8.2%** <br>**(Cost: $2,279,449,287)** | **Total Short-Term Securities — 8.2%** <br>**(Cost: $2,279,449,287)** | 2280564540 |
| **Total Investments — 105.9%** <br>**(Cost: $32,568,836,258)** | **Total Investments — 105.9%** <br>**(Cost: $32,568,836,258)** | 29353943315 |
| **Liabilities in Excess of Other Assets — (5.9)%** | **Liabilities in Excess of Other Assets — (5.9)%** | (1643617326)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $27710325989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**Fair Value Hierarchy as of Period End (continued)**

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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27073378775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27073378775 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2280564540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2280564540 |
|  | &nbsp;&nbsp; $2280564540 | &nbsp;&nbsp; $27073378775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29353943315 |

---

------

Statements of Assets and Liabilities (unaudited)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>10+ Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Core <br> U.S. Aggregate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>iBoxx $ High <br> Yield Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>iBoxx $ Investment <br> Grade <br> Corporate <br> Bond ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $2450961069 | $122656498441 | $14371435331 | $27073378775 |
| Investments, at value—affiliated<sup>(c)</sup> | 277325854 | 3197542497 | 3111863643 | 2280564540 |
| Cash | 42198 |  | 3003132 | 585331 |
| Foreign currency, at value<sup>(d)</sup> |  | 123 | 51703 |  |
| Receivables: |  |  |  |  |
| Investments sold | 6043258 | 1085277793 | 111739843 | 111023003 |
| Securities lending income—affiliated | 59665 | 252721 | 1071439 | 403373 |
| TBA sales commitments |  | 260256202 |  |  |
| Loans |  |  | 53948 |  |
| Capital shares sold | 127469 | 66058999 | 3199056 | 4175503 |
| Dividends—affiliated | 114621 | 10159163 | 113450 | 1011424 |
| Interest—unaffiliated | 34377173 | 987681153 | 246178032 | 318698616 |
| Total assets | 2769051307 | 128263727092 | 17848709577 | 29789840565 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  | 11183000 |  |  |
| Cash received as collateral for TBA commitments |  | 13940000 |  |  |
| Collateral on securities loaned, at value | 243720794 | 514992247 | 3085079521 | 2040165303 |
| TBA sales commitments, at value<sup>(e)</sup> |  | 262308236 |  |  |
| Payables: |  |  |  |  |
| Investments purchased | 7610676 | 3261636328 | 82174552 | 32870294 |
| Capital shares redeemed |  |  | 572018 | 3185025 |
| Investment advisory fees | 82437 | 2836910 | 6080765 | 3293954 |
| Total liabilities | 251413907 | 4066896721 | 3173906856 | 2079514576 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $2517637400 | $124196830371 | $14674802721 | $27710325989 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $3094135412 | $133878439840 | $17611903643 | $33361910666 |
| Accumulated loss | (576498012) | (9681609469) | (2937100922) | (5651584677) |
| NET ASSETS | $2517637400 | $124196830371 | $14674802721 | $27710325989 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 51000000 | 1254300000 | 187200000 | 256600000 |
| Net asset value | $49.37 | $99.02 | $78.39 | $107.99 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2902238530 | $130661706141 | $15287731163 | $30289386971 |
| <sup>(b)</sup> Securities loaned, at value | $233097607 | $498040452 | $2982061634 | $1961457905 |
| <sup>(c)</sup> Investments, at cost—affiliated | $277245580 | $3196169750 | $3110656653 | $2279449287 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $118 | $48441 | $— |
| <sup>(e)</sup> Proceeds from TBA sales commitments | $— | $260256202 | $— | $— |

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Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| GOL | General Obligation Limited |
| JSC | Joint Stock Company |
| NPFGC | National Public Finance Guarantee Corp. |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SAP | Subject to Appropriations |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

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Want to know more?

**iShares.com** \| 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 BlackRock Index Services LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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![](g915935img996ab85c3.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as

------

of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d915935dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d915935dex99906cert.htm)

------

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 U.S. ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares U.S. ETF Trust |

---

Date: June 24, 2025

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/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares U.S. ETF Trust |

---

Date: June 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares U.S. ETF Trust |

---

Date: June 24, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares U.S. ETF Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares U.S. ETF Trust for the following thirteen series: iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF, iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF, iShares Interest Rate Hedged U.S. Aggregate Bond ETF, iShares Short Duration Bond Active ETF, iShares Transition-Enabling Metals ETF and iShares Ultra Short-Term Bond Active ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares U.S. ETF Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares U.S. ETF Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares U.S. ETF Trust for the following thirteen series: iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF , iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF, iShares Interest Rate Hedged U.S. Aggregate Bond ETF, iShares Short Duration Bond Active ETF, iShares Transition-Enabling Metals ETF and iShares Ultra Short-Term Bond Active ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares U.S. ETF Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares U.S. ETF Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares U.S. ETF Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares U.S. ETF Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares U.S. ETF Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**